Home Buying Information

Choose your Realtor®

That's easy!  Choose the team of Roman and Randy.

We have the most current information on new and existing homes on the market.  We are friendly, experienced, knowledgeable and up-to-date on the market in Texas.  We have the latest technology and can show you any home listed by any real estate company and offer our commitment to you as a buyer. 

With a "Can-Do" attitude, we want to be your Real Estate Team!     

Get Financing

Roman and Randy can help you find financing.  Borrowing enough money to buy a house can be intimidating.  We can guide you through the process.  A pre-approval from a lender is almost always required before you can make an offer on a home.  The loan process can take two weeks to two months. Contact the lender of your choice to get started on your loan. (We have a few lending institutions that we can highly recommend.)

• Your Mortgage. Since you will probably make your purchase contingent upon obtaining a mortgage, the seller has the right to be informed of your financing plans in order to evaluate them.  A mortgage is a loan for the cost of the property.  Normally, you will have to prove to the bank that you have enough other money to make your payment.   You may also be expected to put some cash money into your purchase as down payment

• Down Payment.  As part of your offer, you will need to disclose the size of your down payment.  Once again, this allows the seller to evaluate your likelihood of obtaining a home loan.  It is easier to get approved for a mortgage when you make a larger down payment.  The down payment on your home will help ensure that you have something to lose other than just the house if you fail to pay your debt.

• Loan Types.  A conventional mortgage includes loans with an interest rate that stays the same until the mortgage is paid off.  FHA, VA and Texas Vets are government-backed mortgages.  Other typical loans include variable rate mortgages, balloon payments and sometimes, even the seller may "carry-back" the note.

If you are one of those rare individuals making a cash offer to buy a home, it makes sense to provide some documentation with your offer that shows you have the funds available. A bank statement should be fine.

Choosing a home

Start by making a list of all of the things you are looking for in a home.  Grab a piece of paper and divide it into three columns.

• Column 1, List your must-have features.
• Column 2, List Features you would like
• Column 3, List Features you do not want. 

You should let us know exactly what you are looking for when you begin your search to ensure the best results for homes that suit you best.

 Making an Offer

Our experience and know-how will be extremely valuable when making your offer.  We will help you to compare selling prices for similar properties in the neighborhood, advise you on local trends, be able to tell you how long the house has been on the market, etc.  Knowing all this and more will give you the knowledge to make an informed decision with regard to your offering price.  With newer listings sellers are typically less motivated to negotiate the price than if the house has been on the market for six months to a year. 

After discussing your negotiation strategy and coming up with an initial offer price, you must also consider things such as, how much should your "earnest money deposit" be, who pays what closing costs, inspections, appraisals, repairs, timetables and possession. 

Be prepared for counter-offers and possibly even rejection of your offer, this is a normal part of the process and you shouldn't let it get you down.

A Home Inspection

Once an offer is accepted, you usually have a 7-14 day inspection (or Option) period.  The home inspection is an important step in the home buying process.  The inspector will look for any existing and potential problems with the home.  Whether you are buying a new or used home, you should obtain an home inspection by a professional. 

You should accompany the inspector on the inspection.  You will want to allow yourself sufficient time to review and approve the report.  If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay for those repairs.  Otherwise, you can cancel the purchase without penalty, provided you are in your .Option Period. window.

The home inspection will be an added buyer expense, but could save you hundreds of dollars in the long run.  (We have recommendations for Professional Home Inspection companies.)

The Closing Process

You can't move into your new home until you complete the closing process.  Your role at the closing is to review and sign documents related to the loan and to pay the closing costs.  This meeting will focus on the final aspects of your loan and the issuing of your mortgage.  You will be given copies of everything you sign at the closing, you will need these papers for your information, future reference, and tax returns.  The duties of the Title Company are....

• Title Search.  In order to insure that the current owner has good title to the property being sold, a title search and examination is made of the public records.  The search will uncover all liens, encumbrances, covenants, easements, rights-of-way, and similar matters which affect the property.  Title problems or potential problems are identified, and are resolved by the title company as part of their service to the buyer.

• Title Insurance.  Lenders require title insurance on their loans to protect against the loss of their security due to a defect in your title to the property.  Even the most thorough title search will not reveal forged signatures or misfiled or mis-indexed documents.  The closing agent will determine if the property can be insured against such risks and will issue the lender's policy.  The lender's policy only protects the lender's interest.  It does not protect the buyers.  That is why you need an Owner's Policy, which can be issued at the same time as the loan policy for a nominal one-time fee.

• Survey.  Lenders usually require that the property be surveyed.  The surveyor determines whether the house is within the property boundaries, whether there are any encroachments on the property by neighbors and the extent to which any easements on the property may affect legal title.  It is a good idea to learn, for example, where your property lines are, where utility easements are and whether there are any building restrictions affecting your right to add a porch, carport, storage building or a fence.  It is also important to know whether any portion of your neighbor.s property . such as a fence . is actually on your property.  The title company orders the survey and makes sure that it is completed prior to closing.

• Lender Documents.  The title company will coordinate efforts with your lender to insure that everything required by the lender is provided timely and that the loan documents are ready on the closing day.  The closer reviews the loan papers for consistency and accuracy prior to the closing.  The closer prepares a closing statement to reflect charges and disbursements involved in the transaction.

• Preparation of the new Deed.  The closer prepares the deed, which transfers the title of the property from the seller to you, as well as any other legal papers, which are necessary to complete the transaction according to local and state laws.

• Closing.  The closer will guide the parties through the settlement process, accounting for each credit and charge on the closing statement, and explaining the papers, which need to be signed.

• After Closing.  The title company records the deed and deed of trust in the public land records; funds are disbursed; the liens (old mortgages) on the property are paid off and released from the land records so that they do not show up as liens on your property.  Title Insurance Policies are issued to the Lender and the Owner, and the Original Deed to the property is returned to the new owners after it has been recorded.

• Upon Funding.  The buyer is usually issued keys to the home and is allowed to move in.