A Guide to Dallas Fort Worth Texas Real Estate

The Home Buying Process in North Texas

Have your credit pre-approved by our in-house lender at David Winans GMAC Real Estate
Receiving a mortgage credit pre-approval means you have received a loan commitment from our Texas Loan Center mortgage company before you have found a Dallas / Fort Worth home, based on a review of your credit and finances. A credit pre-approval shows sellers that you are a well-qualified buyer and helps you establish a clear price range of Texas homes and real estate.

The credit pre-approval process
The process of applying for a home credit pre-approval is the same as a typical mortgage loan application, except that it doesn’t include information on the Dallas Texas real estate you will purchase. Your Texas Loan Center mortgage officer collects information on your credit, income, assets, and debts, and sends this financial information through an underwriting system. If the underwriting process determines that you qualify for a loan, you will receive a loan commitment for up to a certain amount, which is contingent on the property meeting certain criteria. Now it is time to have your GMAC Real Estate sales associate show you real estate in Dallas / Fort Worth Texas! David Winans GMAC Real Estate has four offices in North Texas including Dallas, Southlake-Colleyville, Arlington and Mansfield.

Benefits of having your credit pre-approved
There are many good reasons for getting a free credit pre-approval before you buy a home in Dallas / Fort Worth Texas:

  • It makes your DFW home search more efficient by allowing you to focus only on the homes you know you can afford.
  • It lets DFW sellers know that you can back up your offer, so they don’t have to worry about whether you can get a mortgage loan or not.
  • It lets you know early in the process if you will have difficulty getting a mortgage in Texas, so you have a chance to address problems before finding a local DFW home.
  • It gets most of the mortgage loan process out of the way up front, so you can complete your real estate transaction quickly after you find a home in Dallas/ Fort Worth.David Winans GMAC real estate serves the entire North Texas area including Frisco TX real estate, Plano TX real estate, Flower Mound TX real estate, Arlington TX real estate, Mansfield TX real estate, Coppell TX real estate, and McKinney TX real estate.

Go House Hunting in Texas

Now that you’ve had your mortgage credit pre-approved by our mortgage company and know how much you can afford, it’s time to go house hunting for that certain piece of real estate in Texas.

You may look at one Dallas home or two dozen before you find the one that’s right for you. Just keep an open mind, and focus on the things that are really important to you, and you’re sure to find a place where you’ll feel at home in Texas.

Choosing a neighborhood
House-hunters should keep in mind the familiar adage about the three most important features of a home: location, location, location. That’s because finding the right home in Dallas real estate for you and your family has as much to do with the neighborhood as with the home itself. In fact, you’ll probably notice during your real estate search in Dallas Texas, that a home in one area costs much more than a similar home in another. Factors like safety, school quality, and proximity to shopping and entertainment all contribute to demand for homes in a given neighborhood.

Beyond price, what you look for in a neighborhood probably has a lot to do with your personal situation. How far are you willing to commute to work on Dallas freeways? How close do you want to be to family and friends? Do you have young children who would enjoy a nearby playground? Picturing your day-to-day life in a certain neighborhood is a good way to predict whether you will feel comfortable there. Remember that our four offices service the entire North Texas area including Southlake TX real estate, Colleyville TX real estate, Keller TX real estate, Copper Canyon TX real estate and the entire Northeast Tarrant county area.

Considering different house styles
You may want to look beyond the traditional detached single-family homes. Condos, highrises, town houses, and duplexes can be more affordable options, especially if you’re looking in a densely populated area. These types of housing may not offer as much yard space or privacy as single-family homes, but those may not be as important to you as the chance to own a home in the neighborhood of your choice. Your sales associate with David Winans GMAC Real Estate can help you with all your needs in finding real estate in Dallas / Fort Worth Texas.

Building a new home
If you’ve looked and looked for your dream home without success, or if you want to be the very first owner of a brand new home, consider building. You’ll have more opportunity to customize the home’s features and design, more up-to-date appliances and building materials, and usually a builder’s warranty to cover problems that come up in the first year. A sales associate with David Winans GMAC Real Estate can locate all new homes in Texas. Our four offices service all areas of North Texas including Cedar Hill TX real estate, Midlothian TX real estate, Grand Prairie TX real estate, Duncanville, TX real estate.

