For a lot of people, purchasing a home can be a stressful event. However, with a bit of planning ahead of time, it isn't that difficult.
I like to give buyers an outline of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at pamarealtor@gmail.com.
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Step 1 – Get ready to buy a home
There are plenty of things you'll want to take into account before you start searching for a home.
When you start your search, you'll probably want to put together an outline of must-haves, get a feeling for what neighborhoods and school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment around a third of your net monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent in Midwest City
This is where House of Realty comes in.
I'd be happy to book a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Midwest City area.
In addition, I'll help you facilitate the loan process.
I work with some of Midwest City's finest mortgage professionals, so you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
Following our initial meeting, I'll start finding available homes on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll identify positive features and negative ones. I'll even ask you to point out what things you like and don't like.
As a rule, buyers amend their list of must-haves as we tour homes and some items become more necessary than others.
If that's the case, I'll go back through the listings another time and trim it down to the home you've been wishing for.
Step 4 – Know the market
An agent's awareness of the Midwest City market is a necessary factor in your home search. And I assure you I'm familiar with all the neighborhoods and school districts, and I'll communicate certain neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for more analysis.
As we view houses, I'll be sure to tell you when the list price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as any real estate agent in Midwest City will claim to comprehend the market.
If things don't add up, just call me at 405-737-4466 or e-mail me at pamarealtor@gmail.com, and I'll be happy to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm sure we'll find the house of your dreams in the Midwest City area. When we do, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is usually applied to the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer, and it's really common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing constraints. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Get your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
This won't take much time at all if you're already pre-qualified, but you'll need to stay in close contact with your mortgage lender.
And I'll sort out 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 Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will most often occur at a title company or escrow office and is often a smooth and hassle-free event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 405-737-4466 or send me an e-mail.
