Moving to the Dallas - Fort Worth Metroplex? Get your answers and make your buying decisions easy by using our resource guide.
| Working with a Realtor |
ATTORNEYS
Purchasing a home is typically the single largest investment most people will make in their lifetime. This is one good reason to have an attorney review and explain all of the documents before the signing. The buyer’s real estate agent can recommend a good real estate attorney.
CLOSING
Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately.
Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers and other documents are prepared, signed and filed with local property record offices.
What you need to do: One of the best parts of settlement is that buyers and sellers need to do very little. Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes.
ALTERNATIVE BUYING OPPORTUNITIES
While alternative real estate buying options are limited to a small percentage of transactions, they can arise. Foreclosures, short sales, and auctions sales are some of the types of listings you may encounter in the marketplace so be sure you understand the nature of these sales when deciding how to proceed. Always consult with your Realtor® or an advisor if you’re in need of more information.
— Foreclosure Properties
While foreclosures may initially appear to be an appealing homeownership option, it’s also essential to recognize that investing in foreclosure properties is not a simple process. This is a niche market with many subtle but important nuances, requiring considerable specialized knowledge, experience and contacts.
If you decide to pursue a foreclosure purchase, you’ll want to work with an experienced Realtor® who can educate you on the process. He or she can help you crunch the numbers, determine a logical purchase plan, avoid potential set-backs, and assist you with all the unique processes and paperwork involved with foreclosures.
— Short Sales
The short sale buying option is becoming more common in places where homeowners paid higher prices for their homes a few years ago than the homes are currently worth now. Short sales are an alternative to a foreclosure. When the borrower can no longer make the mortgage payments as agreed, he is faced with many decisions. One is to allow the lender to foreclose. Another is to get the lender to agree to accept a payoff of less than the balance owing on the loan.
— Auction Sales
Auctions have become more popular, in part, because property owners recognize that taxes, maintenance, financing and other costs can significantly erode their equity, especially if the property sits idle for many months. Auction sellers can effectively pick their sale date. They also may be sending a strong signal that they’re motivated to sell, depending on the type of auction method chosen.
As a homebuyer in the auction process, you are able to determine the price you will pay. The seller may set a minimum price, and you will still have to compete with other buyers, but the actual selling price is ultimately set by you, which differs from houses listed for sale through brokerage firms, where the seller sets the price, and the rest of the purchase process is about negotiating a sale.
Even though auctions are managed differently than traditional brokerage sales, it’s still a good idea to engage the help of a qualified Accredited Buyer’s Representative or Realtor®. Your agent can assist you by providing a competitive market analysis and other information that will be helpful in developing your pricing strategy. He or she can also help you review the disclosure package, accompany you to any presale inspections, explain the sales terms and auction procedures, coordinate attorney reviews, assist in prearranging financing and act as your representative in managing transaction paperwork with the auction company.
Purchasing a home is typically the single largest investment most people will make in their lifetime. This is one good reason to have an attorney review and explain all of the documents before the signing. The buyer’s real estate agent can recommend a good real estate attorney.
CLOSING
Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately.
Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers and other documents are prepared, signed and filed with local property record offices.
What you need to do: One of the best parts of settlement is that buyers and sellers need to do very little. Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes.
ALTERNATIVE BUYING OPPORTUNITIES
While alternative real estate buying options are limited to a small percentage of transactions, they can arise. Foreclosures, short sales, and auctions sales are some of the types of listings you may encounter in the marketplace so be sure you understand the nature of these sales when deciding how to proceed. Always consult with your Realtor® or an advisor if you’re in need of more information.
— Foreclosure Properties
While foreclosures may initially appear to be an appealing homeownership option, it’s also essential to recognize that investing in foreclosure properties is not a simple process. This is a niche market with many subtle but important nuances, requiring considerable specialized knowledge, experience and contacts.
If you decide to pursue a foreclosure purchase, you’ll want to work with an experienced Realtor® who can educate you on the process. He or she can help you crunch the numbers, determine a logical purchase plan, avoid potential set-backs, and assist you with all the unique processes and paperwork involved with foreclosures.
— Short Sales
The short sale buying option is becoming more common in places where homeowners paid higher prices for their homes a few years ago than the homes are currently worth now. Short sales are an alternative to a foreclosure. When the borrower can no longer make the mortgage payments as agreed, he is faced with many decisions. One is to allow the lender to foreclose. Another is to get the lender to agree to accept a payoff of less than the balance owing on the loan.
— Auction Sales
Auctions have become more popular, in part, because property owners recognize that taxes, maintenance, financing and other costs can significantly erode their equity, especially if the property sits idle for many months. Auction sellers can effectively pick their sale date. They also may be sending a strong signal that they’re motivated to sell, depending on the type of auction method chosen.
As a homebuyer in the auction process, you are able to determine the price you will pay. The seller may set a minimum price, and you will still have to compete with other buyers, but the actual selling price is ultimately set by you, which differs from houses listed for sale through brokerage firms, where the seller sets the price, and the rest of the purchase process is about negotiating a sale.
Even though auctions are managed differently than traditional brokerage sales, it’s still a good idea to engage the help of a qualified Accredited Buyer’s Representative or Realtor®. Your agent can assist you by providing a competitive market analysis and other information that will be helpful in developing your pricing strategy. He or she can also help you review the disclosure package, accompany you to any presale inspections, explain the sales terms and auction procedures, coordinate attorney reviews, assist in prearranging financing and act as your representative in managing transaction paperwork with the auction company.
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