Buying your first home

February 11, 2009

Buying your first home – Step 1: Rent vs Own?

This is the first post in a series designed to educate first time home buyers on the process of purchasing a home in Spring Texas. As a potential first time home buyer, you have probably been thinking about owning your own home for some time now. You may have already been on the real estate web sites searching for […]
February 10, 2009

Buying your first home – Step 2: Loan Pre-Approval

This is the second post in a series designed to educate first time home buyers on the process of purchasing a home in Spring Texas. Okay, you have determined that you are ready to own your own home, now what? The next step is to know your numbers.  If you have always liked numbers, like […]
February 9, 2009

Buying your first home – Step 3: the Search

About 87% buyers start their home search on the Internet and for good reason too. With just a few clicks of the mouse, buyers can view listing information, watch virtual tours, pinpoint the home’s location on a map, and view multiple photos.  And with numerous real estate web sites from which to choose from you just may have […]
February 7, 2009

Buying your first home – Step 4: Get a Buyer’s Agent

As a home buyer and especially as a first time home buyer you need someone who is looking out for your best interests and a buyer’s agent is just that someone.  A buyer’s agent has a fiduciary responsibility to represent his buyer’s best interest including reasonable care, loyalty, and confidentiality. A buyer’s agent is different than a listing […]
February 5, 2009
Closing day on a home

Buying your first home – Step 5: the offer

Now that you have found the ideal home, it is time to make an offer and close the deal. How much do you offer? – First you need to determine if the home is overpriced, priced right, or under-priced for the market. You should have a general idea of how the home’s pricing and value compares to the […]
February 5, 2009
Cancelling your real estate contract

Buying your first home – Step 6: the Option Period

The Option Period – a defined length of time usually 7 to 10 calendar days from the effective date of the contract. The buyer pays the sellers a nominal fee usually $100 – $250 for the Option Period and in exchange the seller gives the buyer an unrestricted right to terminate the contract during the Option Period. […]
February 3, 2009
Inspection report

Buying your first home – Step 7: the Home Inspection

You have your first home under contract and you are in the option period, it is now time to get the home inspected.  Even though you have 7 to 10 days depending upon the length of your Option Period to get your Spring Texas home inspected, you want to schedule them as soon as possible.  Scheduling the home inspections as […]
February 1, 2009
homeowners insurance Spring TX

Buying your first home – Step 8: Insurance

Unless you are paying cash for the home, your mortgage lender is going to require the home be insured. The cost to insure your Spring Texas home varies from insurance company to insurance company. Sometimes the difference between the insurance companies rates are so significant that you wonder just what it is you are missing.  In order to get […]
January 30, 2009
Survey of Spring TX home

Buying your first home – Step 9: Survey and Appraisal

Survey – shows if the home is within the property borders, whether there are any encroachments on the property by its neighbors, and the location of any easements.  Your Spring Texas real estate contract specifies whether you as the buyer of the home or the sellers will pay for the survey. The survey which costs around $400 – $500 is […]