Tips for Buying and Selling a Home

Buying

 
1. Make decisions on what you want in your new home. 
Your first step when contemplating a new home is to decide what features you would like to have. This may include features such as: how many bedrooms, what size kitchen, square footage, or location, just to name a few. For more information, click here.

2.Get loan pre-approval.  
Before you can start looking for your new home, you need to find out how much house you can afford. We suggest starting the mortgage process before looking for your home. After meeting with a loan officer you will receive a “pre-approval” letter, which shows your borrowing power.  For more information, click here.

3. Choose your Realtor.
It is important to choose a Realtor you feel comfortable working with and who will work hard for you. There are many housing choices. The challenge becomes finding the property which best meets your needs. A professional Realtor has expertise and information available to help you find your new home. click here to see how we can help you find your new home.

4.  Making the offer.
Once you and your real estate agent have found a home you would like to buy, it’s time to make the offer. Your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. Your agent will then complete a written contract that represents the terms and price you wish to offer. If the seller accepts the offer, it becomes a binding agreement. It is common for the seller to counter-offer. Your real estate agent’s experience will help you negotiate the buying process. For more information, click here.

5.  Getting ready for closing.
Once you have a signed agreement there are many items that need to be completed before closing. There are inspections, insurance, appraisals, financing and repairs to be taken care of. As your real estate agent we make sure these procedures are done in a timely and professional manner. For more information, click here.

6. Closing the deal.
The closing is a brief  process, where all the necessary paperwork, needed to transfer title of the property from seller to buyer is signed. This typically is held at the Title Company.  At closing is when you receive the keys and seller receives payment for the home.  Before closing, buyers typically have a final walk through of the property to assure that the condition of the home has not changed, or all repairs have been completed. For more information, click here.

Selling

1. Getting your home ready.
Once you have determined the need to sell your home, it is time to look at it from the eyes of prospective buyers. Since most of us don’t keep our homes in “showroom” condition, it’s time to do all the little touchups. A Realtor is trained to advise you in a pre-listing walk through of things to that will appeal to buyers.  The goal is to show a home, which looks good, maximizes space and attracts buyers. For more information, click here.

2. Get a Realtor.
Your home has been cleaned and repaired, so it’s time to put your home on the market. Your real estate agent will set up a marketing strategy to help you sell your home. This includes helping you establish a fair asking price, by doing an analyses of recent home sales and comparable properties currently on the market. Once your home is listed, the Realtor will begin to market your home through the MLS (Multiple Listing Service), the internet, yard signs, open houses and agent-to agent referrals. For more information, click here.

3. Showing your home.
The real estate agent will place a lock box on your door, which contains a key to your home. Only those who are members of the Amarillo Association of Realtors will be able to access your home. This allows your home to be shown when you are not home. When a real estate agant wants to show your home, they must first call the listing agent, who in turn contacts you to confirm the date and time. For more information, click here.

4. Receiving an offer.
When a written offer is received, your real estate agent will determine if the buyer in qualified to buy your home. They will then, offer you advice and counsel in the bargaining process. Your real estate agent will review the contract with you to make sure you understand what is required in the transaction. If you wish to make a counteroffer (accept the contract with changes), your agent negotiates for you. Once the offer is accepted by both parties, the document becomes legally binding. For more information, click here.

5. Preparing for the closing.
A sale agreement sets not only the purchase price for the home, but also the terms and conditions. There is a list of things that you and the buyer must complete before closing. These may include repairs, inspections, a survey, and an appraisal. Depending on the contract, you may be required to pay for some or all of these items. Your real estate agent will help you walk through these proceedings. For more information, click here.

6. The closing
The closing is a meeting with the closing agent (generally an agent with the title company), who receives money from the buyers, pays out money to the owner and makes sure that the purchaser’s title is properly recorded in local records. The title company also pays off the note on the property and prorates the taxes. You will receive a document from the title company prior to closing showing your closing costs and what you will net from the sale. For more information, click here.