Buying or selling a home?
With some up-front planning, purchasing a home isn't very complicated, but the event intimidates many people.
So they'll know exactly what to expect, I like to supply buyers with an outline of the whole deal.
Here are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Get ready to purchase a home
There are many things you should consider before commencing your home search.
When you begin your search, you'll want to create a checklist of must-have features, get a plan of what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Get in touch with a real estate agent in Grand Prairie
That's where I come in.
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 discuss neighborhoods, school districts in the Grand Prairie area, the mortgage industry, and any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
Target Cost Realty, LLC works with some of Grand Prairie's finest mortgage professionals, so you'll be in great hands.
They'll assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin finding available houses on the market that suit your needs.
I'll preview most of the homes and remove the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
When we tour the homes, I'll identify good features, as well as bad ones. And I'll ask you to talk about things you like and don't like.
It's pretty common for buyers to change their must-have list as we view houses and some items become far more important than others.
If that's the case, I'll search all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Understand the housing market
Your agent's knowledge of the Grand Prairie market is a fundamental aspect in your house search. And I can assure you I'm conscious of all the schools and neighborhoods, and I can let you know which areas are "hot" and require prompt action and some that are "cool" and allow for more consideration.
As we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be careful and make sure you ask plenty of questions, as any REALTOR will claim to truly know the housing market.
If it appears they don't know everything, call me at (972) 504-8021 or e-mail me at , and I'd be happy to answer your questions. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in the Grand Prairie area, and when that happens, I'll precisely develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is typically applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer. It's very common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Secure a loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't be a long process at all, but you'll want to stay in close contact with your mortgage lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) detailing your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then we'll close on your house. This will most often take place at a title company or escrow office and will most likely be a smooth and relaxing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at (972) 504-8021 or e-mail me at .