So if you’ve found this blog you’re probably in the market to purchase a home. Kudos to you for embarking on such a major decision. I’ll tell you that as a licensed agent I am all too aware of the fact that this process can be quite cumbersome, especially for a first time home buyer. However, if you plan accordingly then you will most definitely alleviate some of the stress that is associated with the process. So with no further adieu I’ll tell you How to purchase a home in 5 easy steps!

(Lagniappe Tip:- Check your credit score. If you have a score of 640 or above you’re in a good place with regard to being pre-approved for a loan. If your score is between a 580 and 639 you may still qualify so don’t give up. Just speak to a lender about your specific situation)

1) Gather the appropriate documents.

Your last 2 years of tax returns,  your  most recent check stubs, 2 years worth of W2’s , and your bank statements showing that you have funds available for a down payment and such.  (If you’re self-employed you’ll need the same information with the exception of the check stubs, you’ll also need additional bank statements to show a consistent income) You will eventually submit all of this information to a loan officer so that you can  get pre-qualified for a mortgage.  Trust me when I tell you doing this will make the process so much easier when the time comes to get a pre-approval. The last thing that we want is for you to get under contract on a home and find out that you need additional paperwork and then have to scramble to get that information.

2) Choose an Agent

 If you’ve stumbled upon this blog and you happen to live in the Dallas Fort Worth area consider yourself lucky. Why?  Because the writer of this blog is a real estate agent who looooves what she does and would be more than happy to help you out. (Shameless plug) No really, I am super passionate about what I do and I am honored when any chooses to work with me. And for that reason I try to go above and beyond to make sure that my clients are educated about the process.  I truly believe in operating in a spirit of excellence at at all times.  I truly believe that when you choose an agent you should choose one who wants to educate, encourage and guide you along the way. It’s super crucial that you and your agent get along and can communicate effectively with one another. Doing so will ensure that the process is  a smooth one. (Fun Fact – Your agent should and will ask you to sign an exclusivity agreement or Buyers rep agreement . It basically states that for a certain amount of time, you agree to work with that one agent only. This is for your and the agents benefit. )

3) Get Prequalified for a mortgage

Back to that paperwork that I mentioned earlier.  So because you have that paperwork gathered already then all you have to do now is contact the loan officer. Fill out a credit application and then submit all of your documents.  The loan officer will process your information and provide a pre-qualification or pre-approval letter.  (Fyi -  Sometimes you may qualify for more an amount that may equate to a monthly payment that you are  not comfortable with. Be sure to communicate to your lender specifically how much you are willing to put down and the monthly payment you are comfortable paying. Also, ask for a breakdown of how much money you are expected to bring to the closing table. We don’t like surprises of the financial sorts on closing day.

4)  Schedule a Buyers Consultation with your Agent

Be prepared to have a sit down conversation with your agent before you start looking at homes. The purpose of this meet up is to establish exactly what you are looking for in a home. For instance, Where do I want to live, How far am I willing to commute? How many bedrooms and bathrooms do I need? Do I need a home that caters to entertaining? It’s a good idea to know the answers to these questions before your consultation. But, if you don’t that’s ok to. Your agent will guide you in the right direction. (FUN FACT-  The average home buyer only needs to see about 6 homes before they make an offer)

5) Start Searching

 This is where the fun begins. Hopefully your agent has spoken to you about the market trends so you know what you’re in store for.  If you live in the Dallas area you may or may not be aware that we are experiencing what we call a sellers market. What does this mean to a buyer? It means that there is competition out there. So you have to “shoot your best shot” with regard to placing an offer.  Try not to ask for anything outlandish in your contracts and most importantly be kind.

Happy Homebuying

Signed,

Donna Foy (Your Dallas Texas Real Estate Agent)