NORTH DALLAS REAL ESTATE

Real Estate Buyers Information Page

 

 

 

The Home Buying Process

How can a North Dallas Real Estate Buyers Agent help you?

contact your real estate agent

A Real Estate Agent will:  Assist in determining how much house you can afford and help you get pre-qualified or pre-approved for a loan.  Simplify your search by helping you define home and neighborhood criteria.  Screen new listings daily and alert you of homes that match your requirements.  Keep you abreast of local market conditions, so you can make informed decisions.  Gather in-depth detail on each home, schedule tours and point out the advantages and possible drawbacks of each property.  Work with you in drafting an appropriate offer and serve as your representative when presenting it to the seller.  Negotiate a contract that considers your goals and leads to a successful closing.  Supply a list of service providers, such as real estate inspectors, mortgage companies, appraisers, title companies, home warranty providers, insurance agencies, movers and more.

analyze your needs and the area possibilities

pre-qualify for a loan to determine your price range

select properties in your preferred locations

view properties with your real estate agent

analyze value and submit  purchase offer

accept or negotiate  counter offer

option period starts

Money Paid Before Closing Earnest Money Option Fee Inspection Fee

when accepted, signed and dated

earnest money, option fee,  delivered

inspections  are scheduled

mortgage application is completed

issues resolved

written termination end of contract

credit report ordered

issues not resolved

appraisal  ordered

end of option period

buyers personal information verified

The TREC One to Four Family Residential Contract is a non conditional right of termination contract ONLY during the Option Period.

order survey if needed

loan approval obtained

review title commitment

title insurance obtain

closing and funding at title company

Keep in Mind Before the keys can be delivered to the buyer, the loan must Fund. It's not unusual for a closing to take place without immediate funding.

congratulations the keys are yours!!!

REAL ESTATE TERMS

                                                                       

IMPORTANT NOTICE TO HOMEBUYERS: A listing agent works exclusively for the Seller and must do everything possible to get the best deal for their clients. This is outlined in the IABS form that the state of Texas requires all real estate agents present to new customers. IF YOU ARE A BUYER, and you want to be represented with the same commitment as the seller, using a Buyers Agent and signing a Buyers Representation Agreement will provide that advantage.    This simply means that if you buy a house using the listing agent, that agent works only for the Seller and can not represent your best interests. If you are going to buy a house, use a Buyers agent that will represent you as a buyer, signing a Buyers Rep. Agreement creates that type of agency. It cost you nothing to use us as your Buyers Agent, and it could save you more then just money. Deciding how much house you can afford Use our Mortgage Calculator to get a general idea of what your monthly payments will be. When you contact your real estate agent you need to determine how much house you can afford. Talk to your agent about the monthly payments and what you feel comfortable spending on a monthly bases.  A real estate agent can help you find a mortgage broker to begin the pre-qualification or pre-approval  process, this step will affirm that the funds you want to borrow are available and what the limits will be. While getting pre-approved is a more in-depth process, a pre-approval letter lets both real estate agents and sellers know that you're a serious shopper and could gain added leverage in the price negotiations. What do I do to get pre-qualified? A prequalification can be done online or over the phone and does not require your submitting financial documents. You will be asked to provide basic information about your finances — for instance, your household income versus your debt load. With this information, the lender will estimate what your maximum loan amount will be and the terms that are available.  What about getting pre-approved? A pre-approval is more involved and a real estate agent can help you prepare your documentation. The lender will perform an extensive review of your finances, requiring pay stubs, tax records, credit accounts, bank statements and more. The pre-approval will allow the lender to provide a more reliable estimate of what you can borrow, but your pre-approval also indicates that a lender is ready to do business with you, pending the contract, market appraisal and the underwriting. What should I ask when shopping for a lender? What loan programs do you offer and which one do you think is best for me? How much do you require for a down payment? What interest rate will I receive? What are the terms of the loan? How long will the loan approval process take? What line items of the loan agreement – if any – are negotiable? What is your policy for locking in interest rates, and will you honor a lower rate if it declines during the lock-in period? Is there a prepayment penalty for paying the loan off early? Whether you're in the market to buy a primary residence, an investment property or a second home in North Dallas, purchasing real estate involves many important considerations and decisions.  Follow the steps in The Home Buying Process for an easier and more structured experience. Not all real estate purchases will mirror this process  and problems will arise, but with the help of your real estate agent, professional mortgage officer and escrow agents most situations can be resolved.

Buying-A-Home.com - Home Buyer Guide Information about common buyer problems every first time home buyer needs to know!

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If you would like to buy a house or are thinking about selling your existing home, Call 214-336-7088 or e-mail me at  jay@realestatedal.com

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Frisco foreclosures offer a tremendous amount of value and can save the buyer thousands.

           NORTH DALLAS REAL ESTATE