Are you purchasing a new home in Fort Worth?
With some up-front planning, buying a home isn't very hard, but the event can be stressful for a lot of people.
I like to give buyers an outline of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Prepare to buy
There are several things you should contemplate before commencing your home search.
When you start your search, you'll want to put together a list of features you need, get a feeling for what school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is around 1/3 of your net monthly income is a good rule to adhere to.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd like to plan a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Fort Worth area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you begin the loan process.
There are some very good mortgage professionals in Fort Worth, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our first meeting, I'll start finding houses on the market that are great for you.
I'll research most of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we tour the houses, I'll identify good features, as well as negative ones. And I'll ask you to tell us about things you like and dislike.
It's common for buyers to revise their must-have list as we tour houses and some items become far more necessary than others.
If that's the case, I'll go back through the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Comprehend the housing market
My understanding of the Fort Worth market is a necessary element in your house search. I'm familiar with all the neighborhoods and schools, and I'll communicate what areas are "hot" and demand immediate action and others that are "cold" and allow for thoughtful examination.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for bargaining and also when I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as every real estate agent will tell you they truly know the home market.
If things don't add up, call me at (682) 667-5556 or e-mail me at , and I'll be happy to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm certain we'll find the home of your dreams in Fort Worth. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When sending in your purchase offer, you'll need to present "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 cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's really common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Get financing
Once the deal is finalized, you'll begin working with your lender to close the loan.
This won't be a long process at all if you're pre-qualified, but you should to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) detailing closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of getting your loan application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will most likely be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call me at (682) 667-5556 or e-mail me at .