Serving Killeen, Copperas Cove, Harker Heights and surrounding areas.
Step by Step: How to Buy Your Home
Step 1: Find a Realtor
Even if you are still deciding between renting and buying, a quality real estate agent, or Realtor®, will help get you the information you need to make that decision. They can let you know what you can expect in the area for your budget, and what other considerations about the process that may impact your decision making.
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Rent or Buy?
Step 2: Find a Lender
You can’t make a decision until you know what your options are. When talking to a lender, you will discover what loan types and rates you can qualify for, what a hypothetical mortgage payment would be, and compare those number to what you would pay in rent for a comparable home.
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Step 3: Search Homes
Your Realtor® will likely be your #1 resource. Let them know what your priorities are, and they will come up with some ideas and suggestions. But that doesn’t mean you can’t look yourself! Browse homes on sites like www.hoodhomesblog.com for more home ideas in your area!
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Step 4: Choose a Home
Your Realtor® can’t do this one for you, though they can get as much information about the homes as you need to make a decision to move forward. This is all about what fits your tastes, your needs, and your budget best.
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Step 5: Make an Offer and Negotiate
Your agent can research market information to come up with a reasonable value for the home and recommend an offer. In hot markets, you may have to act fast and be seller friendly if you want the home. In slower markets, it can be buyer friendly and you may be able to get more concessions from the seller.
The seller may accept your offer, counter, reject, or do nothing. Depending on their response, it may be time to begin negotiating. Once you’ve both agree and sign the offer, you have an executed contract!
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Choosing a Price
Step 6: Do Your Due Diligence
Ask for an option period. This is a time to do your due diligence, to include ordering inspections (general, pest, septic, well, and any others as applicable). During this time, you can walk away from the contract for just about any reason.
Inspections are out of pocket expenses, so be prepared to spend at least a few hundred dollars. Better to spend a few hundred now and be confident that your home is not a lemon!
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Paragraph 23: The Option Period
Step 7: Get Insurance
Again, your Realtor® will be able to recommend some insurers. If you have a lender, the lender will require proof of insurance before you can close. Once you’ve found an insurer, simply give them your title company and lender information and they will work out the paperwork to start your insurance on closing day.
Step 8: Close
On closing day, you will officially become the new homeowner! It is also the day everyone pays or gets paid. In Texas, the title company will hold onto everyone’s money and then disburse it to whomever is supposed to get it. You and your spouse will have to sign. Usually it is done in person, however it can also be done remotely with a notary.
Usually a few hours after signing, all the money is disbursed and you get keys to your new home!
Step 9: Move!
Congratulations! You have a new home!
Right after closing, it is recommended you get your water, electricity and gas turned on right away. You should also get the home rekeyed at the earliest opportunity. If you felt your agent was helpful, help them back by asking where you can submit a review, and also referring friends, family and colleagues!
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Schedule an interview with us today! We will get you all the information you need to make a decision about your next step. There is no commitment, just information!GET STARTED!