Buying a home is intimidating for most people. However, with a bit of up-front planning, it's not very complex.
I like to furnish buyers with an outline of the whole deal so they know exactly what to expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
Before you commence your home search, there are a lot of things you need to take into account.
When you start your search, you'll want to make an index of features you want to have, get a feel for what school districts and neighborhoods you want to live in, and begin planning your budget.
A good rule of thumb to adhere to is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Contact a real estate agent in Austin
This is where Premiere Team Real Estate can help.
I'd be more than happy to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Austin area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I'll also help you start the loan process.
I work with some of the best mortgage professionals in Austin, so you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our first meeting, I'll begin looking for houses on the market that are great for you.
I'll get a sneak peek of many of the homes and ignore the duds, and then we'll set up appointments to view the houses when it's convenient for you.
As we view homes, I'll point out positive features and negative ones. And I'll ask you to tell us about things you like and dislike.
It's common for buyers to update their list of must-haves as we tour houses and some features become far more important than others.
If that happens, I'll go back through the listings again and trim it down to the house you've been wishing for.
Step 4 – Know the market
Your agent's awareness of the Austin housing market is a leading element in your home search. And I assure you I'm mindful of all the neighborhoods and schools, and I can communicate some districts are "hot" and call for prompt action and some that are "cool" and allow for cautiousness.
When we view houses, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions. Any real estate agent in Austin will tell you they know the housing market.
If things don't add up, call me at 512-699-6262 or e-mail me at korbymatsen@gmail.com, and I'd be happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find the house of your dreams in Austin. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When we present your offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is most often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's very common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Get your loan
Once the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, it won't take much time at all, but you need to keep in close contact with your mortgage lender.
And I'll deal with 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) of your closing costs from your lender within three days of taking your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact me at 512-699-6262 or send me an e-mail.
