Are you buying your new home in Edmond?
For many people, buying a home can be an intimidating event. However, with some up-front planning, it isn't very hard.
I like to give buyers an outline of the whole deal so they'll understand exactly what they can expect.
Below are my nine steps to buying 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
There are a lot of things you need to do before beginning your home search.
You'll probably want to make an index of items you want to have, get a feel for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Edmond
That's where I come in.
We can set up 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 discuss the mortgage industry, other economic factors that might 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.
Metro First Realty works with some of Edmond's best mortgage professionals, so you're 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 looking for a home
After our first meeting, I'll start looking for available houses on the market that are a great fit for you.
I'll research many of the houses and exclude the duds, and then we'll book appointments to view the houses whenever it's most convenient for you.
When we tour the houses, I'll call attention to positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike.
It's pretty common for buyers to revise their must-have list as we view houses and some items become more important than others.
If that happens, I'll go back through all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Edmond market is a leading aspect in your house search. I'm mindful of all the neighborhoods and school districts, and I'll let you know certain neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for careful consideration.
As we tour houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as any real estate agent in Edmond will convince you they comprehend the home market.
If things don't add up, contact me at (405) 414-7000 Carol or e-mail me at , and I'll be glad to answer your questions. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
We'll find the house of your dreams in Edmond, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies, such as obtaining financing, finishing the home inspection, and a clean title.
Upon submitting your offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's most often applied to the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Secure financing
Once we sign the final sales contract, you'll start working with your lender to close the loan.
This won't take very long at all if you're already pre-approved, but you'll want to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) of closing costs within three days of getting your application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a strict range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will most often take place at a title company or escrow office and will most often be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply call me at (405) 414-7000 Carol or e-mail me at .