Navigating the home buying process alone is risky business. The amount of time and legwork needed to take a transaction from contract to closing is more work than any inexperienced buyer should take on . Not to mention the act that fact that it does not save the buyer any money to purchase a house without agent, why would you want to go about the process alone?  I'll present to you 5 reasons why a Buyer needs and agent.....

1)  IT'S FREE!  (FOR BUYERS)

Typically, I'm on the "there's no such thing as free lunch" bus, but in this case, the services that a  BUYERS AGENT offers to a prospective BUYER are free. The seller, from their proceeds, pays the buyers agent for yielding a client to their property.  Purchasing a property is a full time job. Once you locate a home, place an offer and said offer gets accepted, it gets real. There are a lot of irons in the fire at this point and its truly to your advantage to have an experienced agent handle the entire transaction on your behalf.  There are viewing appointments to be made, inspections to be scheduled, appraisals  that need to be ordered, loan documents that need to be processed  and funds that need to be secured, and let's not forget the endless amount of paperwork. It is in your best interest  to hire an agent to facilitate these activities for you.


2) TIME

Hiring an agent saves you time. Purchasing a property is a full time job, and I don't exaggerate when I say this. On average an agent spends about 100 hours  working on behalf of their client. An unrepresented person will probably spend double the time.  Confirming property availability, scheduling showing appointments, to mapping showing routes, all the way down to researching comps - there is much work to be done-before you even go under contract.  Once a home is under contract then the REAL work starts and that's when you know what you're truly made of.  Your time is valuable and it is so important to get it right the first time so having an agent who is experienced alleviates the frustration involved in the process. It's truly to your benefit to hire an agent.


3) PAPERWORK

Have you seen a  real estate contract? The contract to submit an offer here in Texas is 9 pages long. The financing addendum is 3 pages long. Lets not even talk about the Information about Buyers Services and the plethora of other documents that you are required to fill out. Unless, you're a lawyer or a licensed agent then it may all look like gibberish to you.  I make it my business to go over every single line of every single document with my clients so that they have a full understanding of what they are signing. It is so very important that you KNOW and UNDERSTAND what you're signing and a good licensed agent should and will make that happen for you.

4) NEGOTIATION SKILLS

Although the Dallas market is experiencing a Seller's market I was able to negotiate closing costs for my last three sales. This is super uncommon right now. The only reasons that I was able to do so was because I've been taught and trained to negotiate on the behalf of my clients. I won't say my clients will always get exactly what they want all of the time, but if there is an opportunity to do so, then I will. Everything is negotiable when purchasing a home, but we have to do so within reason, and negotiate WISELY.  For instance, I've had to talk clients out of trying to negotiate things that were not reasonable and would have killed the deal. I've also convinced clients that we should  negotiate certain things for their protection.


5) KNOWLEDGE

In order to be a great agent, you must be abreast of the current trends in the market. I have resources that a consumer does not have when it comes to purchasing a home. I know the questions to ask a seller's agent so that I can position my clients offer in the best light.  I study and research the neighborhood stats so that my client is aware of the trends in the neighborhood (i.e is the home priced right?, what are the HOA fees, will it appraise?) so that my client can make a good and fair offer.


Simply put, you'll save yourself a lot of time and money if you hire an agent to represent you exclusively.  Let someone who is experienced and knowledgeable do all the leg work for you! It's in your best interest.

If you're looking to buy or sell a property in the Dallas Fort Worth area, give me a call or email me!
I'm happy to serve you with all of your Real Estate needs!

Donna Foy, REALTOR 972-413-8831

Do you know that one of the top 3 reasons that people opt out of the home buying process is because of lack of funds? They get overwhelmed by the thought of saving for a down payment and closing costs and ditch the idea of home ownership altogether. Or they decide that because the amount needed seems so astronomical that it would take far too long to save so they wait until "later" and then later never comes. I recently read an article about a young lady who . It was incredibly inspiring because it was not a get rich quick scheme. She didn't live with her parents, and she didn't have a six figure income. She took up photography, saved half her paycheck as well as  the money from her side gig.  This article inspired me to write a blog to provide a few tips and tricks to those of you who are wanting to purchase a home but don't know where to start with regard to the saving process.  Below you'll find a few options.
saved $100,000 in 3.5 years

Create a budget

Get real with yourself about your debts and how much comes in and goes out every month. Then determine  how much you can afford to realistically save every month from your main income. (Don't forget to include those tithes and offering!). There are several free worksheets available n the internet but if you have $30 to spend then I would highly recommend that you purchase the Budget Therapy Workbook. It was written by one of the most financially savvy couples I know and they leave no stone un-turned when it comes to the budgeting and savings process.

