offers counters and contracts

An OFFER is a written proposal to begin negotiations on the purchase of a home. Your buyer’s agent will provide you with options in writing the offer. Many times price is not the main concern in the transaction.

The response from the seller becomes a COUNTER OFFER. Counter offers can often be negotiated many times. The offer becomes a CONTRACT when both parties agree to all the terms and conditions as modified during the negotiations and when signed by both the buyer and the seller. At this time the earnest money check is given to the title company with the contract and the home is now under contract.

inspections repairs and appraisals

Once the property is under contract it is time for the INSPECTIONS. You will hire a licensed inspector to check the structural and mechanical condition of the home. A written report will be given to you and to the seller.

From the inspection report, it will be determined what REPAIRS will need to be made. The repair allowance in the contract will govern the amount that can be spent on repairs by the seller. Sometimes a buyer wishes to negotiate a larger repair amount. Your buyer’s agent will be able to guide you through this process.

The buyer’s mortgage company will order an APPRAISAL of the property. This is a requirement for the lender in order to be certain that the property is worth the agreed upon sales price. Quite often a survey is also part of the lender’s requirements.

the closing

Once all of these steps have been taken, a time and date for the CLOSING is set. Many times buyers and sellers meet and sign documents at the same time. However, the entire transaction can take place by mail if one of the parties is located in another city.

information on brokerage services

Understanding your relationship with the Broker is often confusing. It is important, however, that you fully understand this relationship before you sign any Buyers Representation Agreement. Moreland Properties is very serious about the relationship we have with our clients. Please review the Information About Brokerage Services, written by the Texas Real Estate Commission, provided by your agent.

the seller’s disclosure

This document is required by Texas law and will be made accessible to potential buyers. It is essential for a seller to inform a buyer of any potential defects. This document has been designed to protect both the buyer and seller. Your Moreland agent can help explain any concerns you may have.

austin central texas realty information service (actris) and lockboxes

ACTRIS is a computerized service to which the members of the Austin Board of Realtors belong. This service enables each member to enter the data concerning each listing (property) into the computer database. All members have access to this data through their computers. Within minutes of an agent loading the information onto the computer, fellow agents in the city can call and make appointments to view the property or to show it to prospective buyers. It is extremely important that this information be accurate. As the status of the listing changes, such as contract pending or sold, the information is updated. If appropriate, your home may have an electronic key box attached to it for ease of showing. In the computer printout are specific instructions as to how your home is to be shown. Appointments are made with the owner or realtor and the showing of your home begins. For your protection and for security reasons, we advise sellers to always have an agent use the lockbox when showing their home. This will ensure that every agent entering your home is a registered member of ACTRIS and your agent has an accurate list of who has shown your property.

home buying profile

finding the perfect home

You decide to do a bit of house hunting and open the newspaper, sift through a range of choices in several areas. After reading countless ads featuring many romantic details but few specifics, you make a few calls and hear several voice mails. You decide to do some online research. After downloading 100 choices in your price range, you decide that rather than spend your whole day sorting through them, it might be nice to get out and visit a few open houses. With a bit of perseverance you write down addresses, look up the maps online, and print out several destinations. You are out and about and finally locate your first home.

You walk into the home and decide “this is it.” From wall colors to flooring you feel “this is perfect.” Following a lengthy conversation with the listing agent about your housing preferences, you realize the house is $100k over your price range. After considering the options of liquidating half of your furniture and selling your car, you decide that it was enjoyable “just looking” but it’s just not for you. Suddenly you realize this is a greater undertaking than you originally thought. You have specific needs including size, bedroom space, school preferences, and proximity to major highways. Uncertain of where to start, you decide there must be “a better way.”

This is just one of the scenarios you might expect in trying to find a home while representing yourself. Indeed self-representation is always a possibility, however most buyers prefer to utilize the services of a professional Buyer’s Representative. Your Moreland Buyer’s Representative will work hard to select properties that best meet your requirements and preferences and which will make your search as efficient as possible.

Regardless of what you spend or where you choose to buy, as a serious buyer there are several specific factors you must consider.

getting specific

At Moreland Properties, we use our distinct knowledge of the Austin area to help achieve a perfect fit in finding the ideal home. By meeting with an agent ahead of time and completing an outline you can zero in on the specifics. Coupled with our extensive experience in matching your prerequisites with the available inventory you can take an organized approach without all of the hassle. Suddenly your search process seems effortless. You are on the road to reaching your goal! Take time and think about your answers to the questions on the following page which create your unique housing profile. We’ll do the rest!

a buyer’s real estate timeline

Begin with a plan of action that includes an exact timeline. The following questions will need to be answered.

When should I begin looking?
When do I have to move from my current home?
When does my new job require me to start work?
What date does school start?

sample of a buyer’s timeline

3 Months Develop a checklist, meet and hire agent, apply for a loan, begin property search

2 Months Review home choices, select a home, make an offer and submit a contract, schedule inspection, set closing schedule

4 Weeks Contact mover, upgrade mortgage, school transfers, homeowner’s insurance

3 Weeks Begin packing, make address changes, utility turn-on at new home, shop for décor items

2 Weeks Verify mover, review closing details with settlement agent, verify and finalize mortgage details, complete packing

time prior to desired moving date

At Moreland, our dedication to service includes assistance with providing the references to complete the task of moving and coordinating your timeline. Use our website to choose vendors!

loans and mortgages

possible items needed for loan application

Fully executed contract (original contract required for FHA & VA)
Most current pay stub
Last two year’s W-2’s
A full two-year history of employment with personnel office street address and phone number (no post office box, please)
A full two-year history of residence, with landlord’s name & address
Mortgage company’s name, address and account number for all property owned
Current leases for any rental property you may own. (If this income is used to qualify, you must have your last two years completed tax returns)
Most current Bank Statements. Include all Checking, Savings, IRA’s, CD’s, Stocks and Bonds
Name of creditors, account numbers, addresses, balances and minimum payments
Recorded copy of divorce decree (if applicable)
Money for appraisal and credit report

FHA loan applicants will be required to provide the additional items:

Copy of Social Security card–all parties
Copy of current driver’s license–all parties

VA loan applicants will be required to provide the additional items:

Copy of DD214, or if still active, a Statement of Service
Original Certificate of Eligibility
Permission for off-base housing (DD form 1747, if still active)
Name, address and phone number of nearest living relative
Copy of current driver’s license–all parties
Most recent original pay stub