Contemplating purchasing a home in Dallas?
For most people, buying a home can be an intimidating event. However, with a bit of up-front planning, it isn't that complicated.
So you know exactly what to expect, I like to furnish my buyers with an overview of the whole deal.
Below are my nine steps to buying a home.
Should you have questions regarding this information or if you're prepared to get started, just contact me here or send e-mail to Liliana@LilianaHay.com
Step 1 – Prepare to buy a home
There are plenty of things you need to take into account prior to commencing your home search.
When you begin your search, you'll want to create a list of items you want to have, plan for what school districts you want to live in, and start planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Contact a real estate agent in Dallas
This is where I can help.
I'd like to book a time to meet with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Dallas area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some excellent mortgage professionals in Dallas, and I work with a lot of them, so you'll be in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After we meet, I'll start finding homes on the market that best suit you.
I'll research many of the homes and ignore the duds, and then we'll book appointments to view the houses whenever it's convenient for you.
When we tour the houses, I'll point out good features, as well as bad ones. And I'll ask you to tell me about things you like and don't like.
Oftentimes, buyers amend their wish list as we tour houses and some features become far more substantial than others.
If that happens, I'll search all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Know the housing market
An agent's awareness of the Dallas home market is an imperative aspect in your house search. And I can assure you I'm conscious of all the neighborhoods and schools, and I can alert you to some neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for cautiousness.
As we view houses, I'll be sure to tell you when the list price has room for bargaining and also when I think the home is "priced to sell."
Any real estate agent will claim to truly understand the home market, but be on guard, and be sure to ask a lot of questions.
If it doesn't seem like they know everything, call me at 214-223-0284 or e-mail me at Liliana@LilianaHay.com, and I'll be happy to answer any questions you might have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
I'm certain we'll find your dream house in the Dallas area. When that happens, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clean title.
When we send in your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is often put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Secure your loan
Upon signing the contract, you'll start working with your lender to close the loan.
This shouldn't take much time at all if you're pre-approved, but you need to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your loan application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy. I'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and pleasant event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 214-223-0284 or send me an e-mail.