Home Buyers
We are more than happy to walk you through the entire buying process. Knowing what to expect when buying a home makes a big difference in how approach every step of the way.
THE HOME BUYING PROCESS
- Get Pre-approved For A Mortgage
- Begin House Hunting
- Make An Offer On A House
- Get A Home Inspection And Appraisal
- Ask For Repairs Or Credits
- Do A Final Walkthrough
- Close On Your New Home
Not all home buying will go through these exact steps.
OFFERS, COUNTERS AND CONTRACTS
An offer is a written proposal to begin negotiations on the purchase of a home. Your buyer’s agent will provide you with options in writing the offer. There are many different contributing factors to a winning offer.
The response from the seller becomes a counter offer. Counter offers can often be negotiated many times. The offer becomes a contract when both parties agree to all the terms and conditions as modified during the negotiations and when signed by both the buyer and the seller. At this time the earnest money check is given to the title company with the contract and the home is now under contract.
Start browsing the Austin real estate market, or continue reading about the home buying process.
INSPECTIONS, REPAIRS AND APPRAISALS
After the property is under contract, the next step is conducting inspections. A licensed inspector will check the house for any issues. A written report will be given to you and to the seller.
From the inspection report, you can determine what repairs are needed. The repair allowance in the contract will govern the amount that can be spent on repairs by the seller. Sometimes a buyer wishes to negotiate a larger repair amount. Your buyer’s agent will be able to guide you through this process.
The buyer’s mortgage company will order an APPRAISAL of the property. This is a requirement for the lender in order to be certain that the property is worth the agreed upon sales price. Quite often a survey is also part of the lender’s requirements.
HELPFUL INFO
INFORMATION ON BROKERAGE SERVICES
Understanding your relationship with the Broker is often confusing. It is important, however, that you fully understand this relationship before you sign any Buyers Representation Agreement. Moreland Properties is very serious about the relationship we have with our clients. Please review the information about Brokerage Services, written by the Texas Real Estate Commission, provided by your agent.
THE SELLER’S DISCLOSURE
This document is required by Texas law and will be made accessible to potential buyers. It is essential for a seller to inform a buyer of any potential defects. This document has been designed to protect both the buyer and seller. Your Moreland agent can help explain any concerns you may have.
AUSTIN CENTRAL TEXAS REALTY INFORMATION SERVICE (ACTRIS) AND LOCKBOXES
ACTRIS is a computerized service to which the members of the Austin Board of Realtors belong. This service enables each member to enter the data concerning each listing (property) into the computer database. All members have access to this data through their computers. Within minutes of an agent loading the information onto the computer, fellow agents in the city can call and make appointments to view the property or to show it to prospective buyers. It is extremely important that this information be accurate. As the status of the listing changes, such as contract pending or sold, the information is updated.