Buying or selling a home? Elaine Byrne Realty can help.
For a lot of people, purchasing a home can be an intimidating event. However, with a little up-front planning, it's not very complicated. So you understand exactly what to expect, I like to give my buyers an overview of the whole deal. Here are my nine steps to buying a home.
When you're ready to get started, just contact me here or send me e-mail
. I'm glad to address any questions you have about this information.
Step 1 – Prepare to purchase a home
Before you begin looking for a home, there are several things you need to consider. When you begin your search, you'll probably want to assemble a list of features you want to have, get a feel for what school districts and neighborhoods you'd like to live in, and begin planning your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent
This is where I can help. I'd like to schedule a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future. 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 and school districts in the Austin area.
In addition, I'll help you start the loan process. There are some excellent mortgage professionals in Austin, and I work with a lot of them, so you'll be in great hands. They'll help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
Following our initial meeting, I'll start looking for available homes on the market that are great for you. I'll get a sneak peek of most of the homes and ignore the bad ones, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
When we view the homes, I'll show you the good features, as well as negative ones. I'll also ask you what things you like and don't like. It's pretty common for buyers to change their list of must-haves as we view homes and some items become more important than others. If that's the case, I'll search all the listings once again and narrow it down to the house of your dreams.
Step 4 – Know the market
My understanding of the Austin home market is a necessary benefit in your search. I am mindful of all the school districts and neighborhoods, and I can alert you to some areas are "hot" and call for immediate action and the ones that are "cool" and allow for thoughtful analysis.
As we tour homes, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell." Trust your instincts and make sure you ask plenty of questions, as every REALTOR® in Austin will tell you they truly understand the market. If things don't add up, just call me at (512) 422-8088 or e-mail me at Training@PipelineROI.com, and I'll be glad to answer your questions. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the house of your dreams in the Austin area. When we do, I'll carefully create your purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
Upon submitting your offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's usually applied to the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer, and it's widely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal. We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll begin working with your lender to close the loan. This won't be a long process at all if you've been pre-qualified, but you'll want to keep in close contact with your lender. And I'll handle all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your loan application. This estimate depends on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (512) 422-8088 or send me an e-mail.