Homes in Friendswood| Pearland Real Estate

Loan Application. Comparing types of loans and then making a loan application are important steps in the home buying process. At the time of loan application, the lender typically charges an application fee. This fee tends to cover the lenders cost of pulling your credit report and the cost of a professional appraisal on your property. Once these loan application tasks have begun, the fee is not refundable.

Making an Offer. When you have found the home of your choice it is time to write an offer. The offer is usually written on a contract form promulgated for Realtors by the Texas Real Estate Commission. When buying new construction, however, the builder might require his or her own contract form.

The contract form details the many aspects of your transaction and upon acceptance serves as an instruction booklet to the Title Company and others involved in the transaction. Decisions need to be made at the time of the offer regarding such items as the closing date, terms, conditions, possession, sales price, down-payment, an option time and fee, a request for repairs or inspections or an offer without a repair request. Your Realtor will work through the many details with you.

When you start your home search its a really good idea to ask your Realtor for a sample copy of the formsand dont hesitate to ask questions.

Negotiating to Contract. The market will give you many clues about the best way to begin negotiations with a seller. If it is a "sellers market" and properties are selling quickly, perhaps with multiple offers, it would probably be best to make your very best offer initially or risk having the property go to someone else. The seller is not obligated to respond to an offer. If another offer is received which meets the sellers needs, there might not be an opportunity for you to negotiate. However, if the market is soft and supply is great, the opportunity to negotiate the terms and conditions of your offer are much greater.

When negotiations are complete and an offer is accepted and signed by the seller, it becomes a legal binding contract.

Deposit of Earnest Money. The Realtor you are working with will follow up to see that title is opened on the property you are purchasing. At this point, the earnest money will be deposited with the Title Company. This will typically happen within 24 to 48 hours of the final signing of the contract. When the Title Company opens title on a property, their "plant" will research the history of the property and issue a title commitment. This commitment will detail items that might need to be cleared before issuing a title policy.

Mortgage Details. During this time your loan officer is finalizing any items needed for your final loan approval and ordering an appraisal of the property. Loan approval details will vary depending on the type of loan you are obtaining. The lender will also order the survey.

Repairs. If repairs have been requested and agreed to by the seller they will typically be completed between loan approval and closing.

Closing and Funding. The lender will draw the papers needed to create your new loan and send them to the Title Company to be reviewed by the escrow officer. The final details such as home insurance, tax escrow, survey and funds necessary to close will come together at the Title Company.

The escrow officer will complete a "HUD" Statement, which details all of the financial obligations for the buyer and the seller. Ask your Realtor to have the Title Company provide a copy of the "HUD" at least 24 hours prior to your closing.

When you go to closing at the Title Company to sign loan papers it is necessary to bring "good funds" to cover your costs. Examples of "good funds" would be either a certified check or wired funds. If in doubt, check with your Realtor or the escrow officer at the Title Company.

Coordinator of Events. The Alinda Martin team will be the Coordinator of events and will be with you every step of the way, helping to solve any difficulties or delays that might occur.