Step One, Know your Options!!!
Step Two, Begin the Loan Approval Process
Meet with a lender or mortgage broker to determine how much house you can afford. Obtain Pre-approval for the loan amount you need. This sill save time in the home search, and improve your negotiating position with home sellers.
Step Three, The Home Search
Start by deciding which neighborhoods you want to live in and weather you want a new or existing home. Here is where a good Realtor can help match your needs to the right area and available homes.
Step Four, Make an Offer
When you find a home, we will review market conditions and decide wether to present an aggressive or competitive offer. I will explain all documentation and ensure the terms are in your best interest. The process may go back and forth a few times between parties.
Step Five, Under Contract !!!!
After final acceptance of the contract from both parties you go "under contract". At this time you'll provide an "earnest money" check to the title company to open escrow and provide an "option check" to the seller for an option/discovery period.
Step Six, Inspections, Repairs and Discovery
Now begins the negotiated option period, Usually 7-10 days. Inspections are performed to ensure the property is right for you and there are no deal killer big ticket items that will be a problem for you. Contract details such as repairs are further negotiated. During this time its good to get quotes and investigate on things that might effect your cost of ownership so you are fully informed before moving forward.
Step Seven, The Calm Period
A lot of things happen in the background during this period between your agent, the title company and the lender. Final details are handled and documentation is processed. The lender will need a lot of documentation from you, the title company will provide a commitment for title insurance for you to review, and you will need to get quotes on homeowners insurance.
Step Eight, The Closing and Funding
Once we have been cleared to close we will set an appointment to sign all the final documentation at the title company. You will have a few options for getting your funds to title such as a cashiers check or a wire. You will need to bring a current picture ID to the closing. Once all the documents are scanned in and processed the Title company will begin the funding process. This will happen generally within a few hours. Once the Funding process is complete the home is yours. Yea!!!!!
Their primary purpose is to get a preliminary title report, which is used to confirm that the seller is the legal owner of record of the property and that there are no unsettled liens or other claims against the property, including all real estate taxes and special assessments.
the lender will arrange for the property to be appraised. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property.
once all of the necessary steps are completed, the buyer's lender will notify the title company that the buyer's loan request has been approved. The lender will send the buyer's loan documents to the title company so that the documents can be signed at the closing appointment, which can also be called the "sign-off" .
Buying a home is one of the most significant decisions and one of the biggest investments you will ever make. A home inspection will give you a clear, unbiased evaluation of a home's condition, answer any questions you may have, and help give you peace of mind. There are numerous types of inspections. An inspection is meant to evaluate, at minimum, the structural and mechanical condition of a property. It is not the same as an appraisal which evaluates the market value of a property. Persons involved in real estate transactions need unbiased information about the physical condition of property they plan to buy or sell and your contract should include a contingency that you obtain a satisfactory inspection report.
The Energy Conservation Audit and Disclosure Ordinance was approved by Austin City Council in November 2008 and was enacted June 1st Austin is the first city in the U.S. to require an energy audit during the selling process. Homeowners are not required to make suggested improvements, but it could become an important bargaining chip in the buying process. If a home needs an audit, the seller must provide a copy of the audit to the purchaser or prospective buyer. The auditor must provide a copy of the audit to Austin Energy.