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the home buying process

A Closer Look Into the Complex Process of Home Buying

Summus emerged in the El Paso real estate market with the revolutionary idea of forming a symbiotic relationship with other real estate-related entities.

Set your Starting Point

Calculate your finances before setting on the road to the purchase of a new home. This will ensure you are on solid grounding. There are a few things you can do on this front:

  • Figure out your overall income, record your expenses, and factor in new home costs.
  • Assess your debt, consolidate if possible, and begin paying off what you can.
  • Improve your credit score by paying bills on time and minimizing debt.

The Road To A New Home

Once you have considered your starting point and have a good idea of where you might stand financially, the next steps that follow might look like this:

-Find Your Realtor: Perhaps one of the most important decisions you will make throughout the journey is choosing your guide.

-Get Pre-Qualified: Once you’ve established your realtor, you will need to meet with a lender and get pre-qualified for a loan. Our valued lenders include only trustworthy and reputable institutions that include GECU, New American Funding, and Sun City Home Loans.

-The Choice: This is the fun part. Do a little sightseeing! View homes and find the right one for you. Although it is a complicated process, Summus Realty wants you to have fun and enjoy the shopping experience.

-Write an Offer: Once you have found the right home for you and your family, you and your realtor will write an offer for the home. The realtor is key here, as they will know ways to negotiate price and draft the document properly.

-Negotiation: Your real estate guide is of utmost importance here as well, as there will be some back and forth negotiation of offers and counter-offers.

-Open Escrow with the Title Company: Opening escrow really refers to handing a check to the title company. The check is referred to as the good faith check that allows an escrow officer to assist you with the handling of the transition.

-The Home Inspection: In accordance with government regulations, all homes require a home inspection to ensure the proper safety features are in place.

-Examine Repairs: Now that the loan is approved, you will want to examine and negotiate repairs needed on the home. This could range from roof damage to flooring, or other repairs deemed necessary before purchase.

-Loan Process: The loan process continues as the buyer prepares to order the market value.

-Order Appraisal: All lenders will order an appraisal to be done on the home. This is an objective estimate used to assess the market value of the home in order to complete the loan process and determine whether the price you offered is appropriate based on certain factors.

-Loan Package to Underwriting: In this part of the process the lender will verify your creditworthiness, verify income, to finalize the loan process.

-Loan Approval: The official approval of the loan process.

-Closing Disclosure: This is a document that states the details of the closing and outlines the final terms including closing costs, who pays and who receives money, etc. This is usually sent out a few days before the final closing.

-Final Walk Through: This is the final tour before the home switches hands! You and your realtor will walk through the home and ensure everything is in the condition you agreed to buy.

-Closing: The final ledge before you’ve reached the top! On closing day you and your realtor will take care of the final signatures and paperwork and the lender will release the funds.

Every step of the way requires the utmost professionalism, timeliness, and efficiency of your real estate agent. They are the go between you and many of these various entities and why they are a vital part of the journey.

Call Summus for El Paso’s Best Homes

Summus has over 150 real estate agents working the market in the area. We have homes throughout the entire city and can help you find the one you’re looking for. With access to the best homes, best lenders, and valued partners, we provide the full package that guides you on the winding road to a new home.

Contact Your Skilled Real Estate Guide Today

Call to connect with a highly skilled real estate agent today at 915.494.9069. We are happy to help you climb to the top and get your journey started today! Visit us in one of our two locations: On the westside at 1035 Belvidere Ste.290 and on the eastside at 2077 N. Zaragoza Ste. B203.

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