For a lot of people, purchasing a home is a stressful event. But with a little up-front planning, it isn't that complicated.
I like to supply buyers with a road map of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to buy
Before you begin looking for a home, there are several things you should take into account.
When you start your search, you'll probably want to put together an outline of must-haves, get an idea of what neighborhoods you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
That's where I come in.
We'll plan 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 discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Oklahoma City area.
In addition, I'll help you facilitate the loan process.
Crossland Real Estate, Inc. partners with some of Oklahoma City's finest mortgage professionals, so you're in great hands.
They will assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After we meet, I'll begin searching for homes on the market that best suit you.
I'll get a sneak peek of most of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
As we view houses, I'll show you the good features and bad ones. And I'll ask you to tell us about things you like and don't like.
Usually, buyers update their wish list as we tour houses and some things become more essential than others.
If such is the case, I'll go back through the listings another time and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
My awareness of the Oklahoma City market is an essential asset in your search. I am acquainted with all the neighborhoods and schools, and I'll let you know what areas are "hot" and call for prompt action and the ones that are "cold" and allow for careful examination.
As we tour homes, I'll make sure to communicate when the seller's list price has room for negotiation and also when I trust the home is "priced to sell."
Be careful and make sure you ask lots of questions, as every real estate agent will tell you they understand the home market.
If it appears they don't know everything, call me at 405-604-6800 or e-mail me at aimeec@crosslandrealestate.com, and I'll be happy to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream house
I'm confident we'll find the house of your dreams in Oklahoma City. When we do, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When submitting your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is usually applied to the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer, and it's really common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain financing
After we sign the final deal, you'll start working with your lender to close the loan.
If you're already pre-approved, this shouldn't take long at all. However, you need to stay in close contact with your mortgage lender.
And I'll look after 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 closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then we'll close on your house. This should take place at a title company or escrow office and will likely be a smooth and peaceful event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at 405-604-6800 or send me an e-mail.
