If you’re considering purchasing a home, then you’ve come to the right spot. Going through the purchase process is fun and exciting. As your trusted Rockwall real estate agent, my goal is to guide you through every step of this process. Whether you’re a first-time
home-buying or looking to build your dream home, I always recommend hiring a REALTOR® to represent you during the transaction.
The first step in purchasing a home is setting a budget and knowing how much down payment you can afford. It’s important to keep in mind that when you’re purchasing a home, more than just a down payment is needed. Be prepared to bring an additional 2-5 percent of the homes purchase price to the closing table to cover closing cost. In some occasion’s buyers can get the sellers to cover the closing cost, but I would not recommend going into market with that assumption.
The second step is to start making a list of the areas you want to live in and the features you want the home to have. The worst thing you can do as a buyer is settle for a home that you don’t love. This is a huge financial investment and you need to be happy with the place you go home to at night.
Now that you know your budget, the area you want to look in and the features you want, it’s time to get pre-approved. You’ll need to contact a local mortgage company for this process. You’ll be asked to provide information regarding your credit history, household income and assets. Keep in mind that a pre-approval does not guarantee a full mortgage approval, additional information will need to be given to the bank prior to closing on a loan. The pre-approval is important because many sellers will not allow buyers to tour their homes without one. Once the pre-approval is received, we’re ready to start the process of viewing homes.
I encourage you to take your time when viewing homes. As I mentioned before, it’s important that you love the home you purchase. Purchasing a home is one of the largest investments a person makes. While you may not find a home that has every single feature on your wish list, you also don’t want to feel like you’re settling. You’ll know when you have found the place for you.
When you’re ready to make an offer, we’ll review comparable homes in the area to put in the best offer price. I’ll negotiate on your behalf to ensure you’re getting the best deal for the property. Once under contract, I can recommend preferred inspection companies to inspect the home for any underlying issues. A home inspection is very important because the last thing you want to have happen is a surprise home repair just days or weeks after moving in. If repairs need to take place, I’ll work with the selling agent to come to an agreement prior to close.
After going under contract, this is also the time that you’ll submit supporting documents to the mortgage company to gain full approval for the home. I cannot stress enough how important it is that you do not make any major purchases or apply for any new line of credit during this time period, this can all affect the close of the loan.
Once the full approval as been granted from the mortgage company, we’ll be given the clear to close. After the check has been given to the title officer and the home is funded, you’ll be given the keys to your new home.
Contact me to get started on your new home search or to get a free copy of my home-buyers guide.