1) Financing/Pre-approval
Many times buyers “jump the gun” and have no clue what price range is in their budget. Obtaining financing is a major step in the home purchasing procedure. I have included a 5 Step to Obtain Financing to help you better understand.
There are loan programs that allow a buyer to purchase a home with little down if any. These programs are VA financing and USDA financing. Call the office for more information (512)515-6565
2) Wants and Needs
It is a good idea to determine what your needs and wants are. The size of home, how many bedrooms, how many bathrooms, single story or two story. All of these are decisions that you the buyer have to determine. Another factor is the sales price. The sales price might determine the size of the house too.
3) Searching for a home
After you determine your price range and the type of home you are looking for, it is time to go shopping. By this point we can narrow your search to a few homes (3-5) or you might have found your dream on the internet already.
4) Make an offer
Drafting an offer can be a stressful part of home buying. The contract can be more than 8 pages long. It is going to be a binding agreement between the seller and buyers. A very important decision is to ask questions. It is our job to be knowledgeable of the legal jargon.
5) Home inspection and other research
In the contract there is a paragraph the you can request an option period. The option period gives you the unrestricted right to back out of the contract for any reason. Most of the time it cost the buyer a little for the option.
6) Information for closing
You need to get all required information to the lender and/or title company to insure a smooth closing
7) Closing Day
The closing day is the fruit of the labor. It is the most exciting part of home buying.