Buying A Home in Texas

  1. Get pre-approval Letter from LOCAL LENDER (my local lenders are below)

  2. Find a home you love!

    1. Discuss offering strategy

  3. Submit offer by certain date

  4. Listing Agent will go over all offers

    1. Negotiations may happen

  5. You’re notified your contract has been accepted, contract executed

  6. Deliver option fee & Earnest Money to the Title office

    1. Option Fee check delivered before 5:00pm on the 3rd day of Option Period

      1. Applied to purchase of house

      2. Made out to Seller

    2. Earnest Money check to Title company before 5:00pm on the 3rd day of Option Period (depending on holidays)

      1. Entitled to receive Earnest Money refund as long as terminated for allowable reasons

      2. Made out to Title Company (they will tender—cash—the check)

    3. You may use electronic forms of payment!

      1. ZOCCAM for Earnest Money (Ask Title about ZOCCAM)

      2. Venmo or Zelle for Option Money (send to Seller's handle; screenshot receipt)

  7. Once we have executed the contract, agent (David) sends buyer a “Buyer’s Checklist” + "Critical Dates"

  8. Buyer schedules home inspection

    1. 4 preferred inspectors on our list

    2. Can do Wood Destroying Insects (WDI) Test if you want... (get the test if home is 10+ years old)

    3. Buyer attends inspection if they can make it; inspector gives summary

  9. Recap inspection

    1. Perfect homes have at least 18-page report, and will have code violations -- DON'T PANIC

    2. We're looking for material defects (Roof, Foundation, Plumbing, Electric, HVAC, Safety, Destruction, Mold)

  10. Buyers then tell Realtor (David) what they want repaired or how much money they want Seller to give them for the repairs

  11. Approach Seller with repairs

  12. Once repairs agreed upon, home goes to “Pending”

  13. Only thing left for Buyer is to comply with Lender requirements

    1. Financial papers

    2. It’s federal law to resubmit papers lots of times

    3. DO NOT finance any big purchases until AFTER closing (cars, boats, furniture, etc.)

  14. Get Title Commitment

    1. States what the Title Company is going to do in transaction, what liens are on the property, and what the Title Policy covers

    2. We will see what the title comes back with

      1. Buyer must read Commitment carefully

    3. HOA Bi-laws (if applicable)

      1. Buyer must review and see what’s acceptable to them

      2. Must receive every document in Bi-Laws!!

    4. HOA Insurance Rider

      1. Buyer must review and see what’s acceptable to them

    5. HOA Budgets

      1. Agent (David) gives courtesy look at budgets and see if HOA is underwater

      2. Buyer also checks HOA budget – see if HOA is organized

    6. HOA addendum

      1. Can terminate contract within 3 days after receiving HOA Docs!!!

      2. Entitled to refund of Earnest Money

  15. Schedule closing time and pick home warranty company/package

    1. Title companies suggest you close before 2:00pm so you can fund in the same day you close

  16. Final Walk-thru 24-72 hours before closing

  17. Go to close, sign papers, get keys!!!

  18. You own the home when your loan funds (if getting mortgage on property)

  19. Submit a testimonial for David -- It helps me get better/grow my business :)

Buyer's Guide to a Smooth Transaction

  • Use a local mortgage lender

  • Get "pre-approved" -- or even better --  have your lender get you "pre-underwritten"

  • Be prepared to move quickly to see homes you like, and to make a speedy decision at each one! We're not shopping. Once you have seen a home, please inform David of your decision ASAP. He will be on standby if he feels that you may want to make an offer on a home. We don’t want to miss any deadlines to submit offers and will want to submit as quickly as possible!

  • Can you pay cash and refinance later? Depending on the market, do it!

  • Consider paying the title policy

  • Consider waiving home warranty

  • Consider having a short option period with a higher option fee; or no option period

  • Consider raising earnest money deposit

  • Consider closing at the listing agents preferred title company

  • Consider waiving right to terminate due to appraisal; or if appraisal is over a certain amount

  • We will need to respond to negotiations promptly. During this process be prepared to answer any phone calls, texts, or emails from me ASAP. If I am calling you during this time it is not to talk about the Dallas Cowboys (Lord, help them...)

  • Be prepared to make a 30 second to 1 minute video explaining why you love the house that you are making an offer on. We will submit this with your offer

  • Be prepared to get an option fee and earnest fee to my office within 24 hours of executing a contract

  • Yes!!! We are contracted!! What do we do next?? Once we get executed you will be receiving a new checklist with action items from us

My Preferred Local Lenders

Justin Padron

CrossCountry Mortgage

 

550 Reserve Street, Suite 190 & 250, Office 24

Southlake, TX 76092

 

c: 817-754-1498

e: justin.padron@myccmortgage.com

Stephanie Cigainero

Interlinc Mortgage

7711 San Jacinto Pl #100

Plano, TX 75024

c: 469-531-0257

e:stephaniec@lincloan.com

Devin Bullard

HECM & HECM for Purchase Specialist

Fairway Mortgage

2624 Long Prairie Rd  #102
Flower Mound, TX  75022

c: 530-567-1319

e: devin.bullard@fairwaymc.com

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Service Providers

Home Inspectors

Prospect Inspection (Lee Warren): 469-682-0341

 

Smith Inspections (Jeff Smith): 817-430-4210 (can also do termite inspection for additional $’s)

 

Tim Bethel Inspector: 214-668-1249

 

Pillar to Post Inspectors (Ken Duggan): 214-399-5862

Pest Control

Arrow Pest Control (Termites & Wood Destroying Insects

888-462-7769

Foundation

Doug Rushing

MBR Foundation

214-455-4076

Roofing

Luke Anderson

Colt Construction & Roofing

817-789-7588

Bryce Buford

Buford Roofing & Construction

817-404-9071

Pools

Scooter Shaffer

Knock Out Pools

817-458-1292

HVAC

Mark Garcia

North Texas A/C

682-564-5378

Alex Wright

JW Mechanical Systems

817-771-1452

Plumbing

Mark Ondres

Schrader Plumbing

817-262-0989

Les Wells (Dallas Area)

Moonlight Plumbing

972-822-0270

Interior/Exterior Work

Ashlee Kratohvil

Complete Exterior Solution

214-735-1363

Omar Hernandez

B&B Remodeling

214-288-9381

Handyman

Carlos Diosdado

940-273-2855

Patrick Price

justaguyandatruck.com

682-319-9519

Electrician

Mike Love

214-524-1243

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