Guide To Home Buying Process

• Do you have the jitters of Home Buying ?
• Its quite common and natural.
• Our Goal is to remove your Jitters.
• You are at the right spot.
• Continue Reading.

• Constructing a new house or buying a used house ?
• Take time to debate and decide on your need. 
• Both have their respective pros and cons. 
• Click on the picture to the right to read the Pros & Cons

• Decide on the location - Cities, School Districts etc.,
• Prepare list of features.
• Bedrooms, Baths, Size, Age, Backyard, Fireplace, Pool etc.,  
• Decide on your Budget

• Mortgaging is common & 20% down payment is standard
• Lower Down Payment - Higher Interest Rate & PMI 
• Get a financing preapproval letter from a lender
• Sales agent/broker can provide lender references
• Click Picture to the Right to know basics for Mortgage.

• Choose a realtor
• Discuss your requirements.

You can call Sales Agent Rishi Nattamai of SAI Residential Realty for a free No obligation consultation. 

Ph#: 469-544-9527 Email: SAIResidentialRealty@gmail.

• For New Homes Click the Image on the Right
• For Used Homes Continue Reading the Page

• Realtor sets Home Search Criteria in MLS
• Daily Emails triggered with the matching homes  
• Review the houses in MLS daily email updates 
• Review the pictures of the houses in the MLS. 
• Review Sellers Disclosure (SD), Survey or any other documents.

• Legally required in most states
• Material Facts of the home
• Contains details about the home features
• Lists all known defects of the house KNOWN by the seller  
• Seller NOT liable for any disclosed defects. 
• If buyer don't like anything in SD, better to SKIP the house

• Select houses you want to view in person
• Give list of houses and timeline to your realtor 
• Realtor schedule appointments and show the homes
• Carefully review all the features of the home
• Make notes of Pluses and Minuses of the home
• Realtor help identify major structural/Foundation issues
• (Hint: look for zig zag cracks in the walls and ceilings)  

• Buyer decide on houses to make purchase offer
• Realtor prepare Comparative Market Analysis (CMA) report
• CMA shows the prices of the similar homes sold recently
• CMA shows the prices of the similar homes  
• The realtor may recommend price range to win offer
• Buyer ultimately decide offer price
• Realtor prepare an option contract, usually a TREC form
• Contract specifies the offer price, financial terms and conditions. 

• Buyers Signs the Option Contract
• Offer: Buyer's realtor => Seller's agent => Seller
• If Seller likes offer, Seller Signs the Offer
• Acceptance Communication: Seller => Seller's Agent => Buyers' Agent => Buyer
• The option period begins 
• Option Money Check by Buyer - usually $100 to $200  
• Earnest Money Check by Buyer - usually 1% of sales price

• Option Period - 5 to 10 days as defined in the contract
• Option Period - Buyer can back out unconditionally 
• Buyer have home inspected by a Certified Home Inspector
• Have inspection by Structural Engineer if necessary
• Use contract amendments for defects that needs repair

• Contract Amendment used for any contract change
• Changes can be Repairs, extending option period etc.,
• Amendments should be agreed and signed by Seller
• The seller may accept All or Some or None of the changes
• During option period, the buyer can terminate the contact
• The option money (usually $100 or $200) will be forfeited
• The earnest money will be returned back to the buyer. 

• Start the loan application process
• Loan Application process is different from the Pre-approval
• Shop and lock in the best interest  rates.
• The lender must provide the Good Faith Estimate (GFE)
• Review GFE for all the associated cost of the loan
• Verify lender can meet the financing contingency date
• Verify lender can meet the closing date
• Financing contingency is 10 to 14 days from the option period 
• Lender need to complete the appraisal & underwriting process by Financing Contingency period

• After Option, Seller makes repair of agreed defects 
• Buyer works with lender to get the loan approved
• Title company works on Title and other legal aspects
• 2 days prior Closing, Closing officer send closing statement to all parties involved
• A day or 2 before closing, Buyer makes a pre closing walk-thru of the home. 

• Closing statement has financial details of the transaction
• Tells how much $ the buyer needs to bring for closing
• Tell the $ the seller will receive from the transaction
• Has all outstanding dues like loan balance listed
• Has prorated HOA dues,  prorated tax dues, etc., listed 

• Closing happens usually at the office of the Title company
• The closing officer coordinate  timings for Buyer/Seller
• Various documents are signed by all responsible parties
• Example of documents - Deed, Mortgage, HOA etc.,
• After funding, cash is dispersed to all concerned parties. 
• The Seller/Seller agent will arrange hand over of the keys 

• Seller arranges to hand over keys to Buyer. 
• Buyer should transfer all utilities under their name.
• Recommended that buyer to re-key all the locks. 
• Watch mail for the deed copy and owner's Title insurance 
• Buyer to verify County Appraisal District website (CAD)
• CAD is updated in 6 to 8  weeks with new owner info