Buying Your Home

I WORK FOR YOU.®www.Byrne-Austin.com

512.942.7880

What to Expect…Please, ask questions!

Congratulations! You’ve decided to buy a home in the greater Austin area and we are honored that you’ve reached out to us for our help. Our goal is guide you through the process efficiently and with transparency, find the best deal for you in your favorite neighborhood, and prepare you for what is next in the short term and long term. We want you to love your new home. We want you feel like you’ve been tenaciously represented. We want you to feel like we really do work for you. And, we want you to refer us to your friends, neighbors, family, coworkers, and the other folks that are in and out of your life every day. We want to earn your repeat and referral business, so, rest assured, you are our top priority.

First things first

1. We meet! We’ll talk about what you read here, create a strategy and schedule, and sign the paperwork to get you started on your path to your new home.

2. Make a list to prioritize what you want: Beds? Baths? Style? Where? 1 or 2 story? Keep in mind that paint, flooring, countertops, etc. can easily be changed. Try to focus on floor plan, location, size, and type (e.g., condo or house, new or resale).

3. Talk with lender/banker/mortgage broker. I can recommend a couple that I work with continually and know they do an excellent job. The initial process takes just a few minutes. They’ll research your assets, liabilities, credit, and gift resources, if any. They’ll actually plug you into a computer program to give you a fairly accurate estimate of how much house you can buy. Keep in mind that you don’t have to spend everything they want to give you. Budget for it and focus on keeping your monthly payment at level where you don’t sacrifice too much.

4. Please, ask questions!

I WORK FOR YOU.® | BYRNE-AUSTIN.COM | 512.942.7880

1. You are probably already researching properties o n l i n e . w w w. A u s t i n H o m e S e a rc h . co m is tied directly to the MLS. The MLS is the

database of all the properties for sale that REALTORS and Brokers, like me, use. It is the most accurate database of real estate information available. I can access what a specific property has been through since 1997! www.Realtor.com is another good one. Trulia and Zillow are okay but they do not have all the information. We can talk about this a little later. The same goes for individual REALTOR websites like www.Byrne-Austin.com.

2. Once we have discussed your budget, what your dream home looks like and where it is; we’ll start the actual search. You’ll be set up on automated searches based on the parameters you’ve determined and you’ll

know, in real-time, what is available, what is new to the market, what has received a contract, and what has a new price. And, we’ll start physically looking at the properties. While we are doing our online searching, I’ll be guiding you through pluses and minuses of areas and properties. As we walk through these properties, I’ll be outlining pluses and minuses of each property, as well. I have a very objective view of real estate. I want to make sure you buy a home you can sell easily if and when the time comes. In order to do that, I’ll make sure you know the risks of buying a house with elements that make it more difficult to sell, and educating you on what is important to most buyers in the market place.



Search and Research

Making an Offer

1. As we search, I’ll ask you to keep a running list of your top 3 favorites and I’ll ask you to forget all about the rest of them. This helps your brain stay focused as you will be absorbing A LOT of information.

2. Once you feel you’ve found the property you want (sometimes it happens quickly, sometimes not) then I’ll begin dialogue with the owner’s agent about the situation. Sellers sell for all kinds of reasons… job transfers, upsizing, downsizing, separation/divorce… sometimes they are desperate, sometimes they are realistic - sometimes they aren’t, and sometimes a bunch of other people want to buy the same house you do! There isn’t a magic formula about what price to offer. I’ll research what similar properties have sold for in the last 3 to 12 months, depending on the area. Once we have all this information, we’ll decide what a reasonable amount to pay for the property is and how to best get there. Keep in mind that every number and date we discuss is negotiable with the seller. The only three things that matter to the seller are how much they are going to get; how quickly, and how easily they’ll get the money. Time frame is usually the easiest to work out. How easily refers to the types of contingencies we put into place (inspections, financing, other property to sell, etc.). I’ll guide you through it.



1. Congratulations! Once we get the contract signed, I’ll need two things from you. The Earnest Money Check and the Option Money Check. We’ll be discussing this as we make your offer. Briefly, the Earnest Money is typically about 1% of the purchase price that is held in an escrow account with the title company to ensure you stay faithful to the contract. It is credited back to you at closing and goes towards your down payment & closing costs. The Option Money, typically between $100 and $500, guarantees your right to do any inspection(s) and to cancel the contract for any reason within the negotiated time period. You’ll get your Earnest Money back but you’ll lose the Option Money if you do cancel within that Option Period. If you do buy the property then you get both the Earnest Money and the Option Money credited to you at closing. Both checks will be quickly deposited into accounts so make sure you have the money in the correct account when you write the checks!

2. A lot starts to happen once the ‘ink dries’ on an accepted contract. You’ll let your mortgage banker know that you have an accepted contract. You must quickly provide

everything they ask you to provide. It may

get frustrating at times, but power forward.

Banks’ regulations are a lot more stringent

these days, and you’ll have to review and sign a

lot of documents. Always ask them questions

and please check with me on anything that

sounds unusual.

