Buying your home in Grand Prairie
Buying a home is stressful for a lot of people, but it's not all that complex with some up-front planning.
I like to give buyers an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Get ready to buy a home
There are many things you need to take into account before you start looking for a home.
When you begin your search, you'll probably want to form a check list of features you want to have, get an idea of what school districts and neighborhoods you want to live in, and start working on your budget.
Ensuring your mortgage payment is around 1/3 of your monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent in Grand Prairie
This is where Target Cost Realty, LLC comes in.
We can schedule a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Grand Prairie area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
Target Cost Realty, LLC partners with some of Grand Prairie's finest mortgage professionals, so you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After our first meeting, I'll begin looking for homes on the market that best suit you.
I'll get a sneak peek of many of the houses and reject the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour homes, I'll show you the good features, as well as bad ones. I'll even ask you to talk about things you like and don't like.
As a rule, buyers amend their wish list as we tour houses and some items become more essential than others.
If that's the case, I'll look through the listings one more time and trim it down to the home of your dreams.
Step 4 – Comprehend the market
My understanding of the Grand Prairie home market is a fundamental component in your house search. I am conscious of all the schools and neighborhoods, and I'll alert you to what neighborhoods are "hot" and warrant immediate action and others that are "cool" and allow for careful examination.
When we tour houses, I'll let you know when the seller's asking price has room for negotiation and when I know the house is "priced to sell."
Be on guard and make sure you ask your agent lots of questions, as any REALTOR in Grand Prairie will claim to truly know the home market.
If things don't add up, call me at (972) 504-8021 or e-mail me at , and I'll be happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
We'll find your dream home in the Grand Prairie area, and when that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the initial offer. It's really common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to consent to the counter offer, present 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 formulate a contract that works well for you.
Step 7 – Secure your loan
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan.
This won't take very long at all if you've been pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most often take place at a title company or escrow office and will most often be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at (972) 504-8021 or e-mail me at .