Contemplating buying your home in Edmond? Metro First Realty can help.
With a little up-front planning, purchasing a home isn't all that hard, but the event is intimidating for a lot of people.
I like to supply buyers with a road map of the whole deal so they understand exactly what they can expect.
Here are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you'll want to consider prior to starting your home search.
When you begin your search, you'll want to form an index of items you need, get a feel for what school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good rule of thumb to follow.
Step 2 – Talk to a real estate agent in Edmond
This is where I can help.
We can plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Edmond area.
I'll also assist you with getting started on your loan.
There are some great mortgage professionals in Edmond, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
Following our first meeting, I'll begin finding homes on the market that best suit you.
I'll research many of the homes and eliminate the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we view the homes, I'll show you the good features, as well as bad ones. I'll also ask you to point out what things you like and dislike.
Oftentimes, buyers change their list of must-haves as we view homes and some things become far more substantial than others.
If that's the case, I'll look through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Know the market
An agent's knowledge of the Edmond market is an essential element in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll alert you to certain neighborhoods are "hot" and demand prompt action and some that are "cold" and allow for more consideration.
As we tour houses, I'll make sure to communicate when the seller's asking price has room for bargaining and also when I know the home is "priced to sell."
Be on guard and make sure you ask lots of questions, as every REALTOR will convince you they understand the home 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 any questions you might have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find your dream house
We'll find your dream house in the Edmond area, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we present your offer, you'll likely want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property. The amount is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer, and it's widely common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Get financing
Upon completing the contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't be a long process at all, but you'll want to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) of your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of receiving your application.
The estimate rests on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This should occur at a title company or escrow office and will probably be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at (405) 414-7000 Carol or e-mail me at .