First Time Home Buyers

Buying a home can be a stressful process, but with planning, it’s not difficult. So you will understand exactly what to expect, I like to supply my first time home buyers with a road map of the process. Below are nine steps to
purchasing a home.

Step 1 – Get ready to purchase

There are several things you need to decide on before starting your home search. You’ll probably want to create a check list of features you need to have, get an idea of what school districts and
neighborhoods you’d like to live in, and begin planning your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good guideline to adhere to.

Step 2 – Speak with a Texas REALTOR®

This is where Haute Realty comes in. We will arrange a time to get together so we can talk about why you want to buy a home and get an idea of your plans. We’ll talk about everything from neighborhoods, schools, the mortgage industry, or any economic factors that could potentially affect your buying decision. We will also help you get started on your loan. There are some great mortgage professionals in DFW, and we have a relationship with some of the best! They will assist you with deciding which loan is best for you and help you get approved.

Step 3 – Begin looking for a home

After we meet for the first time, We can begin the search for available homes on the market that are just right for you. Then we’ll set up appointments to tour the houses when it’s most convenient for you. As we view the houses, We show you the good features, as well as negative ones. It’s widely common for buyers to change their must have list as we view houses and some things become more important
than others. If such is the case, We will keep searching the listings to find the house you’ve been waiting for.

Step 4 – Understand the market

An agent’s awareness of the Dallas housing market is an imperative agent in your house search. And I assure you our team is familiar with all the neighborhoods and school districts.

Step 5 – Find the house you’ve been looking for

When we find the perfect home for you, we will meticulously create your purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, finishing the inspection, and a clear title. When turning in your purchase offer, you’ll want to submit “earnest money.” This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is typically put towards the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate

Most deals aren’t closed on the beginning offer – it’s extremely common to receive a counter offer. Don’t let it discourage you. We’ll talk about whether or not to accept the counter offer, submit our own counter offer, or reject the seller’s offer and move on. How aggressively we negotiate the deal depends on market conditions. In addition, we’ll work within your financing constraints. And when it’s all said and done, we’ll create a contract that works well for you.

Step 7 – Get a loan

After the deal is finished, you’ll begin working with your mortgage lender to close the loan. If you’re pre-approved, this won’t take long at all, but you need to stay in close contact with your lender. Always
furnish the requested documents as soon as possible so the lender can continue to qualify your loan.

Step 8 – Close the deal

You’ll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy. We will go over the estimate and let you know if it all looks adequate.

Step 9 – Move in

Now you can move into your new home. Enjoy!