Nuatx Buyers Guide
Austin's Best Home Search
Austin, Texas real estate purchases can be a lot of fun and lucrative. It can be a worthy endeavor and a wise financial investment if approached with caution and thoroughness. For many people, it is a symbol of achievement. In fact, purchasing a new home in Austin will enable you to increase your equity and sense of ownership in a resource that can yield substantial returns. Additionally, as a homeowner in Austin particularly, you’ll be able to profit from living in a well-liked, thriving, and still-expanding urban location.
Home Buying Process
For first-time buyers, the house buying experience might be intimidating. Going into the home-buying process with no preparation at all is the absolute last thing you want to do. By doing this, you risk losing out on your perfect house or experiencing a delay at a specific point in the buying process. Knowing what to anticipate and having the correct information at every turn are crucial. Making wise selections when it comes to purchasing a property and ensuring a more positive outcome can be accomplished by planning ahead.
Unsure about where you should start? To ensure that you get the most out of your home buying experience, we created this helpful guide. We discuss all you need to know to navigate the Austin housing market, select the ideal property, and make a wise investment in your new Austin home in this educational guide for home buyers!
Limit Your Search Considering Price
It’s usually a good idea to consult with a lender before you even consider purchasing a home. They can help you figure out how much you can afford in a home and what kind of mortgage is ideal for you. They could even provide you a letter of pre-approval for the amount of money you need, which would be helpful when you put in an offer.
Find a home
It is time to start your official Austin home search after receiving your lender’s pre-approval. Another stage where consulting an expert can be beneficial is this one. We assist you in focusing your search based on factors such as the communities you want to focus on, the school districts, the size of the home, home features, etc. From there, We show you the most recent listings of every home that fits your requirements and help you secure any of them that catch your eye.
submit an offer
Once you’ve located the ideal house, it’s time to assess the market and choose the best strategy for submitting an offer. This can refer to anything from underbidding to making an offer that is higher than the asking price when there are many offers. Before agreeing on terms, the negotiations may swing back and forth several times. Working with an experienced agent to help is crucial because this phase is a little more complicated and requires a few steps of its own.
Go under contract
The home acquisition will be regarded as “under contract” after both parties have reached an agreement on the conditions. In order to open escrow, you must then give the title company a “Earnest Money” check and the seller a “Option Check” for the option/inspection period. Additionally, the lender’s necessary documentation must be delivered within 24 to 48 hours, and both of these checks must be delivered within three calendar days.
Option period and due diligence
The “negotiation process” for the purchasing of the property will then start; this phase usually lasts for 7 days, though it can last anywhere between 5 and 10 days. Inspections will be performed during this time to obtain a thorough understanding of the property’s condition, including any minor or significant flaws that might affect your choice to buy. Keep in mind that the discussions could change depending on how the home inspections turn out.
Your lender may arrange a property appraisal after the inspections are finished and any modifications or contract negotiations have been approved by both sides. Please bear in mind that you’ll need to give the lender the needed documentation as soon as feasible.
You must provide a cashier’s check for your down payment and closing costs on the day of closing, along with a photo ID. Once all paperwork has been signed and your lender has given the seller the money, you will be given the keys to your new house. Once finished, you should be grinning and have a sore hand from signing!
Avoid these Mistakes as a Home Buyer. Your eligibility for a mortgage loan may be affected by these circumstances.
Do not switch jobs.
Do not submit a credit card application
Don’t damage your credit by skipping payments.
Avoid using credit cards for expensive purchases.
Avoid losing your job
Maintain a healthy balance in your savings.
Avoid purchasing a new vehicle or other expensive stuff.
Avoid cosigning for someone else
Making an offer
One of the most important milestones in the home purchasing process is making an offer on a property. You’ve put in a lot of work just to get here: learning about your neighborhood market, compiling a list of sales that are comparable to the home you want to buy, etc. A determination of the homes offer price must be made at this point.
- You choose a starting price and submit a written offer.
- The current owner can accept, counter, or reject the offer.
- You have a contract if it is accepted.
- You can choose to accept the seller’s counteroffer or make a new one if one is made. There may be back and forth on this.
In the event that your initial offer is rejected, you can try again or start looking for a different home.
What it costs to buy a house
Earnest money is a negotiated term, but the customary amount is 1% of the purchase price. At closing, the earnest money is applied as a credit toward the buyer’s down payment or closing costs. If the buyer cancels during the option time, the earnest money will be returned.
Although it can be modified, the price typically falls between $100 and $500. You have time throughout the option period to arrange for a property inspection and to negotiate for any necessary repairs or credits. Additionally, you have the option to end the agreement and get your earnest money returned.
It is advised that you utilize an inspector to check over the property during the option duration. A home under 3,000 square feet will typically cost between $350-$500 for an inspection. Additionally, you should get a pest/termite check, which costs about $100.
Normally, a property appraisal runs between $450 and $550. This must be paid to your lender or appraiser before the appraisal is finished.
The survey is often purchased by the Buyer if the Seller does not have a valid survey. Typically, a survey will cost between $500 and $700.
Closing costs primarily include loan items, title fees, and occasionally taxes. The sum usually amounts to 2% to 3% of the purchasing price. These fees, along with your down payment, are paid at closing.