HOME BUYERS GUIDE
There are several steps to complete when buying a house. Corison Realty, LLC is here is help you every step of the way!
Contact us today and let’s get started!
1. Determine what you can afford
Review your current financial situation and determine what your monthly payments need to be. Most lenders recommend that your home costs no more than three to five times your annual household income with a 20% down payment. In addition, consider upgrades, relocation costs, and other personal factors.
2. Decide what you want
We recommend you make a list with three columns. In the first column make a list of those things that you “must-have,” the second column includes “nice to have” and the third column is a “wishlist.” Be reasonable and watch the market by looking on websites, social media, and newspapers. Remember, there are some things you can change about your home, but the location is not one of them. When you purchase a home you are also purchasing the neighborhood.
3. Contact Corison Realty, LLC
Contact Corison Realty, LLC at 936-252-2544 and one of our friendly Realtors will be happy to help you with the following steps! Best of all, it won’t cost you anything! Our agents are typically compensated from the commission paid by the seller.
4. Interview mortgage brokers
Choose a qualified mortgage broker. If you need a list of brokers, we will be happy to provide a list of those we have successfully worked with in the past.
5. Obtain pre-approval
It is important to know how much you can spend before you start shopping (see financing tab for more information).
6. Look at listings & make an offer
Begin this process by reviewing listings and tour selected homes with your Corison Realty agent. Once you find the right home, work with your agent to negotiate a fair offer. Terms and conditions of the contract will need to be reviewed, which may include: financing, non-realty items, inspection periods, closing dates, and known repairs. Once you reach an agreement on price and terms/conditions, the home will go into escrow. Submit earnest money to the agreed-upon title company within three days of executing the contract.
7. Conduct home inspections
It is highly recommended that a home inspection be completed, and most lenders will require this as a part of the funding process. The inspector will check the property for structural damage. In addition, you may be required to have the home inspected for pests, moisture levels, foundation, and other licensed professionals depending on what is found. We encourage you to attend the inspection so you will fully understand everything in the report.
During the option period you can back out of the contract, but once this timeline ends, you must close or lose your earnest money.
8. Work with Mortgage Broker for financing
Work with your mortgage broker to determine which loan type is best for you.
9. Have the home appraised
The appraisal is a key component of the home buying process, and important to both you and your lender. The bank or mortgage broker will typically arrange an independent “home appraisal.” This is a comprehensive report that determines the value of your property based on a number of factors, ranging from gross living space to the view and the year a property was built.
10. Choose a Home Warranty Plan
A home warranty can give a buyer peace of mind. Most home warranty plans will cover the repair or replacement of many major home system components and appliances. It is important to review plan coverage and choose a plan that meets your needs.
11. Closing on a house
Once closing day arrives, please remember to bring your ID. The closing process, where you will sign all the papers and the property will be funded, typically takes one to three hours. Now you will be given the keys to your new home. Congratulations!