For many people, buying a home is a stressful event. But with a little up-front planning, it's not too difficult.
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 purchasing a home.
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Should you have any questions about this information or if you're prepared to get started, just contact me here or e-mail me at clyons418@msn.com.
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Step 1 – Get ready to purchase
There are a lot of things you'll want to take into account before commencing your home search.
You'll most likely want to assemble an outline of features you want, get a plan of what school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent
This is where The Lyons Group comes in.
We'll book a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the New Braunfels area, the mortgage and housing industries, and any additional economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some very good mortgage professionals in New Braunfels, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After we meet, I'll start looking for houses on the market that meet your needs.
I'll preview most of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we view homes, I'll call attention to positive features, as well as bad ones. I'll also ask you about things you like and dislike.
It's pretty common for buyers to revise their wish list as we view houses and some things become far more crucial than others.
If such is the case, I'll go back through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
My awareness of the New Braunfels housing market is an indispensable asset in your search. I'm familiar with all the school districts and neighborhoods, and I'll alert you to some areas are "hot" and call for prompt action and the ones that are "cold" and allow for careful consideration.
When we tour homes, I'll let you know when the seller's asking price has room for bargaining and also when I know the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as every REALTOR® in New Braunfels will claim to truly understand the housing market.
If it appears they don't know everything, just call me at 830 491-1498 or e-mail me at clyons418@msn.com, and I'll be happy to answer your questions. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm certain we'll find your dream home in New Braunfels. When we do, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
Upon presenting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property. The amount is typically applied to the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure your loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-qualified, it won't be a long process at all, but you should to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most often occur at a title company or escrow office and is often a smooth and pleasant event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 830 491-1498 or send me an e-mail.
