With some planning ahead of time, purchasing a home isn't too confusing, but the event is stressful for many people.
So you understand exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy
Prior to beginning your home search, there are several things you need to consider.
When you start your search, you'll want to assemble an outline of features you want to have, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good guideline to adhere to.
Step 2 – Get in touch with a real estate agent in Oklahoma City
That's where I can help.
I'd like to schedule a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Oklahoma City area, the mortgage industry, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you get started on your loan.
There are some very good mortgage professionals in Oklahoma City, and I work with a lot of them, so you'll be in great hands.
They'll assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our first meeting, I'll start searching for available houses on the market that best suit you.
I'll preview most of the houses and exclude the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we tour the homes, I'll point out good features and bad ones. I'll even ask you to tell us about things you like and don't like.
It's widely common for buyers to update their wish list as we view houses and some items become more substantial than others.
If that's the case, I'll search all the listings again and narrow it down to the home of your dreams.
Step 4 – Understand the market
My understanding of the Oklahoma City home market is a valuable advantage in your home search. I am conscious of all the schools and neighborhoods, and I can let you know which neighborhoods are "hot" and require prompt action and some that are "cold" and allow for more consideration.
As we view houses, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
Be careful and make sure you ask your agent lots of questions, as any real estate agent will claim to truly know the housing market.
If things don't add up, contact me at (405) 755-4422 or e-mail me at sally@sallyyoungrealestate.com, and I'd be happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I know we'll find your dream home in the Oklahoma City area. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as getting financing, carrying out the inspection, and a clean title.
Upon turning in your offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property and is usually applied to the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Get financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you'll want to keep in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your house. This will likely take place at a title company or escrow office and should be a smooth and relaxing occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (405) 755-4422 or send me an e-mail.
