The 9 Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying make good financial sense? Your lender will help you determine a payment that fits your income and other obligations. We will help you figure what price home that payment will buy. Since taxes and insurance vary from house to house and from neighborhood to neighborhood, rules of thumb are only a start.

Step 2 - Seek Professional Guidance

We would like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors that are likely to affect the markets.

At this time, We will also help you get prequalified for a mortgage loan. Prequalification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. In our area, sellers rarely will consider an offer from a buyer who has not been prequalified.

Step 3 - Begin the Hunt

After our initial contact, We will search all our resources for houses on the market that fit your criteria. Although you may search the area-wide data base yourself at this site; you may request that we set up a Gateway into the largest collection of data available, where you can preview houses immediately after they hit the market. Generally, this method focuses your search more efficiently and yeilds some properties you may not see on self-searches. You may mark your favorites and possibilities and we will be able to see the ones you marked. You will also be notified when prices change and properties you are interested in go under contract. Using your choices, we will schedule appointments to tour the houses at times convenient to you.

As we tour houses, We'll ask you to tell us what you like and what you don't like. We will amend our tour of your "wish list", as some things will become more important and others less important. With your direction, We'll refine our search criteria to narrow in on the house of your dreams.

Step 4 - Know the Market

Our knowledge of the local market is an essential factor in the house search. We'll let you know when the market is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

Buying a home is both a financial investment and an emotional investment. We will help you assess the financial aspects of your choices in order that your investment will be the best possible one you can make at the time.

In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell. At the current time, we are more in a seller's market; but there are definately bargains to be found.

Step 5 - Find Your Dream House

We are confident we'll find your dream house. When we do, We will put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.). See our page called "What Happens Next by clicking on the button from our home page for a detailed run-down.

Offers are normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date. In Texas, there is a negotiated "Option period" that allows you to have the house inspected and negotiate items of concern.

Step 6 - Negotiate your purchase

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and you will decide whether or not to accept the counter offer, submit your own counter offer, or reject the counter offer and move on.

Step 7 - Get a Loan

During the closing period, you will get intensive at working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. We will gather the necessary property information your lender will need to close the loan. During this period you will be asked to select your hazard insurance company.

Step 8 - Go to closing

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low. Just prior to closing we will do a "walk through" to make sure all items are as they were when you wrote the contract and that any negotiated repairs have been completed. Don't forget to put up your utility deposits several days in advance so that you won't be without lights, water, etc over a weekend.

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time.

Best of the Austin, TX Area Real Estate for you!