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William Onye's Blog

Home Buying, New Home Resource and Home Ownership

By William Onye | Agent in Missouri City, TX
  • HomeBuyers MUST know ABOUT

    Posted Under: General Area in 77077, Home Buying in 77077, Rent vs Buy in 77077  |  January 26, 2011 9:52 AM  |  502 views  |  No comments

    Home Inspection – Professional inspection of a home, paid for by the buyer, to evaluate the quality and safety of its plumbing, heating, wiring, appliances, roof, foundation, etc.

    Homeowner’s Insurance – A policy that protects you and the lender from fire or flood, a liability such as visitor injury, or damage to your personal property.

    Lien – A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don’t make the mortgage payments.

    Market Value – The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value.

    Mortgage Insurance – Purchased by the buyer to protect the lender in the event of default (typically for loans with less than 20% down. Available through a govern­ment agency like the Federal Housing Administration (FHA) or through private mortgage insurers (PMI).

    Possession Date – The date, as specified by the sales agreement, that the buyer can move into the property. Generally, the it occurs within a couple days of

    the Closing Date.

    Pre-Approval Letter – A letter from a mortgage lender indicating that a buyer qualifies for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer.

  • Making An Offer And Negotiate With The Seller

    Posted Under: General Area in 77077, Home Buying in 77077, Home Selling in 77077  |  January 19, 2011 7:04 AM  |  396 views  |  No comments
    Now that you’ve found the home you’d like to buy, it’s time to make an offer. Your local real estate association, working with legal counsel, has developed the contracts that are used for transactions in your area. These contracts enable you to specify a sale price and also include many clauses for specifying various terms of purchase, such as the closing and possession dates, your deposit amount, and other conditions. You should carefully review these clauses with your REALTOR® to ensure that they express your desired offer. In addition to drawing up the contact, your REALTOR® will be happy to address all your questions about the offer process.  Once you’ve written the offer your REALTOR® will present it to the seller and the seller’s representative. At that point, the process – given that a home’s eventual sale price is subject to supply and demand - will depend on the kind of market you’re in. Generally though, the seller can accept your offer, reject it, or counter it to initiate the negotiation process.
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