Make an Offer

So, you’ve found Dallas real estate you want to buy. Congratulations! Now you need to decide how much you’re willing to pay to make it yours. In today’s Texas real estate market multiple offers on the same home are commonplace, so you may only get one chance to make an offer that the seller will consider. That’s why it’s important to think carefully about your strategy.

Your Texas GMAC real estate agent should be able to give you a list of similar homes nearby that have sold recently, and for how much. Although you can’t directly compare the home you want with the homes on the list without ever having been in them, you can use the list of comparable sales to get a general idea of the neighborhood’s price range.

In addition to sale prices for other homes, there are several ways you can determine a good amount to offer:

  • The condition of the home. Is the home in move-in condition, in need of paint and other cosmetic improvements, or is it a fixer-upper?
  • The market. If you are in a buyer’s market—where there are more homes for sale than there are people to buy them—prices are probably stable or falling. If you are in a seller’s market—where there are more buyers looking for homes than there are homes for sale—prices are probably moving upward.
  • Your threshold. If you’ve gotten a credit pre-approval, you know how much you can borrow for your home purchase. Of course, you may not be comfortable paying as much as you’ve been approved to borrow, so think carefully about your financial situation before making an offer on a home in Dallas, Texas.

Our four offices service all of North Texas including Rockwall TX real estate, Garland TX real estate, Wylie TX real estate, Allen TX real estate.

Get a Home Inspection

When you are making what is likely the largest investment of your life, you should know as much as possible about what you are purchasing. That’s why it’s a good idea to have all DFW homes inspected before you make your purchase in Texas. Most Texas real estate contracts contain provisions for a home inspection to be performed within a certain time frame.

Finding a home inspector
It’s very important that you choose a qualified Texas real estate home inspector who has plenty of experience with residential homes. You may also want to ask your real estate agent for a list of reputable companies that do inspection on homes in Texas.

What the inspection should cover
At a minimum, the Texas real estate inspector should examine the following:

  • Exterior structural components, including the foundation, roof, siding, and chimney.
  • Interior structural components, including the basement or crawlspace, attic, flooring, and ceilings.
  • Major systems, including heating, cooling, plumbing, and electrical.

You should make every effort to be at the home during the inspection so that you will have an opportunity to ask questions and see first-hand what the inspector looks at. You should receive a detailed inspection report with descriptions, and possibly photographs, of any problems with the Texas home.

Close the Deal

You’ve found your piece of Texas real estate, agreed on a price with the seller, had the home inspected, and now you’re ready for the closing, where you will officially take ownership of the property. Welcome to the end of the home buying process—and the beginning of your homeownership journey.

When to schedule your closing
The closing date will depend on when the DFW home seller is ready to move out, when you are ready to move in, and when all of the mortgage details have been finalized. You may want to request a closing date near the end of the month in order to minimize the amount of interest you have to prepay on your mortgage.

Who should be there
Closing practices vary based on location, but attendees may include the following:

  • Buyers and sellers
  • Real estate agents for the buyer and seller ( David Winans GMAC Real Estate)
  • Closing agent
  • Title company representative
  • Mortgage company representative

What happens at closing
Despite all the new technologies that are streamlining the mortgage process, the closing phase remains very paper-intensive. You will have to review and sign a hefty stack of documents, some of them in duplicate and triplicate. You will also have to pay for any closing costs, including:

  • Lender fees, such as an appraisal fee, credit reporting fee, origination points, and discount points
  • Third-party fees for services not provided by your lender, which may include a settlement fee, title insurance, and attorney’s fees
  • Prepaid items that must be paid to your lender in advance, such as prepaid interest, hazard insurance, and deposits to set up a home escrow account

Move into Your New Texas Home

So you’re ready to start life in your new Dallas / Fort Worth home — congratulations! Now all you have to do is get yourself, your family, and your belongings there intact. You can save time and energy by hiring a moving company, or save money by doing it yourself — it all depends on how much stuff you have, how far you’re moving, and how much you can afford to spend.

