Buying a Home in Spring Branch
Have the natural beauty and community charm of Spring Branch captured your heart? You’re not alone. As a prospective buyer in Texas, here’s what you need to know to make your process as smooth and simple.
10 Steps to Homeownership in Spring Branch
Connecting families with their dream homes
Where to Begin When Buying a Home in Spring Branch?
Buying your first home in Spring Branch can be daunting. For most people, it’s the largest purchase, and one of the most significant decisions, they will ever make. These tips can help you prepare for a smooth search-and-purchase process.
Taking the first step in the home buying process can be intimidating and exciting, all at the same time.
The first thing you need to do is take the time to understand your priorities. Decide how long you plan to live there, what your desired neighborhoods are, and what the non-negotiables are for you. This is also the right time to check your credit score and make sure you’re in a good position to qualify for a mortgage.
REALTORS v.s. Listing Sites
Before you start the process of finding your home, make sure you know the differences between a REALTOR, and what they can do for you, and what a listing website will allow.
A REALTOR is an expert at real estate transactions. They know the ins and outs of the paperwork involved, and they can negotiate on your behalf. Additionally, REALTORS understand that buying or selling a home is an emotional decision, beyond everything else. They’ll provide that human connection and support through an otherwise complicated and pressure-filled process. They can give you the best and clearest information to help you get through with ease.
A listing website is the right place to start your search when you’re just looking at what’s out there, or you want to discover similar homes in the area before you hire a REALTOR. However, watch out for listed values of the homes because they’re not always accurate or updated frequently.
Find a Mortgage Lender
Before you start your house hunt, make sure to find a lender who’s right for you. This is one of the most important steps in the home buying process. Without this part, you won’t know how much you can afford or what you can look for.
Get pre-approved for a loan before you start looking at homes, in case you find one you love and want to make an offer right away. In a fast-moving real estate market like Spring Branch, it’s likely that your dream home will sell before you have time to seek funding.
Understanding the Closing Process
Before closing, buyers should review everything that has been done in connection with inspections, title work, and surveys to make sure that there are no loose ends. If the contract calls for the seller to make repairs, you, as the buyer, should confirm that the work has been completed satisfactorily. Ensure the lender knows the time and date of the closing and has copies of any contract additions.
As a buyer, you should also complete the following tasks before closing:
- Obtain homeowner’s insurance —
- Change the name on the utilities —
- Schedule a walkthrough —
- Review closing documents ahead of time —
- Make sure that the money is available —
What if the Closing is Delayed?
Even if the transaction is delayed, that’s fine. Sometimes, the seller has a problem clearing the title, which can lead to a buyer’s concern about a locked-in interest rate. Buyers should know how long their rate is frozen for and have a plan in place with another lender if the closing gets delayed beyond that point.
In some cases, you, as a buyer, may have trouble securing financing. In this case, sellers can entertain contingent contracts from other buyers. These contingent contracts don’t usually come into play. However, when the original contract doesn’t close on time, the seller is within their rights to move on to the next offer and sell the house before the first buyer (that’s you!) receives funding.
