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Buyer's Guide

The Buying Process

As your agent, I will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Know Your Buying Power

Before you begin your home search, it’s essential to understand your buying power & know how much you can afford and are willing to pay. Working with a lender will give you a clear picture of your financial standing and establish a price range that fits your budget. They’ll review your income and credit history to determine how much you can be approved for, ensuring you're ready to make an informed decision. Having a pre-approval letter also strengthens your offer, especially in competitive markets. Let’s get you preapproved! I’m happy to share trusted lender recommendations to help get pre-approved for a mortgage and know Your Buying Power.

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Step 2. Uncovering Your Perfect Space

This should be the most exciting part of your home-buying journey—discovering spaces that feel like they could be your home. I'll arrange showings of homes that align with your price range and preferences, guiding you through each property to ensure it is an ideal space for you. Together, we will evaluate the entire experience, from the neighborhood vibe to the convenience of local amenities. I’m here every step of the way to make sure you find a home that truly fits your lifestyle. Let’s start your “Collection” of saved properties.

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Step 3: Make an Offer

Once you’ve found the home that feels just right, we’ll work together to create a thoughtful and competitive offer, carefully considering the value of similar properties in the area. Your offer may be at, below, or above the asking price, depending on the home’s value and current market conditions. If a counteroffer comes in, I’ll be by your side to guide you through the negotiation process and ensure we secure an agreement that aligns with your vision. Once we’ve reached that agreement, the home will enter escrow, bringing you one step closer to making it yours.

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Step 4: An Accepted Offer

When your offer is accepted, you’ll officially be under contract. While the journey isn’t complete until closing, rest assured that the home is now reserved just for you. At this stage, you’ll make an earnest money deposit to show your commitment, and if you're not purchasing with cash, it’s time to finalize your mortgage loan. With so many loan options available, it’s important to work with a trusted lender who can guide you in choosing the right program tailored to your unique needs. I’m here to support you through this phase and ensure everything moves forward smoothly.

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Step 5: Have the Home Inspected

To ensure your new home is everything you’re hoping for, it’s highly recommended to have a professional inspection. This step gives you peace of mind by uncovering any hidden issues, such as structural concerns or repairs needed, that might not be obvious during the initial tour. I’ll help coordinate the inspection, typically scheduled shortly after your offer is accepted. If everything checks out, we’ll move forward to the next step. However, if significant issues arise, you’ll have the option to renegotiate your offer based on necessary repairs or even reconsider moving forward. This step is all about protecting your investment and making sure your new home is in the best possible condition.

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Step 6: Confirming Value with a Home Appraisal

To ensure you’re making a sound investment, your lender will order a professional appraisal—an unbiased assessment of the home’s fair market value conducted by an independent expert. This step helps confirm that the purchase price aligns with the home’s true worth. If the appraisal comes in at or above the agreed price, we’ll continue moving forward. If it comes in lower, we may explore options such as renegotiating the terms or reassessing the next best steps. My role is to guide you through this process, ensuring clarity and confidence in your investment.

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Step 7: Preparing for Closing Day

You’re almost there! As we approach closing, your lender will provide a final Closing Disclosure outlining the details of your loan, monthly payments, taxes, and other costs. Before signing, we’ll do a final walkthrough to ensure everything is in place and the home is exactly as expected. Once you receive the official all clear to close, you’ll sign the final documents to complete your purchase. After all parties have signed and your loan is funded, the keys will be yours—opening the door to your next chapter.

Let’s Take This Journey Together

Schedule a consultation so we can discuss your vision and how I can guide you on the right path—whether you're ready to buy now or need help preparing for the journey ahead.

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Real Estate Glossary

Real Estate Glossary

Appraisal: An estimate of a property's fair market value, conducted by a licensed appraiser.

 

APR (Annual Percentage Rate): The total cost of a loan, including interest and other fees, expressed as an annual percentage.

