With some planning ahead of time, buying a home isn't too complex, but the event is stressful for a lot of people. So you know exactly what to expect, I like to give my buyers an outline of the entire deal. Below are my nine steps to buying a home.
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If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at bbeckerokc@yahoo.com. |
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Step 1 – Prepare to purchase
Before you start searching for a home, there are many things you should contemplate. When you start your search, you'll probably want to put together an outline of features you want, get a feel for what neighborhoods you'd like to live in, and start working on your budget. A good rule to adhere to is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Contact a real estate agent
This is where I can help. We can book a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Edmond area.
I'll also assist you in getting started on your loan. There are some very good mortgage professionals in Edmond, and I work with a lot of them, so you can rest assured that you're in great hands. They can assist you in determining which kind 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 searching for available houses on the market that best suit you. I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we view houses, I'll point out good features, as well as negative ones. I'll even ask you to talk about things you like and dislike. Usually, buyers amend their must-have list as we view houses and some things become far more essential than others. If such is the case, I'll look through the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Understand the housing market
My awareness of the Edmond home market is an essential benefit in your home search. I'm informed of all the neighborhoods and school districts, and I'll let you know some neighborhoods are "hot" and warrant immediate action and some that are "cold" and allow for thoughtful analysis.
When we view houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask lots of questions. Any real estate agent in Edmond will convince you they know the home market. If it doesn't seem like they know everything, just call me at 405.348.4422 or e-mail me at bbeckerokc@yahoo.com, and I'd be happy to answer any questions you may have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm confident we'll find your dream home in the Edmond area. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
Upon sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's typically put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer. It's really common to receive a counter offer. But don't let it discourage you. We'll talk over 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 limits. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Secure a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan. If you're pre-approved, 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 needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your application. This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most often happen at a title company or escrow office and should be a smooth and relaxing occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at 405.348.4422 or send me an e-mail.
