BUYING

Pre-qualifying for your mortgage loan on one of our Coppell homes is very important. It is a preliminary commitment from your lender to make your loan. Home affordability is based on many factors, not just income. Credit ratings and debt will directly affect your interest rate. Your interest rate will affect just how much home you can buy. That’s why pre-qualification is so vital to this process. Also, when you do ultimately find the home you want to purchase, the seller will want a copy of your mortgage pre-qualification letter to verify that you have the buying power to purchase the home they are trying to sell.

With Coppell Realty, buying one of our Coppell homes is not difficult because we have the needed experience. We will lead and consult with you every step of the way. We will help you with your search rather than sell you on a piece of property. We will search hundreds of Coppell homes with your criteria in mind and instantly email you the listings of every one that matches your parameters.

We will find a number of Coppell homes for you that fit your goals and desires. Then, we’ll schedule appointments to show them to you. You will have an opportunity to narrow your selection and we will set appointments for second showings.

When you feel comfortable with the Coppell home you have selected, Coppell Realty will run a “CMA” (Comparative Market Analysis) to show you what similar homes have recently sold for in the subject neighborhood. This is done so that you can properly price your offer. The right price will fairly reflect the true market value.

Coppell Realty will prepare your Coppell home offer in writing that will include all of your terms and conditions for the purchase such as:

• Schedule – a schedule of events that has to happen before closing.
• Conveyances – the items that stay with the home when the sellers leave.
• Home Inspections – your due diligence prior to closing.
• Option period and fee – the time allotted in which to do your due diligence and further determine if the Coppell home is right for you. There is usually a small option fee to be paid. The option fee buys your right to check everything out and feel comfortable with your purchase prior to your contract going hard into the earnest money.
• Earnest money – money put in escrow with a title company to show your good faith to the sellers. It also serves to protect each party from backing out of the contract.
• Commission – the real estate commission or fee, for both the agent who works with the seller and the agent who works with the buyer.
• Closing costs – it is standard for buyers to pay their closing costs, but you can roll most costs into the loan.
• Home warranty – this covers repairs or replacement of appliances and major systems after you have purchased the home. (You can always ask the seller to pay for this.)
• Your offer will be negotiated by the sellers and that is where our experience at Coppell Realty is so invaluable because we are well trained in negotiating contracts. The Seller’s motivation, current market conditions, types of financing, and average length of time for properties on the market are some of the key factors impacting the negotiating process. A properly negotiated contract will get you the best possible value.

• It is important to recognize the competitive nature of the real estate market and the likelihood of competing offers. Realize that in a competing offer situation, only one offer will result in a sale and one or more Buyers may be disappointed. Also, a Seller is not obligated to acknowledge, counter or reject an offer and they may or may not inform other Buyers of the existence of an offer to obtain a better price or terms.

Once your offer is accepted, you will choose from a list and hire an inspector to perform a home inspection in which you will find out everything about the home. The property inspection will expose the secret issues a home might hide so you know exactly what you are getting into before you sign your closing papers. The major concern is possible structural damage. Smaller things that can be easily fixed are typically overlooked. If you have a major problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.

The final stage of the Coppell home buying process is the lender’s appraisal and clearing all of your final conditions to close. This will also include your continued credit-worthiness. Coppell Realty will keep you posted on all the Coppell home buying progress, but your work is pretty much done.

You just have a few pre-closing responsibilities:

• Stay in control of your finances and don’t make any major purchases.
• Return all paperwork promptly.
• Keep all communication lines open.
• Just prior to closing, we will confirm that all of your documentation is in order.
• Obtain certified funds for closing. The amount needed will be known well in advance.
• Conduct a final walk-through of the home prior to closing to avoid any surprises.

On closing day, with the guidance of Coppell Realty and the Title Company, you will sign documents that:

• Finalize your mortgage.
• Insure the home.
• Pay the seller.
• Pay your closing costs.
• Transfer the title from the seller to you.
• Make arrangements to legally record the transaction as a matter of public record.

The closing at the title company will take about an hour to complete, but as long as we have a clear and open line of communication all throughout your home buying process, your closing will be a fun and exciting conclusion and only the beginning of your new home owning experience.

Our goal is to develop a rapport with our clients right from the start of their home-buying experience. We will have spent a lot of time together during this process and had the opportunity to get to know each other very well. Our desire is to stay in touch and continue our relationship, even after your purchase. We want to continue our assistance to you now that you have transitioned from a home buyer to a home owner. Coppell Realty can be a valuable resource to you for years to come by:

• Recommending our trusted sources to help you maintain or remodel your home.
• Help you keep track of trends and values of the homes in your neighborhood.
• Help provide you current market data to assist in lowering your tax assessed value should you feel the value needs contesting.
• Help your family and friends find new homes.
• Help you sell and purchase your next home when you are ready to downsize or upsize.

Paying special attention to your home’s maintenance needs is essential to protecting the long-term value of your investment. You will need to keep it clean and perform routine maintenance. Also be watchful of all tell-tale signs of problems such as leaks, cracks, wear.

Questions you need to ask before choosing your next REALTOR

• How long have you been in the real estate business?
• Is this your full-time job?
• What designations do you hold?
• How many days does it take you to sell an average home?
• What is your average list-to-sales-price ratio?
• What is your marketing plan and strategy?

• What are the top three things that make you different?
• What are your affiliations with related professional organizations?
• Who are your recommended service providers?
• What are your fees? How much will your service cost me?
• Do you advertise a personal guarantee?
• Are you a good listener?
• What is your business philosophy and how will you keep me informed about our progress? How often?

• Could you please give me the names and phone numbers of your three most recent clients?