 

Amortization: The process of gradually paying off a loan through regular payments over time.

 

Assessed Value: The value of a property as determined by a local government for property tax purposes.

 

Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that can change periodically.

Broker: A licensed real estate professional who acts as an intermediary between buyers and sellers.

 

Buyer's Agent: A real estate agent who represents the buyer in a real estate transaction.

 

Bridge Loan: A short-term loan used to bridge the gap between buying a new home and selling an existing one.

Closing Costs: Fees paid at the closing of a real estate transaction, including lender fees, title insurance, and other expenses.

 

Contingency: A condition that must be met before a real estate contract becomes binding.

 

Conventional Loan: A mortgage loan that is not insured or guaranteed by a government agency.

 

Credit Score: A numerical representation of a person's creditworthiness.

 

Clear Title: A title that is free from any liens or encumbrances.

Deed: A legal document that transfers ownership of real property from one party to another.

 

Down Payment: The portion of the purchase price that a buyer pays upfront.

 

Due Diligence: The process of investigating and verifying information about a property before making a purchase.

Earnest Money: A deposit made by a buyer to show their good faith in a real estate transaction.

 

Equity: The difference between the current market value of a property and the amount owed on the mortgage.

 

Escrow: A neutral third party that holds funds and documents related to a real estate transaction.

Fair Market Value: The price that a willing buyer would pay and a willing seller would accept for a property in an arm's-length transaction.

 

Fixed-Rate Mortgage: A mortgage with an interest rate that remains the same throughout the loan term.

 

Foreclosure: The legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments.

Good Faith Estimate (GFE): An estimate of closing costs provided by a lender to a borrower. (Replaced by the Loan Estimate in 2015.)

Home Inspection: A professional assessment of a property's condition.

 

Homeowners Association (HOA): An organization of homeowners in a planned community that manages common areas and enforces rules.

 

HUD (Department of Housing and Urban Development): A U.S. government agency that oversees housing and community development programs.

Interest Rate: The percentage charged by a lender for borrowing money.

Lien: A legal claim against a property as security for a debt.

 

Loan Estimate: A document provided by a lender that outlines the estimated costs of a mortgage loan.

 

Listing Agreement: A contract between a seller and a real estate agent that authorizes the agent to market and sell the property.

 

Loan-to-Value Ratio (LTV): The ratio of the mortgage loan amount to the appraised value of the property.

MLS (Multiple Listing Service): A database of real estate listings shared by real estate agents.

 

Mortgage: A loan secured by real property.

Offer: A proposal to purchase a property, made by a buyer to a seller.

PITI (Principal, Interest, Taxes, and Insurance): The components of a monthly mortgage payment.

 

Pre-approval: A lender's determination of how much a borrower can afford to borrow.

 

Principal: The amount of money borrowed in a loan, excluding interest.

 

Property Tax: Taxes levied on real property by local governments.

Real Estate Agent: A licensed professional who assists buyers and sellers in real estate transactions.

 

Realtor®: A real estate agent who is a member of the National Association of Realtors.

Seller's Agent: A real estate agent who represents the seller in a real estate transaction.

 

Short Sale: The sale of a property for less than the amount owed on the mortgage.

Title Insurance: Insurance that protects a buyer from financial losses due to defects in the property's title.

 

Title Search: An examination of public records to verify the ownership and legal status of a property.

Underwriting: The process of evaluating a borrower's creditworthiness and risk.

VA Loan: A mortgage loan guaranteed by the U.S. Department of Veterans Affairs.

Zoning: Local regulations that control the use of land and buildings.

Elevate Your Expectations

Discover a real estate experience that goes beyond transactions. With a focus on personalized attention and unrivaled expertise, I ensure every detail of your home journey is handled with care—so you can feel the difference at every step.

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Contact Details

MONIQUE MCDANIEL

Phone

(832) 325-8259

Email

[email protected]

Address

12525 Memorial Dr #350 Houston TX 77024

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