Home Buying Process

Process for Buying a Home in Houston, TX

Team Regan Realty is a full time professional Realtor company with over 30 years in the Houston and Cypress areas. We have helped hundreds of clients buy, sell, lease, and invest in Residential real estate. Please find below the general process of buying a home in Texas.

Your first step is to call Jim at 713-443-5911 to go through the process.

Determine your price range by speaking to a Mortgage/Bank professional. They will determine how much home you can or want to afford. You would engage a Mortgage professional to help you. We work with several Banks including but not limited to Bank of America, Chase, Allegiance, and Prime Lending. A pre-qualification letter from your lender or proof of funds is required when writing a contract.

Determine the area(s),or neighborhood(s) you wish to live, the size of home, lot size, number of and your desired amenities. We will send you available homes immediately via email with links with pictures, maps, taxes, etc.. We recommend our Daily Alert Email of transactions in your desired area(s). When you find a home you like you simply email, text or call and we will schedule the viewings. When scheduling to view homes we will need advanced notice. Most sellers require a 1 hour notice before approving a showing of the home but some require 1 day advanced notice.

Once you have chosen a home we will provide a competitive analysis of the chosen homes, and provide you with the required documents including the Sellers Disclosure, HOA, MUD, and other required documents. We will then review with you all documents, analysis, and determine your asking price.

Once you determine your asking price we will docusign ( e-signature ) the required documents. Once the offer has been accepted, you will write 2 checks ( 1) Escrow Check 1% of your offer (2) Option Check $ 100 which gives you a 7-10 Days “Option Period” to inspect the home.

During the Option period you would hire an inspector(s) for the home, pool, and possibly termites which cost between $400-$600. The inspection company will email both of us their inspection report for your home with pictures and details of the condition of the home and issues of concern. We will review the inspection report together and determine which items you wish to be repaired and/or ask for money back at closing, We would negotiate with the Sellers/Sellers Agent, and amend the contract if needed.

We work with you and your lender to insure a smooth transaction and help you get a competitive rate. We work together with the Title Company to insure they have all documents ( HOA fees, Home Warranty Survey of your home, etc. ). A few days before closing the Title Company generates a document called a HUD which has the credits and debits for both the seller and buyer including how much you need to bring to closing.

You close on your home at a Title Company usually between 30 and 45 days of your contract date. You take possession of the home ( receive keys) that day

List of Out of Pocket ( approximate ) Expenses

Escrow Fee: 1% of Sales price. This is credited toward your down payment

Option Fee: $100 – $200
You have the unrestricted right to terminate your contract within the option period (typically 10 days)

Home Inspection: $ 400 – $ 500
Termite Inspection: $ 75 – $ 125

Bank Required Appraisal $ 350 – $450

Survey: $ 400 if not provided by Seller ( T– 47 document )

Jim at 713-443-5911 today!