Choosing a REALTOR®
Of all the decisions you'll face when buying a home, there's none more important than the person you choose to represent you. It is imperative that you select an agent who is knowledgeable about the area and is a full time professional!
My job as your REALTOR
® is to support you in finding the right home with the best possible terms, and to aid you through the entire process. I will clearly explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction. I will walk with you every step of the way.
Tips For Selecting A REALTOR®
Before you make a decision about who will represent you, please be sure that the person meets all of the following criteria:
- Knowledgeable about the communities of interest to you.
- Aware of the complicated local and state requirements affecting your transaction.
- Effective in multi-party, face-to-face negotiations.
- Highly-trained, with access to programs for continued learning and additional certifications.
- Technology-focused.
- Supported by professional legal counsel.
- Is not just a licensed real estate agent, but is a REALTOR®, which means that they are bound to a strict code of ethics. They should be a member in good standing of the National Association of REALTORS as well as the Texas Association of REALTORS.
Financing
Most real estate professionals and mortgage lenders recommend getting pre-approved for a loan before selecting a home to purchase. This process will help you:
- Determine the price range you can afford.
- Understand the types of loans you qualify for.
- Determine what your monthly payment will be.
- Estimate the down payment and closing costs.
These things are important to solidify before you fall in love with a home that ends up being too expensive, or realizing that you can actually afford much more than you thought you could!
The Loan Process
I will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:
Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.
Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the loan process is completed and you are a new homeowner!
Finding and Choosing the Right Home
Based on criteria that you and I establish together, I will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.
I will apply my extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let me know so that a showing can be arranged.
As you view different properties, your criteria may change. Open and direct communication between us is a key element of a successful property search.
Making an Offer
Once you have found the home that you wish to purchase, I will apply their extensive training and do all the necessary research to help you structure an effective offer. I will draft the purchase agreement, advising you of protective
contingencies, customary practices, and local regulations. Home
warranty, title and escrow arrangements will be detailed in the offer.
Although I will give you advice and information, it is your decision as
to the exact price and terms that you wish to offer.
Once the offer is made, the seller will have the option of accepting, rejecting or counter-offering. My job is to negotiate the best possible terms for you. Sometimes this process will go back & forth several times between you and the sellers, while other times the seller will accept the first offer.
Managing the Escrow
When the purchase agreement is accepted and signed by all parties, we will open escrow for you and your earnest money will be deposited, typically at a title company. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction. The title company will facilitate many things throughout the transaction between buyer, seller and lender.
Removing Contingencies
Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. I will help you through this process. Typical contingencies include:
- Approval of the Seller’s Property Disclosure Statement.
- Approval of the preliminary title report.
- Loan approval, including an appraisal of the property.
- Physical inspections of the property.
- Pest inspection and certification.
- Acquisition of homeowner's insurance.
Closing Escrow and Moving In!
When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder's office and youwill take ownership of your home.
Please take advantage of me as a valuable source of helpful tips for planning and coordinating your move.
Please let me know if you have any questions about the process!