Houston Metro 281.379.2000  Fax 281.251.8888  rodney@powell-realestate.com CLOSED SUNDAYS 20831 Rosehill Church Rd Tomball, TX 77377 Easy Site Navigation Back to Home Page Help Selling Real Estate Listing Real Estate Guidelines to Market Value Buying Real Estate Get New Listings E-Mail Property for Sale by Area Acreage Communities Client Testimonials CLIENT TESTIMONIALS Get to Know Your Real Estate Professional When I think of the word TRUST - it means I know I can count on you all the time. That is what I want clients to sense about me.   That they can count on me all the time, every single day they can trust that I am telling them the truth. It is essential that POWELL Real Estate can give clients a measure of comfort by being someone they can trust completely.   I take that very seriously. - Rodney POWELL

P O W E L L - R E A L E S T A T E . C O M Get the Straight Facts Buying Real Property - Easy as 1-2-3 At first glance, the real estate buying process may seem altogether mysterious. The following will show you the series of usual steps, from pre-qualification to closing. My goal is to make your buying experience as smooth and efficient as possible. Pre-APPROVAL First things first. First you need to know how much you can afford before you start looking. So you talk with your mortgage loan officer, who will initially pre-qualify you to see what you can afford and also go over your credit report. This helps a specialist begin to get an overview of your situation so we can find the best property for your needs.   You will then know: In what price range you should be looking for real estate. How much money you'll need. What your approximate monthly payment will be. Taking it to the next level - pre-APPROVAL enables you, a prospective buyer to shop for property knowing already you qualify for a particular mortgage. It's also a great negotiating tool when it comes to arriving at a sales price. Pre-APPROVAL takes a lot of guesswork out of the real estate buying process. The confidence it affords you is important and your pre-APPROVED status will also let real estate professionals and property sellers know you are a serious buyer. Time to Sit Back & Relax You'll never need to face a loan application alone. An experienced mortgage loan officer can look over your financing alternatives, consider options, and then recommend a loan for you. He or she will collect the required documentation and assist you step-by-step in completing the loan application and any other necessary forms. All documents are signed and your credit report is run. If you want to lock-in an interest rate at this point, you can. It helps to keep in mind that your mortgage loan officer wants to help you make the loan. Loan underwriters are looking for ways to approve loans, not reject them. If you've prepared and provided good documentation, you have done a great deal to assure prompt processing of your application and approval of your loan. Try to be accessible in case the mortgage loan officer needs additional information or documents during processing. A quick response to any additional lender requests for documentation helps to keep the process on schedule. Making the Right Offer Determine objectively how much the real estate is really worth before you decide how much to offer.   Determine the objective market value of the real estate Don't make an offer to buy a home until you determine how much the property is really worth. Find out the market value of the home, so you can better estimate the initial offer and avoid paying too much as negotiations move forward. A comparative market analysis (CMA) gives you prices of similar properties that have recently sold, which you can use to set an initial offering price for the property you want to buy. In a hot (seller's) market, real estate may sell for much more than either the appraisal or the CMA price. When multiple buyers put offers on a property, it can drive the price way up. If you have to compete in this kind of a market, your best objective approach is to use the CMA. Try to balance your emotions with good sense and solid information about the property's market value, so you don't pay too much.   Know how much time you have to act Usually you can take a couple of days, but if properties are selling quickly or you found a real bargain, play it safe. Let the seller know that you'll deliver a formal offer within 24 hours - or by the end of the day.   Be ready to negotiate Don't get too attached to your initial offer. Every term in an earnest money contract is negotiable (not just price), and most sellers don't accept initial offers. Remember, you and the seller have different goals. Don't reveal your top price, and remain flexible. The seller may either accept or reject within hours or days, depending on your offer and the seller's desire to sell. A seller rarely accepts an offer without asking for some changes. Keep the sale in perspective. Stay objective and maintain some emotional distance so you can negotiate well. Don't be afraid to walk away from a deal that would force you to overpay or accept a highly undesirable term such as no home inspection. Remember that ultimately you have the power in negotiations because you don't have to buy the real estate if you don't get the terms you want. Preparations for Closing A title commitment must be sent to the lender for review and after they have all the required information, a closing date is set.   Now is the time to have your inspections of the property. Buyers pay for inspections as well as appraisals. The appraisals are ordered by the mortgage lender during this escrow period. A survey and any property owners association covenants and restrictions may be provided for your review and acceptance. If you have not already decided where you will be getting insurance now is the time. You will need to get your insurance policy in order, including the policy naming the lender as mortgagee as well as a paid receipt. This information must be provided to the lender several days prior to closing. After the closing has been scheduled you will have to get your money ready for the closing. For large amounts the checks are usually certified the day before closing. These amounts and whom they are made payable to will be obtained by your mortgage loan officer. Generally this information is provided a day or two before closing. At the closing, all the necessary documents are signed, and all your fees are paid, including the remainder of the down payment and your closing costs. Also, any conditions that were permitted to go to the closing table are collected. Finally, ownership of the property is transferred over to your name. If a conversation about your specific real estate needs is appropriate, I'll be delighted to talk with you.   Remember, my goal is to help you reach yours. Rodney POWELL Your LAND Professional 281-379-2000 When You Need a REALTOR ® Who Are You Going to TRUST ? If you have questions or need immediate assistance, just send an e-mail or call 281-379-2000. YOUR RESULTS WILL COUNT !

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