Buying or selling a home?
Purchasing a home is stressful for a lot of people, but with a bit of up-front planning, it's not that complicated.
I like to give buyers an overview of the whole deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to buy
There are several things you should do before you start looking for a home.
You'll want to create a checklist of items you need, get a plan of what school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Get with a real estate agent
This is where I can help.
I'll arrange a time to meet so we can talk 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 and housing industries, and any other economic factors that could affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Oklahoma City, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
Following our initial meeting, I'll begin looking for houses on the market that suit your needs.
I'll get a sneak peek of most of the homes and reject the bad ones, and then we'll book appointments to view the homes when it's convenient for you.
As we tour the houses, I'll call attention to good features, as well as negative ones. And I'll ask you to tell me about things you like and don't like.
Frequently, buyers amend their list of must-haves as we view homes and some features become far more necessary than others.
If that's the situation, I'll go back through all the listings again and trim it down to the house you've been wishing for.
Step 4 – Understand the market
My understanding of the Oklahoma City market is a necessary benefit in your search. I'm conscious of all the neighborhoods and schools, and I'll communicate what neighborhoods are "hot" and demand immediate action and the ones that are "cold" and allow for more consideration.
As we tour houses, I'll let you know when the asking price has room for bargaining and when I trust the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as any REALTOR® in Oklahoma City will tell you they truly understand the home market.
If things don't add up, just call me at (405) 470-5500 or e-mail me at firstname.lastname@example.org, and I'd be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I know we'll find the house of your dreams in the Oklahoma City area, and when we do, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When sending in your offer, you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is often applied to the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure a loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it won't take long at all. But you should to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will probably occur at a title company or escrow office and will most often be a smooth and easygoing occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at (405) 470-5500 or send me an e-mail.