This list is not comprehensive. There are a lot of steps that your REALTOR® takes care of behind-the-scenes.
Call Sheila Cox for help at 832-779-2890
Unless you have cash to buy a home, contact three or four lenders to determine how much house you can afford and get rate quotes.
Determine how much money you will need to purchase a new home. Do you have enough? If not, create a budgetand start saving now.
Get approved for a loan. Don’t forget the approval letter! We will need to submit it with an offer to buy a house…Katy sellers will not typically accept an offer without a strong approval letter from a reputable (preferably a local lender).
Hire a Katy real estate expert to help you with your purchase. You need a professional looking out for your best interest!
Do you need to sell your current home? Your Katy real estate expert can help you with that too (and may offer a discount if you both buy and sell).
View homes that meet your specific needs.
Choose the right home for your needs.
Sign the legal paperwork and make an offer to buy the house that you chose. Be prepared to write two checks (which will be cashed): 1% earnest money to Title Company and $200-300 option fee to the Seller.
After the purchase offer is accepted, hire home and termite inspectors to check the home. This will cost $300 to $500.
Negotiate repairs to home as needed.
NOTE: If you are using an FHA loan, have all “conducive” termite conditions resolved to prevent loan problems.
Decide whether or not to exercise your Option. If you decide to continue with the purchase, the go to next step. Otherwise, return to viewing homes that meet your needs.
Tell lender to order the appraisal. Be prepared to pay an appraisal fee (approximately $400)…or it may be rolled into Closing costs.
Turn-in items for your loan application (W2s, tax returns, pay stubs, bank statements, etc) to lender as quickly as possible. Be prepared for a hassle! The lending process is very stringent these days.
Check your Title Commitment when you receive it…especially Schedule C. You typically have 5 days to “object in writing.”
Will both buyers be at the Closing? If not, order a Power of Attorney with your lender…it has to be approved by lender and title company ahead of time.
Obtain home owner’s hazard insurance. Make sure you get at least three quotes because rates can vary drastically. They will want the age of roof, your birthdates, current address, and more.
Make sure the survey is ordered in a timely manner, unless it is provided by the Seller. NOTE: Know the 10 Common Pitfalls to Closing on Your Home.
Make sure the HOA compliance inspection and resale certificate are ordered in a timely manner (if applicable).
Select your residential service contract (“home warranty”).
Make sure all negotiated repairs are made in a timely manner.
Plan your move and order your utilities to be turned on the day you Close.
Make sure your Closing is scheduled with the Title Company.
Do your final walk-through the day before/of Closing.
Go to the settlement Closing. Each person signing (husband and wife) will need a photo ID and a cashier’s check or wiring instructions.
Move into your new home and enjoy!
Check out these tips for decorating, remodeling, and updating your new home.
Make sure you receive a copy of your Deed (from the Title company) within a couple of weeks after Closing.