Real Estate 101: Buying a Home in Austin Texas in 2011

Want to buy a home in Austin in 2011?

Do it right, and get into the home you want at a price you can afford.

If you want to own a home like this, you need to get your ducks in a row, first.

The 9 Basic Steps to Home Ownership in Austin

• Talk to a Lender

  (Read: Why Getting Pre-Approved Makes You A Stronger Buyer)

• Evaluate your Needs vs. Wants
  You can run all over town and not find an Austin home that makes you happy. Before you waste your time doing that, get serious about what you need vs. what would be nice to have (want).

  If you need a commute that is under 20 minutes, that defines your search area. If you need a certain school, then look in that school?s boundaries, etc. Define what is most important and write that down.

  It can help tremendously when you?re fawning over a house that is lovely but doesn?t actually meet the needs you previously identified.

• Choose your Buyers Agent
• Identify a property

  (Use FindRealAustin?s Snazzy Home Search Tool for ALL Active Listings)

• Write and negotiate an offer

  Texas has certain forms for writing offers which helps keep the process standardized and less confusing. Your Buyers Agent can walk you through the sections of the offer so you understand what to expect.

• Inspect the property
  All homes have problems.

  All. Of. Them.

  An inspection that costs $300-ish can save you thousands.

• Negotiate repairs, if necessary
  Some homes need repairs to major systems, some don?t. Many have one or more safety-related problems that should be repaired by the Sellers prior to closing (electrical stuff, or a wobbly bannister, for example).
• Finalize financing
  Once you?ve decided to go through with the purchase of the home, your lender will order an appraisal, and you will complete the financing arrangements for your mortgage.
• Close escrow
  Closing escrow is when all of the paperwork is completed and all monies change hands between you, the bank, the sellers, and any vendors that waited until closing to get paid.

  When escrow has closed, you?re the new owner of your home in Austin, Texas!

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Source: http://findrealaustin.com/austin-area-real-estate-reports-and-interesting-stuff/real-estate-101-buying-home-austin-texas-2011.htm/

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