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Have a realistic idea of how much you can afford before
you start looking. If you are not sure about what you can
afford, most mortgage lenders will pre-qualify you for free.
This can save you a considerable amount of time and
disappointment in the long run. Begin your loan process. |
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Make a list of what you want in a house. What are the
"must haves" and the "would like but can live with outs"?
What part of town do you want to live in? What school
district? |
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Once you have completed your list, review the
ForSalebyOwner Magazine or conduct a search here on our web
site. Select the houses that meet your criteria, and call to
set up appointments. If for some reason you cannot keep your
appointment, call to reschedule. |
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When you find the perfect home, make a written offer.
The written offer should include details such as what stays
and what doesn't, i.e. drapes, appliances. The written offer
should also specify desired closing and move-in dates.
Include timeframes for inspections and provisions for the
return of your deposit, in the event you do not qualify for
the loan necessary to purchase this property. You may wish
to have an Attorney review the contract prior to submitting
it to the seller. |
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If you and the seller do not agree to the price and
terms, no need to despair! In most cases when a first offer
is not accepted, the seller makes a "counter-offer" to
continue the negotiations. It is always important to keep
emotions out of the process. Patience can be a virtue. Be
fair and courteous and this will be a win-win situation for
both parties involved. |
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After you and the seller have come to an agreement on
price and terms, it is now time to bind your offer to
purchase with a deposit. This is called an "earnest" deposit
and signifies your serious intent to purchase the property.
The amount of the deposit is based on the price of the
property and how much the seller is willing to accept. The
deposit should be placed in an escrow account with an
Attorney or Priority One Title Company. Note that
it is customary for the seller to choose the Title Company,
with your approval, of course. |
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Finalize your loan process. Once your loan is approved
contact the seller immediately to set up final closing
dates. Now is a good time to schedule your final walk
through inspection. |
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Attend closing and sign paperwork to finalize the
purchase. In Texas most closings are held at the Title
Company. Your keys to your new home are turned over to you
at this point. |
