STEPS TO BUYING A HOME - GET READY BY BEING EDUCATED

GET PRE-APPROVED- Contact a lender for a loan pre-approval letter. The pre-approval letter is often required by the seller as part of the offer. It communicates that you are a serious buyer that has at least had some vetting by a lender and is a good start for determining your purchase range, and an idea of your interest rate. The pre-approval doesn’t bind you to the lender so don’t hesitate to shop around after you get your letter. You can often negotiate loan costs and some lender may be better suited to your needs than others. For a quick look at what your monthly payments might look like you can use the loan calculator to the right. For the tax rate inside the San Antonio city limits try 2.681 as a good approximation.

KNOW WHAT YOU NEED AND WANT- Make a list of all the features you must have. Also make a list of all the features you would like in a home. You’ll likely want to shop around and get a feel for what’s available and what things cost. The better you understand your needs and wants, the better you’ll be able to identify the house that will be you HOME! Plus, when you send that list to us, we’ll be able to do a lot of leg work for you. By sorting out all the definite “no ways”, we’ll save you a lot of time reviewing houses that you’d never consider.

SHOP AROUND- Take your time, look at several homes, and take notes. Buying a home is a huge and very personal purchase. We’ll be by your side to give expert advice and an objective second eye, but we want you to feel comfortable and confident when you make your decision. Start your search here.

MAKE AN OFFER- When you’re ready, you can rely on your Andrikos Realty Realtor® to guide you through the offer process. We’ll do in depth research, analyzing comparable sales, property features, and trends. We’ll help you establish the fair market value of the property, and guide you through all negotiations. There’s a lot more to the home buying process than just offering a purchase price. We’ll be there to guide you through the whole process.What’s goes in the offer contract?

GET A HOME INSPECTION- Once you are on contract you’ll likely be in the option period. It’s important to order a home inspection right away so you can review the report and begin negotiations while you still have the option to terminate for any reason. A good inspection will be a comprehensive review of everything from the light switches, to the faucets, to the air conditioning. Although many inspectors do a relatively thorough job, they have many limitations. They often only do a visual review of the roof, they don’t take measurements to determine the state of the foundation, and they may not go into areas that are very difficult to access. It’s important to understand that an inspection is an objective eye but not guarantee or warrantee of any kind.

THE APPRAISAL – If you are using third party financing (e.g. a loan from a bank), the bank will require an appraisal. It will normally be part of the costs associated with the loan and will be required by the lender to protect their interest in the property.

HOME OWNERS INSURANCE- Homeowners insurance will also be required by the lender to protect their interest in your home from hazards like fire, storms and floods. Be sure to shop around for an insurance company and policy that suits you best.

CLOSE ON YOUR HOME- Closing day is when the seller receives the funds from you and you receive the deed and keys to your new home! The time is arranged with the Title company. The seller and buyer do not have to go at the same time, each can go at a time convenient for them but it must normally be on the same day. We, as your agents don’t have a role at closing and don’t need to be present but we do everything possible to be there if you want us.

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