Insider’s Guide to Buying a New Home in the East Downtown (EaDo) Neighborhood of Houston
EaDo’s vibrant, growing community offers an exciting mix of art galleries, nightlife, diversity, and proximity to Downtown and Midtown Houston. With thriving businesses, a unique vibe, and great access to the METRO Transit and the METRO Light Rail, EaDo is as convenient and appealing as it is lively and thriving.
If you’re ready to make EaDo home, this essential guide lays out the home buying process in three easy-to-understand phases.
Phase 1: Research & Pre-Approvals
1. Get pre-qualified for a mortgage loan – This lets you know how much you can spend. It can also make the final steps of the process easier. For one, it can give you leverage over other buyers who have made an offer but who aren’t yet qualified. Secondly, it can facilitate the closing process because you simply give the lender the go ahead when you’ve found a house (rather than going through those initial checks and qualifying steps to be approved for the mortgage).
2. Comb through listings – These abound online, with many offering detailed descriptions, multiple pictures, video tours, and even email or chat options (where you can get quick answers).
3. See the homes in person – Take your time in the home. You may want to check things like views, closets and storage space, appliances, and more. If someone is giving you a tour, ask about the neighbors and neighborhood. If a home catches your eye, visit it more than once, and consider taking a friend or family member for some additional advice.
Phase 2: Offers & Agreements
4. Make your offer – After you’ve found your dream home, it’s time to consider what you’re going to offer. Think about how eager the seller is to sell, the condition of the home, and whether there are other buyers making offers. Balance these factors against your budget and the asking price.
5. Negotiate or walk away – If your offer isn’t accepted, you can counteroffer and keep negotiations going. And, of course, at any point before a deal has been made, you can walk away.
6. Take out the mortgage – Call the lender and move forward with the mortgage once you’ve reach a deal with the seller. With a pre-approval, this can be a fairly straightforward step.
Phase 3: Closing on Your New Home
7. Complete the home inspection and appraisal – As part of the mortgage process, the lender commonly requires a home inspection and appraisal in order to approve the loan. Even if the lender doesn’t require them, they can validate or clarify the state and value of the home.
8. Close on your home – Paperwork, title transfers, and closing costs are all part of this final stage. Closing costs are usually between 2 and 5 percent of the purchase price, covering things like appraisal fees, homeowner’s insurance, property taxes, and attorney’s fees. The terms of the deal will explain who pays these costs or whether they are shared.
Make the Home Buying Process Easier AND Get Half the Buyer’s Commission at Closing: Here’s How
First-time homebuyers can get experienced help navigating Phases 2 and 3 above – and they can get cash back at closing – when they work with an experienced Realtor® at New Home Gurus.
That’s because New Home Gurus offers an innovative program to first-time homebuyers across Texas, providing:
· All of the support homebuyers need once they’ve found their dream home, helping them with everything from drafting an offer to closing on their new home
· A 50-50 split of the buyer’s commission at closing.
Homebuyers who work with New Home Gurus can, on average, get back anywhere from $4,500 to $12,000 at closing.
Find Out How Much Cash Back You’ll Get at Closing
Call (281) 668-8124 or Email Us
To find out more about how our commission-sharing program works, simply contact us. We are ready to answer your questions and help you get into your dream home!