Drennan Realty

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Lynell Drennan - Broker/Owner
404 Fourth St. Graham, TX 76450
Office: (940) 549-8555
Fax: (940) 549-1585

Steps to Buying a New Home

Buying a new home can be daunting but just like any important task,

planning and preparation are imperative.  Start by being pro-active

about saving money in a savings account ahead of time for the 

earnest money deposit, down payment and closing costs.

Contact a bank or mortgage lender to discuss your loan 

options and have them determine how much you 

qualify for.  Obtain a prequalification letter from your 

lender, which is usually good for a specified period of time and

for a specific amount.  Having a prequalification letter available

to submit with your offer, will make your offer more appealing

to a seller.  Don’t despair if the lender rejects your initial loan

application.  Oftentimes there are credit issues that simply must 

be addressed prior to obtaining a mortgage loan. Once you’ve

received a “green light” from your lender, and have the prequalification

letter in hand, contact your favorite local real estate agent (me, please!)

to discuss homes that are currently available in your price range.  Narrow

your search to three or four homes that meet all of your criteria (too

many can be overwhelming) and ask your agent to schedule the

showings.  Take mental notes and/or physical notes, photos,

and videos if necessary.  Once you’ve toured the homes and found 

your favorite, ask your agent to inquire about specific questions

you have about the property.  Sometimes an agent can obtain a

Seller’s Disclosure Notice form or other documentation that might be

beneficial during the decision making process.  Discuss

your potential offer with your agent and then have them prepare

a written, detailed offer.  Review the written offer with your

agent, and/or your attorney, prior to signing it.  Ask your agent to

submit your signed offer, along with the aforementioned 

prequalification letter, to the seller’s agent.  If the seller accepts

your initial offer, congratulations!  If not, then perhaps the seller will 

respond with a counteroffer that you and your agent can discuss 

and determine the best course of action.  Having an exceptional

agent who knows your local market and keeps your best interest

in mind is crucial these days.  Your agent is required by the Texas

Real Estate Commission to present to you (at the first substantive

discussion about real estate) and explain, the Information

About Brokerage Services form.  It will explain which party an  

agent represents in a specific transaction scenario.  You will be

asked to initial and date the form which is kept on file at 

your agent’s office.  Once you and the seller are in complete

agreement regarding every detail contained in the offer,

and all parties to the transaction have initialed and signed it, then

the final date of execution is inserted and it becomes

a fully executed contract.  Every course of action contained in

the contract is based on the executed date.  Written real estate contracts

and addenda are legally binding so please be sure that you

understand what is expected of you prior to signing.

The title company, your lender, and your agent will work in

unison with you, and often other outside parties, to prepare

and coordinate the documents and tasks necessary to reach 

the closing table.  You will be responsible for gathering and

submitting any and all documentation that your lender and/or 

the title company requires. If you’ve requested and paid for

an option period, which is typically 7-10 days after the 

executed date and during which time you may have inspections

completed, then you will be involved in communications

with your inspector and your agent to determine whether 

any repair requests will be made.  Once past the option

period, the majority of the title work will begin and the

appraisal will be ordered by your lender.  Sometimes a new

survey is ordered prior to the closing date.  While you are in 

contract your lender will advise you not to open any new 

credit accounts in your name, charge on any existing credit

cards, purchase anything expensive (including furniture and

appliances), co-sign for anyone, or change jobs or positions

within your company until after closing and funding occurs.

The closing process usually takes anywhere from 30 to 60

days depending upon several factors, and can sometimes 

be extended when necessary. Once you and your agent 

arrive at the closing table, all of your patience and efforts

will pay off and you will promptly hold the keys to your

brand new home.  Congratulations!  Let the BBQ’s, family

gatherings, fun times and wonderful memories begin!

Written by Arrenia Drennan-Pillans with Drennan Realty

on March 14th, 2019.

Filed Under: Uncategorized

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