Buying a home in Edmond with Metro First Realty
Buying a home is stressful for many people, but it isn't all that difficult with some planning ahead of time.
I like to give buyers a road map of the entire deal so they'll know exactly what to expect.
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 address any questions you have regarding this information.
Step 1 – Get ready to buy
There are plenty of things you need to consider before you start looking for a home.
It's likely that you'll want to make a list of must-haves, get a feel for what neighborhoods and school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule to go by.
Step 2 – Connect with a real estate agent
This is where I come in.
We can book a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
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.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Edmond, and I work with a lot of them, so you'll be in great hands.
They can assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin your search
Following our initial meeting, I'll start finding houses on the market that meet your needs.
I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we tour homes, I'll show you the good features and bad ones. And I'll ask you to tell us about things you like and dislike.
It's common for buyers to update their must-have list as we view homes and some things become more substantial than others.
If such is the case, I'll go back through all the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Know the market
My awareness of the Edmond housing market is a necessary aspect in your home search. I'm mindful of all the schools and neighborhoods, and I will communicate some areas are "hot" and call for immediate action and others that are "cool" and allow for more consideration.
When we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Every REALTOR will tell you they truly understand the housing market.
If things don't add up, call me at (405) 414-7000 Carol or e-mail me at , and I'll be happy to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
We'll find the home of your dreams in the Edmond area, and when we do, I'll precisely develop your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we turn in your offer, most likely you'll need to present "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property and is usually put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer, and it's widely common to receive a counter offer. Don't let it discourage you. We'll talk about 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 the state of the market.
We'll also work within your financing constraints. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Get your loan
Upon completion of the deal, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't be a long process at all, but you'll need to stay in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) of your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of getting your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and relaxed event.
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, make sure you call me at (405) 414-7000 Carol or e-mail me at .