Looking to purchase a home in Edmond? Metro First Realty can help.
Purchasing a home is a stressful event for most people, but it's not all that complicated with a bit of planning ahead of time.
I like to give buyers an outline of the whole deal so they'll understand 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 answer questions you have about this information.
Step 1 – Get ready to purchase
There are a lot of things you should contemplate before commencing your home search.
When you begin your search, you'll want to make a list of features you want to have, get a feeling for what neighborhoods you want to live in, and start planning your budget.
A good principle to go by is that your mortgage payment should be less than or close to 1/3 of your monthly income.
Step 2 – Speak with a real estate agent
That's where I come in.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Edmond area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I can also assist you in getting started on your loan.
There are some great mortgage professionals in Edmond, and I partner with a lot of them, so you'll be in great hands.
They will assist you with determining which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin finding homes on the market that are good for you.
I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll book appointments to tour the houses at a time that's convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll also ask you to tell us about things you like and dislike.
It's pretty common for buyers to update their list of must-haves as we tour houses and some things become far more substantial than others.
If such is the case, I'll search all the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Understand the market
An agent's awareness of the Edmond housing market is an essential aspect in your home search. And I can assure you I'm familiar with all the schools and neighborhoods, and I can let you know what districts are "hot" and demand prompt action and others that are "cool" and allow for cautiousness.
When we view houses, I'll let you know if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Trust your instincts and make sure you ask your agent a lot of questions, as every real estate agent will convince you they truly understand the home market.
If things don't add up, call me at (405) 414-7000 Carol or e-mail me at , and I'd be glad to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream house in the Edmond area. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies, such as obtaining financing, completing the inspection, and a clear title.
When we present your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer, and it's very common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
Once the deal is finished, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) detailing your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount. RESPA requirements dictate 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 good.
Then it's time to close on your home. This will most often happen at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at (405) 414-7000 Carol or e-mail me at .