Buying with a Local Real Estate Agent
When it comes to buying a new home in Prosper, TX, or anywhere in Collin County, it’s important to work with a local real estate agent that will protect you throughout the process. Rick Baker will guide you through getting pre-approved, touring houses, making an offer, connecting you with a home inspector, and closing on time. By partnering with Rick on the purchase of your new home, you’ll be armed with the information you need to find the right neighborhood and get into your new house at the best price.
Do you need to sell your current home before purchasing a new one? Find out everything you need to know here about the home selling process.
Getting Pre-Approved for a Mortgage
Unless you’re buying your new home in cash, the first step to buying a new home is getting pre-approved for a mortgage. This will allow you to know the price range of houses you can view, how much of a down payment you need, and what rate you’re qualified for. It’s important to understand that a pre-approval does not guarantee loan approval. While you’re in the process of purchasing your new home, do not make any major changes to your finances, including applying for new lines of credit, or change jobs.
Furthermore, Rick will show you that one of the best things you can do is live below your means. Most Realtors® try to get you to buy the biggest and best of everything. Rick lives very conservatively, and that has enabled him to better serve his clients.
Setting a Budget for Your Home Search
Now that you have received your pre-approval information, it’s time to set your budget. When you’re setting your budget, take the time to consider your household and living expenses such as groceries, utilities, car note, insurance, and student loans. Now that you know how much you’re comfortable spending, it’s time to start looking.
Searching For Your New Home
As you’re searching for your new home, Rick encourages his clients to take into consideration the location and amenities you want and need. When you buy a home, you’re not only purchasing the house; you’re investing in a city and community. As you’re creating your personalized home search, here are some items to consider:
- Commute to and from work
- Distance to family and friends
- School District
- Distance to shopping, dining, and entertainment
- Community Amenities
- Property Taxes
Contract to Close
Making an Offer
Once you find the house you want to purchase, Rick will guide you through the comparable homes in the area to ensure you’re getting the best price. Once the offer price has been decided, Rick will send your offer to the selling agent. The offer will include the price you’re willing to purchase the home for, how quickly you’re able to close on the home, and if you have any contingencies, such as needing to sell your house first. Rick will show you how to use the State of Texas Contract to protect your interests as you move forward with the contract.
Sometimes, the initial offer isn’t accepted. If the selling agent responds with a counteroffer, Rick will go to work negotiating on your behalf. His number one goal is meeting your real estate needs while protecting your financial interest.
Offer is Accepted
Once your offer has been accepted on the house, Rick will connect you with a preferred home inspector to review the property. It’s important to have a home inspection completed on the property to ensure there are no underlying issues with the home. The lender will also have an appraisal completed on the house. The appraisal will tell you how much the home is worth, allowing the lender to decide how much they’re willing to lend you. If repairs need to be done or the appraisal comes back too low, Rick will once again go to work negotiating on your behalf.
Closing on Your New Home
Closing on your new home will take place at the title company. There will be a few items you’ll need to bring with you to make sure everything runs smoothly. This list includes:
- Photo ID
- Documents requested by the title or loan officer
- Certified or cashier’s check made payable to the title or closing company
Ready to Get Started
If you’re ready to get started on buying your next home? Be sure to contact Rick Baker to set up your in-person consultation. As one of the best local real estate agents, he has the knowledge and experience you’re looking for to get into your new home.