Buying a home is stressful for a lot of people, but it isn't that difficult with some up-front planning. So you'll know exactly what to expect, I like to supply my buyers with an outline of the entire deal. Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you begin looking for a home, there are a lot of things you should consider. You'll want to create a list of must-haves, get an idea of what school districts you'd like to live in, and start working on your budget. A good guideline to adhere to is that your mortgage payment should be less than a third of your monthly income.
Step 2 – Get with a real estate agent in Edmond
This is where Coldwell Banker Select comes in. I'd love to book a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future. We'll talk about everything from neighborhoods, schools in the Edmond, Guthrie, Moore, and Yukon areas, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I can also help you facilitate the loan process. There are some excellent mortgage professionals in Edmond , and I partner with a lot of them, so you can rest assured that you're in great hands. They'll assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start looking for a house
Following our first meeting, I'll start looking for homes on the market that are a great fit for you. I'll preview most of the houses and ignore the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
When we view the homes, I'll identify positive features, as well as negative ones. I'll also ask you about things you like and dislike. Generally, buyers revise their list of must-haves as we tour homes and some items become more important than others. If that happens, I'll search the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Understand the market
My awareness of the Edmond, Oklahoma City, Guthrie, Moore, Mustang, and Yukon home market is an essential benefit in your home search. I am mindful of all the neighborhoods and schools, and I will let you know which districts are "hot" and demand prompt action and some that are "cool" and allow for careful examination.
As we tour homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." Every real estate agent will tell you they comprehend the market, but take note, and be sure to ask your agent plenty of questions. If things don't add up, contact me at (405) 562-0886 or e-mail me at bill@billhaydenrealty.com, and I'll be happy to answer any questions you may have. My knowledge of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the house of your dreams in the Edmond, Oklahoma City, Guthrie, Moore, Mustang, and Yukon areas. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
When we present your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property, and it's typically applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer. It's very common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Obtain your loan
Upon completion of the deal, you'll begin working with your lender to close the loan. If you're already pre-approved, this won't take much time at all. But you'll need to keep in close contact with your lender. And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should take place at a title company or escrow office and will likely be a smooth and easygoing event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at (405) 562-0886 or send me an e-mail.
