When you’re looking for real estate in Frisco, TX, you may think that finding the right home is the beginning of happily ever after. But finding the home of your dreams is just the beginning of a long process that includes securing a mortgage loan, negotiating a price, getting a home inspection and signing an endless stream of closing documents. And through each step of the process, there is the possibility that something will go wrong that can either delay your purchase of a home or stop it from happening at all.
1. The one thing that can sink a home sale fastest is lack of financing. An alarming number of home buyers go house hunting and find one house they fall in love with without ever visiting a mortgage lender to get pre-approved for financing. That’s why it’s so important to visit mortgage lenders before you shop so that you’ll know the maximum dollar amount that you can get a loan for. And with home loans even more difficult to get than in the past, you have to make sure that your finances are in order before approaching lenders. Clean up your credit and save up a substantial amount for a down payment and you are more apt to get the loan you need.
2. To keep your home from being added to the pile of defaulted-on home loans they have to deal with, lenders require that homes be appraised to insure that the amount the seller is asking is what the house is actually worth. An appraisal that is lower than the purchase price will mean your lender won’t loan you the full purchase price for the house. When the appraiser’s valuation and the seller’s don’t match, you won’t get the loan. Although this process primarily protects the bank or mortgage company, it also acts to protect homebuyers from overpaying for real estate in Frisco, TX.
3. Before a house is transferred from the seller to the buyer, a title search is conducted. The main things the title search clarifies are whether or not the seller has the legal right to sell the house, what kind of land-use restrictions or allowances pertain to the house and property and if there are any liens against the property. Often, big surprises in the title search can stop the purchase of the home. The seller may have neglected to pay a contractor for work done on the home, which means the contractor filed a mechanic’s lien against the property or the seller may owe unpaid child support or alimony. All debts have to be satisfied before the home sale can proceed.
Finding a professional realtor to help with real estate for salein Frisco, TX is the most important step you can take in your home search. Iryna Mitchell is that realtor. She not only knows the Frisco area, she also knows how to guide you through all of the steps involved in buying a home from securing financing to signing the final documents. Call Iryna Mitchell today at 903-439-5454 and visit irynamitchell to search home listings in the Frisco area.
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