What Do You Need To Do To Buy A House In Texas
7. Find The Right Home
The initial process of finding the perfect home is to know exactly what you want. Write down your needs and your wants and give them a score on how important they are. This usually includes the size of the yard, the number of rooms, or how close the house is to a school district or your workplace.
To refine your search, look for the homes that are advertised online. When you check on the online listings, it will give you an idea of the houses currently available for sale and prescreen the homes in your preferred price range. This will ensure you only visit the homes you are actually interested in.
If you are finding it difficult to find homes that you like, speak to a realtor. Real estate agents are experienced in helping buyers to find homes, and they are knowledgeable about the housing market in your area. They can also assist you when it comes to setting expectations that are realistic and they can keep you confident and motivated when you feel like you will never find a home that you really love.
8. Make An Offer
As soon as you find a home that you see yourself living in, do not hesitate. Your realtor will assist you with the details on how to make an offer. You need to decide on the amount you are prepared to pay. If the market is hot, negotiations may not be an available option, which means you might have to pay for the asking price in order to secure the sale. In a cold market, you may be able to negotiate down to a lower price or specific seller concessions. Ask your realtor for advice when working out each detail of the offer.
Your offer has to state the terms linked to the sale, which needs to include any contingencies. A contingency will mean you can cancel the deal if a circumstance has not been met. This could include an inspection of the house that reveals that the home requires costly and significant repairs.
9. Prepare To Close
The next step is to ensure your mortgage is approved. The lenders you are dealing with might ask for updated or additional documentation. If the pre-approval expired, your lender will probably assess your credit score again.
The lender will then arrange an appraisal. This includes a professional that will evaluate the home and then compare the property to other properties that are similar in that area and then make a decision on the value of the home. This is a process that protects the lender and the buyer from overpaying for a property. You should also arrange for a home inspection during this time.
If the appraisal price is less than what you offered to pay, the seller may need to lower the asking price or you would need to cover the shortfall from your own pocket to close the deal. On approval of your mortgage and every detail is worked out, you are now ready for closing day.
Find out what is needed for the closing, and whether you need to pay the down payment in advance. You will usually need your passport or driver’s license, a certified or cashier’s check that covers the closing costs. You might also need to prove that you have insurance along with any other supporting documents.
When it is time to sign off the deal, you need to take your time to read over all the paperwork. Read over everything carefully as this is a really large purchase. From here you will be given the keys and remotes to your house. Enjoy every moment, and feel relieved that your buying process is finally over.
Before making a decision, let one of the experts at The Texas Mortgage Pros help you find out exactly what loan is best for you. Feel free to contact us or call us today! Click here to go to the first article in this series.