FAQ – Dreams2Reality

FAQs

I’m not ready financially for homeownership, what should I do now?

The first and best step you can take now, to get started on your homeownership journey, is to speak to a lender. Do this regardless of whether you think you can get approved or not. The lender will give a clear road map and all the steps you need to become mortgage ready. Focus on your first step, then keep moving forward! Send a quick email to get a list of our lender partners.

What is a Title company and how is it connected to a real estate transaction?

A title company is a third-party company that is responsible for:

Holding your earnest money and option fee in an escrow account
Conducting a title search to verify legal ownership of the property
Confirm any liens connected to the property
Provide title insurance. Title insurance protects against any possible claims on the property during the transaction.
Disburse any and all funds related to the transaction like paying the seller and the agent and broker fees

What is an escrow account, and why is it important?

Your earnest money and option fee are paid to the title company. It is held in an escrow account. An escrow account is a legal arrangement that protects your money until the transaction is completed. From this account, payments are disbursed to everyone connected to the transaction.

Are home inspections mandatory?

Home inspections are not required but HIGHLY suggested. You’re spending a lot of money on this home. You want to know what’s wrong with it right? Even when buying new construction, I’ve experienced items needing to be addressed before closing. As your agent, I will read the inspection report, and we will both decide what repairs should be negotiated and what we can leave off.

What’s the difference between closing cost and my downpayment?

Closing costs are determined by the title company and lender. It is a total of all fees and related cost to close on your home. Items such as taxes, insurance, lender fees, survey cost, title insurance premium, agent fees etc. Your downpayment will be determined by two things, the cost of the home and mortgage loan requirements, ie. FHA, VA, Conventional, etc. For example, if you secured an FHA loan, your down payment is 3.5%. If the cost of the home is $200,000, then your down payment is $7,000. That $7,000 will be calculated into your closing cost. The title company will total all money you need to close, including your downpayment and record in your closing disclosure.

I need second chance leasing, what should I do?

First, find out the eviction or landlord debt balance.
Second, find out the date you received the balance.
Thid, be prepared to pay an additional deposit.
Fourth, understand, just because it’s not showing on your credit report does not mean the balance does not exist. You also have a rental history record and evictions are filed with the court. Therefore, there are court records showing eviction history. Send us an email to see how to get a rental report. Chin up, you’ll get through this!

How do I calculate my gross income?

Usually, to qualify for a rental, the income requirement may be 3 times the rent, and in some cases 2.5 or 2.75. Add up the income for all applicants for one month, BEFORE ANYTHING is taken out. Next, multiply the rent times 3 or whatever the qualifying figure is, and that is how much your gross income has to be to income qualify. For example, if the rent is $1,600 a month, take $1,600 and multiply it by 2.75. The total is $4,400. Your gross income needs to be this amount or more.

Do I need a Realtor when searching for an apartment or rental property?

Yes, apartment locators are actually Realtors. However, some Realtors do not work with rentals. Using an agent can help walk you through finding the perfect place for you, MINUS THE STRESS AND CONFUSION. Complete our rental intake form and let us help you get started.

Is there a cost to using an apartment locator/agent to find a rental?

Some locating services and agents do charge. Especially if you need second chance leasing or using a housing voucher. Always clarify upfront. Your Dreams2Reality Real Estate locating service is free of charge! Our fee is taken care of, as long as you list our name as your referral agent. Get connected to see how we can help get you started finding your next new home!

What training does your company offer?

We offer one on coaching for those who want to buy or sell. Additionally, we can provide training workshops for:

Finance & Budgeting
Foreclosure
Eviction
Finding Medical Care
Car Leasing & Buying

Is the marketing internship paid and how can I learn more about it?

The marketing internship program is only paid to Dallas College students, who utilize the Title V Grant funding. The program is available to other college students and adults 18 and over. To learn more, send an email to YD2R.Intern@Gmail.com.

What community training can I attend?

Through our Meant4More Coaching Group, we co-host coaching events that are open to the public in the Dallas Fort Worth metroplex. These events are held in January, April, and August. To learn more about attending an event or booking an event with us, please email Info.Meant4More@Gmail.com.

What is the mission of the Meant4More Coaching Group?

Through our ongoing community events, we aim to inspire and motivate others by painting a vivid picture of what their vision looks like. We help participants outline clear objectives and offer practical steps to achieve them, guiding individuals to create a life that’s Meant4More.

Can I really sell my home myself?

As an avid DIYer, I have to respect the effort. There is plenty of information, videos, online info that can aid you effort. However, you must consider field experience, legal issues that could arise, and the amount of work that’s associated with selling property. Supporting For Sale by Owner’s is a mission of mine. If you’d like to get a free copy of my book, please click here: Get My Book!

Can I negotiate the agent commission fee?

Absolutely! Let’s talk about it. The industry standard commission fee for a seller is 6%, 3% for the buyer and 3% for the seller. This fee structure can be adjusted on both sides. You must consider the work, time, and money your agent will invest in this transaction. Like photos, scheduling contractors, marketing, open houses, etc.

What should I disclose to potential buyers?

The Seller’s Disclosure Notice (SD) is a mandatory document. If you are an heir to a property, you’re excluded from completing this. The SD provides detailed information concerning the roof, HVAC, foundation, plumbing, electrical system and appliances. You are disclosing if these are in good working condition and any known issues.

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