Are you contemplating purchasing your home in Cedar Park?
For many people, buying a home is a stressful event. However, with some up-front planning, it's not very confusing.
I like to supply buyers with an overview of the whole deal so they understand exactly what they can expect.
These are my nine steps to purchasing a home.
Should you have any questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are a lot of things you'll want to do before you start looking for a home.
When you start your search, you'll probably want to create a checklist of items you need, plan for what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule to follow.
Step 2 – Get in touch with a real estate agent
That's where I come in.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Cedar Park area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some excellent mortgage professionals in Cedar Park, and I partner with a lot of them, so you'll be in great hands.
They will assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
Following our first meeting, I'll begin looking for homes on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and throw out the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
When we tour the houses, I'll show you the positive features and bad ones. I'll even ask you what things you like and don't like.
For the most part, buyers amend their list of must-haves as we tour houses and some items become far more necessary than others.
If that happens, I'll look through all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Know the housing market
Your agent's knowledge of the Cedar Park home market is a fundamental factor in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I can communicate certain areas are "hot" and require immediate action and the ones that are "cold" and allow for more examination.
When we view houses, I'll make sure to communicate when the seller's list price has room for negotiation and when I believe the home is "priced to sell."
Be on guard and make sure you ask your agent lots of questions, as every REALTOR in Cedar Park will claim to comprehend the housing market.
If things don't add up, call me at 512-789-7541 or e-mail me at , and I'll be happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
I'm sure we'll find the home of your dreams in the Cedar Park area. When that happens, I'll carefully create your purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies, such as getting financing, finishing the inspection, and a clear title.
When we send in your offer, you'll probably want to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer, and it's widely common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Get your loan
After the contract is complete, you'll start working with your lender to close the loan.
If you're pre-approved, this won't take much time at all. However, you'll want to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) detailing your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of receiving your application.
The estimate rests on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a precise 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 likely happen at a title company or escrow office and will likely be a smooth and relaxing event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to call me at 512-789-7541 or e-mail me at .