The Home Buying Process In Frisco, TX
When I am working with a client to assist them in purchasing a home in Frisco, TX I feel it is very important for them to know what is going on throughout the transaction when purchasing a home in Frisco, TX.
There are many moving parts to a real estate transaction and even if this is not the first home you have purchased before it can still become confusing. Below I have outlined some of the main aspects of a home buying transaction.
- Find a LOCAL REALTOR® to represent you.
- Get a Pre-Approval from a local lender.
- Be ready to make an offer quickly once you find the house you like.
- Find the house of your dreams.
- Make an offer on the house.
- The mortgage company then begins processing your loan
- You will get a preliminary title report.
- During your option period (usually 7-10 days after contract execution) you will need to get home inspections completed.
- The seller will provide a sellers disclosure on the property even if they have never lived in the home.
- The lender will have an appraisal completed to confirm the market value of the property.
- Your loan should be approved.
- Find a home insurance company that will provide you with Hazard Insurance on your new property.
- The escrow officer at the title company will confirm that all conditions to the contract have been removed.
- 24-48 hours before the closing, a final walk through of the property will be completed.
- Escrow instructions and loan documents reach the title company preferably a few days before closing.
- I attend your closing with you, and this is where you sign the docs and give the title company your down payment money.
- After the lender approves the documents, the loan is funded.
- When the escrow is closed a final account and settlement statement is delivered to all parties.
- It is at this point that keys can be given to the buyers.
* Note: You won’t be able to get the keys to your new home until the loan has “funded”. This usually happens within a few hours of closing however it is dependent upon the mortgage company and not the title company. For this reason I try to avoid scheduling a closing for Friday afternoon. The mortgage companies do not work at the weekend so if you close on a Friday afternoon the loan may not get funded until Monday morning so you won’t be able to move into your new home until then. Also try to avoid closing at the end of the month as title and mortgage companies are very busy so things take longer.
We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.
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