Buyer Process

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It is the “American Dream” to own your own home. Whether you are a first-time homebuyer looking for a starter home; a veteran to the home buying process; or an investor looking for investment property, our agents at Zip Line Realty can help zip you through your transaction!

Below are 9 steps to buying a home:

1.

Get Pre-Approved for a Home Loan
2.

Start your Home Search with a Licensed Realtor
3.

Begin the House Search
4.

Submit an Offer
5.

Get a Home Inspection
6.

Ask for Repairs, Credits, or Discounted Purchase Price
7.

Get a Home Appraisal
8.

Do Final Home Walkthrough Before Closing
9.

Attend the Home Closing

1. Get Pre-Approved for a Home Loan

Getting a Pre-Approval Letter for a Home Loan is one of the first steps to buying a home.Even if one thinks they know how much they want to spend, it is best to know exactly what you can and cannot afford with the backing of a lender’s Pre-Approval Letter.While you may use any lender you want,we would like to give you a few optionsto choose from for your convenience

A.

Abe Mendez

Sr. Loan Officer – CrossCountry Mortgage – (Click Here for Referral).

B.

Martha Gonzalez

Loan Partner – American Financial Loans – (Click Here for Referral).

C.

Zach Wolf

Branch Manager – Revolution Mortgage –(Click Here for Referral).

2. Start your Home Search with a Licensed Realtor:

Your real estate agent represents YOUin the transaction to purchase your home. Your agent will look out for your best interests when helping you find homes that fit your criteria by scheduling showings for you to see houses; helping you write offers; negotiating terms;guiding you through the process as smoothly as possible; and answering any questions you may have along the way.

We have the following three options for getting you setup with one of our realtors:

A. Give us a Call

For immediate assistance, you may call our Main Office phone at: 281-994-9663 to reach an agent directly;

B. Request a Call

To have the next available agent call you,  Click Here

C. Find an Agent

To see a list of all of our real estate agents to select one yourself,   Click Here.

3. Begin the House Search:

Your real estate agent will help you find homes that fit your budget and criteria.

To help facilitate this search process between you and your agent, we created a Buyer Questionnaire. It has a section for you to state your absolute hard requirements for the search and another section for you to state your preferences. The results of the form will go to your agent so he or she can best help you with your search.

To access the Buyer Questionnaire, Click Here.

4. Submit an Offer:

Your real estate agent will help youdecide how much to offer and assist you in negotiatingthe terms of the agreement. Your offer will include a deposit of Earnest Money (typically 1% of Purchase Price), which is a good faith deposit. This money is required to be deposited with the escrow agent at the title company when the offer is accepted by the seller.Your deposited Earnest Money goes toward your down payment and closing costs if you buy the home.However, if you default on the contract, you typically lose your deposit. Be sure to ask your agent about the Third-Party Financing Addendum to help protect your Earnest Money in case there is a problem with financing. Once your offer is submitted, the seller can respond in one of three ways:
A.

Offer Accepted

If the seller accepts your offer, you can move to the next step of the buying process.

B.

Offer Rejected

If the seller rejects your offer, he or she may accept another offer if multiple offers were received. If not, it is up to you to revise the offer and resubmit. Otherwise, you can move on and make an offer on another home.

C.

Counteroffer Given

The seller could also give you a counteroffer with various terms changed such as purchase price or something else. It is then up to you if you want to accept the counteroffer, reject it, or make another counteroffer.

5. Get a Home Inspection:

After a seller accepts your offer to purchase the house, it is a good idea to have a licensed inspector do a comprehensive inspection of the house. Ideally, one would schedule their inspection as soon as possible after the contract is executed so that inspection is complete within your Termination Option Period. This is important because if any major issues arise out of the inspection, or the seller is not willing to work with you on a resolution, you may terminate the contract without risk of losing your Earnest Money. While you may use any inspector you want, we would like to give you a few options to choose from for your convenience:

A. Steve McGown

Professional Inspector – MPI Professional Inspections – (Click Here for Referral).

B. Michael Race

Licensed Home Inspector – Pro House Inspections – (Click Here for Referral).

C. Joe Bates,

Licensed Professional Inspector & Licensed Mold Assessment Consultant – NationSpec  – (Click Here for Referral).

6. Ask for Repairs, Credits, or Discounted Purchase Price:

After your inspection is complete, you will receive an inspection report that could likely reveal some problems with the house you are trying to purchase.

After you and your agent review the inspection report, you may want to ask the seller to address discovered problems. A few options you may pursue are:

A. Ask Seller for Repairs
B. Ask Seller for Closing Cost Credits
C. Ask Seller for a Discounted Purchase Price
D. Ask Seller for a Combination of Above

Ultimately, it is up to the seller if he/or she will be open to making such concessions or adjustments. If you are still in your Termination Option Period, you will have the option to terminate the contract without risk of losing your Earnest Money.

7. Get a Home Appraisal:

An appraisal is essentially a written estimate of a home or property’s value, by a Licensed Appraiser, based on current market conditions, whereas the final deliverable is an official appraisal report. If you are getting a Home Loan, the mortgage company will require an appraisal, because they are not able to lend out more money than the home is worth. With that in mind, please note that if your home appraisal is lower than your offered purchase price, your mortgage company may deny your loan. This is why it may be important to have a Third-Party Financing Addendum included in your offer to give you the right to terminate the contract without the risk of losing your Earnest Money.

8. Do Final Home Walkthrough Before Closing:

It is customary to do a final walkthrough of the home you are purchasing on the day of closing, or the day before closing. You are checking to be sure that there were no significant changes to the property leading up to closing. You may also be looking to confirm that all promised repairs were completed to your satisfaction.

9. Attend the Home Closing:

Three (3) days before closing, your lender is required to give you a Closing Disclosure (CD), which is a summary of the loan your lender is giving you.

The terms and numbers listed should not be far off from your Loan Estimate, which is a document your lender is required to give you no more than three (3) days after your initial loan application.

After you have reviewed and approved your Closing Disclosure (CD), you will work with your title company to coordinate a day and a time to attend the closing. Be sure to ask your title company what all you will need to bring with you. Typically, you will need to bring your ID, a copy of your Closing Disclosure (CD) to be sure the numbers match, and a certified check or proof of funds so you can perhaps initiate a wire transfer after closing.

After the loan has funded, congratulations, you are now a homeowner and you may take possession of the house and move in!