Hiring a moving company
The key to choosing the right mover is trust. To find a company you can have confidence in, look for one that:

  • Has been in the Moving business many years
  • Has a clean record with the Better Business Bureau®
  • Can provide a number of references to satisfied customers in Texas
  • Meets the standards of your state’s professional association for moving companies, if there is one

Settling in
Making yourself at home in your new surroundings in Texas is about more than unpacking. Try to explore the neighborhood and get acquainted with new neighbors right away. Ask about stores, playgrounds, and places of worship, so you don’t have to put your life on hold while you familiarize yourself with the area in Texas.

Five Tips on Selling Your Texas Home

1. Hire a good agent
Some Texas home sellers choose to go the FSBO (For Sale by Owner) route in order to avoid paying a sales commission—but for many people, a good Realtor is the key to a successful sale.

You should expect your realtor associate to help you:

  • Set the right price. Texas realtors can give you information on recent comparable DFW home sales in your area, helping you understand pricing in the local market.
  • Do the leg-work. Creating advertisements, screening prospective buyers, and showing your home are all very time-consuming and labor-intensive.
  • Review the contract. A Texas real-estate sales contract is a complex and legally binding document—a realtor professional can help you make sure it reflects your interests.
  • Find the right buyer more efficiently. A good realtor will know how to screen for buyers who are most likely to want your house and be able to make a good offer on it.

2. Think like a buyer
Prospective buyers who look at your Texas home will probably have looked at other homes for sale in the area. You should do the same. Buyers will be comparing your home to the ones they’ve already seen, and looking at them yourself may give you an edge on the competition.

Ask your agent for information on comparable homes that have sold recently, and any that are currently on the market. Drive by each one and note your first impression — you may get ideas for enhancing your own home’s curb-appeal.

3. Hire your own inspector
A Texas home inspection isn’t just for buyers. Hiring an inspector before you put your home on the market can be a smart move if you want to prevent — or at least prepare for — any issues that might come up during the buyer’s inspection. Uncovering problems ahead of time can give you:

  • A much smoother process. The more problems you correct before the sale, the less likely it is that a defect will stall the process.
  • More accurate pricing. Rather than having to haggle over the price because of defects, you can set your asking price to account for the cost of repairs.

Make sure you choose a qualified real estate inspector with plenty of experience. You may want to ask your Realtor for a list of reputable companies, or contact a professional association of home inspectors to find out if there are certified members in Texas.

4. Spruce up before you sell
Some relatively small and inexpensive improvements can make your home much more attractive to home buyers — but be careful not to overdo it. A remodeled kitchen is sure to fetch a higher sale price, but probably not enough to pay for itself. A sparkling-clean kitchen with a fresh coat of paint, on the other hand, can make a valuable impression on buyers at a low cost.

Keep these tips in mind as you prepare your house for showing:

  • Start outside to create curb appeal. Sometimes the key to getting buyers inside your home is to make them notice the outside. A mowed lawn, trimmed hedges, and clean siding can give a neat and tidy first impression.
  • Get rid of the clutter. Home Buyers want to be able to visualize themselves living in your home—seeing lots of pictures on the walls and personal items lying around makes that more difficult.
  • Hire a professional home cleaner. Cleanliness can have a major impact on your sale, especially when it comes to kitchens and bathrooms. Cleaning your personal home yourself may be okay, but for a truly spotless home a professional cleaning can be a good investment.

5. Sell when the season is right
Listing your home at the right time of year can make a big difference in how quickly it sells and for how much.

Spring and summer In most home markets, home sales usually peak during April and May, and often remain strong through July. This is the preferred time for most families to move because it falls at the end of the school year and brings warm weather.

Autumn and winter
Like the weather, the real estate market tends to cool off quite a bit during the late fall and winter months. That doesn’t mean you can’t sell your home, though. You may be able to get a better price because there will likely be fewer Dallas homes on the market. It can also be an advantage if you’re looking for a quick closing, because buyers will be eager to close by year-end so that they can claim a mortgage deduction on their real estate taxes.

Call 1-800-836-4374 today to receive professional assistance from one of our realtors or mortgage loan officers.
All information provided is deemed reliable but is not guaranteed. TexasMLS.com® is a service of David Winans GMAC Real Estate, an independently owned and operated firm. GMAC is a registered trademark of General Motors Acceptance Corporation. Equal Opportunity Housing Provider.