Advice for Sellers

Selling a home can be complicated—you’re probably trying to purchase another property while selling this one. Using a REALTOR® will save you time and money by setting the correct price for your home, marketing and showing your property, advising you about the pros and cons of offers submitted for your home, helping you negotiate favorable terms, and negotiating on your behalf.

Set a Price                                                                                                           

If you ask too much, you may not find a buyer. If you price the home too low, you’ll cheat yourself out of money. Websites with quickie value estimators aren’t the way to determine the value of your home. Go to the only people with the data and the expertise to accurately read your market: REALTORS®.

Market Your Property

In preparing your home for viewing by prospective buyers, remember that people buy on emotions. Your home has to feel right or buyers will look elsewhere. Look at your home objectively and listen to suggestions from your agent about ways to make your home more appealing, such as cleaning, decluttering, removing personal items, making cosmetic repairs, etc.

Consider Your Options

When a buyer makes an offer, what do you do? Your REALTOR® will help you review it. If you’re lucky enough to have more than one offer, he or she will discuss your options to do what’s best for you. Once an offer is accepted by you and the buyers, the buyers will perform inspections and finalize the deal.

From Texas Realtors

Advice for Buyers

Real estate transactions are complicated. A Texas REALTOR® will help you with the following steps and much more.

Decide What You Want                                                                                   

Before you start looking, make a list of what you want and assign each item a priority. Some areas to consider are the location, type of home, and age of the home.

Know What You Can Afford                                                                         

• Most loans require a downpayment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs. Generally, a higher downpayment means better loan terms and a lower interest expense on the mortgage.
• Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt.  Check your credit report before the lender does to clear up any problems.
• Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home.  Do some math and determine what you’re comfortable spending.

Make an Offer

You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your REALTOR® is an invaluable part of this process. He or she will help you prepare a contract, negotiate, juggle inspections and option periods, and more.

Secure Financing

Unless you’re paying cash for the home, you’ll need a loan. Keep in mind the true price of financing goes beyond the interest rate alone. Consider items such as points, total lender fees, term of the loan, and penalties for early payment. The lender will likely require an appraisal to verify that the home is worth the cost of the loan as well as a physical survey.  Repairs may be required.  Insurance must be purchased. All these conditions and others must be satisfied before a transaction can close.

Close the Deal

After weeks or even months of research and decision-making, you close the transaction, usually at the title company’s office. The title agent ask you to sign many, many documents and will explain each one. You’ll present a cashier’s check to the seller, sign another document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs. In return, you will receive a deed, transferring ownership rights to you.

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