Time to Start Moving In!
Some celebrate with champagne and some are just thankful to finish the deal! Either way, you’ll want to do a few housekeeping things at this point in the process.
Final Walk-Through Inspection
The final walk-through is the last time you will inspect the house before purchasing. At this point, the contingencies in the Purchase Agreement should be met and all of the seller’s belongings removed from the home. Usually, the final inspection takes place the day before or the day of closing.
Closing
When you are satisfied with the inspection, then, it is time to close. You, the seller, and the closing agent will sign the settlement agreement, which details the financial transactions enacted through the process to certify its accuracy. You will sign your loan documents and deposit the balance of your down payments and closing costs to escrow. If you are bringing funds to the transaction, then you can choose to either bring a certified bank check to the closing in the amount specified in the settlement statement, or you can have the funds electronically wired to the escrow account. Once everything has been completed, the deed will be recorded at the County Recorder’s office and you will officially take ownership of your property.
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Tips For Buying
Don’t Max Out Your Budget
Just because you’ve been approved for a max amount, doesn't mean you should spend it all on the home's sale price. You will want to set some of that aside for closing costs, taxes and potential home repairs or remodeling.
Get to Know the Area
Make sure the neighborhood works for you and your family - are you close to schools and is shopping conveniently located?
Don’t Skip the Home Inspection
Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make more informed decisions about your purchase.
Get Pre-Approved
Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a home and that you are not just window shopping.
Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.
Look at the Age of Appliances and Other SystemsAppliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.
Check For HOA RequirementsMost neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.
What Price Range Can I Afford?
Resources For San Antonio Home Buyers
The journey to homeownership starts by understanding how much you can afford. One major thing to consider is your down payment, if any. Many consumers believe it's impossible to buy a home without at least 20 percent down. But thanks to various government-sponsored programs, many people can now buy a house with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.
Finding a knowledgable Mortgage Loan Officer is key to recieving the most up-to-date information on available lending options. Feel free to check out or vetted list of preffered lenders below - or, if you just want to run some quick rough numbers, check out our free mortgage calculator.
Areas We Serve
- San Antonio
- Helotes
- Leon Valley
- Shavano Park