The Home Buying Process

The first step to buying a home is to understand your buying power and establish a price range. A licensed lender can help evaluate your financial standing and provide a pre-approval. They will review your income and credit history to determine how much the bank will lend you, which will help you determine the price range for your search. You will need to know personally what you feel comfortable paying every month. Your lender only sees your finances and won’t be in charge of deciding how much you should spend on your new home. Having a pre-approval letter in-hand can also increase the attractiveness of your offer, particularly when a seller has multiple offers to choose from. Most sellers and listing agents will not consider an offer unless a pre-qualification or pre-approval letter is included with your offer. 

After you’ve found your dream home you will want to make an offer rather quickly. Homes in the San Antonio area are typically priced at fair market value meaning that homes for sale do not typically sit very long. At times available homes will have multiple offers on the table. When you're ready to move forward with a purchase, we will advise you on constructing the strongest offer possible. Then I will draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer. We'll discuss the purchase price, the closing date, sale contingencies and any special stipulations for your particular purchase. Once an offer is submitted, the seller may accept, reject or counter the offer. We at the Gateway Group will negotiate fiercely to get the best possible terms on your purchase.

Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home's structure or systems. The inspector will also investigate potential issues such as pest infestations or mold. Looking for structural damage from water, ground shifting or major plumbing or electrical issues will be of high concern. Other things that the inspector points out could be minor and nothing to be alarmed by. It’s a home inspectors job to point out and report every discovery made but some of these items can be easily fixed. Depending on the purchase agreement, we may enter additional rounds of negotiation to resolve any problems discovered during the inspection.

Prior to closing, we will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. This is the final opportunity to call out any problems identified with the home before closing. Depending on the purchase agreement, you may sign a formal contract addendum confirming that the walkthrough is complete, and the condition of the home is acceptable. During this final walk thru on new construction, you may also be advised of the process to submit a warranty service request.