The Home Buying Process
For most people, buying a house is the single largest investment they will make. As such, the home buying process is full of excitement, but it can also be a very stressful experience. It doesn’t matter if you’re a first-time homeowner or you’ve purchased a house in the past; it’s always a good idea to get a full understanding of the home purchase process.
With the North Texas area continuing to grow, the Celina, TX real estate market and its surrounding areas are full of great opportunities. There are many factors to consider when deciding on buying a home. That’s why it’s important for you to have all the resources necessary to make a well-informed decision.
Generally, finding and purchasing a home includes the following steps, which are discussed in detail below.
Understanding Your Goals
Buying a home is a big step; that’s why it is so important for you to educate and prepare yourself as much as possible. Before jumping in to look at houses, take the time to determine what your budget will be, what style of home you want to purchase, what you need in a home, and the area in which you’d like to live. Once you have a better understanding of what you need in a home and what you can afford, you’ll be in a better position to make the right decisions.
Working with a Celina Real Estate Agent
Getting into the real estate market can be a complex matter. There are many factors to understand, and no two homes or transactions are the same. Consumers are always encouraged to work with a licensed real estate agent when navigating the market. By working with a Celina real estate agent, you can enter the real estate market knowing that you have someone on your side who has your best interests in mind. A real estate agent’s job is to negotiate on your behalf and guide you through the process of buying and selling a home.
Getting Pre-Approved for a Loan
Prior to touring homes that are for sale, it’s important to get pre-approved for a loan or have documents ready to prove that you can pay for the home in cash.
The process of getting pre-approved includes meeting with a qualified lender and allowing that person to review your financial information, such as bank statements, pay stubs, tax returns, and credit history. After reviewing the documents, the lender will provide you with the details of how much the bank is willing to lend you for a mortgage.
Viewing Homes for Sale and Scheduling a Tour
Before you start touring homes in person, it’s essential to know what you need and want in a house. Here are some quick facts to keep in mind as you begin the process of buying a home.
- Almost 90 percent of buyers use the Internet to search for homes
- The typical buyer searches for 12 weeks and views 12 homes in person
- 81 percent of buyers view real estate agents as very useful in the search process
Using this website, you’ll be able to search for properties, get detailed property information, and obtain information regarding the communities for each property. You’re encouraged to create your own customized listing alert and save the properties you’d like to view in person.
Making an Offer and Negotiating with the Seller
Once you’ve found the house you’d like to buy, it’s time to submit your offer. The offer will enable you to specify a sale price, and it will also include any clauses you may have regarding purchase terms, closing date, possession date, your deposit amount, and home inspection. In addition to drawing up the contract, your Celina real estate agent will be happy to address any questions you may have about the offer you’re submitting.
Once you’ve written the offer, your agent will present send it to the selling agent to present to the current homeowners. The seller will have the option to accept, reject, or counter your offer. If the seller counters your offer, negotiations will ensue.
Securing Your Mortgage
After your offer has been accepted and you’re under contract, it’s time to start working on finalizing the details of your mortgage loan. This includes knowing the exact amount of your down payment, securing an interest rate, and preparing any other financial conditions that may be associated with the closing.
If this is your first time purchasing a home, take the time to ask as many questions as possible concerning your loan. It’s important that you understand everything that is in the contract, and you feel comfortable signing on the dotted line.
Closing on Your New Home
Taking ownership of your new home should be a breeze once all negotiations have been completed, and financing has been secured. Here are a few key steps in the closing process:
Getting a Title Search – This refers to a historical review of all legal documents relating to ownership of the property.
Final Walkthrough – One should walk through the property to ensure that all repairs have been made and that the condition of the home is the same as when the offer was submitted.
Closing Day – This is the day that you sign all the paperwork at the title office or the lawyer’s office to complete the real estate transaction.
This is also when the keys to the new home are turned over. Depending on the contract terms, you may take ownership right away or within a few days of allowing the seller to complete their move-out.