Home Buyers Guide

Why you need a REALTOR®

1. They have loads of expertise
Real estate has its own language, full of acronyms and semi-arcane jargon, and your Realtor is trained to speak that language fluently. Plus, buying or selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. Realtors have the expertise to help you prepare a killer deal—while avoiding delays or costly mistakes.

2. They have turbocharged searching power
Realtors have access to more listings than you can find on your own. Sometimes properties are available but not actively advertised. A Realtor can help you find those hidden gems.

Plus, a good local Realtor is going to know the search area way better than you ever could. Your Realtor is equipped to know the ins and outs of every neighborhood, so they can direct you toward a home in your price range that you may have overlooked.

3. They have bullish negotiating chops
Any time you buy or sell a home, you’re going to encounter negotiations and as today’s housing market heats up, those negotiations are more likely than ever to get a little heated. You can expect lots of competition, cutthroat tactics, allcash offers, and bidding wars. A Realtor will help draw up a purchase agreement that allows enough time for inspections, contingencies, and whatever is crucial to your particular needs.

4. They’re connected to everyone
Realtors make it their mission to know just about everyone who can possibly help in the process of buying or selling a home. Mortgage brokers, real estate attorneys, home inspectors, home stagers, interior designers-and they’re all in your Realtor’s network. Use them.

5. They adhere to a strict code of ethics
Not every real estate agent is a Realtor, who is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country. Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.

6. They’re your stage parent/data analyst/therapist – all rolled into one
The thing about Realtors: They wear a lot of different hats. Sure, they’re salespeople, but they actually do a whole heck of a lot to earn their commission. They’re constantly driving around, checking out listings for you. They spend their own money on marketing your home (if you’re selling) and they’re researching companies to make sure you’re getting the best deal.

Source: Realtor.com | By Rachel Stults

BEST-KEPT SECRETS for Buying a Home

Stalk the Neighborhood

Before you buy, get the lay of the land – drop by morning noon and night. Many homebuyers have become completely distraught because they thought they found the perfect home, only to find out the neighborhood wasn’t for them. Drive by the house at all hours of the day to see what’s happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with on a daily basis. Find out how far it is to the nearest grocery store and other services. Even if you don’t have kids, research the schools because it affects the value of your home in a very big way.

The Secret Science of Bidding

Your opening bid should be based on two things: what you can afford (because you don’t want to outbid yourself), and what you really believe the property is worth. Make your opening bid something that’s fair and reasonable and isn’t going to totally offend the seller. A lot of people think they should go lower the first time they make a bid. It all depends on what the market is doing at the time. You need to look at what other homes have gone for in that neighborhood and you want to get an average price per square foot. Sizing up a house on a price-per-square-foot basis is a great equalizer

Give Your House a Physical

Hire an inspector. It could end up saving you thousands. A home inspector’s sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy. It’s really the only way to get an unbiased third-party opinion. If the inspector does find any issues with the home, you can use it as a bargaining tool for lowering the price of the home.
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What is TITLE INSURANCE?

Title insurance is different from other forms of insurance because it insures against events that occurred before the title policy is issued, as opposed to insuring against events in the future, as health, property and life insurance do. Title insurance is in essence loss prevention insurance.

When purchasing real estate, it is of utmost importance that you receive clear title to the property. In order to do so, you must first be informed of any existing rights or claims that may be asserted against the property, then any of those rights or claims that are unacceptable to you must be resolved or extinguished prior to your purchase of the property.

In Texas, many property records go back to grants from the 1880s, hence it is important that the full history of the property is thoroughly researched and presented to you.

Steps in a Real Estate Transaction

What happens in a real estate transaction from start to finish.

  1. Buyer connects with licensed real estate professional
  2. Buyer connects with a lender if a loan is needed
  3. Buyer signs contract and provides earnest money funds
  4. Agent delivers contract to title company with earnest money funds
  5. Buyer orders termite and mechanical inspections
  6. Title company opens file and orders title commitment and taxes
  7. Title company obtains payoff information from Seller’s lender
  8. Title company orders survey if new one is required
  9. Title company reviews title commitment for title defects
10. Title company issues title commitment to Buyer and Buyer’s lender
11. Loan approval received from Buyer’s lender
12. Closing date is set with escrow officer at title company
13. Buyer orders homeowners insurance policy
14. Title company receives loan closing instructions from the Buyer’s lender and prepares documents and closing statements
15. Closing occurs
16. The transaction is funded; funds are distributed

AFTER CLOSING, THE TITLE COMPANY DOES THE FOLLOWING:

Returns or faxes required documents to lender for their approval. All lenders require this before funds are disbursed.

Receives and disburses all money from lender, including payment of all taxes, any bank charges, attorney’s fees, title company fees and any other accrued expenses in connection with the closing.

Has legal documents recorded in the office of the county clerk.

Prepares and issues title policies and sends to lender and owner.

Planning a Smooth Move

After your purchase offer has been accepted and your loan approved, it is time to plan your move. By pre-planning your move, you will find that the numerous tasks involved will go more smoothly. You will be prepared for the challenge of creating a new home for you and your family.

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Alden Chiu

PHONE NUMBER

432-230-9613

EMAIL

aldenmail@gmail.com

ADDRESS

10222 Pecan Park Blvd #10
Austin, TX 78729

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