LEANDER REAL ESTATE BUYERS CHECKLIST


As with any major financial undertaking, it’s important to prepare and understand the process— especially when it comes to real estate. If you’re in the market for Leander homes for sale, keep this checklist handy to help you along the way.

DETERMINE YOUR BUDGET

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Take some time to plan out your budget. Go by the 25% rule, which states you should never pay more than 25% of your monthly income on monthly mortgage payments. Also keep in mind that you’ll have to pay a down payment and additional closing costs. Factor these upfront expenses into your budget.

SAVE FOR A DOWN PAYMENT

A down payment is based on a percentage of the listed purchase price. While many people claim that a 20% down payment is the standard, you can pay as little as 3%. What are the benefits of paying a higher percentage? Your monthly payments and annual interest will be less than if you were to pay a lower percentage, but you should always base your down payment on your budget. Never overspend just for lower monthly payments.

RECRUIT A REPUTABLE REAL ESTATE AGENT

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A Leander real estate agent is an essential addition to every buyer’s team. Not only are they familiar with the inner and outer workings of real estate, they keep up with the housing market and local trends. An experienced realtor will always be your best ally and a great source of advice and guidance.

SCHEDULE A BUYER’S CONSULTATION

Once you’ve connected with a real estate agent, schedule to meet with them for a buyer’s consultation. A consultation provides clarification on the homebuying or selling process, sets expectations for both the agent and the client, and opens up communications for a cooperative relationship.

CHOOSE A MORTGAGE LENDER

There are many mortgage lenders to choose from, each with a different set of qualification requirements, loan terms, loan types, and mortgage rates. Receive quotes from multiple lenders and compare them to choose one that best suits your needs. Since quotes change often, make sure to receive mortgage quotes on the same day for the most accurate comparison.

RECEIVE PRE-APPROVAL

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A pre-approval letter determines how much of a mortgage you’re eligible for and is preferred by the majority of sellers. Some sellers even make it a requirement. Apply for pre-approval right away—it only takes a few minutes and is valid for 90 days.

You’ll need to provide a variety of legal documentation, including proof of your income, any and all financial assets, tax forms, your bank account, and the desired amount of money you want to pay for the down payment and closing costs.

FIND YOUR DREAM HOME

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Once you’ve been pre-approved and have secured a mortgage, it’s time for every homebuyer’s favorite part—finding the perfect home. Fortunately, your real estate agent has access to the MLS (Multiple Listing Service), a database that hundreds of agents in the region use to list their client’s properties. You’ll be able to search thousands of properties with an MLS, but only through a licensed realtor.

ASSESS THE PROPERTY

Does the property suit your needs? Is it close enough to what you want? How long has it been on the market, and how do other properties in the area compare? Thoroughly assess the properties you visit and make a decision based on your needs and budget. Never let emotion sway you.

MAKE AN OFFER

The amount of money you offer should depend on your personal assessment and budget while taking care to not lowball the seller. Offering too little may result in the seller rejecting your offer without further consideration.

HIRE A REAL ESTATE LAWYER

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A real estate lawyer is required in some states but recommended in all others. In short, a real estate lawyer works to protect you and your investments. They’ll review your contract and housing agreements before any papers are signed and finalized, ensuring that the transaction is legal and valid. In other words, they read the fine print so you don’t have to.

SCHEDULE A HOME INSPECTION

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A licensed home inspector will conduct a thorough assessment of the property and report any issues and concerns, such as faulty systems, infrastructural damage, minor damages such as scuffing on the walls, and other things of note.

REVIEW THE INSPECTION REPORT

Upon the end of an inspection, the inspector will provide you and your agent with a report. A home inspection report is vital in assessing the condition of a property and can affect your decision to buy. You don’t want to buy a house with a high maintenance and repair cost.

VERIFY ALL CONTINGENCIES

Contingencies are a set of requirements, mutually agreed on between the buyer and the seller, that must be fulfilled before an agreement becomes legally binding. Make sure all of your stipulated contingencies have been satisfied.

NEGOTIATE, NEGOTIATE, NEGOTIATE

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Your real estate agent is equipped with the skills to negotiate on your behalf. Should a seller respond with a counteroffer, rely on your agent to continue negotiating. They’ll always work in favor of your best interests.

CLOSE ON THE PROPERTY

Once an offer has been accepted by the seller, the next steps are to sign the agreement and set a closing date. During closing, money and documents are transferred over to successfully transfer ownership of the property to the buyer. You’ll want to have both your real estate agent and lawyer present during closing.

MOVE INTO YOUR NEW HOME!

The closing was successful, and the transaction is now complete. Congratulations on your new home! It’s time to move in and enjoy your brand-new life in Leander.

For the best real estate buying experience, get in touch with Angelica Foster! Her commitment to client satisfaction is unparalleled in the region, and she’ll do whatever it takes to ensure you buy the home of your dreams for the best possible deal. Connect with her today!

Work With Angelica

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.

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