HOME BUYER'S GUIDE
HOME BUYING PROCESS
OBTAIN FINANCIAL PRE-APPROVAL
Agent to help buyer understand different types of lenders: Bank, Broker, or Mortgage bank;
Buyer to decide which lender to choose.
BUYER CONSULTATION
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Buyer to describe the ideal home;
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Agent to search the houses for sale in Dallas TX and send out house list based on buyer's criteria.
SELECT PROPERTIES
Buyer to choose which properties (5-8) to view in advance (1-2 days).
VIEW PROPERTIES
Agent to make appointments and schedule the route.
WRITE AN OFFER TO PURCHASE
Agent to provide a CMA (Comparative Market Analysis) which estimates the house market value;
Agent to suggest the offer price based on CMA, days on market, multiple offer situation, etc.
Buyer to decide the final offer price.
NEGOTIATE TERMS
Besides price, agent should help buyer to negotiate other terms including Earnest Money, Closing Date, Option Money, Option Period, title policy, leaseback, home warranty, survey, appraisal contingency, etc.
SELLER ACCEPTS THE CONTRACT
Buyer to write two checks: one for Earnest Money and one for Option Money;
Buyer or agent to deliver the checks to the designated office/seller agent;
Ask for receipts after delivery.
CONDUCT INSPECTIONS AND NEGOTIATE REPAIRS
Buyer to order inspection ASAP;
Agent/Buyer to prepare repair list and finish repair negotiation during option period.
OBTAIN HOME INSURANCE AND RESIDENTIAL SERVICE CONTRACT
Buyer to quote for a home insurance and better ask for 5 year claim records of the home if possible.
Depending on the contract, buyer can quote an one year home warranty and submit to title company to let seller pay for it.
OBTAIN MORTGAGE FINANCING
Buyer to inform lender to start the financing process (Credit Check, Underwriting, Appraisal etc.);
Do not open new accounts!!
TITLE SEARCH
Title Company to Conduct Title Search and send title commitment/survey to buyer.
INITIAL CD
Lender to send out the initial CD (Closing Disclosure) to buyer 3 days before closing and buyer must acknowledge the receipt.
RE-INSPECTION
Ask for a re-inspection to make sure repairs are correctly done (3-5 days before closing).
SCHEDULE CLOSING AND TRANSFER UTILITY
Discuss with Title company on the closing date/location/method and payment instructions (wire or cashier's check).
Transfer utility 1-2 days before closing.
WIRE TRANSFER OR PREPARE CASHIER'S CHECK
Buyer wires the money 24 hours before closing per instructions (confirm by phone!!);
Or go to your bank and get a cashier's check made payable to the title company.
CLOSE THE PROPERTY
Bring valid photo ID of each buyer and cashier's check (if applicable);
Ask the closing agent for keys/garage door openers/transferable warranties/access cards if any.
