11 Actions to take during your home buying process in Fort Worth Texas.
In our Fort Worth housing market you need to prepare yourself before you begin your home buying process. For those of you that have previously purchased a home this could be a totally different experience.
It's the first week of Spring and your home buying process could become complicated. Our residential pre owned housing inventory in Ft. Worth is beginning to become a competitive experience for unprepared home buyers.
11 Actions to take before your home buying process begins with me in Fort Worth.
1. Know your credit score and how this will affect your purchasing power. You can obtain a free credit report online and view the entries. If you notice an account with the wrong information you should
contact the reporting company by writing a letter to address this issue. Send a copy to the Credit Reporting Company too. Contact me if you would like assistance. I'm working with a local company that can assist you with your credit report. You may also choose to let your lender pull a recent credit report. The credit number you receive will not match the lenders. This score you get online will give you an idea of your overall score, high, medium or low range. Lower credit scores do not necessarily mean your unable to purchase a home. There are options for credit challenged households. Different lenders offer different types of loans. Depending on your situation I can put you in touch with lenders that offer different programs for a variety of loans.
2. Getting pre-qualified is the next step. Find out how much home you can afford. Shop for a mortgage. Working with your lender, decide how much of your income you plan to use for your housing expense. There is actually a formula for the lender but you may not want to max out your available loan. I suggest you get pre-approved by your lender. This could give you better odds if you are in a multiple offer situation. The pre-approval letter means you have satisfied the lenders request by submitting your documentation of income and debts. You have entered the pre underwriting status. Once again, I'm available to help you if your unsure of either process.
3. Now it's time to begin looking for your new home. There are many questions to answer and I am only a phone call away. We can discuss your wants, needs and have to haves! This list may change during your home search. Call me at 817.243.6177 if you have any questions.
4. The fun begins now as we look at different properties. Some will not impress you and others may offer amenities you didn't think of. We will discuss each home and I will keep a record of those unique details you wish to remember.
5. Time to make an offer! We will discuss the market - comparing sold homes in the area as well as all the features of the home. I'll answer all your questions.
6. Once your offer is accepted it's time for an inspection. This will give you a really good idea of the structure of the house and life expectancy of appliances, HVAC, and electrical and other mechanical devices. The licensed inspector will point out possible repairs needed. It's a check up for the property. You will receive a detailed report with photos and if you prefer we can schedule you some face time with the inspector.
7. Time to negotiate with the seller for any repairs. Once agreed, all parties will be ready to continue.
8. Now we order an appraisal for the property. The appraiser is not chosen by either party. This appraisal is an estimate of the value of your particular property according to other recently sold homes in the neighborhood based on the structure, amenities, location and condition.
9. Share the appraisal with the lender. It's your appraisal. The home owner doesn't get this information. It is important the home apprises for at least the amount of your accepted offer. If not you may have the option to negotiate the homes price. The lender will not loan more money than the home is valued. Although in a busy low inventory housing market the seller may want to get their full contract price. That's ok. If your prepared to pay the difference out of your pocket.
10. Close on your new home and move in! The closing process is very simple. We will schedule a time to meet at the title company. Sign all the documents. Deliver the correct amount of money and of course answer all questions.
11. Get the Keys to Your New Home! Time to celebrate.
If you are looking for a new home or have questions about buying a home in the Fort Worth area give me a call at 817-243-6177. Let's work together to find a home that you love!