Contemplating purchasing your new home in Edmond?
Purchasing a home intimidates a lot of people, but with a bit of up-front planning, it's not too complex.
So they'll know exactly what they can expect, I'll give buyers an overview of the entire deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Step 1 – Prepare to buy
There are many things you need to do before starting your home search.
When you start your search, you'll probably want to assemble a list of items you need to have, get a feel for what neighborhoods you want to live in, and start planning around your budget.
Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Speak with a real estate agent
That's where I can help.
We'll arrange 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 neighborhoods, schools in the Edmond area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
There are some very good mortgage professionals in Edmond, and I work with a lot of them, so you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
Following our first meeting, I'll begin looking for houses on the market that are great for you.
I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
When we view houses, I'll call attention to good features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
Generally, buyers amend their list of must-haves as we view homes and some items become more necessary than others.
If that's the situation, I'll go back through the listings another time and narrow it down to the house of your dreams.
Step 4 – Know the market
An agent's awareness of the Edmond housing market is an essential aspect in your house search. And I can assure you I'm informed of all the neighborhoods and schools, and I can communicate certain districts are "hot" and call for immediate action and some that are "cool" and allow for more consideration.
When we tour houses, I'll make sure to communicate when the list price has room for bargaining and also when I think the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions, as every REALTOR in Edmond will claim to understand the market.
If things don't add up, call me at (405) 414-7000 Carol or e-mail me at , and I'll be more than happy to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find the home of your dreams in the Edmond area, and when we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
When presenting your offer, most likely you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property and is usually applied to the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's widely common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Secure financing
After the contract is complete, you'll begin working with your lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all. However, you'll want to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) of closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of taking your loan application.
The estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This should occur at a title company or escrow office and should be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at (405) 414-7000 Carol or e-mail me at .