1. Decide to buy

Base your decision to buy on facts, not fears.

  • If you are paying rent, you very likely can afford to buy
  • There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
  • The lack of a substantial down payment doesn't prevent you from making your first home purchase
  • A less-than-perfect credit score won't necessarily stop you from buying a home
  • The best way to get closer to buying your ultimate dream home is to buy your first home now
  • Buying a home doesn't have to be complicated - there are many professionals who will help you along the way
 
2. Hire your agent A Buyer's Real Estate Agent:
  • Educates you about your market.
  • Analyzes your wants and needs.
  • Guides you to homes that fit your criteria.
  • Coordinates the work of other needed professionals.
  • Negotiates on your behalf.
  • Checks and double-checks paperwork and deadlines.
  • Solves any problems that may arise.
 
3. Secure financing

Six steps to Financing a Home
  • Choose a loan officer (or mortgage specialist) We know some great ones!
  • Make a loan application and get preapproved.
  • Determine what you want to pay and select a loan option.
  • Submit to the lender an accepted purchase offer contract.
  • Get an appraisal and title commitment.
  • Obtain funding at closing.
 
4. Find your home

Questions to ask yourself 
  • What do I want my home to be close to?
  • How much space do I need and why?
  • Which is more critical: location or size?
  • Would I be interested in a fixer-upper?
  • How important is home value appreciation?
  • Is neighborhood stability and priority?
  • Would I be interested in a condo?
  • Would I be interested in new home construction?
  • What features and amenities do I want? Which do I really need?
  5. Make an offer

Terms fall under six basic categories in a real estate offer: 
  • Schedule-a schedule of events that has to happen before closing.
  • Conveyances-the items that stay with the house when the sellers leave.
  • Commission-the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer.
  • Closing costs-it's standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
  • Home warranty-this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
  • Earnest money-this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.
  6. Perform due diligence

A homeowner's insurance policy protects you in two ways: 
  • Against loss or damage to the property itself
  • liability in case someone sustains an injury while on your property

The property inspection should expose the secret issues a home might hide so you know exactly what you're getting into before you sign your closing papers.
  • Your major concern is structural damage.
  • Don't sweat the small stuff. Things that are easily fixed can be overlooked.
  • If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.
 
7. Close

You just have a few preclosing responsibilities: 
  • Stay in control of your finances.
  • Return all phone calls and paperwork promptly.
  • Communicate with your agent at least once a week.
  • Several days before closing, confirm with your agent that all your documentation is in place and in order.
  • Obtain certified funds for closing.
  • Conduct a final walk-through.

On closing day, with the guidance of a settlement agent and your agent, you'll sign documents that do the following:
  • Finalize your mortgage.
  • Pay the seller.
  • Pay your closing costs.
  • Transfer the title from the seller to you.
  • Make arrangements to legally record the transaction as a public record.
   8. Protect your investment

Even after you close on your house, you agent can still help you: 
  • Help with your first tax return as a home owner.
  • Find contractors to help with home maintenance or remodeling.
  • Help your friends find homes.
  • Keep track of your home's current market value.
Home maintenance falls into two categories:
  • Keeping it clean: Perform routine maintenance on your home's systems, depending on their age and style.
  • Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.
 



 
Keller Williams Realty
1301 S. Bowen Rd. Ste#125 Arlington, TX 76013