Niles Realty Group
Niles Realty Group
Published on August 13, 2018

Where are all my FIRST TIME

HomeBuyers AT ?!?!

If you have thought about buying a home or have just started looking into the home buying process then you know it can look daunting and a little overwhelming at first glance…

NO FEAR Guys…Niles Realty Group has been in the Real Estate business and have helped our real estate families buy and sell over 300 homes! We LOVE our people. We Love guiding our clients through the process STEP-BY-STEP while making the entire transaction stress-free and well…FUN…can you imagine that?!

First Time Homebuyer….sit back, relax and let me break this down for you in a few easy steps!


If you want to WATCH my 7 min VIDEO that explains the First Time Homebuyer process…please click HERE.



This is the “GOLDEN TICKET”, guys. And it only takes about 20 min!

Not only are sellers REQUIRING our buyers to be pre-qualified before we even schedule a Tour on a home…We have to know WHAT we can buy, what type of loan we are getting and we HAVE to submit the pre-qualification letter WITH our offer on the home you love.

YOUR LENDER IS KEY!     Find a LOCAL Lender! 

  • DON’T reach out to one of those Big Box Mortgage Companies like Chase or Wells Fargo…they have so many people working your file..people can tend to get slipped through the cracks…they have a Quantity motto…You need QUALITY.
  • ESPECIALLY if you’re a First Time Homebuyer…you need to FULLY understand what you are getting into. You need an experienced lender that will walk you step-by-step.
  • We have an AWESOME Lender…Her name is Betsy Feroli with Cendera Funding…DFW Local…BUT SHE CAN WORK ALL OVER THE US…You can get all her contact info on this link —->>> Betsy Feroli’s Contact Info. Betsy is SO Knowledgable and Experienced. Very hands on…she personally handles your file ALL the way through the contract process, answers all your questions and never misses a CLOSING DATE.


After we have our Approval Letter Handy…we are ready to GO SHOPPING! Yay!

Things you need to figure out to narrow down your home search BEFORE you drive all over the metroplex looking at 300 houses:

  1. What is your PRICE RANGE?
  2. What is your preferred LOCATION?
  3. Do you need to be in a Specific School District?
  4. How Many bedrooms/bathrooms/living rooms/ etc..
  5. Amenities…Pool…Floorplan…etc.

I’m sure ya’ll watch HGTV and already have a wish list burning a hole in your pocket!


The Home Purchase Contract can be written up in multiple ways. it is like putting a puzzle together based on the property details and needs of the buyers and sellers.

Offer Contract KEY Points: To watch my video on a more in-depth look at the offer details and what they mean…Click HERE.

  • Offer to Purchase Price
  • Earnest Money amount and title comp.- Goes to escrow for taxes (Typically 1% of Purchase Price- PP)
  • Who Pays Title Policy?– Transfers title from sellers to new buyer name- typically seller expense- typically less than $2,000.
  • Option Money and Days?– Usually $100-$200 check written to sellers to take property off market for 5-10 days so buyers can get inspection and negotiate repairs.
  • Closing Day? (Usually 30 days out from initial write up of contract)
  • Offering sellers a leaseback?– Watch more of this in video above.
  • Survey. Do sellers have one…who is buying new one.



CONGRATS. The sellers have accepted your offer…now WHAT?!

Now…You need to schedule that inspection we wrote that option money check for. Your local realtor most likely has a couple preferred inspectors they work with a lot, that they trust. You can use one of theirs or you can google and find your own!

Inspectors are typically between $400-$500. Getting an inspection is not MANDATORY but highly RECOMMENDED.

May be one of the most important decisions you make. Call A Inspector. He will be at the home for 4ish hours. Inspect every nook and cranny. Send you a 20-25 pg. report on all Electrical, plumbing, roof, foundation, etc…


Read over report. Find concerning items. Negotiate with the sellers to repair before closing or give you an allowance in Lieu of repairs so you can fix after closing how you want it done.

STEP 5. Appraisals

After your inspection week is over and you have negotiated all your repair items. Your lender will ORDER YOUR APPRAISAL. This is done by an appraiser in a pool of appraisers the bank is correlated with and they are chosen at random.

They will then pull comps to determine their opinionated value of the home. If their report comes back AT VALUE you are good to go! If it comes back BELOW MARKET VALUE. We will need to renegotiate the sales price to accommodate the appraisal report.


Why do they do this?

(The bank is not going to loan a buyer money for MORE than the property is worth)


After the appraisal is all squared away. Your lender will grab any remaining financial docs from you to send your file to underwriting. The title company will finalize all their paperwork and we will schedule a time to go to the title company on the day of closing (that we chose in the contract) to sign all of our papers!

Make sure you:

  1. Bring your Drivers License
  2. Have your Cashiers check or wire set up for your down payment amount.

Buyers and sellers typically do NOT sign paperwork together. Both parties come in at 2 separate times to legally sign their side of the documents.

After both parties sign, it takes a couple hours for the bank to send the loan to the title company and pay the sellers. After this is completed…your loan is FUNDED.


Hey You First Time Homebuyer….NOW You are a HOMEOWNER.


You can now go pick up your keys and stat the move-in process!

……dont forget to turn your water and electricity on…preferably a day or two before you close so you have power during those first few moving trips…ENJOY.

Easy Peesy right? Please do not hesitate to reach out to Niles Realty Group for ANY questions you may have…or to Betsy, our Lender! Because she’s awesome, too!

Niles Realty Group: [email protected] : (817) 704 2419

You can also visit our website with more blogs, active listings in your area, and vendor recommendations HERE: Our Homepage.


Have a great day, Ya’ll!









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