Purchasing a home is stressful for many people. However, with some planning ahead of time, it isn't that complex.
So you know exactly what to expect, I like to furnish my buyers with an overview of the whole deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy
Before you begin looking for a home, there are several things you should take into account.
You'll want to create a checklist of must-have features, get an idea of what school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to a third of your net monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent
That's where I come in.
We'll arrange a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Dallas area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Dallas, and I partner with a lot of them, so you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After our initial meeting, I'll begin finding available houses on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and eliminate the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we view the houses, I'll identify positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to revise their must-have list as we view homes and some features become more crucial than others.
If such is the case, I'll look through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My knowledge of the Dallas housing market is a necessary asset in your house search. I am mindful of all the schools and neighborhoods, and I can communicate which neighborhoods are "hot" and call for immediate action and others that are "cold" and allow for more examination.
As we tour houses, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Every real estate agent in Dallas will claim to truly know the market.
If it doesn't seem like they know everything, just call me at 972-567-3735 or e-mail me at don@donthomasrealtor.com, and I'll be happy to answer your questions. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream house in the Dallas area. When we do, I'll precisely create your purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, completing the home inspection, and a clean title.
When turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property, and it's usually applied to the cost of closing. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer, and it's very common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Get a loan
Once the contract is complete, you'll start working with your lender to close the loan.
If you're pre-approved, it won't take very long at all, but you should to stay in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks okay.
Then we'll close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 972-567-3735 or send me an e-mail.
