Stages of the Buying Process in Texas

Buying

When purchasing a home in Texas there are a lot of goals to obtain! In 5-Easy Steps…

1.       Selecting the right agent that will work in your Best Interest.

Choosing an agent shouldn’t be based on the one that’s willing to have time to show you a property you’re interested in visiting. It should be based on someone you feel as you can not only trust, but knows the market area around the property as this is not a Home – it’s a House which makes it an Investment. Home is what you will make of it.

2.       Searching for that just right home.          

The house you should be looking for, is something that will fulfill you & your family needs and in a neighborhood you want. All within the price budget that is within your total house whole income.

3.       Deciding on any visible repairs

In state of Texas, every house is sold As-Is. This is the first opportunity to request any repairs that you have notice. That said; other than a foreclosure or Corporate owned property. Within a contract there is an Option Period which will be explained more below. This is the amount of time that you purchase that allows you to perform a Home Inspection.

4.       Deciding on Terms & Price for Your Offer.

Price isn’t everything! How many days to close, requesting an Option Period, are you financing? All these any many other terms can make or break a Deal. Contact your professional Realtor or me at 832-930-4587

5.       Offer Accepted, Now What?

a.       The Starting Clock

The is a VERY IMPORTANT CLOCK! It’s called the Closing Date… From which point the clock starts from the time the contract is receipted in (with all the moneys and signatures are received) to the time the Contract Closes. The first round is with the Option Period which allows the Buyer a certain about of time given from the Seller (which Buyer pays for) to allow the Buyer if they want to proceed with the Purchase of the Property. During the term of the Contract there may be times to request (or Amendments) to request an extension. Keep in mind the other party (Seller) may not accept this request – especially if the Real Estate Market is Hot/Booming.

b.       Option Period

This is the amount of time agreed upon with Seller & Buyer. To request the Seller, remove the Property from the Market (there is a cost factor here around $10 to $20 a day with mainly a 7 to 10-day period – depending on Market Price of property higher values could require higher per day charge. As it would cost the Seller more to remove from Selling Market) and give time to the Buyer to research the Property – such as Home Inspection (sometime we have enough time to allow for Appraisal). But this allows Buyers the confidence that the Property is okay As-Is to Purchase. THIS IS YOUR BEST CHANCE TO GET OUT OF CONTRACT FOR ANY REASON.

c.       If financing

From this point of Contract, it’s all in the hands of your Trusted Lender. Hopefully you didn’t go and PURCHASE ANYTHING OR APPLY FOR ANYTHING ON CREDIT. That said; the only option to get out of this Contract is for the Lender to reject the Loan. Which could be the result of appraisal or changes with the Borrow status.

d.       The Closing

Okay the Day is Finally Here! On this day, we highly suggest that you ring two (2) forms of ID and if your bringing Money – that all funds are in a Cashier’s Check or Money Order Form! And Congratulation of your HOME PURCHASE!!!

 

There is more to this, but to write that would take a book style writing - since there are many scenarios and variables to create. This was intended for a quick reference only!

 

 

 

“We make Sellers a Profit & Buyers Equity”