At Team Nelson, we know the process of buying a home in North Dallas can be frustrating, to say the least. If it is your first time to buy a home, it can seem overwhelming. Your realtor, lender, and title company will coordinate many of the details, but there are still things you have to do – and it’s good to be “in the know.”
Here is a quick guide to the steps involved in buying a home in any of the many prestigious communities in the Dallas metro area.
Get pre-approved for a home loan. If you know a trusted loan officer, great. If not, ask family and friends, or even your realtor if you are working with one in the early stages.
Decide when you want to move. Are you thinking two or three months, or six months from now? If you want to move in the immediate future, it’s time to find a realtor. Otherwise, you may want to browse the many homes available online so that you can determine which neighborhoods will interest you when it comes time to buy.
Find a trusted and reputable realtor. If you will be ready to buy in just two to three months, now is the time to find a Dallas real estate agent who will work hard to find the house of your dreams, and design a plan to meet your unique goals.
Submit an offer. Once you’ve found your dream home, your realtor will help you in submitting an offer. Your agent can help you decide on a fair offer, and give you a few “secret” negotiating tips.
Execute a contract. Sounds complicated, but it’s easy. Once all parties are agreeable to the terms, you will make a payment to the seller for the option fee, and one to the title company for earnest money. Your realtor can help you out in this area as well, should you have any problems.
Have the home inspected. Home inspections involve looking for any visible signs of trouble, such as mold, wood rot, leaks, pest infestation, roof damage, foundation cracks, etc. This is why you pay the seller the option fee – it gives you an “out” should any bad news come back from the home inspectors such as needed repairs that the seller doesn’t want to pay for or credit off of the home price.
Financing contingency, a home warranty, title policy, HUD statement, and closing day are the next steps. Your lender will work on the financing contingency if you signed a third party financing addendum, which you likely did unless you had the cash to pay for your home. Next, you will be contacted by the title company who will want to know who you have chosen for your home warranty. Your realtor can help you in this area as well. The HUD statement is examined very closely by the escrow agent prior to your signing the remaining paperwork. This statement reviews credits and expenses of both you and the seller.
Now you’re ready for closing day! The day has finally arrived, and you can hardly wait to walk through the door of your new home, knowing it’s all yours. Closing generally takes just 30 minutes or so, so it isn’t a long involved process that will keep you tied up all day.
While this may sound like a lot of work and confusion, it’s really quite straightforward. At Team Nelson, our realtors will be happy to help you throughout any and all stages of the home buying process. Give us a call today, and let us help you find your dream home!