THE HOME BUYING PROCESS
For most of us, purchasing a first home is a landmark accomplishment. However, for savvy investors, first‐time home ownership can serve as an exciting segue into profitable long‐term investment. To new investors and even seasoned veterans, the process of investment can seem alternately scary, overwhelming and stressful. At Domain Realty, we strive to put your mind at ease by walking you through the entire process, from start to finish. By offering all‐inclusive service, we eliminate many of the normal speed bumps that can arise and create as seamless a real‐estate experience as one could hope for.
Where Do You Start? A Step-By-Step Overview of the Process
STEP ONE… Speak with a lender for assistance in determining the parameters of your budget. After working with you to establish an ideal spending range, your lender agent will help you obtain a pre‐approval letter for submission along with your offer. You can contact our affiliated mortgage company, Great Hills Lending Group, LLC at (512) 740‐0807 to get started. As a buyer, you are free to select the lending institution of your choice to secure mortgage financing. However, we can confidently recommend Great Hills Lending Group because we know that they will roll out the red carpet for you.
STEP TWO… Meet with one of our real estate consultants to give them a fuller understanding of your needs. After getting a feel for your timeline, budget, and property specifications, your agent will help you set a realistic strategy.
STEP THREE… Following the guidelines of your plan, home searching begins. Though the initial
search tends to be broad, it gradually grows narrower as your specifications become more
refined. Whether you find your dream home on the first outing or months later, your consultant
will work relentlessly to help you find the perfect property. Home shopping isn’t easy, but you
can rest assured that your agent will help you evaluate and revise your initial plan if necessary.
STEP FOUR… Once you find the right home, your agent will evaluate both market conditions and comparable properties to determine how to present the offer. After establishing a plan of action, your agent will draft the offer and present it to the opposite party. It is normal for negotiations to go back and forth a few times before both parties come to an agreement. Your agent will act as your representative throughout this process and help you navigate the process of negotiation.
STEP FIVE… After final acceptance of the terms by both parties, you are “under contract.” This means that the terms of the agreement are binding. The final acceptance by both parties require the following to occur:
- All parties must sign off and date the contract appropriately
- Money must exchange hands—this includes earnest and option monies.
The earnest money is delivered to the title company who then receipts the contract upon receiving the check. The option money must be delivered to the seller or their agent and receipted within a 3‐day period.
STEP SIX… Now begins the negotiated option period, which is usually 7‐10 days but can also be longer or shorter. This is your time to get the home inspection and make any amendments to the contract. Changes to the contract are uncommon after the option period unless something unforeseen is discovered. Your lender will also order the appraisal after the inspection and the title company will typically provide a title commitment for you to review.
STEP SEVEN… This is the finish line! Once you obtain the Final Approval and a CLEAR TO CLOSE your lender and the title company collaborate to finalize all figures based on all invoices provided by third parties (appraisers, surveyors, attorney, insurance, etc.). The CLOSING DISCLOSURE is then sent to you for review. Once you confirm receipt of this information, current regulations require you to wait 3 business days before you can sign the final documents to consummate the sale. Once all the required documents are signed and finalized, money exchanges hands, the property becomes yours and keys are delivered. Time to celebrate!
Need a home buying guide?
Why Choose Us?
At Domain Realty Austin, we know that you have many choices when it comes to selecting a realtor to assist you with the purchase of your home. That’s why we strive to set ourselves apart from the rest with our expertise in the market, superior client-service, and unrivaled communication. We know how important this time of transition is in your life and the lives of your beloved family members, so we will work hard to make sure that things go smoothly for you.
If you are an investor, we know the particular challenges you face when purchasing an investment property. We can help recommend areas of town that will maximize your investment and make prudent decisions based on your specific financial situation and goals. Only an experienced professional agent should assist you with this major investment purchase, and that’s why so many investors choose Domain Realty Austin over the competition.
When you work with us, you can rest assured that the entire team at Domain Realty Austin is working on your behalf to find you the home of your dreams or the investment property that will benefit your portfolio. Our service speaks for itself, and here are a few reasons why others have turned to us when they are looking to buy a home in Austin:
Market Expertise: We know Austin, and we will work with you to identify the area of town that best suits you and your family. Whether you are looking for scenic hill-country living or the bustling, food-and-nightlife driven downtown scene, we can guide you to the right location for your purchase.
Fair Negotiations: Real estate transactions require trust between the agent and buyers, and we will always work to protect your interests in every negotiation we engage in. There is a right way to handle each deal, and we pride ourselves on honest, fair, and straightforward negotiations with every deal we do.
Superior Communication: We make a commitment to you from the very beginning; that we will keep you updated on all of the relevant information you need to know from the start of the process all the way through closing. You want to rest assured that things are going smoothly and no one wants to be surprised by delays or issues through the process. We will keep you informed at all times.
At Domain Realty Austin, we don’t want to sell you one house; we want to be the agents you turn to again and again. We want to be the company that you recommend to your friends and family. That’s why we don’t treat this as a one-time deal; we look forward to working with you again when you decide to upgrade in the future. We’re your trusted partners in one of the most important transactions of your life, and we’re proud to work on your behalf. Contact one of our experienced Austin real estate agents at (512) 872-4211 today.