THE BUYING EXPERIENCE
Whether you are a first time buyer or a seasoned home purchaser, knowing what to expect from your home buying experience is truly important. Purchasing a home is one of the largest investments you may ever make, therefore, the agents of RE/MAX Kingwood, known in the northeast section of the city as RE/MAX Associates Northeast want to help you gain understanding of every phase of the process. As changes in the real estate and mortgage industry are ongoing, your home buying experience may be different every time you move.
After researching the internet on your own for weeks on end, you've decided it's time to move and enjoy the pride of home ownership. Below is a step by step Buyers Guide to home buying in today's market.
Contact your Realtor at RE/MAX Associates Northeast for expert advice on the current market and set up a face to face meeting to discuss the next steps to homeownership. At this meeting, your Realtor will help you understand the advantages of working with a "Buyers Agent" versus an agent who has not had the professional training and experience required to use the designation of "Accredited Buyers Agent"
Shop for mortgage rates and a mortgage company you feel comfortable with to give you the best service. The difference in just one-half (.5)% over the life of a 30 year loan may surprise. For example: the payment for a loan on a $100,000 mortgage at 6% = $599.55 per month vs. a loan on a $100,000 mortgage at 5.5% = $567.79. The monthly difference for the life of the 30 year loan would be $11,434.15
Contact a mortgage company to be "Pre-Approved" for a mortgage loan. Mortgage Companies may have different rates and it will be important to make your final selection with a company that you feel comfortable with and that has a competitive rate. It is important that your loan officer give you a "Pre-Approval vs. a Pre-Qualification", as this will give you more confidence that you will qualify for the loan you are applying for.
Create your "dream home" wish list. This list should include the "must have" and the "would love to have" list. Present this list to your RE/MAX Associates Northeast agent so that they can start preparing a list of homes that meet your criteria.
Set up a convenient time for your family and the Realtor to start your new home search. Now you will begin to actually view homes that you have selected from your own home search and those the Realtor has also selected for you to see
Be prepared to rate the homes you see with both a star ranking and also name each home with something that stands out to you. This will help you recall the home when you've ended your search for that day. In doing this, you will find that, even after seeing many homes, you will know which ones you are ready to see for a second look.
Once you have zoned in on your dream home, you will have your agent prepare an offer. Your agent will guide you through the steps of the decision making process.
Negotiations lead to a fully agreed upon contract and you are on your way to home ownership. Once the contract has been signed and dated by all parties, it is considered fully executed. The due-diligence period begins.
Hiring a licensed home inspection company to perform a mechanical and structural inspection as well as a pest control company to inspect for wood destroying insects is your next step. Other inspections may be requested by the buyer as well. Your RE/MAX Associates Northeast Realtor can help you with this process. In Texas this period of discovery is referred to as the Option Period where time is of the essence. This period of time allows the Buyer to terminate their contract if necessary.
Once all repair issues have been disclosed, discussed and agreed upon, both the Buyer and Seller are making plans to move. Behind the scenes, much is happening you do not see. Application has been made from the date of contract with the selected mortgage company. The mortgage company collects all required documents from you, the Buyer, and continues the process that leads to final approval of the mortgage loan. The title company has received the contract and begins their work to ensure there are not any problems with conveying clear title at closing.
Day of closing arrives and you sign all the legal documents to transfer the title for the home into your name. You are now the proud owner of a new home! All of your hard work has paid off. It is time to roll out the welcome mat.
For additional information, please complete the form on the left, call: 281.358.8888 or 281.812.9400, or contact a Realtor@northhoustonhomes.com and a RE/MAX Associates Northeast agent will be happy to assist you.
No representations or warranties either expressed or implied are made as to the accuracy of the information herein.
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RE/MAX of Texas is dedicated to equal opportunity in both housing and employment. RE/MAX of Texas is an Equal Opportunity Employer and supports the Fair Housing Act. Each RE/MAX® office is independently owned and operated.