Home Buying Process

The right real estate agent is the best tool to have to begin your home buying process in Texas. This is the individual that you are trusting to find your next home, the biggest investment of your life. A real estate agent must have extensive market knowledge and be skilled in the art of real estate negotiation. Calvin Kim Houston Realtor® has a 5 star rating on HAR. As a Houston Realtor®, he is not pressured by Texas realtors to show certain houses. You see only the houses that fit your budget and your criteria. YOU are his top priority! Contact me for free consultation if you are in the process of buying and/or selling a house in Houston, Texas.

Before viewing your dream house, it is important that you understand exactly what house you can afford. There is nothing worse that falling in love with a house and realizing you cannot get the appropriate financing. Trulia is a national search engine that allows you to compare multiple mortgage lenders in Texas at once. However, calling mortgage brokers (lenders), credit unions, and national banks will allow you to find the lowest rate only for the specific type of mortgage. This may take some time, but saving money often requires extra effort. Remember, there are a variety of types of mortgages from which to choose (fixed rate, adjustable rate, fifteen year, thirty year, etc.). Be sure to shop around and find the type of financing that finds your budget perfectly!

Applying for a loan and qualifying for a loan is a relatively simple process. After you have decided on your lender (see above), submit the necessary personal and financial information. Your information is then sent to an underwriter who takes different aspects into account as to whether to approval may be granted. Such aspects are: ability and likelihood of repayment, source of income, and home value. Two pieces of advice when applying for loans: know your credit score and start saving money for the down payment, usually 20 percent in order to avoid PMI.

Now comes the fun part of the home buying process. Sit down and think about what criteria is important in buying a home. Do you need a big backyard for your kids and dog? Do you require an extra room that can be transformed to an office? Making a criteria checklist will help your agent show you homes that best align with your wants. Also, rank your criteria as concessions will need to be made. The sad truth in buying real estate is that your dream home that has everything will often come with a price tag that is well outside your budget. Granite counter tops may have to be conceded if you require that extra bedroom. However, Calvin Kim will ensure that you are able to buy that perfect dream house within reason because you should never force yourself or be forced to purchase a home you do not want.

Visiting properties in Texas is the second most exciting part of the home buying process next to closing the deal. Please trust your real estate agent to show you the best homes that meet your criteria and budget. Agents are able to use professional opinion to match needs and wants with what is on the Houston real estate market. When viewing a home, take note of issues you see and positives that make your eyes light up. You will be seeing many different houses, each with their own touch. Many homes may begin to run together and you want to ensure that remember each detail distinctively. Make sure when walking through that you could see yourself living in that house and that it is the perfect fit for you.

After the hustle and bustle of viewing houses has ceased, sit down and rank the homes. Was there a perfect house? Do you have the energy to fix up the fixer upper? Go back to your list of the positives and negatives of each house and hash them out. Generally, you will have a good idea of which house fits your needs and budget.

After you have decided on your house, the next step in the home buying process is making the offer. Talk with your real estate agent about how high of a price with which you should begin in the negotiation process. Generally, the first offer will not be accepted if an offer is lower than the asking price. The listing price is the value the buyer expects to receive on a perfect day. The negotiation process is like a chess match with moves and counter moves. Trust your real estate agent to work towards your best interest while keeping you connected during each step of the process.

After an offer has been accepted, no home buyer wants to believe that any aspect of the property could be imperfect. Unfortunately, this happens. Please make arrangement for home inspection. Types of inspections, but not limited to, that should be ordered: Termites, Electrical, Plumbing, HVAC, and Chimney. Any good home inspector will make recommendations as to which professionals should be hired for a more thorough check if the inspector see signs of problems. Allowing a professional to come into the home and ensure that you are buying the house for which you contracted could make a lasting impact on the value of your home.

The final hurdle of the home buying process is the real estate closing. This is the meeting where money changes hands, contracts are signed, adjustments are made, and each party walks out the door happy. The two biggest pieces of advice for this aspect of the buying process are: bring your ID and BRING THE MONEY (generally in the form of a Cashier’s Check or an advanced bank wire). After all of the documents are signed, you will become a home owner!

The process of buying a house is over! Enjoy life in your new house.