Buying or selling a home?
Buying a home can be stressful for most people. However, with a bit of planning ahead of time, it isn't that confusing.
I like to furnish buyers with an outline of the whole deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
Step 1 – Prepare to purchase
There are plenty of things you'll want to do before commencing your home search.
When you start your search, you'll want to create a list of items you need, get a feeling for what school districts and neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Speak with a real estate agent in Edmond
This is where I come in.
I'd love to set up a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Edmond 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 excellent mortgage professionals in Edmond, and I partner with a lot of them, so you'll be in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin looking for homes on the market that are great for you.
I'll get a sneak peek of many of the homes and eliminate the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we tour the houses, I'll show you the positive features and bad ones. I'll also ask you to talk about things you like and dislike.
It's pretty common for buyers to update their must-have list as we view homes and some items become more essential than others.
If that's the case, I'll look through all the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Know the housing market
An agent's understanding of the Edmond market is an imperative component in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I can let you know certain districts are "hot" and call for immediate action and the ones that are "cool" and allow for cautiousness.
As we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I think the house is "priced to sell."
Trust your instincts and be sure to ask a lot of questions, as every real estate agent will tell you they truly understand the housing market.
If things don't add up, contact me at 4053080281 or e-mail me at email@example.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm confident we'll find the house of your dreams in Edmond. When we do, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
When we send in your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property. The amount is typically applied to the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer, and it's pretty common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move 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 is best for you.
Step 7 – Get financing
After the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take long at all. However, you should to keep in close contact with your lender.
And I'll sort out 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) detailing closing costs from your mortgage lender within three days of taking your application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will most likely be a smooth and stress-free event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at 4053080281 or send me an e-mail.