Step #1: Financing
The first and foremost important task in buying a property is to line up financing. Despite the recent economic events, there are still good loan programs out there buyers can trust. We recommend talking with your bank or credit union and visiting some of the lender websites listed on our Buyer Tools page to obtain a Good Faith Estimate and a Pre-Qualification Letter.
Step #2: Making an Offer
After obtaining your Pre-Qual letter and selecting a realtor, the fun really begins! Make a wish-list, develop your search criteria and begin touring properties. After you find the one you’d like to call home, your realtor will write up the terms of your offer using the appropriate Texas Real Estate Promulgated Form for you to review and sign.
Step #3: Inspecting
Once your offer is submitted to the seller, a little negotiating typically takes place. When the offer turns into an executed contract (signed & agreed upon by all parties) the buyer goes into an Option Period. This is your opportunity to have a general inspection done and any other inspections that are deemed important (sewage, termite, foundation, etc).
Step #4: Negotiating
After the inspector’s report is completed, there may be a second round of negotiations depending on the findings. However, a buyer can always back out of a deal during the Option Period no matter what the reason may be. This fact provides buyers with a great level of comfort during the Option Period. Buyers and sellers usually find middle ground with the help and expertise of a professional realtor. Creative problem solving is where we shine!
Step #5: Closing
When the Option Period is over and all negotiating is complete, the Title Company takes over by preparing all documentation for closing and filing with the county. The lender has already had the property appraised at this point, giving their approval, and you’re headed to the closing table! The entire process takes about 30 to 45 days from the time the contract is executed.
For more information, download some of our helpful brochures on the Buyer Tools page and feel free to contact us with any questions!
