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BUYERS
What Is the Home Buying Process like?
Owning a home will always be the "American Dream"! It is a story that never gets old and is within reach for everyone! It doesn't matter if you are a first-time homebuyer looking for a starter home in Dallas or if you are a little more seasoned with the home buying process. Maybe you are looking for a piece of luxury real estate or a larger property. Regardless, we can help you find the right home.
Buying a home can feel a little overwhelming. The Dallas Real Estate Market is ranked as one of the top housing markets year over year. Often taking the #1 spot. So that means things can move at the speed of light. There are new neighborhoods popping up and great houses available all over DFW and it can be challenging to keep up with this rate of growth. This is why it's important to hire a local Real Estate agent who can help with the entire process so you can focus on the exciting aspects of choosing the best home for you. A homebuyer should never try to buy or sell a home alone. It makes the entire journey much harder. This is why I made a list of what to expect during the home buying process from start to finish.
1. Get Pre-Approved For A Home Loan
Getting Pre-Approved For A Home Loan is one of the first steps in buying a home. Even if you think you know how much you want to spend, it is better to know exactly what you can and cannot afford. I work with a recommended loan office that is one of the Top-Rated Mortgage Lenders in North Texas! He can work on getting you a Pre-Approval Letter.
2. Begin Planning Your Dream Home & Select A Community To Live In
Dallas has some of the hottest zip codes in real estate! As a Top Dallas REALTOR® & Dallas Real Estate Agent I have worked all over the Dallas Metroplex. So, I will always be able to guide you in the right direction. Don’t just do random searches online. I enjoy advising my clients personally by sharing the latest on neighborhoods that are developing and evolving every month to help identify what areas fit their needs. Do you want an neighborhood with young kids or near the best schools? Perhaps you like hiking or biking and what to live near some great trails. There is a lot I can share with you that you can’t find online.
3. Start Searching For A Home With A Top Dallas REALTOR® Who Can Guide You Every Step Of The Way
Browsing for a home online can be super easy, but going to tour a home in person in the best way to know what a home really has to offer. That's where your Dallas Real Estate Agent comes into place. Me! I have sold some of Dallas's finest real estate in almost every city in the Metroplex with a specialization in North Texas. So you are in good hands. I can set up automatic email alerts, run CMA's, preview homes, and guide you to the perfect dream home!
4. Fall in Love With Your Dream Home & Write An Offer
Once we narrow down a home or home's that you fall in love with it is best to make an offer. Dallas is one of the hottest real estate markets in the nation, so homes tend not to last on the market long. You need someone who will write and negotiate an offer for you. It can feel very overwhelming if you try and negotiate a deal directly with the listing agent. They represent the seller. So you need someone who has your best interest in mind 100% of the time. That is why a Buyer’s Agent is so important in this booming housing market! I will fight to get you the best deal and your Dream Home!
5. Submit Offer to Your Mortgage Lender
After an offer has been executed it is time to get the ball rolling! Most homes spend an average of 30 days in escrow, so time is of the essence. Underwriting Approval from a lender can be one of the most time-consuming parts of the entire home buying process. They have to delve deep into making sure you can purchase the home by collecting bank statements, tax returns, ordering appraisal, needing proof of home insurance policy, etc. The sooner we can get them the executed contract the better, so the closing date doesn't get pushed back. But don’t worry, I can guide you smoothly through this process, so no detail is missed.
6. Have Your Dream Home Inspected
Getting a home inspected can be very scary. Even if the home is new construction. There are always items that need to be repaired. It is important to make sure the roof, structure of the home, and foundation is sound. This is the time to negotiate repairs with the seller and ask for them do be addressed or ask for a credit off the asking price so you can do them yourself. A home inspection can make or break a deal. I work with Licensed Home Inspectors that are the best at what they do!
7. Get an Appraisal
Having a home appraised is an essential part of the home buying process in Dallas, TX. It is one of the final steps that a mortgage lender has to approve to ensure that the negotiated price of the home matches the market value. You don't want to overpay for a home! This step is handled by the title company, lender, and an appraiser. It is typical for a home to pass an appraisal but can still be a little nerve racking. A home usually won't pass an appraisal if it is overpriced or if you get into a multiple offer situation which can balloon the asking price greatly. If you purchase a home in cash, then an appraisal can be waived.
8. Prepare to Close At The Title Company
Once an appraisal has been passed, and final documents are sent to title so everything can move into underwriting. This is when the underwriter for your mortgage checks all documents needed to give final approval. Title will start to put together a Settlement Statement which breaks down all the fees associated with your closing. Or how much to bring to closing. This is a good time to get gas, electricity, forward mail, do a final "walk-thru" and have cable put under your name. About 3-4 days ahead of closing. Then it's time to schedule a time to close! It's smooth sailing from here!
9. Move into Your New Home & Refer Your REALTOR®
The last step is to appear at the title company for closing, sign all your closing docs with your Dallas Real Estate Agent by your side, and then receive the keys to your dream home!
Congrats, you now own a home!