 Borrow form your 401K
Although I list this as an option, this should be your last option. However, if you should choose to take this route,  the trick here is to pay it back over time, automatically. I would never advise anyone to liquidate their entire 401K to purchase a home, but if  you have a comfortable amount available then this may be a viable option as there is no penalty when borrowing for your first home purchase (check your personal retirement plan to verify this)

Cut the Cable
Cable is not cheap, that is why I don't have it. I personally prefer books and  web-series anyway so I can very easily live without it. You can to, so why not save a $100 a month, or more, and kill the cable. Get yourself an HD antenna, Apple TV, ROKU, Chromecast or Amazon Firestick if you just need television.

Work a few extra shifts at work/Get a part time job/side hustle
Does your job offer overtime? Work one extra shift a week. Try that for a year and see how much money you can save.  Become an Uber driver. Are you good at taking photographs? Great at make up application? Monetize your hobbies.  Also, let's not forget about the influx of  legitimate companies that hire people to work from the comfort of their home. Apple, Google, Neiman Marcus, to name a few. The options are endless when it comes to making extra cash. Where there is a will there is a way.

Gift funds
There are some loan products (Mortgage loans) available that allow family members to gift money towards your home purchase so if you have a generous family member who wants to help out you may want to consider taking Granny up on that offer. (You'll probably get more personal gratification from saving on your own.)

 Ditch the fast food
Home cooked food typically tastes better and is better for you anyway so try meal planning. Keep it simple so that you don't overwhelm yourself. Plan for 30 days out so that there is less of a likelihood that you'll fall off track. You will save tons of money this way.


Get a roomie/Move to a cheaper place/Back with the parents
I once showed a homes to five guys. They were all over the age of 25 and they all had professional jobs. They were splitting the rent 5 ways on a home that was $1900 a month. Their individual rent was going to be $380.  I thought it was genius especially being that they all had decent paying jobs. Just imagine how much money they saved being that the average rent for a 1 bedroom in Dallas is $950. That's roughly a savings of  $6840 a year on rent alone. If you have family members that will allow you to move in as you save for a new home, consider that. My only suggestion is if you go that route make sure that it is mutually beneficial for you both. (i.e  Don't be a freeloader- Make sure you help around the house, buy groceries and just in general, be considerate.)

Lower the cell phone Plan
Do you really need unlimited data? My cell phone bill is $35 per month. I have unlimited texts and minutes and 2.5 gigs of data. Truthfully, I could use more data but I won't up my plan until it is absolutely necessary. But, in the meantime, when I can, I connect to Wifi that is available so that I won't use my data too quickly.  My previous bill was $80 so my monthly savings is approximately $45 a month. Call your cell phone carrier to discuss whether you are getting the best possible rate also, weigh the costs of whether carrying cell phone insurance is worth it or not. In my case, it was not because I don't buy super expensive phones. Also, if you have the expensive habit of purchasing every phone that is sold, then you may want to not do that while you're saving for a home, Everyone has their "thing" that they like to splurge on but just consider the costs first and whether you reaallllyyy need the Galaxy S7 that you can spill champagne on and it still functions. I'd rather save the champagne (ginger ale for me)  for my first night in my new home.


Sell some stuff
Got extra clothes? Take them to Buffalo exchange, put them on Ebay. Furniture and or Home Decor? Post it on Craigslist or an App like VarageSale. Get rid of it and make a few bucks in the process. I suggest selling locally so that you won't incur the costs of shipping anything.

And last but not least, before you do any of these things open a bank account specifically for your home purchasing goal. Preferably an online one that you don't have branch access to. Make sure that you put and/or direct deposit all of the money that you save into that account. Watch it grow and don't touch it until you've reached your goal.

Happy House Hunting!

