Top 7 Steps for Buying a Home in Austin Texas
By Eric Carvajal
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Buying a new home can be an exciting yet nerve racking experience. Whether you are new to Austin or have been here for years these seven steps will help prepare you in the purchase of your new home.
- Talk to a Realtor
Before you do anything, talk to a Realtor for useful advice in deciding what you are looking for. Most realtors are experts in local markets will gladly offer you free advice to decide which kind of home will be right for you. If you have an idea of what kind of home you are looking for it will greatly help your agent. Are schools important to you? Do you want or need to be close to downtown? Do you want a home that is newer? Older? What size? This first step is extremely important so think about exactly what it is you want and discuss your requirements with a Realtor.
- Know your financial situation
After figuring out exactly what it is you are looking for you will want to assess how much you are willing and able to spend on the purchase of your new home. How much will you need to borrow? Once you have determined these factors you will need to talk to a mortgage broker who should then pre qualify you for a loan. Ask your realtor to refer you to someone in Austin if you do not already have someone in mind. It may even be better for you to rent for a while and save and build/repair your credit before you buy.
- Begin the home search
Once you have gone through steps one and two your Realtor should be able to find you the home of your dreams. Your agent will probably have a long list of properties. Do not let this intimidate you, the more properties you see, the better informed you will be to make the right decision. It is always best to look at as many as possible, this will ensure you get exactly what you want. New properties are listed daily and your realtor will notify you when properties come up that you might be interested in. You might want to drive around prospective neighborhoods to see if there is anything you might be interested in. By this point, you know what you want and with the help of your realtor you should have no problems finding your dream home.
- Make an offer
Once you have found the perfect home you will need to make an offer. Your realtor knows what comparable houses are selling for and will help you come up with a fair price. You realtor will then draft a contract and explain it to you line by line. Once you have the contract complete, your agent will submit it to the seller
More often than not, the first offer is countered and a revised contract is sent back from the sellers and their agent. This can go back and forth several time until an agreement is reached by both parties on price and other conditions of the sale. Once the contact is agreed upon and signed by both parties, the buyer needs to deliver earnest and option money to the title company and seller respectively.
- Due Diligence
Once your offer has been accepted you and your Realtor have many responsibilities. It is very important to take care of everything in a timely and professional manner. Generally you have 10 days from the execution date of the contract to get your home inspected and make sure you are indeed getting what you are paying for. During this 10 day option period, it is possible to renegotiate the contract based on the results of the inspection or other factors that emerge. You can back out during the option period without losing your option money.
The closing is probably one of the most exciting events for a buyer because this I when the title is transferred from the seller to you. Your agent should attend the closing to answer any questions you may have. There will be many documents to go over and sign so be prepared for this. A closing may last anywhere from a few minutes to many hours.
Eric Carvajal, Broker/Owner of the Carvajalgroup.com. The Carvajal Group offers full service representation, from buying or selling Austin real estate to Austin property management. We can help with buying, selling or managing your property in beautiful Austin, Texas.
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Article Submitted On: October 31, 2007