Home Ownership, Real Estate

19 November  2020

The goal of home ownership is often misunderstood, but it's not as complicated as it might seem. Although it may be uncharted territory, it is an achievable goal with the right guidance.

Before you begin your home search it is important to get pre-approved by a lender if you plan to finance your home. 

The pre-approval will let you know how much the bank will let you borrow. That doesn't mean you have to spend that much but just lets you know what your maximum purchase price would be.

It doesn't do any good to start you home search looking at houses that are $500k and end up only being able to borrow $200k. You're setting yourself up for disappointment and a bunch of wasted time. So get your pre-approval them start your property search with the help of your Realtor.

Once pre-approved there will be money that you have to spend out of pocket before you get to the closing table.

Earnest Money

Earnest money is basically a deposit. It is usually 1%  of the agreed upon sales price of the property however this is also negotiable. So sales price is $200k, earnest money would be $2000. This money will be placed in an escrow account at the title company and will be applied toward your down payment on the day you close.

Home Inspections

Once you have an accepted offer on a property I encourage all my clients to get a home inspection. You will have a licensed home inspector check the home and give you a report on the properties condition. This you doing your own due diligence as the consumer. It's not required but it is recommended. Usually cost less than $500.

Appraisal

If you are financing a home an appraisal will always be ordered. The lender wants to make sure that the home you're buying is worth the money they are letting you borrow. This is also paid for before closing however it's cost is applied toward your closing cost. Usually around $500.

It's important to be represented by a licensed professional when purchasing a home. Your Realtor is there to represent your best interest and make sure that you get the best deal possible.  As a buyer, hiring a Realtor comes at no cost to you. The seller pays your Realtor's commission once you purchase a home. Our team would love to help you on your home search in the Houston area or refer you to a professional in your local area.

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