Home Search & Negotiations

Take your time looking for a home, but when you find that dream home, don't waste time. With the current Austin real estate market, the best properties don't last long!

The market analysis: After identifying a house to buy the information gathering begins. The first and most important steps is to determine what the home is worth. This is done by obtaining a list of comparable home sales in the last year. Caution should be exercised here, a creative agent can adjust the parameters of the search to justify any price. You want to attempt to limit the properties search to the specific subdivision. If limited information is available, then you can expand the search. With this information you can start to determine an offer price. Some buyers get so caught up in how much they can get off of the listing price, they may lose out on a great deal or even overpay for a property that was substantially overpriced to begin with.

Making the offer: Now that you've determined your pricing strategy, it's time to write and submit an offer to purchase. In addition to the terms you offer, the offer should be contingent on obtaining a mortgage, having a home inspection and reviewing the survey and title policy, plus any special needs you may have. If you need to sell a home before you can close on this house, make it contingent on the sale of your current home. The state of Texas writes the contract, we fill in the blanks. Therefore, attorneys are not used by most buyers or sellers. This does not mean I don't recommend an attorney. I'm a believer that you can't have enough experts on your team. If you do choose to use an attorney, make sure they are familiar with residential real estate. At this time, you will also write a check for earnest money to the title company.

The negotiation: The seller will receive the offer from their agent. After reviewing the price and terms they will either accept the offer, reject the offer or counter the offer. After everyone has agreed on the terms, the contract, along with your earnest money check, is taken to the Title company to be deposited. This earnest money will be credited towards your closing costs at closing.

Next: Contract to Closing

• Real Estate Buying Process
• Choosing a Buyer's Broker
  • Frequently Asked Questions
• Mortgage Process & Closing Cost
  • Choosing a Lender
  • Types of Lenders
  • The Loan Process
  • Lender Recommendations
  • Buyer's Estimated Closing Costs
• Home Search & Negotiations
• Contract to Closing