BryanCollege StationCollege Station
Jody Luckie, Treehouse Real Estate
Broker - Call or Text: 979.575.1755   
Buyers

What an exciting time...
you have decided to purchase your future home! 
 
It doesn't matter if this is your first or 12th time buying a home, the information below will help prepare you for what to expect when going through the home buying process.
 

Home Buying Guide Step by Step: 

STEP ONE: 

Click & Get Pre-Approved Now

Get your pre-approval letter

The mortgage company collects information on your credit, income,
assets, and debts, and sends this financial information through an
underwriting system. If the underwriting process determines that you
qualify for a loan, you will receive a loan commitment for up to a
certain amount, which is contingent on the property meeting certain
criteria. 

Benefits of being pre-approved prior to starting your home search

  • It makes your home search more efficient by allowing you to focus only on the homes you know you can afford.
  • It lets sellers know that you can back up your offer, so they
    don’t have to worry about whether you can get a mortgage loan or not.
  • It lets you know early in the process if you will have difficulty
    getting a mortgage in Texas, so you have a chance to address problems
    before finding a local BCS home.
  • It gets most of the mortgage loan process out of the way up front,
    so you can complete your real estate transaction quickly after you find a
    home in Bryn/College Station.

Coldwell Banker AG-TOWN, Realtor | Jody Luckie serves the entire B/CS area.

STEP TWO: 

Go House Hunting

Now that you have your pre-approval letter and know how much you can afford, it’s time to go house hunting for that perfect piece of real estate.

You may look at one  home or two dozen before you find the one
that’s right for you. Just keep an open mind, and focus on the things
that are really important to you, and you’re sure to find a place where
you’ll feel at home.

 

Choosing a neighborhood

House-hunters should keep in mind the familiar adage about the three
most important features of a home: location, location, location. That’s
because finding the right home for you and your family has as much to do with the neighborhood and the home itself.  In fact, you’ll probably notice during your search, that a home in one area costs much more than a similar home in another. Factors like age of the home, upgrades and proximity to shopping and entertainment all contribute to demand for homes in a given
neighborhood.

Beyond price, what you look for in a neighborhood probably has a lot
to do with your personal situation. How far are you willing to commute
to work? How close do you want to be to family and friends?
Do you have young children who would enjoy a nearby playground?
Picturing your day-to-day life in a certain neighborhood is a good way
to predict whether you will feel comfortable there. Remember that I service the entire Bryan / College Station area for all residential real estate, single family homes, investment properties, condominiums, townhomes and new construction. 

 

Considering different house styles


You may want to look beyond the traditional detached single-family
homes. Condos and town houses can be more affordable options, depending

on what you will be using the property for. These types of housing may not

offer as much yard space or privacy as single-family homes, but those may not

be as important to you as the chance to own a home in the location of your choice.

 

Coldwell Banker AG-TOWN, Realtor | Jody Luckie serves the entire B/CS area.

Building a new home

If you’ve looked and looked for your dream home without success, or
if you want to be the very first owner of a brand new home, consider
building. You’ll have more opportunity to customize the home’s features
and design, more up-to-date appliances and building materials, and
usually a builder’s warranty to cover problems that come up in the first
year.

 

STEP THREE:

Make an Offer

So, you’ve found just the right property you want to buy.

 

CONGRATULATIONS!
 
Now you need to decide how much you’re willing to pay to make it yours.
In today’s real estate market multiple offers on the same home
are commonplace, so you may only get one chance to make an offer that
the seller will consider. That’s why it’s important to think carefully
about your strategy.

Your Realtor will be able to give you a list of similar homes nearby that have sold recently, and
for how much. Although you can’t directly compare the home you want with
the homes on the list without ever having been in them, you can use the
list of comparable sales to get a general idea of the neighborhood’s
price range.

In addition to sale prices for other homes, there are several ways you can determine a good amount to offer:

  • The condition of the home. Is the home in move-in condition, in need
    of paint and other cosmetic improvements, or is it a fixer-upper? Has the home been priced accordingly?
  • The market. If you are in a buyer’s market—where there are more
    homes for sale than there are people to buy them—prices are probably
    stable or falling. If you are in a seller’s market—where there are more
    buyers looking for homes than there are homes for sale—prices are
    probably moving upward.
  • Your threshold.  You know how much you can borrow for your home purchase. Of course, you may not be comfortable paying as much as you’ve been pre-approved to
    borrow, so think carefully about your financial situation before making
    an offer on a home.

