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10 Steps of the Home Buying Process
Congratulations! You’re ready to buy a new home… The Home Buying Process can be simple and stress free when you know what to expect and have the right people working with you to achieve success. Whether this is your first time buying real estate, or you’re a pro, these 10 Steps can serve as your guide. You can also click on the image to the right to view it in large detail.
2. Meet with your Realtor
Now it’s time to meet with your Realtor. Your Realtor can help you devise a strategy for getting the home you want in a stress free, enjoyable manner. Discuss time-frames, objectives, expectations, wants and desires with your Realtor. Things to consider include location, neighborhood, size of home, number of bedrooms, storage space, community amenities and current market conditions.
2. Meet with Loan Officer.
The next thing you want to do before you put any energy into finding your new home is to meet with a reputable Loan Officer or Mortgage Broker. Figure out what your purchase price should be to fit your financial situation. Get pre-approved on a loan amount prior to spending time looking for homes.
3. View Home Inventory
Ready for the fun part? It’s time to start viewing the homes that meet your criteria. It’s important to have both deciding parties present during the viewing of homes. Give your Realtor honest feedback so he or she can better understand what you’re looking for and better assist you in finding the home that you want.
4. Make an Offer
When you find a home you love that meets your needs and objectives, it will be time to make an offer. Your Realtor will prepare a Comparative Marketing Analysis (CMA) of the property to help determine the right price to offer. Your Realtor will also go through the offer details with you, explaining the terms and conditions. Once you make the offer, negotiations will take place until an agreement is reached. Once you agree to the terms of the sale, all the documents will be sent to the title company in preparation for closing.
5. Make Loan Application
Now that you’ve found the home you want, or have narrowed down your choices, it’s time to make the loan application. Send the Contract to your lender for the official loan application.
6. Inspect the Property
Next, select an inspector for a general inspection of the property. Inspections must be completed in a timely manner, usually from 5 to 10 days after the contract is signed. The purpose of this process is to ensure that you know exactly what is being purchased, prior to completing the transaction. Your inspector may also recommend additional inspections for specialized items, if necessary. A thorough inspection enables a home buyer to avoid costly surprises after the close of escrow. It is an indispensable component of a well-planned purchase.
7. Get the Appraisal & Survey of the Property
The Home Appraisal and Survey is an unbiased 3rd-party’s professional assessment of the value of the value of the property you intend to buy. The Appraisal process is facilitated by your lender and the title company. It’s important that the Appraisal be equal to or more than the price you are paying for your new home so you can qualify for financing.
8. Prepare for Closing
Your Realtor will arrange the closing date between you and the title company. You and your Realtor will also need to do a thorough walk-through of the property. Arrange for Homeowner’s Insurance on the property. You will get a cashier’s check for closing costs and down payment amount due at closing.
9. Close on the Property
The closing is a formal process where all parties sign all of the necessary paperwork to complete the transaction. Title to the property is transferred from the seller to you. The seller receives payment for the home, and you receive the house keys! From the amount credited to the seller, the title representative subtracts the funds to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and ultimately filed with local property record office.
10. Move In!
Now that you’ve gone through this process, it’s time to move-in. Home sweet home! There is nothing quite like the feeling of satisfaction gained from finding the perfect home to meet your needs. This is the part where you live “happily ever after…”
WE NEED LISTINGS!!!
If you are interested in buying or selling a home, contact us today! Our team is here to assist you with all your real estate needs. There has never been a better time to sell your home in the DFW market! Interest rates are low and there is a shortage of inventory… Homes are getting multiple offers before they’re even officially listed! If you’re thinking of downsizing or upgrading, NOW IS THE TIME. Call us for a FREE Home Valuation. 469-429-0145.
Home Buying Negotiation Tips
Excerpt from Realtor.com
You’re in a strong bargaining position — meaning, you look particularly welcome to a seller — if:
- You’re an all-cash buyer; or
- You’re already pre-approved for a mortgage; and
- You don’t have a present house that has to be sold before you can afford to buy.
In those circumstances, you may be able to negotiate some discount from the listed price. On the other hand, in a “hot” seller’s market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers.
It’s very helpful to find out why the house is being sold and whether the seller is under pressure. Keep these considerations in mind:
- Every month a vacant house remains unsold represents considerable extra expense for the seller;
- If the sellers are divorcing, they may just want out quickly; and
Estate sales often yield a bargain in return for a prompt deal.
Making the Offer
The real estate sales process must be done in writing. Oral promise are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal (offer). The Offer not only specifies price, but all the terms and conditions of the purchase.
The offer is one of the most important aspects when buying your new home. You want to make sure to make the right offer, not too high, not too low, depending on market conditions. In some markets it is acceptable to write a lowball offer, in a Seller’s Market, the lowball offer can keep you from getting the home you want.
Making the Offer
No matter what the market conditions are, it’s important to write a Clean Offer. This means that you “Dot I’s and cross T’s. Don’t ask for items that oppose local custom. Shorten inspection periods, reduce or waive some contingencies and submit a lender preapproval letter. Don’t give the listing agent a reason to doubt your ability to perform. Appear strong, qualified and ready to close.”
What the offer contains
Making the Offer: The Offer you submit, if accepted becomes a binding sales contract. The following items should be included with your purchase offer:
- Address and sometimes a legal description of the property Sale price
- Terms — for example, all cash or subject to your obtaining a mortgage for a given amount
- Seller’s promise to provide clear title (ownership)
- Target date for closing (the actual sale)
- Amount of earnest money deposit accompanying the offer, and whether it’s a check, cash or promissory note, and how it’s to be returned to you if the offer is rejected — or kept as damages if you later back out for no good reason
- Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller
- Provisions about who will pay for title insurance, survey, termite inspections and the like
- Type of deed to be given
- Other requirements specific to your state, which might include a chance for attorney review of the contract, disclosure of specific environmental hazards or other state-specific clauses
- A provision that the buyer may make a last-minute walk-through inspection of the property just before the closing
- A time limit (preferably short) after which the offer will expire
- Contingencies
Top 10 Safest Neighborhoods in Dallas
Source: Dallas News
1. Panther Creek Estates, Frisco, Texas
New subdivisions like Panther Creek Estates benefit from Frisco’s overall low crime rate.
