Purchasing a home is an intimidating event for most people. However, with some planning ahead of time, it's not too complex.
I like to give buyers a road map of the entire deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
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Should you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at graham-d@sbcglobal.net.
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Step 1 – Prepare to buy a home
Prior to starting your home search, there are a lot of things you need to consider.
When you start your search, you'll want to put together a checklist of items you need, plan for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment around 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent in Edmond
This is where Coldwell Banker Mike Jones Company comes in.
I'd be more than happy to arrange a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Edmond area, the mortgage industry, and any additional economic factors that may potentially affect your purchase today or in the future.
I can also help you begin the loan process.
I partner with some of the best mortgage professionals in Edmond, so you can rest assured that you're in great hands.
They'll assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After we meet for the first time, I'll begin searching for homes on the market that suit your needs.
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 whenever it's most convenient for you.
When we tour the houses, I'll point out good features and negative ones. I'll even ask you what things you like and don't like.
Generally, buyers amend their wish list as we view homes and some features become far more necessary than others.
If that's the case, I'll go back through the listings again and narrow it down to the house you've been waiting for.
Step 4 – Know the market
My understanding of the Edmond market is a fundamental asset in your house search. I am familiar with all the schools and neighborhoods, and I'll let you know certain districts are "hot" and warrant immediate action and others that are "cool" and allow for thoughtful consideration.
As we view houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as every real estate agent in Edmond will convince you they know the home market.
If it seems like they don't know everything, just call me at 405-340-4224 or e-mail me at graham-d@sbcglobal.net, and I'd be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find your dream home in Edmond. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as obtaining financing, finishing the inspection, and a clean title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property, and it's usually put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the first offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Secure financing
Once we sign the final deal, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't take much time at all. But you'll want to stay in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your loan application.
The estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most often occur at a title company or escrow office and will likely be a smooth and relaxed affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 405-340-4224 or send me an e-mail.