Donna Foy,Realtor
972-413-881

When I moved to Dallas  a little over 10 years ago I remember being completely overwhelmed once I got here. I had never been to Texas before and I had no idea how large Dallas was.  My move was not planned in the least. I made a decision to move to Dallas one day and  I was on a plane two days after. Luckily I had a job and a place to stay for two weeks, but no plans beyond that.  So, when I say  I have a bit of experience with regard to relocating under immense pressure, I know what I'm talking about. But, if you are the calculating, non-impulsive type, unlike myself- here's a few practical tips to make your transition a smooth one.

Why am I moving here?
 First you want to  consider why you're moving? Job, relationship, family, change of scenery etc.. If it's any of the first three options. I would recommend that you look for a place closest to the reason you're moving. For instance, if your move is career based you may want to move to a location that is close to your job.

Commute or No?
 Decide how long you are willing to commute? Consider traffic as well.  Narrow down your searches to cities that are well within your commute time. Google Maps is an excellent tool for this. You can search  bike, car, and public transit routes. Also  research cost of living and average rent or home prices in your area of interest. You can narrow your home search further based on your budget.   Alternatively, you can also contact a Realtor for this type of information.  But I do suggest doing your own research before hand just for knowledge's sake.

Where do I want to Live?
Decide where do I want to live - Suburbs, City, etc.  When I moved here I didn't have a car and my job was super close to the DART Rail. I knew that I would have to use public transportation for a while so I chose a place that was super close to my job and near public transportation. It literally took me 20 minutes to get to work, including the walk to the transit center. Dallas transit system could be a bit better for a major city, but they have made vast improvements in the 10 years that I've lived here.

Don't Know Anyone?
If you don't know anyone in the Dallas, you'll be fine.  Southern people are super friendly and you'll find  friends in no time. But to speed up that process  you can join a site like MeetUp.com and find people to hang out with based on your common interests. Also, joining  a church is an option as well. Link up with a small group within a church to make some new friends.

Get out there!
What I like the most about Dallas is that there is something for everyone. Once you get here. Start going places! I personally am not really into the night life but when I'm in the mood I'm always down for a new low key adventure. Be a local wanderlust. I've been to art festivals, most of the museums in Dallas, I attend the Texas State Fair  almost every year.  I've tried every sushi joint imaginable , walk around Deep Ellum,  hang out at Klyde Warren Park, go have coffee in the Bishop Arts District and then shop, take the  Trinity Rail Express to Train to Fort Worth. There is so much to do here that you won't have time to get home sick.


 
Thinking of relocating and need a Realtor to assist you? Feel free to contact me. Also, visit my website to see all the beautiful homes that are available in the DFW area.

Donna Foy, REALTOR

 If you are familiar with the Dallas real estate market then you know that the competition
 is something serious for the potential home buyer. Most buyers are often faced with the choice of whether or not to buy a pre-existing home or new construction home. There is no right or wrong answer with regard to which avenue you should take, however there is plenty to take into consideration. First and foremost,  I would advise that you do not seek to purchase either without  an agent.  Realtors have relationships, resources and experience that the average home buyer does not so it is best to hire an Agent to guide you along the process.  It is  most definitely  to your benefit to do so. Weigh your options with regard to what type of home may be best for you. Take a look at the list of pros and cons to help you to determine the best route for you.

• You avoiding the bidding war that ensues when you choose to buy a pre-existing home.
• You are able to customize the home to your liking. (finishes, paint, counter-tops, elevations etc...)
•  Builders often offer incentives sometimes (such a closing cost assistance, design center stipends, etc.)
• Typically you won't have issues when it's time to inspect the property as everything is brand spanking new ( Foundation, plumbing etc. Most builders offer a limited warranty on those things)

• Your home may look similar to the other homes in your neighborhood (Most builders have specific plans that don't allow the same floor plan/elevation to be built side by side so your home won't necessarily be twinsies with the next door neighbor but it may look super similar to the home five doors down.
• A builder is not the same as an architect so customization is limited. Typically, you can't knock down walls or add extra bedrooms.

• You will pay extra for upgrades. So the price that  is advertised is the base price. Once you add things such as blinds, wood floors, automatic garage door openers, etc.) the price will increase.

