Jennifer Raney Herriage: Broker and Investor

Turning Properties into Profits, Homes into Dreams

The Homebuying Process

Homebuying Process Overview: How a REALTOR® Can Help

1. Get Pre-Approved and Meet with Your Agent

  • Meet with a Loan Officer: Start by sharing your income and other financial information to determine the mortgage amount for which you qualify. This step helps you understand your budget and sets the foundation for your home search.
  • Get Pre-Qualified: Obtain a pre-approval letter, which strengthens your position as a serious buyer and can give you an edge in a competitive market.
  • Understand Borrowing Costs: Obtain a “Truth in Lending” letter, which explains the costs of borrowing money. This document outlines your loan terms, interest rates, and other costs.
  • Explore Loan Options: Learn about the various loan types available in today’s market to find the one that best suits your needs.
  • Review Closing Costs: Familiarize yourself with the closing costs involved in purchasing a home, so you’re not caught off guard later.
  • Start Viewing Homes with Your Agent: Begin touring homes that match your criteria. Be open and candid with your agent about your needs and preferences, as this helps them better serve you.

2. Prepare the Offer

  • Comparative Market Analysis (CMA): Your agent will provide a CMA on the house you choose to help you make an informed decision on your offer.
  • Offer and Negotiation: Your agent will guide you through the contract and assist in preparing your offer. Negotiations will continue until both buyer and seller agree on the terms.
  • Title Company Involvement: All documents are sent to the title company, where a file is opened, and title commitment and property tax information are ordered.

3. Make Your Loan Application

  • Submit Your Application: Give your loan officer a copy of the contract and officially apply for your mortgage.
  • Property Inspections: Select an inspector for a general inspection and a wood-destroying insect inspection.
  • Appraisal and Survey: The lender and title company will arrange for the property appraisal and survey. You’ll receive a Title Commitment Letter outlining the property’s title status.
  • Homeowner’s Insurance: Arrange for homeowner’s insurance and ensure your insurance agent contacts the closing officer at the title company.

4. Closing Process

  • Review Closing Statement: Before closing, review the closing statement to understand the financial details of the transaction.
  • Final Walk-Through: Conduct a final walk-through inspection of the property to ensure it’s in the agreed-upon condition.
  • Closing Date: Your agent will arrange the closing date and time with you and the title company. The seller’s closing is also arranged.
  • Bring Funds to Closing: Bring a cashier’s check for closing costs and the balance of your down payment.
  • Post-Closing: After the closing, documents are sent to the loan company for approval, funds are disbursed, and legal documents are recorded with the county clerk. The title company then issues the title policy to your loan company and you, the new homeowner.

IT’S NOW TIME TO ENJOY YOUR NEW HOME!

How I Help

I Will Save You Time By:

  • Organizing and accompanying you to view homes that meet your criteria.
  • Providing information on neighborhoods to help you find the right area for work, worship, and family activities.
  • Offering sales information on your chosen neighborhood to help you make informed decisions.
  • Showing you MLS properties, so you don’t need to contact multiple offices.
  • Working with all builders throughout the Metroplex.
  • Negotiating your offer to your best advantage.

You Can Expect That I Will:

  • Understand your needs, desires, and goals as a buyer, and help prioritize them.
  • Provide information about agency choices and available services.
  • Organize and guide you through the home buying process to save you time.
  • Search for the right home, always accompany you to property showings, and represent your interests.
  • Explore financing options with you and provide a list of reputable lenders.
  • Prepare a comparative market analysis to ensure an informed purchase decision.
  • Disclose all known information about properties and areas of interest.
  • Assist in preparing offers, strategize the offer, and negotiate on your behalf.
  • Maintain the confidentiality of your personal information.
  • Monitor the closing process and keep you informed every step of the way.
  • Provide lists of inspectors to assess the property condition.
  • Act as your advocate, treating all parties fairly and honestly.

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