If you’re looking for your first home, a vacation property, or a condo by the golf course, the Abbas Team at Realty Austin can help. Here’s how it works:

1. Identify your criteria – First, identify your requirements and wish list, including size, price, location, and special features. If you have limited mobility and cannot walk up stairs, a 1-story home with no steps would be a requirement. However, a home office would be part of your wish list if you’d consider giving it up to get a place in the location and price range you need.

2. Search for properties – Based on your criteria (including both your requirements and your wish list), we’ll search for available homes and send you a link to a web page with your saved search. If there are no matches, we’ll remove criteria until we find a set of homes that meet all of your requirements and offer as many items as possible from your wish list.

3. Analyze listing matches – Using our website, review the listing matches in detail, delete homes that don’t interest you, and save any others you might consider as possibilities. The listings you view are pulled directly from the MLS system, so they’re the same data Realtors have access to, and you’ll find out about new properties as soon as they hit the market.

4. Narrow to 5 favorites – Next, compare the homes for location, price, and features based on the photos and information available online. Select the homes you’d most like to see – up to a maximum of about five – and make sure you’d be comfortable with the location, home size, price, yard size, distance from schools or freeways, and any other factors important to you.

5. Pre-Qualify for a loan – Homes in desirable areas go very quickly, so before we view them, you’ll need to pre-qualify for any financing necessary to purchase. Check with your bank or credit union, or ask us for referrals to lenders we work with.

6. Check availability of favorites – We’ll contact the listing agents for your favorite homes to make sure they don’t already have offers in progress. We’ll also set tentative appointments for viewing any homes that are occupied.

7. View homes – We’ll meet with you and spend 3-4 hours viewing your favorite homes. Take notes, because you’ll want to compare the differences and then rank them in order of preference. We’ll discuss any additional details we were able to gather about those houses, and you can rank them in order of preference.

8. Confirm availability – We’ll confirm the availability of your favorite home and let the listing agent know we plan to submit an offer. We’ll also find out any additional details we can about what’s most important to the sellers. Of course, price will be their biggest factor, but sometimes the right combination of other terms — like closing date, option period, or earnest money — can strengthen your offer.

9. Write checks and offer – You’ll need to provide copies of an earnest money check (typically 1% of the offer price, paid to the title company) and option fee check along with an offer. If you request an option period, which we typically do, you’ll need to write a check for the option fee (typically $100 to $200, paid to the seller). Finally, we’ll need a copy of the letter from you lender, confirming that they have pre-approved you for financing in the appropriate amount. With all of these items, we’ll write up an offer to purchase the home, review all of the terms with you, and have you sign and initial the document.

10. Submit offer – We’ll submit the completed offer, pre-qual letter, and checks for your favorite home, and we’ll request written confirmation that the offer was received. We’ll follow up until we receive their reply, and based on the outcome, we’ll help you negotiate until we can successfully come to terms every one is willing to accept and execute a contract.  Read more about what happens after we submit your offer.

Ready to find a home for sale? Contact us today using the contact form on our website, or give us a call or email at (512) 897-9565 or abbasteam@realtyaustin.com.

To illustrate the process, we created a quick diagram of the major tasks and milestones that occur between signing the contract and closing escrow. Of course, we haven’t included everything here, but you should get a general idea of the what to expect. 

You can download a PDF version here: The Real Estate Transaction: From Offer to Ownership.

Do you have about the closing process?  Share your thoughts in the comments below, or feel free to contact us today.

RELATED POSTS

• What Happens After You Submit an Offer?
• What Happens After the Home Inspection?

Following Up on Your Inspection Report

1. Review the inspection results with the inspector in person or by phone to ensure that you understand the findings and get answers to all of your questions.

 

2. Consider which items are cosmetic things you can fix yourself, and which are “deal-breakers” for you (such as items that affect the safety or security of the home, which would affect your decision to purchase if they’re not repaired).

 

3. Contact a specialist immediately if any items require repair or replacement. Ask the specialist (such as an electrician, roofer, or plumber) to review the report, inspect the property themselves, and provide an estimate for any costs the repairs would entail. We can suggest professionals we know, and you should also ask friends for referrals and use whoever you feel comfortable with.

 

4. Once you receive all the details about the home condition and any necessary repairs,  choose whether to terminate the contract or negotiate further. If you want to negotiate, we can:
   • Ask for repairs - Ask sellers to foot the bill for repairs and make them prior to closing
   • Ask for a lower price - Ask sellers to reduce the agreed upon sales price, so that you can use that money to make repairs after closing
   • Ask the sellers to pay their insurance deductible toward repair or replacement of items covered by their homeowners’ insurance (if any). In these cases, the seller has their insurance adjuster inspect the home, and if they agree that repairs (such as hail damage from a storm) are covered by the sellers’ policy, the insurance company can pay for the repairs prior to closing.

Note that sellers are never obligated to make repairs, so if you ask for any of the above, the sellers can accept, reject, or counter your request, and this won’t affect the original contract.

That said, sellers are often motivated to negotiate at least some to keep the sale moving forward (and because they’d have to disclose the new information about the condition to other prospective buyers if you decided not to purchase it).

Do you have other questions about the homebuying or selling process? Contact us today!