3. Schedule an inspection. I’ll either schedule it for you or you can have it scheduled. They

usually take 2-4 hours and cost anywhere

from $400 to $1,000 depending on the size

of the house, pool/no pool, etc. Once we get

the inspection report back, we’ll look for the

serious items. There is no perfect house –

not even brand new ones. Inspectors are paid

to find things wrong with houses and they

are good at it – especially the inspectors I

recommend. Once you decide what you want

to the seller to fix, if anything, we’ll make

written request to either fix items or credit

you a reasonable amount of money to do the

repairs yourself. Once this is agreed upon, this

usually signals the end of the Option Period.



Offer Accepted! Now what?

Earnest Money Risk for Buyers

OfferAccepted

ContractReceipted Inspection

Option PeriodExpires

Title Commitment& Survey

HOA DocumentsReceived

Finance ContingencyExpires

AppraisalReceived

Loan Docs Delivered to Title Company

Ready toClose!

1. The few days before closing can be pretty stressful... The lender is working hard to get everything finalized and to get you the final number you need to bring to closing as part of the down payment & closing costs. Remember, you’ll get the Earnest Money and Option Money credited back to you. The lender has to send paperwork to the title company; the title company has to prepare a government form called a HUD Settlement Statement, and the lender then has to approve this form. Once they do that, then you’ll know the final amount you owe. A lot of times this number isn’t known until THE DAY OF CLOSING. We try like heck to know before then, though. About a week before, your lender will give you an estimate of what you’ll need. Start getting your money together so that as soon as you find out the final number you can initiate the wire transfer or get the certified funds to bring to closing.

2. About two weeks before closing, you’ll receive the names and numbers of the utility companies to call and have service transferred into your name.

3. About a week before closing, we’ll actually schedule the closing. It takes about an hour and you sign A LOT of papers. If you would like to review the paperwork before you get to closing, please let me know so that it can be arranged. I’ll email you directions to the title company where the closing takes place. You’ll bring a picture ID with you for each signer.



1. Now that we’ve gotten through the most active part of the contract, you’ll work closely with your lender to make sure they have what they need so they can fund the loan on time. Please keep me informed of what is going on. I’ll call the lender once or twice a week to make sure they are on track and see if there are any potential issues that will prevent us from closing on time. The more communication I have with the seller about potential issues, the easier it is to plan for potential delays. If an issue does come up that causes a delay, do not feel badly. It happens.

2. I’ll be working with the title company making sure the boundary survey, title commitment, HOA information and anything else that was negotiated is completed on time. I’ll also make sure that, if there are any problems, they are properly addressed. I’ll let you know every step of the way.

3. Sometimes it will feel like nothing is happening and everyone is just waiting around. Actually, a lot is going on in the background to make this happen for you. This is a time when no news is good news, basically. However, I’ll make sure you are kept up to speed.


After the Option Period

Right Before Closing

Thank you!

I look forward to working for you. I love helping people achieve their goals in real estate and strengthening the relationship that we develop. Hopefully, by now, you know you can call me with almost anything as I’m always happy to help. Your recommendation of my services to your friends and coworkers is the highest compliment and THANK YOU I could receive from you. Hopefully, that will have been earned.

By the way, our business dealings are confidential. Your business will remain your business unless you say otherwise.

Closing Day!

1. Whew! It’s finally here. I’ll make sure you get access/keys/garage door openers as soon as the loan funds. After you and the seller have signed, the title company will email or fax all the paperwork to the lender. Once the lender approves everything that was singed, they’ll release the money to ‘fund the loan.’ Once it is funded, it is yours!

2. A lot of people will have been working very hard to make this happen for you. This is not considered a success for any of us if you are unhappy or uncomfortable. And, since I’m your man on point to communicate with everyone, please let me know so that we can work hard to right the wrong.

3. My commission is paid by the seller… you won’t owe me a cent.


After Closing

1. I’m here for whatever you need. Please call me or email me any questions.

2. Property Taxesa. In January of the next year, I’ll send you a

homestead exemption form, if you purchased a primary residence. It is free to fill out and file, and saves you some money on your property taxes.

b. Each fall, you’ll receive an estimate of property taxes for the year. Send it to me. Then, in the spring, you’ll receive your actual tax bill with some time to protest it. Please, send me a copy, as well. I’ll help you get it lowered if it is too high.


At the Byrne Real Estate Group, we put our clients first. Our dedicated professionals offer local expertise, and keep you several steps ahead of the game. We walk you through every detail and empower you to make informed decisions. Our team customizes buying strategies, conducts skilled negotiations, and manages property investigations and planning. We’ve successfully managed over 500 property sales, totaling over $100 million in value. We strive to make the process effortless for you, with paperless transactions, luxury-level marketing strategies, and expert vendor referrals.

Clay Byrne, an Austin native, has nearly 20 years of experience with local properties. Our team is founded on client trust and exceptional service. Our passion is in the basics. We believe in creating, cultivating and nurturing your success. It’s not a “numbers game” at Byrne Real Estate Group. We are old-fashioned... our success is built on trust, service and loyalty amongst our team and with our clients.


I WORK FOR YOU. ®

Our promise to you is that we will deliver superior customer service with exceptional communication. You will be so happy with your experience that you will not only tell your friends about us, but will call us with their information so we can make sure they get world-class service, too!


I WORK FOR YOU.®www.Byrne-Austin.com

512.942.7880

Buying Your Home

Documents

Transcript of Buying Your Home