·          Get Pre-Approved for a Mortgage Loan, by doing this you and your Realtor will know the price range for which you are qualified. 

·          Obtain a “Pre-Approval Letter” and a "Truth in Lending" Letter from your Loan Officer or Mortgage Lender. 

1.       The Pre-Approval Letter will give you an idea as to how much a lender will loan you towards the purchase of your new home. 

2.   The Truth in Lending Letter will explain the costs of borrowing money and give you an idea as to closing costs. 
 

2.      Begin Viewing homes with your REALTOR

·          Have your Realtor set up a Home Search via the Internet for you, in doing so it will allow you more freedom to look and less time digging around to find homes on your own. 

1.       Have your Realtor send you listings that meet your specifications, as well as information on various neighborhoods, properties and areas which interest you. In doing so, it will eliminate you from having to call multiple offices for information. 

2.       Once you’ve received listing from your Realtor and/or Have passed by homes that you like; let your Realtor know so that they can set up appointments and accompany you in representing your best interests. 

3.       Most importantly, Be Honest with your REALTOR - it will help them to understand your particular needs and desires and it will enable them to select homes you'll want to see.  

·         Schedule a time with your Realtor to go look at homes, whether looking at pre-owned homes, new homes and/or builder sites. 

·         Give your Realtor a time line to work from, especially if you are considering new construction 

·         Always make sure that you and your Realtor have strong communication skills throughout the process. 

·         Your Realtor – Buyer’s Specialist, is there to represent your best interest, not the seller and not the builder’s interest, just yours. 

·          FYI - In the DFW area, location and schools are a major consideration, therefore some suburbs will sell much quicker than others…something to keep in mind.
 

3.      If you are Considering New Construction Homes and/or Want your Home Built by a Builder to your Specifications 

·          Meet with your Realtor and start looking at the various styles that home builders have to offer, along with pricing, location and available lots.  

·          Keep in mind that it typically takes a builder 5 to 6 months from the start of your home to the finish. 

·          If considering new construction make sure that you have a Realtor that knows new construction and one that will be there for you throughout the process and on down the line.
 

4.      Preparing the Offer

·          Your Realtor will provide you with a Comparative Market Analysis on the property or properties that interest you, as this will help you in making an informed decision. 

·          Your Realtor will go through the contract with you in order to make sure that you understand the process, as well as to strategize your offer and negotiate on your behalf and to your advantage.  

·         Negotiations will proceed until both Buyer and Seller agree on all terms and sign the binding contract.  

1.       Once this first step is completed, inspections and another round of negotiations will occur.   

2.       In many cases, other amendments and addendums will need to be negotiated as well before we go to the closing table. 

·          All documents will be sent to the Title Company where a file will be opened, and the Title Commitment and Property Tax Information will be ordered.  

·          Have your Realtor give your Loan Officer a copy of the contract so that your Lender can get your financing in the works.   

·         Make sure that You are in Communication with your Lender and that your Lender has everything they need to get your Loan Approved.

5.      Inspect the property

·         Select an Inspector, your Realtor can give you a list of inspectors or you can research them on your own.  

·          Once you’ve selected your Inspector, arrange for both a General Inspection and Wood-Destroying Insect Inspection. 

·         When the inspection is complete, you and your Realtor will review the condition of the property and determine what the next step will be. 

·         FYI…It is a good idea to be there when the Inspector inspects the home, that way you can ask questions and get answers while you’re there.

6.      Appraisal and Survey of Property

·          The Lender and the Title Company will make arrangements for the Property Appraisal and Survey. 

·          You, the buyer will be provided with a copy of the Title Commitment Letter.  

·          Next, you will have your Insurance Agent put a Homeowner's Insurance Policy on your new home and have them talk with the Closing Officer at the Title Company.

7.      Buyer’s and Seller's Closing Arrangements

·          Buyer receives a copy of the Closing Statement to review prior to closing.  If you have questions, ask your Lender and Realtor to go over it with you. 

·         Buyer can do a final walk-through inspection of the property to make sure that everything is in agreement with the contract. 

·         The Realtor representing the Buyer will arrange a Closing Date and Time for the Buyer with the Title Company.  

·         The Seller's Closing Time is arranged by the Realtor representing the Seller.  

·         Buyer brings a Cashiers Check for all Closing Costs and the Balance of the Down Payment.

8.      After the closing

·         Signed Documents are sent to the Buyer's Loan Company for Approval and Funds are then disbursed. 

·         The Title Company Receives and Funds all money from the Loan Company, which then fund the accrued expenses in connection with the closing, such as taxes, attorney's fees, professional real estate fees and title company fees. 

·         Legal Documents will be Recorded in the Office of the County Clerk and mailed to the Buyer. 

·         Title Company prepares and issues the Title Policy then sends it to the Loan Company and to You- the “New Home Owner”. 

·        Enjoy Your New Home!