Here is some helpful information to guide you through the process of purchasing a new home.  Each transaction is unique

and you may or may not encounter some of these.  We will keep in close contact with you but feel free to contact us throughout the home buying process.

 

1. Mortgage Lender-meet to get pre-approved

   • Pre-approval-will help to determine what you can spend on the purchase of your home or what steps to take to purchase a home.

   • Out of Pocket Cost-Discuss with your lender any monies needed for closing on your home.

   • Credit-Do not purchase anything during this time period. This could cause you to lose your approved financing.

2. Realtor-Meet to discuss the following

   • Location-what area you would like to live in

   • Type of home-What type of living space are you looking for? (Single Family Home, Townhouse, Condo)

   • Needs-What is important to have in your home (number of bedrooms, bathrooms, large kitchen, back yard, etc)

   • Time Line-how soon would you like to be in your new home

   • Housing Market-keep you informed on the pace the homes are selling

3. Searching for your Ideal Home

   • We can search- for the right home for you on the MLS.  This system sends you homes in your area, price range and needs. This will go directly to your email.

   • You can search-If you prefer to search for your own home we can give you access through our website at www.sanantoniorealtypro.com  which offers the most up to date information on our IDX System. This will give you access to the MLS. (Zillow or other websites are not up to date) Once you see a home you like and may be interested in purchasing, call us and we will set a showing time to view the home.

4. Steps to Purchase

   • Offer Amount-Evaluate the following

     • Discuss the housing market (are houses selling quickly/slowly).   

     • Search homes that have recently sold and ensure a fair price offer.

     • Submit the offer-determine whether to include assistance with closing cost, home warranty (covers most major items breaking the first year) and who will pay for inspections.

     • Negotiate the offer if necessary and keep you informed throughout the negotiating process.

     • Approval Letter-Request by us from your Mortgage Loan Officer to submit with your offer.

   • Offer Accepted

     • Earnest Money-submit the check to the title company.  Money can be returned to the purchaser if they opt out of the contract with the requirements specified in the contract. The check will be cashed and deposited in to an escrow account.

     • Option Money-submit written out and paid to the seller. Money is not refundable if the buyer opts out of the contract for any reason.  Money will be credited to the buyer if the sale goes through.

     • Paperwork-work with your lender to start submitting the required paperwork.

     • Home Owners Insurance-the lender will provide you with their preferred home insurance.  We recommend you search for your own company as we have had clients who have found an insurance for half the price.

   • Inspection

     • Inspector-client hire an inspector to perform a thorough inspection of the home-they check roofs, plumbing, air conditions, walls, floors, etc…  You should be present to learn about your new home.

     • Inspection Report Review- We will review the inspection report together to determine whether you would like to request items on the inspection be fixed.  Homeowners have the option to fix or refuse to fix any items.  The buyer will then decide whether to continue with the purchase.  This decision must be made within the option period of 10 days.

     • Loans- have different inspection requirements.  Example: VA loans require water well to be tested and termite inspections

     • Septic tank inspections-are recommended not necessarily required. Tank should be sump pumped and tested at the same time.

     • Inspections- are paid by the buyer.

5. Appraisal

   • Lender will request to determine the market value of the home you are purchasing-

   • Paid by the buyer.

   • If The value of the home is lower than the agreed amount purchase price, we will recommend renegotiating the purchase price of the home for the appraisal value.   

   • Appraiser can request certain conditions to be fixed by the seller. These changes are required.

6. Before Closing

   • Call your outside vendors to connect service. For example- Mailing Address, Electric, Water, Trash Pickup, Cable.

7. Closing

   • Closing date

     • Is the date you sign to take ownership of your home.

     • This is a projected date and can be changed.

     • Realtor will coordinate and keep you posted on the closing time, date and location.

   • You should receive the CD (closing disclosure) a minimum of three days before closing.  Make sure to review the form so that any questions may be answered by your lender.

   • Closing Cost-Bring the required amount to your closing in the form of a cashier check.

   • Must bring a valid Driver’s License

   • Closing-must be attended by all the purchasers.  Realtor will also attend your closing.

   • Once funding goes through you will receive the keys to your new home.