Are you contemplating purchasing your new home in Grand Prairie? Target Cost Realty, LLC can help.
Purchasing a home is stressful for many people. However, with a bit of up-front planning, it isn't too difficult.
I like to furnish buyers with a road map of the whole deal so they understand exactly what they can expect.
Here are my nine steps to purchasing a home.
Should you have questions about this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
There are several things you should take into account prior to beginning your home search.
You'll want to form an index of features you want to have, get a plan of what neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good principle to go by.
Step 2 – Connect with a real estate agent
This is where I can help.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Grand Prairie area.
In addition, I'll help you facilitate the loan process.
I work with some of Grand Prairie's finest mortgage professionals, so you're in great hands.
They can assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our first meeting, I'll begin finding houses on the market that are a great fit for you.
I'll preview many of the houses and throw out the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we view the homes, I'll identify good features and negative ones. And I'll ask you about things you like and don't like.
Usually, buyers amend their list of must-haves as we tour houses and some features become far more crucial than others.
If that's the case, I'll go back through the listings once again and trim it down to the house you've been waiting for.
Step 4 – Know the housing market
My knowledge of the Grand Prairie housing market is a leading factor in your home search. I am familiar with all the school districts and neighborhoods, and I will communicate which districts are "hot" and call for immediate action and others that are "cool" and allow for more consideration.
When we tour homes, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions. Any REALTOR in Grand Prairie will claim to understand the market.
If things don't add up, call me at (972) 504-8021 or e-mail me at , and I'll be glad to answer any questions you might have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the home of your dreams in Grand Prairie, and when that happens, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When turning in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is typically put towards the cost of closing. If your offer is accepted, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer, and it's really common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
Once we sign the final deal, you'll start working with your lender to close the loan.
If you've been pre-approved, this won't take very long at all, but you'll want to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) detailing closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should occur at a title company or escrow office and will likely be a smooth and easygoing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at (972) 504-8021 or e-mail me at .