There are 8 basic steps to selling a house.

• Select Your Realtor
• Make Major and Minor Repairs
• Declutter and Depersonalize
• List and Show Your House
• Receive Offer and Accept
• Inspections and Appraisals
• Move Out
• Closing and Funding

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Select Your Realtor

Selecting your Realtor first is very important. They will be able to guide you through all of the other steps and help set expectations for the entire process. Make sure whomever you choose understands your needs and your goals so everyone is working in the same direction.

Make Major and Minor Repairs

Go ahead and get all those “things” fixed. It will help bring a higher price to your property, it will decrease the repairs a buyer will ask of you, and it will make your product and overall more desirable purchase.

Take care of major repairs…get the roof and foundation assessed at by a reputable company, ensure all the electrical outlets work, and there are no plumbing issues. All of these items will show up later if not taken care of now.

Declutter and Depersonalize

We have all seen the “Bad MLS Photos” on social media. Don’t let your house be one of those. Clear out all the closets, cabinets, and garage. Clear the counters on in the kitchen and the bathrooms. Take down all the personal items and family photos. You want potential buyers to see themselves in the home; not wondering about the people that currently live there.

List and Show Your House

When your house is ready your Realtor will post your listing in MLS and start the marketing of it to the public and other agents. You want to be as flexible as possible in allowing showings on your property. Make sure everything is in a “show-ready” state, pets are secured, and your house make a perfect first impression. Remember, when a potential buyer is looking at your house they are looking at the others in the area so you want yours to stand out.

Booking.com

Review Offers and Accept

Offers may come in within hours or it may be days or weeks. There are many factors that contribute to this from price, current market, and property condition. However, whenever offers come in your Realtor is require to present each one to you. You and your Realtor will review any and all offers to determine which one is best for you and your situation. Price is not always a determining factor. Once all details and terms are agreed upon you accept the offer.

Inspections and Appraisals

Next up are the buyer’s inspection and the lender’s appraisal of your property . See our interview with a general inspector for insight on what they are hired to do.

The general inspection is basically a “state of the property” at a particular day and time. The inspector will provide a detailed report to the buyer and as a seller you can expect to receive a list of requested repairs. All of these are negotiable between you and the buyer.

The lender will always require an appraisal to determine the value of the property. An appraiser, vetted but not chosen by the lender, will come to the house to see and evaluate the property. They use MLS data as well as other resources to determine the value of the property.

Move Out

Once all of the inspections, financing, and appraisals are complete it is time to move out. Typically you want to vacate the property the day before closing unless other arrangements, such as a lease back, have been arranged.

Closing and Funding

Closing is where the property is tranferred from the seller to the buyer. In Texas this is done via a Title Company and they serve as a third party ensuring all the required documents are complete.

Funding is the final step when all the documents have been approved and the lender funds the loan. At this point the property is fully transferred to the new buyer.

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Often we want to buy a house however don’t think we have the funds required to make it happen. How do I get the down payment for a house?

Get a Gift

You can get a gift from a relative for the down payment and closing costs. They can even gift you the entire amount of the down payment, and many lenders will allow it, depending on your credit score and the lender’s loan underwriting guidelines. (Keep in mind, some lenders require documentation of gift money, such as a signed letter from the donor and verification of transfer of funds.

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401(k) Loan

You can also borrow from employer-sponsored 401ks to fund your down payment. On 401k loans, borrowing limits are quite generous: You can borrow up to the lesser of $50,000 or half the value of the account. That’s enough to fund a 20% down payment on a $250,000 house, or a 10% down payment on a $500,000 house.

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Life Insurance

If you have a whole life policy, you can either borrow or cash it in. Since most of these are purchased with after-tax dollars there may not be tax implications

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Secured Loan

If you have an asset that is free and clear, such as a vehicle, you may be able to get a secured loan against the value of the asset. Other assets may include art, jewelry, and comic books. Really anything of value.

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DPA (Down Payment Assistance)

Several government entities offer down payment assistance programs; and they aren’t all for first-time homebuyers. Check out the Texas State Affordable Housing Corporation (TSAHC) for more information on how you may qualify for this program.

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Sale of Personal Property

With verification of value and a bill of sale, the funds from the sale of personal property can be used for the down payment. Have a motorcycle you never ride? How about Grandpa’s stamp collection? Have a garage sale and get rid of all the stuff you don’t want to move with you anyway.

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Human Resources

Some employers offer down payment assistance as a benefit to employees. These awards are eligible for down payment through FHA financing. Even if you think your employer is too small, or you won’t qualify, it doesn’t hurt to ask – it’s one work perk that can really make a difference when you need it the most.

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Tax Refund

You can use this year’s tax refund to become a homeowner. A copy of this year’s tax returns and a copy of the refund check or bank statement showing the refund amount is all that is required.

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Second Job

Get yourself a side hustle! Even though you may not be able to use this income to qualify if you haven’t had the job for two years, the cash earned from this second job can be used for the down payment. Pay stubs and bank statements can provide a paper trail to source the funds.

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Savings/Budgeting

Cutting back on extras (that daily coffee drive-thru or breakfast taco), along with any of the above ideas, would get you into a home faster.

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9935 Galway Drive, 75218

Amazingly well kept home in the Lake Park Estates area of East Dallas with the 1950s East Dallas Character we have all come to love. This home is situated on a corner lot and has a backyard oasis just ready for relaxing and reflection.

This 3 bedroom and 2 bath home is over 1700 square feet. It has the original hardwood floors and all the details that give a 1950s home the character you want without the inefficency you don’t. Formal dining area and 2 living areas give everyone the space they need and want.

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The home is just a hop, skip, and a jump from White Rock Lake and the Dallas Arboretum. Feeding Hexter Elementary.. a Blue Ribbon School..just ties everything about this 1950s East Dallas Character home into a bow.

For more information on this property visit our Property Search Page.