10 Step Buying Process
Whether you are buying a condo in Dallas, a single-family home in Plano or a ranch in Athens, the following list will give you an idea of the process you will be taking when making your purchase.
1. GET PRE-QUALIFIED
- Meet with one of our recommended loan officers; by sharing income and other financial information, you will know the price range of mortgages you are qualified for.
- Get pre-approved.
- Obtain a pre-approval letter.
- Obtain a Loan Estimate letter explaining the costs of borrowing money.
- Learn about the many loans available to buyers in today's market.
- Learn about closing costs.
2. SEARCH FOR HOMES
- Explore the many counties we sell real estate in, and the neighborhoods within them. We update these pages regularly to bring you the latest in resources and information.
- Use our property search to find real estate by selecting from a multitude of filters and attributes for your new home.
- Sign up for property email alerts to be the first to know as new properties hit the market.
3. BEGIN VIEWING HOMES WITH LORENA LOCKE
- Once you are ready to view homes, fill out the Buyer Questionnaire with your home preferences.
- When possible, we recommend all decision-makers should visit the various homes.
- Always be candid with us, it will help us to understand your particular needs and desires and enable us to select homes you'll want to see.
4. PREPARE THE OFFER
- We will provide you with a comparative market analysis (CMA) on your choice of real estate in order to assist you in making an informed decision.
- We will go through the contract with you and help complete your offer.
- Negotiations will proceed until both buyer and seller agree on all terms and sign all documents. Documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered.
5. MAKE YOUR LOAN APPLICATION
- Give your loan officer a copy of the contract and apply for the loan.
6. INSPECT THE PROPERTY
- Select an inspector and arrange for both a general inspection and wood-destroying insect inspection.
- Review the inspection report and negotiate any repairs needed.
7. APPRAISAL AND SURVEY OF PROPERTY
- The lender and title company will make arrangements for the property appraisal and survey.
- You will be provided with a copy of the Title Commitment Letter.
- You will need to make arrangements for homeowner's (hazard) insurance, and for your insurance agent to talk with the closing officer at the title company.
8. SELLER'S CLOSING IS ALSO ARRANGED
- You will receive a copy of the closing statement for review prior to closing.
- You will do a final walk-through inspection of the property.
- We will arrange a closing date and time with the title company. The seller's closing will also be arranged.
- You will need to bring a cashier’s check for all closing costs and the balance of the down payment.
9. AFTER THE CLOSING
- Documents are sent to your loan company for approval and funds are disbursed.
- The title company receives and funds all money from the loan company. Payment of any accrued expenses in connection with the closing are due including taxes, attorney's fees, professional real estate fees and title company fees.
- Legal documents will be recorded in the office of the county clerk and mailed to you.
- The title company prepares and issues the title policy, and will then send it to you and the loan company.
10. HOW CAN LORENA HELP YOUR FRIENDS AND FAMILY?
- If you are happy with the services you received from Lorena Locke, provide referrals of your friends and family that are planning an upcoming move! Lorena will reach out to provide her help in the home buying, selling or leasing process.