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How can a Realtor® Help Me Buy a Home? 

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When it is time to purchase a home, your real estate professional is the expertise you need.  When you first decide to purchase a home or investment your real estate agent or Realtor® will guide you on the steps involved in the process, which, typically begins with determining your buying power.  Your buying power is your financial savings plus your borrowing capacity.  Your agent will discuss your basic financial information with you, such as your savings, income and debt and will recommend qualified lenders which they have successful worked with in the past and who have the best loan packages available. 

Looking

Once you have determined the amount you are able to invest, then it is time to begin to look at properties that match your needs.  Here you will want to interview at least three Realtors® to select the real estate professional that is the best fit with you.  Realtors® are members of the National Association of Realtors® and follow a much stronger code of ethics which is in the buyer’s favor, and has many resources to help you in the purchase of your new home or investment. 

Choosing a Property

When shopping for a new home, the idea is to choose a house that has your wants and needs.  This is the most exciting part of the real estate process and one that is quite emotional.  The role of your real estate professional is to direct you to properties that meet your criteria and to provide information about the properties and their locations.  Your real estate professional will provide in regards to the local community.  You will be interested whether the property has your criteria in a home or investment as well as if the property provides the environment you want and whether it will have the resale value you want when you turn around to sell it.

Negotiating

There are many negotiating factors, and this is definitely you want a professional to work on your behalf.  Price is not the only factor but financing, terms, date of possession and exclusion or inclusion of furnishings, equipment and repairs.  Your agreement contract should allow the appropriate period of time for property investigtions and inspectionsbefore you are tied into its purchase.  Your real estate professional will guide you here.

Due diligence

Once you have a negotiated agreement in hand then the process to evaluate the property begins.  The process will entail various inspections.  The location and property may require inspections for termites, septic tank, condition of the roof, faulty structure, asbestos, dry rot, and well tests, as well as other inspections that may be required. Your real estate professional will guide you here with qualified professionals who will perform investigations and inspections on your behalf and provide written reports of their findings and conclusions.  You will also want to get a preliminary report on the property’s title which will indicate the property’s ownership. 

Financing

Once you are sure the property is right for you, then you will begin to obtain your financing.  Your Realtor® will assist you by recommending mortgage companies and / or lenders that offer different financing options.

Closing or Settlement

The closing is the last step in your home buying process and in Texas, is handled by the escrow company.  When you place an offer on a home, your write a deposit check to your Realtor® which is held until the offer is accepted.  Once the offer is accepted, the check is then transferred into an escrow account and held towards your down payment.  The escrow company is the one that takes care of the final steps in the process with you and your real estate professional.

Why Use a Realtor®?

A Realtor® is a member of the National Association of Realtors® and is committed to treat all individuals involved in the real estate transaction fairly and honestly.  Realtors® follow a very strict code of ethics and are expected to maintain a high level of knowledge in real estate processes.  The Realtor® has more resources available to them, and generally, more experience. 

A real estate investment is a big investment and often the investment of a lifetime.  It is important to have a real estate professional that is able to provide you with the best expertise in the industry.


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