 

STEP FOUR:

Get a Home Inspection

When you are making what is likely the largest investment of your
life, you should know as much as possible about what you are purchasing.
That’s why it’s a good idea to have all  homes inspected before you
make your purchase.  Most Texas real estate contracts contain
provisions for a home inspection to be performed within a certain time
frame.

Finding a home inspector

It’s very important that you choose a qualified Texas real estate
home inspector who has plenty of experience with residential homes. You
may also want to ask your Realtor for a list of reputable
companies that do home inspections.

What the inspection should cover

At a minimum, the Texas real estate inspector should examine the following:

  • Exterior structural components, including the foundation, roof, siding, and chimney.
  • Interior structural components, including the, attic, flooring, windows, doors and ceilings.
  • Major systems, including heating, cooling, plumbing, and electrical.  Most of the time this will be done by a licensed HVAC inspector.

You should make every effort to be at the home during the inspection
so that you will have an opportunity to ask questions and see first-hand
what the inspector looks at. You should receive a detailed inspection
report with descriptions, and photographs, of any problems with
the home.

STEP FIVE:

Appraisal

Once inspections have been completed and you feel comfortable about moving forward with the purchase of the house your lender will order the appraisal.

What is an appraisal?

Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their location, a key factor in valuation).  Appraisal reports form the basis for mortgage loans, so they bank knows it is lending on the correct value.

Appraisal Outcome

There are times when an appraisal will come back with a value less than the actual purchase price you have agreed upon.  This happens a lot in when there is a seller’s market as buyers out bid other potential buyers to secure a contract to purchase the piece of property.  If the appraisal comes back with a lower value than your contract price you will have the option to renegotiate with the seller where you might agree to spilt the difference, the seller might reduce the price to the appraised value, you the buyer might pay the whole difference or you might decide to walk away from the contract at this time.  Your Realtor will be helping negotiate these terms should this arise.

STEP SIX:

Close the Deal

You’ve found your next home, agreed on a price with
the seller, had the home inspected and appraisal, now you’re ready for the
closing, where you will officially take ownership of the property.
Welcome to the end of the home buying process—and the beginning of your
homeownership journey.

When to schedule your closing

The closing date will depend on when the home seller is ready to
move out, when you are ready to move in, and when all of the mortgage
details have been finalized. You may want to request a closing date near
the end of the month in order to minimize the amount of interest you
have to prepay on your mortgage.

Who should be there

Closing practices vary based on location, but attendees may include the following:

  • Buyers and sellers
  • Real estate agents for the buyer and seller

Coldwell Banker AG-TOWN, Realtor | Jody Luckie serves the entire B/CS area.

  • Closing agent
  • Title company representative
  • Mortgage company representative

What happens at closing

Despite all the new technologies that are streamlining the mortgage process, the closing phase remains very paper-intensive. You will review and sign a hefty stack of
documents, some of them in duplicate and triplicate. You will also need
to pay for any closing costs, including:

  • Lender fees, such as an appraisal fee, credit reporting fee, origination points, and discount points
  • Third-party fees for services not provided by your lender, which may
    include a settlement fee, title insurance, and attorney’s fees
  • Prepaid items that must be paid to your lender in advance, such as
    prepaid interest, hazard insurance, and deposits to set up a home escrow
    account

 

Move into Your New Home

So you’re ready to start life in your new home — congratulations!

Now all you have to do is get yourself, your family,
and your belongings there intact. You can save time and energy by hiring
a moving company, or save money by doing it yourself — it all depends
on how much stuff you have, how far you’re moving, and how much you can
afford to spend.

Hiring a moving company

The key to choosing the right mover is trust. To find a company you can have confidence in, look for one that:

  • Has been in the Moving business many years
  • Has a clean record with the Better Business Bureau®
  • Can provide a number of references to satisfied customers
  • Meets the standards of your state’s professional association for moving companies, if there is one

Settling in

Making yourself at home in your new surroundings is about
more than unpacking. Try to explore the neighborhood and get acquainted
with new neighbors right away. Ask about stores, playgrounds, and places
of worship, so you don’t have to put your life on hold while you
familiarize yourself with the area.

Coldwell Banker AG-TOWN, Realtor | Jody Luckie 979.575.1755

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Treehouse Real Estate
108 E North A • Bryan, TXTX 77801
Broker - Call or Text: 979.575.1755 •



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