Roadmaps, Plans, and Processes, Oh My!

---

These three strategies are my bread and butter… even when I am having fun or hitting the open road… hazards of being a type A personality ha! So if you’re like me, you want a game plan when going into the buying process. That is where I come in, more specifically, that is where I get to come in! Educating my clients is one of my favorite things; so for today let’s focus on the buying process.

Let’s jump in

There are 8 main steps or benchmarks to hit in purchasing a home. These allow us to talk about the process from start to finish without getting too overwhelming. (Don’t worry we will get more in depth in other posts.) These are not Texas specific but they are assuming that you are financing your home and not paying cash.

1. MEET WITH A REAL ESTATE PROFESSIONAL

Discuss the type of home you’re looking for, including style, size, and location. Your Realtor should feel like your favorite pair of jeans… a good fit! So if the first person you talk to doesn’t fit quite right, then don’t be afraid to try another.
Fun fact: as a buyer in Texas is your agent’s commission is paid by the seller of the home (in almost all circumstances). This means full representation that costs you absolutely nothing!

2. GET PRE-APPROVED

Making sure that you know what you can afford before you start looking is essential. This protects your wallet and your sanity, but mostly it’s critical to a successful home shopping experience! Once connected with a lender, you will need pay stubs, W2s, and bank statements readily accessible in order for them to start getting you pre-approved. If you are wanting to start your search soon, start pulling these together beforehand so you’re ready to go!

3. SEARCH FOR HOMES

The fun part! Your Realtor (Hopefully me!) will schedule showings and help you find the perfect home.

Note: Not all real estate websites are the same- think Redfin, Zillow, and Realtor.com. Your real estate professional has tools and systems to ensure you see every available home that meets your criteria, as soon as it hits the market, by setting you up with a portal in your local MLS (Multiple Listing Service).

4. MAKE AN OFFER

Your Realtor will help you prepare the perfect offer based on the price and terms you have discussed.  

5. NEGOTIATIONS AND CONTRACT

It may take a few tries to get it just right, but hang in there. You’re on your way!

Once you have all terms agreed upon, the contract is signed. In most cases, the contract provides you with a timeline to obtain financing, as well as time to inspect the physical condition of the home. These inspections can range in scale and complexity, but your Realtor will be able to walk you through each that pertain to specific properties. The contract also defines all of your rights and responsibilities related to the contract.

6. IN ESCROW

This is just a fancy way to say that you and the seller have agreed to the price and terms, you are out of the option period, and you’re moving into PENDING! The home is effectively held for you until closing while the earnest money is held in escrow with the Title company.

7. PENDING

This step is when the final due diligence steps are preformed. The lender orders the appraisal, the survey is ordered if needed, any final inspections are performed, and all terms are reviewed with the lender & Title company to prepare for closing. You will be finalizing your loan and reviewing documents, but don’t worry, your agent (especially if you are working with me!) will be managing this entire process for you.

8. CLOSING

This is the transfer of funds and ownership- signed, sealed, and delivered! The Title company, or an attorney, typically acts as an independent third party to facilitate the closing. This day requires little effort besides showing up with your closing costs and your photo ID. Oh, and get ready to celebrate!!

There is obviously more to each than what is outlined here but this is a start for you to expand on further, and make your own adjustments to suit your needs. If you are looking for that trusted agent in Texas, I would love to meet to discuss how I can be that for you! Let’s get started!