THE HOME
BUYING PROCESS
These
are the steps I will follow in helping you find a new Home. Although, at times,
the process may seem frustrating and confusing, please don't worry. I'll
be there to assist and advise you each step along the way.
When you decide to buy a Home:
Contact one or more loan
officers and get pre-qualified for a mortgage as early in the process as possible. A pre-qualified Buyer has a better bargaining power when it's
time to make an Offer. The Seller looks at your Offer as a serious and legitimate one.
There are a variety of loan products available, so it is to your benefit to speak
with several lenders.
Visit various neighborhoods and try to get an idea
of which areas best meet your needs and desires. Then..
Contact me as early
as possible. I can give you additional information about neighborhoods
where homes are available in your price range. Together, we will complete some
paperwork in which will explain to you the services I (Gloria)
can offer and which will also help us discover what
kind of houses will work best for you.
While looking for a Home:
Be
open with me about what you like and don't like about each house we visit---don't be shy.
This is even true when I show you my own listing!
If you visit open Houses or talk with home
builders, I encourage you to do so, please sign my name to the register so the builder's
representatives or other agent will be aware that we are working together. They'll keep in
touch and let me know about price changes or other homes that might work for you.
Continue visiting your chosen neighborhoods
looking for specific homes which you like from the outside. I will be giving you lists of
homes to drive by and choose or eliminate before we preview the inside. I find this saves
a considerable amount of time and unnecessary showings. It doesn't matter whether they are
listed with another Realtor, or if they are For Sale By Owner. As
your Buyer's Representative, I can represent you in the negotiations on any property.
Call me with the addresses and phone numbers and I can provide you with additional
information on those homes and arrange for us to see them.
When you are ready to make an Offer:
Let's
go see the house a second time and scrutinize it inside and out.
As your agent, I will provide you with a
comparative market analysis of other homes which have sold in the
immediate area. This will help you decide on a reasonable price to offer. If your first
offer is too low, you may offend the sellers and they may think that you are not a serious
buyer. This could not only prolong the negotiations, but could actually make the
sellers less negotiable.
Once we're prepared, we will make an appointment
to sit down together and go through the paper work to write the Offer.. Don't
forget to bring your checkbook—approx. 1% or more of the sales price, rounded to the
nearest $500. Since January 1, 1998, Texas law requires the
Buyer to offer a "Option Fee with Right to Terminate" or accept the
property "as-is".
Unless you offer full price, your first offer will
probably be countered by the seller. In fact, the Offer may go back and forth
several times before all the terms are agreed upon. Don't become discouraged, and don't
get angry with the seller. Put yourself in their shoes...selling your home!
When your Offer becomes a Contract:
The
paperwork is delivered to the title company (usually by me) and your earnest money is
deposited into an escrow account at the title company. Your check is cashed at this time!
You should immediately see that your loan officer receives a copy of the contract so they can begin
the loan approval process. I'll help you with this if needed.
I will help you arrange for both your general inspection and wood-destroying insect inspection
(termite). When you have made the appointment, call me and we will make the property
available. To help know more about the property, you should plan on attending the
inspection. Times for inspections run about 1 to 2 hours per each thousand square feet
in the home. When the inspector is finished, you will be given a report and any
explanations necessary for you to understand it. (You should plan to pay the inspector at
this time for the inspection.)
After the inspections, we
will meet and review the report. Depending upon any repairs or defects found in the
report, you will decide whether to accept the property, return to the seller to
re-negotiate price or repair items or terminate the Contract. Occasionally a Buyer may
request that the Offer be terminated if defects are extreme. However, remember that
you cannot go back to the Sellers for more repairs after closing. Also, the mortgage
company may insist that certain repairs be made prior to closing, or hazardous conditions
need to be corrected before you move in.
Some time prior to closing, your mortgage company will be making arrangements for the appraisal
and survey. Generally the listing agent will meet the appraiser and let him or her in. The
appraisal is a backup measure to help keep you from paying more for a house than it’s
worth at that particular time.
Also during this time
period, the title company will be preparing the title insurance policy by checking the
liens on the property, encroachments, easements, other encumbrances, etc. You should
receive a title commitment letter within 20 days after the title company receives the
contract. Look it over carefully to make sure there are no deed restrictions,
encroachments, utility easements which would make it impossible for you to fulfill your
plans for the property -- for example, building a pool, adding a second story, or
operating a home office. Remember, you will still need city approval and a building permit
should you decide to actually make improvements. The title policy does not protect you
against city ordinances. (see Glossary for
terms)
Schedule your move and
we will call the title company to make an appointment for your closing. We will attempt to
attend, so we can answer any questions that may arise. Also, call the utility companies
and make arrangements to have the utilities transferred to your name. Do this well in
advance. You may be required to do some paperwork or pay deposits.
Close. And enjoy your new home.
Don't forget the Homestead Exemption on your ne w home!
We’d love to come see it after you have moved in and gotten settled, so please give us a call. We will keep in touch periodically, as we
like to have made a few friends along the way.
Here are
white papers giving you detailed information on the bidding, financing and closing of
a home sale. Titles include;
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