Getting all of the details right can be confusing, but that is why I’m here to help. Owning a home is one of the most rewarding journeys you will go on in your life! As a Top Dallas REALTOR®
I love referrals and would love to be top of mind if you know of someone looking to buy or sell a home. That is how I am able to grow my business. Every little bit helps!
Bill Krueger
phone - 214.843.1802
email billkruegerre@gmail.com
Learn More
My goal is to find your dream home within your desired neighborhood and negotiate an amazing price. Work with me and buying your home is as easy as 1-2-3.
1. Select the area and neighborhood
Find your dream home starts with first finding that perfect neighborhood for you and your family.
2. Review homes
Start looking online. However, not all homes are listed. As an expert in the North Dallas area, I can direct you to some of the best hidden gems.
3. Schedule Showings
Once we find a few perfect homes, I’ll personal schedule an opportunity to see the house in person.
Providing Property Buyers With Real Estate Solutions
If you are a first-time home buyer, purchasing a home can be an exciting yet intimidating experience. It is often a big step in the life that you would not want to miss out on.
Purchasing your first home is a huge step and it will quite possibly be the largest financial decision you’ll ever make. Many North Texas first time home buyers are overwhelmed by the home buying process. Renters continue to avoid home ownership while throwing money away on rent. However, I’ll help you breakdown the home buying process in to the simple steps below, you will find the process much less intimidating.
Let’s Talk How Home Ownership Can Help You
In most cases buying is better than renting. When you rent, you make your monthly payment and your money is gone forever, no write-offs, no appreciation in value, nothing. You can’t even change your wall colors without your landlords permission.
When you own your own home, you have tax deduction opportunities. On your federal tax return, you can deduct mortgage interest and property taxes. Since the front end of mortgage loans is mostly made up of interest, the mortgage interest deduction can be substantial and a long-term write-off. It’s also likely the value of your home is going to appreciate over time which is one of the fastest ways to grow your assets.
A tenant may say “I don’t have to pay property taxes when I rent”. Trust me, your landlord has included all the cost associated with your rental property in your monthly rental payments and that also includes property taxes and insurance. The difference is you’re paying property taxes indirectly and the landlord is getting the tax deduction!
Use a North Texas REALTOR® during your home buying process so you have someone helping with a deep knowledge of the area. First-time home buyers and experienced buyers alike are far better off using a licensed real estate professional. A REALTOR® will have access to information and documents on MLS such as surveys, restrictions and disclosures that is not available to the unlicensed public. A Dallas REALTOR® will also have contacts and information such as, inspectors, lenders, community information, and contractors that can be invaluable to a buyer.
Know how much you can afford. Lenders will tell you that you can spend up to 28 percent of your gross monthly income (GMI) on your mortgage, taxes and homeowner’s insurance, and up to 36 percent on your total debt. To calculate a housing budget you can live with, start by figuring out how much you spend each month. Track your daily expenses to get a real sense of how much is going out and where you’re spending most of your available cash. Watch your savings and calculate how long it will take you to come up with a down payment. I can also help advise you on financial assistance programs for first time home buyers.
Get Pre-Approved for a loan. Getting pre-approved from a lender is the single most important thing you can do when getting ready to shop for your first home. Once you’ve talked to a lender and reviewed your loan options, it’s time to get pre-approved. You’ll need to provide the lender with details of your credit, income, liabilities, assets and tax returns to get the process started. The lender will verify everything and issue a pre-approval letter that tells you and sellers, how much you are qualified for. I’m happy to guide you through the process and even help advise you on how to maximize your credit score, which may get you a better mortgage rate!
List what you need in a home. Based on your housing budget, and where you want to live, compile a list of what you’d like to have in your first home. Since this is your first house, I can help you understand what to look for as well as check out homes in your price range to get a feel for what your money can buy, and make your wish list based on those homes in your price range.
Start your home search. Decide on a location and identify the features you want in a home. As your local your REALTOR® I can check local listings, compare prices of similar homes and consult with you to help determine an estimated purchase price. Don’t just start looking online or it can get really confusing and discouraging.
I’ll help you make the offer. You may hear that your initial offer should be a percent below the seller’s asking price. In reality offers should use recent comps as a basis. If multiple buyers are competing for a home, then sellers may likely get full list price or more. If demand is weak, then offers below asking price may be in order. Because counteroffers are common, it’s important for we remain in close contact during the negotiation process.
I’ll help you get a home inspection by a licensed inspector. It’s always a good idea for buyers to get a home inspection. Home inspections are almost always performed during the option period. If major deficiencies are found in the inspection and the seller is not willing to have them corrected, you will have the option to terminate the contract during the option period. A home inspection is key to really understanding the condition of the home that you are buying.
Closing on your property. Next to moving day, closing is the last step in the buying process. Contact the title company for the safest way to get your down payment to them. Closing costs are various fees incurred to process the loan, appraisals, county filings, surveys, title search, legal costs and so on. All of the different closing costs items add up, so I’ll work with you to understand early on what these are and will make the cost less surprising. When you first apply for a loan, your lender is required by law to give you an estimate of your loan costs, which shows in detail what the estimated closing costs may be.