2. Double Oak
The six-person police department keeps things quiet in this Denton County town of 2,900 due west of Flower Mound.
3. West McKinney, TX
If you drive west on US Highway 380, you might almost miss this area to your left, just past Custer Road, that’s home to the Aero Country fly-in communities.
4. Frisco, TX (east of Preston)
Between College Parkway and State Highway121 sit several thousand residences built in the ’90s and 2000s. And it’s not just houses; the area also includes the Tuscany Square townhomes.
5. North Dallas, TX
Snuggled between Preston Hollow and Central Expressway along Walnut Hill Lane sits an area, near NorthPark Center, Temple Emanu-El and Hillcrest High School, that criminals steer clear of.
6. Eastern Colleyville, Texas
The half of Colleyville east of State Highway 26 has a lot to recommend it besides safety, but the area of $300,000 and $400,000 homes near picturesque Pecan Park and highly regarded OC Taylor Elementary boasts some of the safest streets in North Texas.
7. Bent Tree, Oakdale and Country Brook, North Dallas, Texas
This group of Far North Dallas neighborhoods snuggles between Addison and the Bush Turnpike. Inside it, the Bent Trail, Briar Ridge and Moss Creek area due west of Pres-ton Road is even safer than the rest.
8. Frisco, Texas (west of Stonebriar Mall)
Just west of the excellent shopping at one of Collin County’s premier malls sit Stonebriar Country Club and communities such as Stonebriar Village. Maybe it’s because of that gated community and its full-time security force, but homeowners here have little to fear from crime.
9. Timber Creek, Lewisville, TX
When you get off I-35E in Lewisville, head west on Bellaire Boulevard for about a mile. To your left will be a group of subdivisions that includes Timber Creek Acres and Oak Creek Estates. Beyond safety, it’s practically within shouting distance of Lewisville’s Central Park.
10. North Richland Hills, Texas
This northeast Tarrant County bedroom community hired its first town marshal and night watchman when it incorporated in 1953. The town and police force have grown a lot since then, and there’s even a website where residents can email the cop on their neighborhood beat.
Hope Park – Playground for Special Needs Children in Frisco
Hope Park is an unusual playground being built for special needs children in Frisco, Texas.
It’s taken a village to build Hope Park, a playground in Frisco designed for children with special needs. But it was a mother’s ferocious love that transformed the park from wishful thinking to reality.
Hundreds have turned out at Frisco Commons park to volunteer for the community build, which organizers
Source: Dallas News Neighbors Go
Dallas-area home prices rise at record pace in latest Case-Shiller report
Source: Dallas News
According to the Dallas Morning News, the Case-Shiller Report indicates that Dallas area home prices are rising at a record pace. This is good news for those wanting to sell their homes in the DFW Market for top dollar. There has never been a better time to sell your home! Interest rates are lower-than-low, and prices are rising.
Article Excerpt:
The Dallas home prices have now been higher for a straight year in the closely-watched housing market measure.Nationwide prices were up by 9.3 percent in Case-Shiller’s 20-city survey.
“Home prices continue to show solid increases across all 20 cities,” S&P’s David M. Blitzer, said in the report.
Blitzer said that home price increases across the country were the highest May 2006 – before the housing market crash.
“Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy,” Blitzer said.
The largest year-over-year home price increases in Case-Shiller’s new report were in Phoenix, 23 percent, and San Francisco, 18.9 percent.
Even with the recent gains, Dallas-area prices in the Case-Shiller index are slightly below where they were before the recession.
And nationwide home prices are still down more than 30 percent from where they were in mid 2006.
Keith Dobbs Named “Realtor of the Year” by Dallas Builder’s Association
Keith Dobbs Wins “Realtor of the Year”
It’s official! Keith Dobbs has earned the McSam award for “Realtor of the Year” by the Dallas Builder’s Association. This is a huge honor! Keith was nominated by developers of Craig Ranch and voted into place by other developers in the Dallas Metroplex.
Keith earned the coveted award at the award’s banquet last night (April 24, 2013). We are so proud of this accomplishment and look forward to another terrific year serving the people of Dallas and surrounding suburbs.
Robson Ranch Active Adult Community
Robson Ranch is offering fall incentives on new-build homes and ready-to-move-in homes with savings up to $25,000, depending on the home, homesite and delivery date selected. Robson Ranch is a top-selling active adult community in North Texas. Contact Keith Dobbs today for a tour of the area. 469-429-0145.
DFW Home Builders – K. Hovnanian Homes
K. Hovnanian® Homes® has earned a solid reputation for integrity, dependability, leadership and value, due in large part to our unwavering attention to quality construction and unfailing pursuit of customer satisfaction. It is their promise to build a trusting relationship to meet your expectations. Their Associates are available any time to answer your questions and make your homebuilding experience a positive one.
Survey shows Dallas-area home prices gained nearly 2%
By STEVE BROWN / The Dallas Morning News
Most Texas home markets continued to eke out tiny increases in home prices in early 2009, according to a new report by First American CoreLogic.
Texas home prices were up by just less than 2 percent in the California-based housing analyst’s latest survey released Monday.
While Texas prices rose, nationwide home prices in January fell by 11.6 percent compared to a year ago to the lowest level in almost five years.
DFW New Home Builders
Congrats Keith!!!
