Buying a new home in Edmond
Purchasing a home intimidates a lot of people, but with a little planning ahead of time, it isn't too hard.
I like to give buyers an overview of the whole deal so they'll know exactly what they can expect.
These are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are several things you should contemplate before you search for a home.
You'll want to make a list of features you need, get a plan of what school districts you'd like to live in, and start planning your budget.
A good rule of thumb to adhere to is that your mortgage payment should be close to 30 percent of your net monthly income.
Step 2 – Contact a real estate agent in Edmond
This is where I come in.
I'd love to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Edmond area.
I can also help you facilitate the loan process.
There are some great mortgage professionals in Edmond, and I work with a lot of them, so you're in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our initial meeting, I'll begin searching for available homes on the market that best suit you.
I'll research most of the houses and remove the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
When we tour homes, I'll show you the positive features and bad ones. I'll even ask you to point out what things you like and dislike.
Most often, buyers change their list of must-haves as we view houses and some things become far more necessary than others.
If that's the case, I'll go back through all the listings one more time and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
An agent's knowledge of the Edmond housing market is a crucial component in your home search. And I can assure you I'm conscious of all the schools and neighborhoods, and I can alert you to what districts are "hot" and call for prompt action and some that are "cool" and allow for careful consideration.
As we tour houses, I'll let you know when the asking price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions. Every real estate agent will tell you they comprehend the housing market.
If it doesn't seem like they know everything, call me at (405) 414-7000 Carol or e-mail me at , and I'd be more than happy to answer your questions. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I know we'll find your dream house in Edmond. When that happens, I'll precisely develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
Upon turning in your offer, you'll likely need to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property, and it's usually put towards 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
Unfortunately most deals don't close on the first offer. It's very common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing budget. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Get a loan
Upon finalizing the contract, you'll begin working with your lender to close the loan.
It won't take much time at all if you're pre-approved, but you'll need to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) outlining closing costs within three days of taking your application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of taking your loan application.
The estimate is based on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will likely be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at (405) 414-7000 Carol or e-mail me at .