Housing and Market Trends and Information to help home buyers and sellers make smart and informed decisions.
The Buying Process
Buying a home can get quite detailed. Here are the steps to take to ensure you’re prepared for the exciting road ahead.
Choose a Texas REALTOR®
Why? A Texas REALTOR® will help you with all the following steps and more. He or she will save you time and money by researching properties based on your criteria, helping you secure the best mortgage rates, counseling you on the offer amount and terms most favorable to you, and negotiating on your behalf. Ask your friends and relatives for their recommendations, or use the Find a Texas REALTOR® search.
Decide What You Want
Before you start looking, make a list of what you want. Then assign each item a priority. Some areas to consider are:
Know What You Can Afford
Consider these factors:
Make an Offer
You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your Texas REALTOR® is invaluable in this part of the process that involves many steps, including:
Unless you’re paying cash for the home, you’ll need a loan. Keep in mind the true price of financing goes beyond the interest rate alone. Consider items such as points, total lender fees, term of the loan, and penalties for early payment. The lender will likely require an appraisal to verify that the home is worth the cost of the loan as well as a physical survey. Repairs may be required. Insurance must be purchased. All these conditions and others must be satisfied before a transaction can close.
Close the Deal
After weeks or even months of research and decision-making, you close the transaction, usually at the title company's office. The title agent ask you to sign many, many documents and will explain each one. You’ll present a cashier's check to the seller, sign another document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs. In return, you will receive a deed, transferring ownership rights to you.