What Is The Home Buying Process Like?
Owning a home will always be the "American Dream"! It is a story that never gets old, and is whithin reach for everyone! It doesn't matter if you are a first-time homebuyer looking for a starter home in Dallas or if you are a little more seasoned with the home buying process. Maybe you are looking for a piece of luxury real estate. Regardless, the right home is out there waiting for you.
Buying a home can feel a little overwhelming. The Dallas Real Estate Market is ranked as one of the top housing markets year over year. Often taking the #1 spot. So that means things can move at the speed of light. There are a million things coming at you all at the same once. This is why it's important to hire a Dallas Real Estate Agent who can help with the entire process so you can focus on the exciting aspects of buying a home. A homebuyer should never try to buy or sell a home alone. It makes the entire journey much harder. This is why I made a list of what to expect during the home buying process from start to finish.
1. Get Pre-Approved For A Home Loan
Getting Pre-Approved For A Home Loan is one of the first steps in buying a home. Even if you think you know how much you want to spend, it is better to know exactly what you can and cannot afford. I work with a recommended loan office that is one of the Top Rated Mortgage Lenders In North Texas! He can work on getting your a Pre-Approval Letter.
2. Begin Planning Your Dream Home & Select A Community To Live In
Dallas has some of the hottest zip codes in real estate! As a Top Dallas REALTOR® & Dallas Real Estate Agent I have worked all over the Dallas Metroplex. So I will always be able to guide you in the right direction. In the mean time you can browse a Dallas community on my website or search for any type of home on my MLS search. Once you start to narrow down your search it is good to make a list of your wants and needs.
3. Start Searching For A Home With A Top Dallas REALTOR® Who Can Guide You Every Step Of The Way
Browsing for a home online can be super easy. 90% of all home buyers start their home buying process online, but going to tour a home in person in the best way to know what a home really has to offer. That's where your Dallas Real Estate Agent comes into place. Me! I have sold some of Dallas's finest real estate in almost every city in the Metroplex. So you are in good hands. I can set up automatic email alerts, run CMA's, preview homes, and guide you to the perfect dream home!
4. Fall In Love With Your Dream Home & Write An Offer
Once we narrow down a home or home's that you fall in love with it is best to make an offer. Dallas is one of the hottest real estate markets in the nation so homes tend not to last on the market long. You need someone who will write and negotiate an offer for you. It can feel very overwhelming if you try and negotiate a deal directly with the listing agent. They represent the seller. So you need someone who has your best interest in mind 100% of the time. That is why a Buyers Agent is so important in this booming housing market! I will fight to get you the best deal and your Dream Home!
5. Submit Offer To Your Mortgage Lender
After an offer has been executed it is time to get the ball rolling! Most homes spend an average of 30 days in escrow so time is of the essence. Underwritting Approval from a lender can be one of the most time consuming parts of the entire home buying process. They have to delve deep into making sure you can purchase the home by collecting bank statements, tax returns, ordering appraisal, needing proof of home insurance policy, etc. The sooner we can get them the executed contract the better so the closing date doesn't get pushed back.
6. Have Your Dream Home Inspected
Getting a home inspected can be very scary. Even if the home is new construction. There are always items that need to be repaired. It is important to make sure the roof, structure of the home, and foundation is sound. This is the time to negotiate repairs with the seller and ask for them do be addressed or ask for a credit off the asking price so you can do them yourself. A home inspection can make or break a deal. I work with Licensed Home Inspectors that are the best at what they do!
7. Get An Appraisal
Having a home appraised is an essential part of the home buying process in Dallas TX. It is one of the final steps that a mortgage lender has to approve to ensure that the negotiated price of the home matches the market value. You don't want to overpay for a home! This step is handled by the title company, lender, and an appraiser. It is typical for a home to pass an appraisal, but can still be a little nerve racking. A home usually won't pass an appraisal if it is over priced or if you get into a multiple offer situation which can balloon the asking price greatly. If you purchase a home in cash then an appraisal can be waived.
8. Prepare To Close At The Title Company
Once an appraisal has been passed, and final documents are sent to title so everything can move into underwriting. This is when the underwriter for your mortgage checks all documents needed to give final approval. Title will start to put together a Settlement Statement which breaks down all the fees associated with your closing. Or how much to bring to closing. This is a good time to get gas, electricity, forward mail, do a final "walk-thru" and have cable put under your name. About 3-4 days ahead of closing. Then it's time to schedule a time to close! It's smooth sailing from here!
9. Move Into Your New Home & Refer Your REALTOR®
The last step is to appear at the title company for closing, sign all your closing docs with your Dallas Real Estate Agent by your side, and then receive the keys to your dream home! Congrats, you now own a home! It really is that simple. Owning a home is one of the most rewarding journeys you will go on in your life! As a Top Dallas REALTOR® I love referrals, and would love to be top of mind if you know of someone looking to buy or sell a home. That is how I am able to grow my business. Every little bit helps!