Buying or selling a home?
Buying a home is stressful for a lot of people, but it isn't all that hard with a bit of up-front planning.
I like to provide buyers with a road map of the whole deal so they'll know exactly what they can expect.
Here are my nine steps to purchasing a home.
If you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
Before you begin looking for a home, there are several things you should do.
You'll probably want to make a list of must-have features, get a feeling for what neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good rule of thumb to follow.
Step 2 – Talk to a real estate agent
This is where Target Cost Realty, LLC comes in.
We can plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Grand Prairie area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
I partner with some of Grand Prairie's best mortgage professionals, so you'll be in great hands.
They can assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
After our first meeting, I'll start searching for houses on the market that suit your needs.
I'll research many of the homes and eliminate the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour homes, I'll point out good features and bad ones. And I'll ask you to talk about things you like and don't like.
It's pretty common for buyers to revise their wish list as we view homes and some things become more crucial than others.
If such is the case, I'll go back through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Grand Prairie home market is an imperative factor in your house search. And I assure you I'm familiar with all the school districts and neighborhoods, and I will let you know certain districts are "hot" and require immediate action and others that are "cold" and allow for careful examination.
When we view houses, 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."
Any real estate agent in Grand Prairie will convince you they understand the home market, but be careful, and make sure you ask your agent lots of questions.
If things don't add up, contact me at (972) 504-8021 or e-mail me at , and I'd be more than happy to answer any questions you might have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
We'll find the home of your dreams in the Grand Prairie area, and when that happens, I'll meticulously create your purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies, such as getting financing, completing the inspection, and a clear title.
Upon turning in your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's often applied to the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure your loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take much time at all, but you should to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of accepting your application.
This estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will likely take place at a title company or escrow office and is often a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at (972) 504-8021 or e-mail me at .