Purchasing a home is intimidating for many people, but it isn't all that confusing with a little planning ahead of time.
So you understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are a lot of things you need to contemplate prior to beginning your home search.
When you start your search, you'll want to form an outline of features you need to have, get a plan of what neighborhoods and school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good guideline to adhere to.
Step 2 – Contact a real estate agent
That's where I can help.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Oklahoma City area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
I'll 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 can assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking
After we meet for the first time, I'll start looking for homes on the market that are great for you.
I'll preview most of the houses and ignore the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
As we view homes, I'll call attention to good features and bad ones. And I'll ask you what things you like and dislike.
Frequently, buyers amend their wish list as we view houses and some items become far more necessary than others.
If such is the case, I'll look through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the market
An agent's awareness of the Oklahoma City market is an essential aspect in your house search. And I can assure you I'm familiar with all the schools and neighborhoods, and I'll communicate which neighborhoods are "hot" and demand prompt action and the ones that are "cool" and allow for more examination.
When we view houses, I'll let you know when the seller's asking price has room for bargaining and when I know the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Any REALTOR® will tell you they truly understand the housing market.
If it doesn't seem like they know everything, just call me at 405.737.0100 or e-mail me at wes@buyandsellok.com, and I'll be happy to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm confident we'll find your dream house in the Oklahoma City area, and when we do, I'll thoroughly develop your home purchase offer. The offer will be written keeping 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 presenting your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer, and it's very common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Get your loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
It won't be a long process at all if you're pre-qualified, but you'll want to keep in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and hassle-free event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 405.737.0100 or send me an e-mail.
