The Basics of Buying a Home in North Dallas, Texas
Without prior education, the Home buying process is comprised of many steps and if you make mistake it could cost you time and the potentially the sale itself. Here we have tried to highlight some major issues so that you are aware of what is involved in buying a home in North Dallas, TX
Mental preparation:
Before starting your home search and general process of finding and buying your first home, you have to be emotionally prepared. The entire home buying process can be long and hectic, especially if this is your first rodeo. So, you need to be geared up for and prepared at every stage of the process. A great dallas real estate agents job is to guide you through this process to take some of the stress and edcuate you on how your unqiue circumstances will influence the process.
Hiring a Professional Real Estate Agent:
Your first step is to hire a first-rate North Dallas real estate agent who has kowledgable understanding of the local community your looking to reside. Have it be Frisco, Allen, Plano or any of the many other cities, they will assist you through the home buying steps. If you are with an experienced real estate agent, you can easily avoid any costly mistakes.
Choosing a Community and Neighborhood:
Doing proper research on the Communities (city) and the Neighborhood (subdivision) your interested in will enable you to focus your engery on what is import to you in your home, neighborhood and schools. Great location, quality schools, recreational amenities, health care and of course the home itself: size, bedrooms, bathrooms, and overall ameneties.
Financial Preparation and Pre-Approved:
As you begin your home hunting and start to narrow down a short list, financial preparation is absolutly necessary before submitting an offer to purchase. Without pre-approval for your mortgage, the credibility of your offer to purchase will be weak when compared against others. Choosing a mortgage lender and getting pre-approved will help you in many ways throughout your North Dallas home buying process. Most importantly, the sellers will probably not accept your offer if you don’t have a pre-approval in place to show that you are able to close at the end of escrow. Once a home goes into escrow it is listed in the MLS as "pending" which essentially makes the property unavailable to others. All the activies that go into gaining attention and showing the home, stop.
Start Property-Search:
Now you have to begin the search for your dream home. Your Dallas TX real estate agent should have sound knowledge on the real estate market and can help you to find the dream home that suits your budget. Having access to the latest MLS data and ability to get you into homes to view is key.
Making a Home Offer to Purchase:
After an extensive search and viewing of a variety of homess you have found that property you can "call home". It is now time to draft a purchase contract with your Realtor and submit an offer to the seller. Dallas TX real estate agent will work with you and conduct research to acertain the offer prices of the property based on recent, comparable sales in the neighborhood and surrounding communities and compare against all variables that make up a properties value. The offer is a written contract indciating pricing, contingencies and other conditions that once accepted will lead you to the escrow process.
Escrow Process:
Once you have an eaccepted offer you are now in escrow, where you have time to both fullfill and qualify a number of contingencies.
A few are noted below:
Finance mortgage approval
Property Inspection
Sellers Disclosure
Preliminary Title Report
There may be other Disclosures and what is required will be depedent on a number of considerations. They could related to the age of the home (Mold or Lead), it's location and if they are associated to a municipal Utility District (MUD) or coastline waterway.
Closing:
Escrow leads up to the closing and title transfer where you take ownership.
In this last phase, there is a lot of paperwork to be signed by all parties while the funds are handed over to the seller. Once this is done and Title is recorded you become the owner of your new home. This of course is an extreme over-simplification.
For more information on home buying in Dallas, Dallas County, Texas, do contact us: (800) 2C.HOMES
