Buying

What is The Buying Process 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
  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) to 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 me of your decision ASAP. I will be on standby if I feel 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
  • Are you prepared to pay cash above list price? If so, how much?
  • 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

Watermark Home Loans

1920 McKinney Ave #7H, Dallas, TX 75201

PadronLoans.com

(817) 913-6892

justin.padron@watermarkhomeloans.com

Stephanie Cigainero

Interlinc Mortgage

7711 San Jacinto Place #100, Plano, TX 75024

(469) 531-0257

stephaniec@lincloan.com

Devin Bullard (HECM & HECM for Purchase Specialist)

Fairway Mortgage

2624 Long Prairie Rd, Flower Mound, TX 75022

(530) 657-1319

devin.bullard@fairwaymc.com



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 and wood destroying ants) 888-462-7769

Foundation

  • Doug Rushing — MBR Foundation: 214-455-4076

Roofing

  • Luke Anderson, Colt Construction: 817-789-7588
  • Bryce Buford, Buford Roofing: 817-404-9071

Pools

  • Scooter Shaffer, Knock Out Pools: 817-458-1292

HVAC

  • Mark Garcia, North Texas Comfort: 682-564-5378
  • Alex Wright, JW Mechanical Systems: 817-771-1452

Electrician

  • Mike Love: 214-524-1243

Plumbing

  • Les Wells: 972-822-0270

Interior/Exterior Work

  • Complete Exterior Solutions: 214-735-1363
  • Greenway Designs: 469-506-3686

Handy Man

  • Patrick Price — justaguyandatruck.com: 682-319-9519
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