Frequently Asked Questions for Home Buyers

The first step is to get pre-approved for a mortgage. This helps you understand how much you can afford and shows sellers you're serious about buying. It also ensures you’re ready to act quickly if you see a home you want to make an offer on. In some situations, you may lose the opportunity to bid on a home if you have not been pre-approved for a mortgage.

It depends. In some cases, yes I can meet you today to show you homes.  Before we can do that, we’ll need to speak briefly on the phone. Texas has some rules about showing homes I’ll need to review with you, and we’ll have to find out if the homes you’re interested in are available to view with same day notice.

That’s up to you. I cannot tell you which option is going to work best for your situation, and I encourage you to speak to more than one lender. A bank often charges less fees, but is sometimes slower and has fewer loan products to offer you. A mortgage lender may have higher fees, but many more loan products to help you find the best option and can usually close within 21-28 days. Compare your selections to find the loan that works best for you. I can provide you with several good lenders to consider HERE.

You’ll need money for:

• Down payment: Typically 3%–20% of the home price, depending on your loan type. You may qualify for down payment assistance. This can be determined during the loan approval process.

• Closing costs: Usually 2%–5% of the home price for things like taxes, insurance, and fees. In some cases, a seller may agree to pay some of these costs for the buyer. Gift funds from family and friends can also be considered during the loan approval process.

• Additional costs: Moving, home inspection, HOA transfer fees, survey, appraisal, and any immediate repairs or upgrades.

A REALTOR is licensed by the state, is bound by a stringent set of legal and ethical guidelines, is required to pursue continuing education, provides expert guidance, helps negotiate on your behalf, has access to listings and details you may not find online, and serves as your fiduciary throughout the process. When I am your REALTOR, I represent only your interests during the purchase.

It depends. Texas law requires the buyer to sign an agreement with the REALTOR that explains their working relationship and outlines the amount the REALTOR will get paid and who will pay them.  In many cases, the seller or the seller’s REALTOR will agree to pay the buyer’s REALTOR fees and the buyer will not have to pay this expense. In some cases, the buyer may pay all or a portion of the agreed upon fee. It is a negotiable contract item. Watch this VIDEO to learn more.

• Get pre-approved for a mortgage.

• Search for homes with a REALTOR.

• Make an offer and negotiate.

• Get a home inspection and appraisal.

• Negotiate any repairs or changes.

• Get the survey and insurance.

• Review the title and closing documents.

• Close the sale and sign paperwork.

• Move in!

A down payment is the amount of money you pay at closing for the home. It’s usually a percentage of the home’s price, and the larger your down payment, the less you’ll need to borrow. The type of loan is a factor in the amount of down payment you will need. A VA loan, for example, typically does not require any down payment. A down payment is not the same as your closing costs. You may qualify for down payment assistance. This can be determined during the loan approval process.

Closing costs are the fees associated with finalizing the home purchase, including title insurance, appraisals, inspections, taxes, and lender fees. They usually range from 2% to 5% of the purchase price. These amounts vary based on the lender and the type of loan.  In some cases, a seller may agree to pay some of these costs for the buyer. Gift funds from family and friends can also be considered during the loan approval process.

A home inspection is an examination of the property's condition by a licensed professional. It checks for structural issues, pest problems, and other potential problems that could affect the home's value or safety. An inspection report costs from $400 - $1,000 with most being in the $500-$700 range. Inspection reports are typically used as a tool to help negotiate for repairs or price discounts with the seller.

A survey in real estate is a detailed, professionally conducted map or diagram of a property. It outlines the boundaries, easements, dimensions, and physical features of the land, such as structures, fences, driveways, and other significant elements. A survey helps ensure that the property being purchased is exactly as described and provides important details about the property’s boundaries and easements.

Home insurance protects your property and belongings from damages like fire, theft, and natural disasters. Flood insurance is sold as a separate policy and may be needed. Lenders typically require insurance as a condition of your loan.

An HOA (Homeowners Association) is an organization in some neighborhoods that enforces community rules and maintains common areas. They often charge fees for maintenance and services. There may be additional fees to use amenities. HOA fees are typically paid annually at the end of each year for the coming year.

A home warranty is a service contract that covers repairs or replacement of home systems (like HVAC) and appliances (like refrigerators). It can provide peace of mind. There are many different home warranty companies to choose from and buyers should research carefully to choose the best one and make sure they cover a comprehensive list of items. In some cases, the seller will pay for a one year warranty for the buyer. It is not a required item, but many buyers choose to get a home warranty and it is a negotiable item on the purchase contract.

Title insurance protects you and your lender from issues with the property’s title, like unpaid liens or ownership disputes. It's typically required by lenders at closing. In most cases the seller will pay for this policy on behalf of the buyer, but in some instances the buyer may offer to purchase this item as a negotiation point.

On closing day, you’ll sign the final paperwork, pay any outstanding costs (like your down payment and closing costs), and the property officially becomes yours. Each closing is different. I’ll make sure you’re prepared with everything you need a few days before closing.

Once the sale is complete, the deed recorded, and the loan has funded, you can move in. This is typically the same day as closing or shortly after, depending on the agreement.

After you’ve purchased your home, you can reach out to my office, your mortgage lender, or the professionals involved in your transaction for any post-purchase questions. I’m always available to answer your questions as long as you live in your home.