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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose Real Estate Experts

Can you shop for, look at, and ultimately make an offer on a home without real estate experts? Technically yes, but why would you when it costs you nothing for agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Passion & Expertise

Our goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. We are dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

See Why Our Clients Love Us

Testimonials

"Allison Reimschussel is the best realtor anyone could ask for. I've known Allison as a friend since 2017 and using her as a realtor was the best decision I could have made. She helped my husband and I through the entire home-buying process and now we own our very first home! Allison is attentive, compassionate, and a go-getter! She will help you get the home you want and make sure it's a good deal!"
"Allison Reimschussel is the best realtor anyone could ask for. I've known Allison as a friend since 2017 and using her as a realtor was the best decision I could have made. She helped my husband and I through the entire home-buying process and now we own our very first home! Allison is attentive, compassionate, and a go-getter! She will help you get the home you want and make sure it's a good deal!"
Megan S.
"Austin was responsive and honest in negotiating pricing and helping us navigate the buying process with so many moving parts. He was helpful at getting us to viewings and having recommendations for inspections and even paint or flooring for after close. Thank you, Austin!"
"Austin was responsive and honest in negotiating pricing and helping us navigate the buying process with so many moving parts. He was helpful at getting us to viewings and having recommendations for inspections and even paint or flooring for after close. Thank you, Austin!"
Jason R.
"We’ve used Nail & Key twice now for buying, selling, or renting, and they have been wonderful both times! Davis made the process smooth and was so helpful and knowledgeable! We very highly recommend Davis and the Nail & Key team!"
"We’ve used Nail & Key twice now for buying, selling, or renting, and they have been wonderful both times! Davis made the process smooth and was so helpful and knowledgeable! We very highly recommend Davis and the Nail & Key team!"
Emily N.
"My husband and I just purchased our first home with Austin and the team at Nail & Key. It was a gift to work with Austin due to his realty expertise in the DFW Metroplex, his attentiveness to our priorities for a home, and his thoughtful guidance through the process of buying a first home. Austin's wisdom and guidance gave us great comfort as we navigated the months of trying to find the right home for our family. We will recommend Nail & Key to all of our friends and family!"
"My husband and I just purchased our first home with Austin and the team at Nail & Key. It was a gift to work with Austin due to his realty expertise in the DFW Metroplex, his attentiveness to our priorities for a home, and his thoughtful guidance through the process of buying a first home. Austin's wisdom and guidance gave us great comfort as we navigated the months of trying to find the right home for our family. We will recommend Nail & Key to all of our friends and family!"
Katie Á.
"I just purchased my first home and I am so grateful for Holly Davis and the team at Nail & Key! Holly is professional, knowledgeable, and caring. She patiently walked me through every step of the process, continually communicating and advocating for me along the way. It was a joy working with her and I couldn't recommend her and her team more!"
"I just purchased my first home and I am so grateful for Holly Davis and the team at Nail & Key! Holly is professional, knowledgeable, and caring. She patiently walked me through every step of the process, continually communicating and advocating for me along the way. It was a joy working with her and I couldn't recommend her and her team more!"
Courtney F.
"Austin is diligent, thorough, and easy to work with. We were moving from out of state, and Austin did a great job of staying in communication with us, making connections, and helping us see things through when we couldn't be there in person. He understood our goals, helped us narrow our focus, and advocated well for us during negotiations. Could not recommend him highly enough for anyone looking in the North Dallas suburbs."
"Austin is diligent, thorough, and easy to work with. We were moving from out of state, and Austin did a great job of staying in communication with us, making connections, and helping us see things through when we couldn't be there in person. He understood our goals, helped us narrow our focus, and advocated well for us during negotiations. Could not recommend him highly enough for anyone looking in the North Dallas suburbs."
Buyer
"Austin was so helpful to our family! He walked beside us the entire way of finding our home. His whole team made sure we were all in the loop and Austin called with weekly check-ins. We are so grateful for his attention to our family needs!"
"Austin was so helpful to our family! He walked beside us the entire way of finding our home. His whole team made sure we were all in the loop and Austin called with weekly check-ins. We are so grateful for his attention to our family needs!"
Kris M.
"We recently had the pleasure of working with Austin to purchase our home, and we couldn't be more grateful for his expertise and support throughout the process. Our journey began quite a while ago! From the very beginning, Austin displayed an exceptional level of patience and professionalism, ensuring that we felt comfortable and informed every step of the way. Since this was our first time not to build a new home, we had a lot to learn about the intricacies of purchasing an existing home. Austin took the time to educate us on every aspect of the process, from understanding market trends to recognizing potential issues in a property. His clear and consistent communication made us feel confident and empowered in our decision-making. What truly set Austin apart was his genuine commitment to finding us the perfect home. He listened carefully to our needs and preferences, and never pressured us to settle for anything less than what we were looking for. His patience was unwavering, even as we navigated multiple showings and changing market conditions. Thanks to Austin’s guidance and support, we found a home that we absolutely love. We highly recommend him to anyone in need of a knowledgeable and dedicated real estate agent. Thank you, Austin for making our Dallas home-buying experience so positive and for giving us the opportunity to be close to our new grandbaby!"
"We recently had the pleasure of working with Austin to purchase our home, and we couldn't be more grateful for his expertise and support throughout the process. Our journey began quite a while ago! From the very beginning, Austin displayed an exceptional level of patience and professionalism, ensuring that we felt comfortable and informed every step of the way. Since this was our first time not to build a new home, we had a lot to learn about the intricacies of purchasing an existing home. Austin took the time to educate us on every aspect of the process, from understanding market trends to recognizing potential issues in a property. His clear and consistent communication made us feel confident and empowered in our decision-making. What truly set Austin apart was his genuine commitment to finding us the perfect home. He listened carefully to our needs and preferences, and never pressured us to settle for anything less than what we were looking for. His patience was unwavering, even as we navigated multiple showings and changing market conditions. Thanks to Austin’s guidance and support, we found a home that we absolutely love. We highly recommend him to anyone in need of a knowledgeable and dedicated real estate agent. Thank you, Austin for making our Dallas home-buying experience so positive and for giving us the opportunity to be close to our new grandbaby!"
Sheri D.
"Austin was a very helpful real estate agent for us! We are a young couple and new to the Dallas area. We were renting for a year and didn't think we'd be able to find a house in the area that seemed to fit what we wanted. Austin understood what we wanted in a home. He was quick to respond to our questions and even helped us find a home in an area we never thought we'd be able to get into! Austin and the Nail & Key family are amazing! They really value their clients and want to make them happy!"
"Austin was a very helpful real estate agent for us! We are a young couple and new to the Dallas area. We were renting for a year and didn't think we'd be able to find a house in the area that seemed to fit what we wanted. Austin understood what we wanted in a home. He was quick to respond to our questions and even helped us find a home in an area we never thought we'd be able to get into! Austin and the Nail & Key family are amazing! They really value their clients and want to make them happy!"
Maria D.
"Austin and the Nail and Key team were unbelievably attentive to our hopes for the home buying and selling process. They took the time to listen and went out of their way to ensure a smooth transition for us. The weekly check-in calls (even in the down weeks) were a huge plus too!"
"Austin and the Nail and Key team were unbelievably attentive to our hopes for the home buying and selling process. They took the time to listen and went out of their way to ensure a smooth transition for us. The weekly check-in calls (even in the down weeks) were a huge plus too!"
Colin C.

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