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November 2019

Preparing Future Homeowners: Requirements for Buying a Home in Texas

By | hard money loans, Home Buying | No Comments

Still of a conventional home with a Texas and U.S. flag hanging over the front porch and walkway.

If you’re interested in buying a home in the state of Texas, you’ve made an excellent choice. Real estate investors and homebuyers are in for a treat when deciding to reside in Texas, especially in major cities such as Dallas, Houston, and San Antonio. In order to diminish your share of challenges in the home buying process, it’s important to understand specific laws and issues. If you’re wondering what exactly you need to purchase property in the state of Texas, you’ve come to the right place! We touch on the requirements and steps it takes to successfully make a Texas home yours.

Assessing Your Finances and Do Your Research

One of the most important primary steps for looking and purchasing a home in Texas is to do some research. This research doesn’t have to be arduous, but it should be just enough so that you can gain a general understanding of how home buying works in Texas. Some of the key points you will want to look at should consist of credit score, average down payment, home programs, and mortgage payments. By reading up on these requirements, buying a home in Texas can be much more feasible for investors.

Finding a Real Estate Agent

Although the state of Texas is one of the very few that does not make it mandatory for an investor to hire a real estate agent but utilizing their help could make a world of a difference. By hiring a real estate agent to guide you through the home buying process, their presence minimizes the potential for errors in other requirements to buy a house in Texas. If you want to ensure that you are choosing a qualified agent for your home buying journal, it could be helpful to seek the wisdom of referrals and more.

Getting Pre-Approved for a Mortgage

The next step regards getting pre-approved for a mortgage, which is essential before making an offer after searching for investment properties for sale. If you are a first-time home buyer in Texas, it is crucial that you learn about the lender’s requirements.

Initiating the Property Search

You can start hunting down properties by scouring your desired area or by searching for local advertisements. Even better, you could search for investment properties for sale online, as 90% of real estate investors do.

Make a Written Offer

Once you’ve set your mind on a specific property, you can then move onto the next step of buying a house in Texas: making an offer. In Texas, offers to purchase must be written. This is one of the requirements to buy a house in Texas that a real estate agent can provide a significant amount of help for investors. The agent can review the contingencies and terms of the offer and any other associated legal aspects.

Have the Property Inspected and Appraised

The next step in meeting the requirements to buy a house in Texas includes the expertise of two real estate professionals: inspectors and appraisers. Whenever you are purchasing a home in Texas, these two professionals must be prevalent throughout the process. An inspector is available to assess the standards of the property, while an appraiser determines the property’s value.

Determine Escrow and Finalize the Deal

The following steps of buying residential property in Texas near the ends of the home buying process. A legal advisor, who can simultaneously be the agent, helps to determine escrow of the deal. Once escrow is determined and agreed upon, the closing of the deal can begin.

While some detailed specifics can be different based on your real estate agency and property, these are the general requirements and steps to buying a house in Texas. Above the requirements, it is essential that you take your time with the process, especially if this is your first time purchasing property. Never agree to anything in the deal until you come to a full understanding and level of comfort.

Entrust Capital Lending: Here to Accompany You Throughout the Process!

The Entrust Capital Lending group is just as passionate about working with investors and homebuyers as we are about providing loans for Texas homes. If you need a loan in a timeframe that is convenient and fast for you, we are here to help! Contact us today to learn more about how we can get you started.