5 Ways Sellers Can Respond

1. ACCEPT YOUR OFFER - The sellers could accept your offer as is, signing the purchase agreement and notifying us that it has been accepted.  If this happens, you have an executed contract to purchase the home, and we’ll  have to deliver your earnest check to the title company immediately. If your contract includes an “Option Period” for the unrestricted right to terminate, we’ll also have to provide the option fee in the form of a check made out to the sellers within 2 days.  You should schedule your inspection and move forward with your financing right away.

 

2. NOT RESPOND - The sellers could choose not to respond and simply leave your offer “on the table” while they wait for another offer to come in. If this should happen, consider how long you want to wait for a reply.  We can withdraw your offer if you feel that it’s taking too long and we haven’t yet received notice of acceptance.

 

3. REJECT YOUR OFFER - Through their agent, the sellers could notify us that they reject your offer and they are not ready to counter at this time.  They might invite you to resubmit a different offer if you choose.

 

4. ASK FOR “HIGHEST & BEST” - If the sellers receive more than one offer at the same time, we might receive notice of multiple offers with an invitation to submit your “highest and best” offer. When this happens, the sellers typically provide a time limit for everyone to put their best offer forward. Then, they negotiate first with the buyer that submitted the most attractive offer.

 

5. COUNTER-OFFER - The sellers could reject some of the terms you requested and propose other terms. This means they reject your offer and make you a new offer, which you can accept, reject, or counter.

As long as your offer is reasonable, based on comparable sales in the current market, the most common outcome is that the sellers will counter.  However, it’s important to remember that any of these things could happen, and you should be ready to take the appropriate next steps based on the response you receive.

Have more questions about the purchase process?  Contact us today!

Read more from Austin Business Journal: http://bit.ly/c0ucU9

We’ve noticed a significant decline in service lately, and we’ve heard the same from many of our clients in Cedar Park and Round Rock.  With more residents moving to this area and increased smartphone usage by those already here, the changes are certainly in order.  Let’s hope they’ll enable AT&T to provide better service soon.

“Despite continued job creation funding, Texas’ seasonally adjusted unemployment rate increased to 8.3 percent last month from 8 percent in November, the Texas Workforce Commission reported today.

The Austin-Round Rock region reported no change in rates, sticking to an average unseasonally adjusted rate of 6.9 percent in December and November.”

Read more: Texas jobless rate rises, Austin stable

Round Rock ISD recently completed a land purchase in the Pearson Place area of Avery Ranch, one of 2 new developments by Waterstone Development in the Avery Ranch area. The district plans to open 3 new schools here over the next 10 years.

RRISD to Open Elementary School First

Long-term plans include a new RRISD elementary school, opening sometime between 2012 and 2014. The schedule will depend on growth in Avery Ranch and in the Lakeline area, along Lakeline Blvd. and Neenah Blvd.

Many students on the eastern side of Avery Ranch will go to the new elementary school, while RRISD students in the Ranch at Brushy Creek subdivision will continue to be served by Sommer Elementary.

Middle School and High School to Require Bond Election

RRISD also has plans for a new middle school and high school, both of which will serve Avery Ranch, the Ranch at Brushy Creek, and surrounding areas in Round Rock and north Austin.

The district has not set a schedule for opening the secondary schools, because their construction will be determined by area growth and available funding.  While RRISD has the necessary funds to build the elementary school in Pearson Place, it will have to rely on a new bond election in the coming years to pay for the middle school and high school.

The new schools, combined with excellent amenities, an award-winning golf course, and a host of restaurants and entertainment nearby, continue to make Avery Ranch an appealing choice for homebuyers throughout the Austin area.

Contact Round Rock ISD directly for more information about the district’s plans.

To learn about homes for sale in Avery Ranch or other communities in north Austin, Cedar Park, or Round Rock, contact The Abbas Team today.

Find us at the link below, or search for us in the search field at the top of the main Facebook page.  Once you reach the page, select “Become a Fan,” and you’ll start seeing our posts in your Facebook News Feed.

Connect with Haval and Sara Abbas - The Abbas Team at Realty Austin - today!

The Abbas Team

New Homebuyer Tax Credit

• 10% of the purchase price up to $8,000
• Must not have owned a home in the last 3 years

Move-Up Buyer Tax Credit

• 10% of the purchase price up to $6,500 (up to $3,250 for a married individual filing separately)
• Must have owned and occupied a residence for at least 5 consecutive years out of the past 8

Additional tax credit details

• Applies to principle residences only
• No credit on homes over $800,000
• Home must be under contract by April 30 and close by June 30
• Income can not exceed $125,000 for single buyers, $225,000 for married couples
• For qualifying purchases in 2010, you can choose to claim the credit on either your 2009 or 2010 return
• Credit reduces your tax bill or increases your refund, dollar for dollar
• The credit is fully refundable, meaning it will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed

Read more about the homebuyer tax credits
Homebuyer tax credit extended and expanded [CNNMoney.com]
First-Time Homebuyer Credit [IRS.gov]

Questions? Contact us for more information about the tax credit or for help finding your next home.

The article also reports that Texas had a total of 5 metros in the top 10, including No. 1 San Antonio.  Compared to the national unemployment rate of 9.8% or to Nevada’s 13.3% rate, Texas’s 8.2% unemployment rate is relatively low.  The lower rates, combined with stable home prices, oil and gas industries, and attractive favorable conditions for new businesses continues to help the economy in Texas.

Read the full article: The U.S. Metros Least Touched by Recession