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May 4 2016 21289 1
10 Tips on buying your home
1. Pick a realtor
This is important because Realtors are experts in their field they can assist you with a list of lenders, inspectors, home warranty companies, they have worked with in the past. They also walk you step-by-step through the process from beginning to end. This is one of the biggest Investments you will make in your life. So it is very important to pick an expert in the field important things to look for in your realtor. How much experience they have how knowledgeable they are and if they are a good fit for you.
Here is my personal favorite Realtor Jena Dubon wink emoticon
Direct line (512)779-9029
2. Get pre-approved
Getting pre-approved is very important in the market we are in today it is extremely hot this means that things move fast! Before even looking you will need to get pre-approved not only to submit an offer, but to make sure you stay in the price range you are looking for and that you're comfortable in making payments. Your first want to choose a lender! feel free to shop around your realtor should provide you with a list of a few that they have done transactions with in the past. With new guidelines that are in place after you apply, the lender will have to wait 3 days before they can ask you for your check stubs, bank statements, tax return and all personal information. If you have these things ready it is best to submit it to the lender as soon as possible you will get a pre- qualification letter this is no good only because it has gone only off of your credit and it's considered high risk and a educated realtor will not take it. Click link below to apply with Troy Mannella I have closed 15.
3. Price Range
After you receive your pre-approval you will need to discuss with your lender where you are comfortable with a monthly payment. Once you let your lender know what monthly payments you're comfortable in your lender should let you know around what price range to stay under.
4. House hunting
This is everybody's favorite part you now get to look at all the pretty houses. The most important thing to know when you start house hunting is to write down what is most important to you in your home whether be the size, number of rooms, small or big lots backyard location, how close to toll road, work, shopping, hospitals, ect. Inline image 3 It is very Important to realistic!
5. Placing the offer.
In placing your offer you will need two forms of personal check one will be option money the other will be earnest money. The option check will be written out to the seller's name. The earnest money will be written out to the title company is named. The payment amount will be different depending on what criteria and situation you are in and what is negotiated out in this deal. So please reference to this as examples. Option money is money that you are going to put down for the seller to take their house off the market for a specified amount of days for example 7 days. Within the seven days you are going to get an inspection done if you choose to. **Inspections are extremely important in the home-buying process and I advise all my clients to do so**. During this option. You can renegotiate once inspection comes back or if something that was not brought to your attention before now comes into play. You can also decide to back out within your option period Time for whatever reason. Earnest money is usually 1% of purchase price of the home. If the property price is $200,000 you will be bringing $2,000 in earnest money which is written out to the title company that has been agreed upon by both parties can also depend on the (situation and area you are in). Title will hold this money in escrow, and should be credited back to you at closing and in some cases you'll receive a check back. The reason for putting down earnest money is to show that you are very serious. In the 2016 Market you will most likely see a lot of multiple offer situation sometimes calling for highest and best. Please remember not to be discouraged through this process sometimes you can go through multiple offers being placed on different properties and continually not getting accepted when this occurs you might want to try to look outside of the location you're looking in or at a new-build. Please remember that you can use your realtor when buying a new-build as well just remember to have your Realtors information on hand and provided to all the new home agents( new home agents work for the builder) as you do have someone who will be representing you and protecting your best interest.
6. Under contract
Option period you will have a number of days agreed upon to terminate your contract in only lose your option money. After option is up you will need to get appraisal ordered. You will need to pay for the appraisal through your lender prices may vary. The appraisal is very important if you are a cash buyer I would recommend for you to have a longer option. Which you have the appraisal done in that time. To make sure what you are buying is worth that value. The appraisal is done to make sure the property is worth the purchase price the bank is lending on it. If your appraisal comes in low you will go back to negotiating whether that be the seller coming down off the price or the buyer bringing more cash up front. ( pay attention to your market! if you are in multiple offers and you go 10,000 over list price be prepared to bring cash for the difference)
7. Home warranty
Home warranties are a great thing for home buyers! Typically you can negotiate this when placing your offer. For example if you ask for a 350 home warranty for the seller to pay for and then you find a home warranty that is $500 you will be required to pay the difference. Great consumer benefits. Here Is a few home warranty companies to check out.
.Stacye Blake with LANDMARK HOME WARRANTY
Elaine Maxey with ONE GUARD HOME WARRANTY
cell:8002827131 Ext. 1464 www.myorhp.com/beverlyandjon
8. Title will be sending you emails with title policy, Hoa information, and anything that relays to property. If you have any question about polices or surveys you are always more than welcome to call your realtor or the title company.
Make sure to shop for home insurance. you can also ask your lender to help you as well. here is a list of insurance agents
Gladys Saquiche (spanish Speaking)
9.you will receive your CD (closing discloser) 3 days prior closing. if you receive this late you will have to close later. make sure you have some buffer room and prepare for it. this doesn't always happen but if it does you will be prepared for it.
Set a time with title for closing. If your in another state or your works is conflicted most title company's can close you just about anywhere. make sure if you are bringing money to closing you get wiring instructions or see about bringing a cashiers check.
Bring you I.d. and everyone who needs to sign!
10. Closing day once you sign paper work funding typically happens the same day unless you sign late in the day and then it will be the following business days. (best tip of advise I can give you is try not to close at 4.00pm Friday) you might not get keys until Monday. Because to uptain key unless you have a temporary lease in-place you will not get keys until closing and funding .