Are you purchasing a home? HICOR Realty Group can help.
Purchasing a home intimidates a lot of people, but with some up-front planning, it isn't too complex.
So you'll understand exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or send me e-mail
. I'm glad to answer any questions you have about this information.
Step 1 – Prepare to buy a home
Before you begin looking for a home, there are several things you should take into account.
When you begin your search, you'll probably want to put together an outline of items you need to have, get a feel for what neighborhoods and school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Get in touch with a real estate agent
That's where I can help.
I'll schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods in your area of choice.
I'll also help you get started on your loan.
There are some excellent mortgage professionals, and I work with a lot of them, so you're in great hands.
They will assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Start house-hunting
Following our initial meeting, I'll begin searching for houses on the market that are good for you.
I'll research many of the houses and eliminate the bad ones, and then we'll schedule appointments to view the houses when it's convenient for you.
As we tour homes, I'll point out good features, as well as negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to change their wish list as we view houses and some things become more necessary than others.
If that's the situation, I'll search all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Know the market
My understanding of the housing market is a necessary benefit in your home search. I'm mindful of all the schools and neighborhoods, and I will let you know what areas are "hot" and warrant prompt action and the rest that are "cool" and allow for cautiousness.
As we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Any real estate agent will tell you they understand the market.
If it appears they don't know everything, call me at 972-499-6900 or e-mail me at Jason@reotexas.com, and I'd be happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I know we'll find your dream home. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs, including any contingencies required, such as obtaining financing, finishing the inspection, and a clear title.
When submitting your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer, and it's really common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Obtain financing
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, it shouldn't take very long at all, but you'll need to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.>
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will likely happen at a title company or escrow office and will most likely be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call me at 972-499-6900 or send me an e-mail.