Home buying Process

Narrow Your Search

Before you even think about buying a home in Austin, it’s often smart to speak with a lender who will help you determine how much you can afford in a home and what type of home loan is best for you. They can even provide you with a pre-approval letter for the amount you require, which will come in handy when you submit an offer.

Search For Your Home

Once you have received your pre-approval from your lender, it’s time to begin your official Austin home buying search. This is another step where working with a professional can help. At Pauly Presley Realty, for example, our Realtors can help you narrow down your search criteria; including which neighborhoods you want to target, school districts, size of home, home features, etc. From there, we’ll configure our Austin home search tool to provide you with up-to-the minute listings of all the homes that meet your criteria, and assist you in securing any of those you’re interested in.

Make an offer

Once you find the right property, it’s time to review market conditions and determine the best way to approach making an offer. This can mean anything from low-balling to offering an over-asking price in a multiple offer situation. The negotiations may go back and forth a few times before finalizing terms. This step is a bit more nuanced and involves several steps of its own, which is why it’s so important to work with an experienced agent to assist.

Under Contract

Once both parties have agreed to the terms, the home purchase will then be considered “under contract.” From there, you’ll need to provide an “Earnest Money” check to the title company to open escrow and an “Option Check” to the seller for the option/inspection period. Both of these checks will need to be delivered within three calendar days, and, additionally, documents requested by the lender will need to be delivered within 24-48 hours.

Option & Inspection

From there, the “negotiation process” for the purchase of the property will begin–a step that typically lasts for about 7 days, though it can range from 5-10 days. During this time, inspections will be conducted to get a comprehensive understanding of the condition of the property, including any minor or major defects that could impact your decision to purchase. Note that the negotiations may be altered based on the results of the home inspections.

Appraisal

After the inspections are complete, and any changes or negotiations made to the contract have been agreed upon by both parties, your lender will order an appraisal on the property. Please keep in mind that you’ll need to provide documents to the lender as soon as possible when requested.

Closing

On the day of closing, you will need to bring a cashier’s check for your down payment and closing costs along with a photo ID. You will receive keys to your new home once all documents have been signed and your lender releases funds to the seller. Once complete, you should have a sore hand from signing and a smile on your face!