• You may have to wait several months to actually close on the home.

• Depending upon the age and or location of the property you may be able to purchase a home with some character.
• You take possession of the home sooner. In this market after a home is under contract closing time frames can range from 30 - 60 days.
• If you fancy a particular neighborhood or home style (Deep Ellum, White Rock Lake, Vickery Place, etc) Then pre-existing is the move to make as new constructions are either fiercely limited or non existent in those parts of town.

• It is almost always a possibility that you will have enter into a bidding war with several other buyers.
• You may have to pay more than you anticipated for your home. Remember what a home lists for may not be what it sells for.

Have you ever watched one of those home buying shows on HGTV and noticed that the buyers were always asking the seller to pay for their closing costs? Before I became a real agent I honestly thought that buyers were supposed to ask for closing costs  and that seller's were supposed to pay the buyers closing costs. I quickly learned after my first few transactions that quite the opposite is true in the Dallas/Fort Worth market. Now, that's not to say that you shouldn't ask, if you indeed need the assistance. However, in the spirit of full disclosure and good advice I want all of my potential clients to know that it is not common that seller's pay buyers closing cost in a seller's market.

What are closing costs exactly? Closing costs are a myriad of expenses related to the purchase of a home.  They vary based on where you live, and the property you buy. For the buyer, they often include things such as, but not limited to:

Loan Origination Fees
Insurance Premiums
Recording Fees
Underwriting
Appraisal
Title Fee
Survey Fee

Also, I think that it is  important to note that both sellers and buyers incur separate closing costs.  So whenever a buyer requests closing costs, they are essentially asking the seller to cover their (the buyers) costs to close. The seller then has to pay their own closing costs as well as the buyers closing costs. Which means that the seller nets less profit from  the sale of their home.  The latter is typically  the reason that a seller may not accept an offer that includes a requests for closing cost.

Options for people who may not have the funds for closing.

If the market allows, you may offer over the asking price to cover closing costs (ask your agent for details)
Ask the lender if your loan will allow for a credit towards closing costs
Ask the lender if you qualify for any grants towards closing costs
If you are considering moving into a rural area a USDA loan may be an option

Lastly,  asking a seller for closing costs is totally fine if absolutely necessary. However, I would only encourage someone to do so if, they truly need the assistance. I've actually had 3 offers last year to get accepted where the buyer requested most, if not all, of their closing costs to be covered by the seller. So it's do-able, just not common.

Nonetheless, I hope this information was of some assistance. If you are in the market to buy or sell, or just have questions about the process, please feel free to contact me and I'll be happy to assist you with any of your real estate needs.

Happy House Hunting!
Donna Foy

I have to preface this article by saying that while it is completely possible to purchase a home with no down payment there are typically credit, income and sometimes location restrictions on these types of programs. So everyone that is interested in purchasing a home with no down payment may not qualify. However, the beauty of purchasing a home right now is that there are other low down payment options available.  If you don't qualify for down payment assistance, you may qualify for a FHA loan that offers a low down payment of  3.5%. 




If you qualify for a program that offers down payment assistance, there are other expenses that you will incur that are related to the buying process (i.e earnest money deposit, option money fees, appraisal, and possibly closing costs) 

Typically a score of 640  is required to qualify for most down payment assistance programs.

There is usually an income cap on these types of programs, based  on your household size. (see chart for examples)

A lot of cities in the state of Texas  have there own down payment assistance programs. The cities of Arlington, Grand Prairie, Lewisville, Dallas, and  Irving, to name a few.
There are programs geared toward specific  professions. Texas Heroes  is a down payment  assistance programs for Teachers, EMS Personnel, Correctional Officers, and Fire Fighters.

And lets's not forget about the Texas Veterans. Texas has you covered.  

On the state level Texas has two major down payment assistance programs such as TSAHC, and TDHP . 

And if you're interested in living in a rural area  (i.e  Forney ,Providence Village, Savannah) USDA  loans are a great 100% financing option. 

If you're considering purchasing a home, and you need to down payment assistance you owe it to yourself to research this. Your first step you be to contact your local real estate agent   to determine which lender may be best  suited for your situation.

Happy House Hunting!!

Donna Foy