Buying And Selling A Home In Austin - Joel's Tips
Buying A Home In Austin
First Pre-Qualify
(You will know your buying power. This will save you lots of time.)
Pre-qualifying also gives you buying power. With your offer on a home, you can submit to the seller a pre-qualifying letter. This could give you an edge over another offer by demonstrating that you may have a greater ability to close. Sellers like to have as much assurance as possible that the buyer is qualified for a loan. Check with your agent about pre-qualifying.
The Offer
When you find a house you like, you will want to submit an offer. Once the offer is made, the seller may do one of three things:

– Accept The Offer
– Counter The Offer (counter at a different price or conditions than you specified)
– Reject The Offer

Once an offer is accepted and signed and initialed by both parties, you may find yourself waiting for
a closing. Between contract and closing, several things happen. Those may include, but not be limited to:

–Professional appraisal
–Title work
Take your photo ID
Make sure there is a wood destroying insect report on the home.
Title companies generally want cashiers checks for your portion of the monies.
If you are getting a loan, know your interest rate before you go to closing. Don't be surprised by the interest rate you hear at closing. (Note that in many cases it is possible to "Lock" your interest rate at a certain point between contract and closing, so that it won't go up before closing.)

Closing does not in every case mean move-in. Deals have to be funded. This means that the lender funds, etc. have to be dispensed to the appropriate parties. It is usually preferable to defer move in until after funding
Move In
It is a good idea to coordinate how you will handle utilities, phone, and mailbox info and transfer prior to closing. Also shop the cost of movers before you commit. <a href="">To find some helpful links for your move click here.</a>
By Austin Realtor® Joel Hueske
Selling A Home In Austin
Ask for Comps
These are records of comparable sales which have taken place in your neighborhood. See what things are selling for. Be realistic about what you are asking for your home, given its comparable condition, location and appearance. If you are selling with the intention of buying another home, it is a good idea to get pre-approval for a loan before you put your home on the market. You can seek pre-approval by calling a lender and scheduling an appointment to answer some questions, fill out some forms and provide some data. Pre-approval can give you a good idea of what level of loan you have a chance of being approved for when you buy another house.
Have A Backup Plan
Know what you will do if your home sells and closes quickly. Know what you will do if it takes longer to sell your home than you anticipated. When you look at an offer, ask to see a letter showing that the buyers are pre-qualified. Be sure you want to sell your home before you put it on the market.

(Note: Buyer pre-qualification does not mean the buyer is guaranteed of getting a loan. It is a result of a quick look at their financial circumstances. Other things could surface or transpire which could preclude loan approval.)
Be Ready To Prepare Home For Sale
Pay attention to what your Realtor® tells you about preparing your home for sale. He/she sells homes week after week. The Realtor® will know what is moving or staying on the market for long periods of time. Doing as suggested won't guarantee that the home will sell sooner, but you will want to maximize your chances of sale.

In many cases buyers will judge a home's price by how much they believe they will have to spend for cleanup and remodel. Your Realtor® can explain what buyers may look for in being able to picture themselves living in the home. Put yourself in the buyer's place trying to look past clutter and very personal items to imagine how their things might fit.

Preparation may mean some freshening through new paint here and there, replacement of a few outdated fixtures here and there, and storing clutter in boxes hidden away.
Understand Appraisals
As proud as you are of your home when you set a price, be aware that the buyer will probably expect it to appraise. In most cases homes must appraise for the purchase price applied for in the loan. If you have over-priced your home, it may not appraise. This could force a buyer to come up with more cash and could kill the deal
Know That Repairs May Be Requested
Generally after you accept a contract there is an "Option Period" when the buyer can gave the home inspected and ask you for repairs. Repairs may be required in order to close. Be aware of requirements for repairs. Keep track so there are no surprise repairs required at closing. (Be aware that requests for repairs are common when offers are being made on a home, no matter what condition the home may be in.)
Offers may include added writing which requires certain repairs, move-in expectations and other terms.
Don't Be Surprised By Liens
Liens on a property can cause problems in closing. Check for liens before marketing your home. (This can be done through an attorney or title company.) These could include contractor liens, claims from unresolved issues, divorce, death, or estate implications. The title company will want to make sure these are cleared up before closing.
Don't Take Offers Casually
Be Aware of Funding
Closing does not in every case mean move-in. Deals have to be funded. This means that the lender funds, etc. have to be dispensed to the appropriate parties. It is usually preferable to defer allowing move in until after funding.

Enjoy This Great City !
Also anticipate how you will want to receive funds coming to you. Confer with your Realtor®, title company, and your financial institution, then decide in what form you want to receive any funds that may be coming to you from the sale. Be aware that sometimes banks have a marked waiting period before they allow checks to clear. Wired funds can be deposited directly into your account. Consider what options you think are best for you.
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