Get pre-approved for a loan. If you haven't already been pre-approved for a loan, now is the time. Pre-approval lets you know in advance how much you can afford to spend. This gives you more negotiating power because you have financing in place and can save you money by locking in an interest rate early in the buying process.
First of all, you should determine your needs. For instance, where will you be working, schools, size of house, one story or two, etc. Today, most people start their home search on the internet. You can start your search right here.
Make An Offer
You’ve found the house that’s right for you. It’s time to make an offer. The offer is to be determined by the sales in the neighborhood for the last three to four months. I will do this by doing a CMA (Comparative Market Analysis). The offer should be in writing.
Option Period and Inspection
In the state of Texas, you are allowed an option period (typically 7 to 10 days) in order to complete an inspection (by a licensed inspector) of the property. You can either use the information from the inspection to re-negotiate or terminate the offer.
Once you completed the above, it’s time to close. The escrow agent conducts the closing and is often affiliated with the title insurance company. Their job is to ensure the buyer obtains a clean title, the lender obtains a good mortgage, that the costs of the transaction are paid, that the seller's mortgage is paid off, and that the seller receives their proceeds. The escrow agent prepares a closing statement that outlines what the required funds are, who's paying and where the funds are going toward.