Are you purchasing a new home in Edmond?

Purchasing a home can be stressful for most people, but with some up-front planning, it isn't very confusing. I like to furnish buyers with an overview of the entire deal so they'll know exactly what to expect. Here are my nine steps to buying a home. When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address questions you have about this information.

Step 1 – Prepare to purchase
Before you begin searching for a home, there are several things you need to take into account. You'll probably want to put together an outline of features you need, get an idea of what neighborhoods you want to live in, and begin working on your budget. A good guideline to follow is that your mortgage payment should be less than 1/3 of your monthly income.

Step 2 – Contact a real estate agent
This is where I come in. We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, schools in the Edmond area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.

In addition, I'll help you start the loan process. Coldwell Banker Mike Jones Company works with some of Edmond's best mortgage professionals, so you're in great hands. They can assist you with determining which type of loan is best for you and help you get approved.

Step 3 – Begin looking
After our initial meeting, I'll start finding available houses on the market that are a good fit for you. I'll get a sneak peek of most of the houses and exclude the bad ones, and then we'll book appointments to tour the houses at a time that's convenient for you.

When we view the homes, I'll call attention to positive features, as well as negative ones. I'll even ask you what things you like and dislike. Usually, buyers change their wish list as we tour homes and some items become more substantial than others. If that's the situation, I'll go back through the listings another time and trim it down to the house of your dreams.

Step 4 – Comprehend the market
An agent's understanding of the Edmond housing market is a leading element in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can alert you to which areas are "hot" and warrant immediate action and others that are "cool" and allow for cautiousness.

When we tour homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be on guard and make sure you ask plenty of questions, as any REALTOR will convince you they truly understand the housing market. If things don't add up, just call me at 405-340-4224 or e-mail me at , and I'll be more than happy to answer your questions. My market expertise will help you stay a step ahead through the entire deal.

Step 5 – Find the home you've been looking for
I'm sure we'll find your dream house in Edmond. When we do, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.

When we present your offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property, and it's most often applied to the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer – it's widely common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.

How aggressively we negotiate the contract depends on market conditions. We'll also work within your financing limits. And at the end of the day, we'll put together a deal that works well for you.

Step 7 – Secure financing
After we sign the final contract, you'll start working with your mortgage lender to close the loan. If you're pre-approved, it shouldn't be a long process at all, but you need to stay in close contact with your lender. And I'll manage all the property information your lender needs to close the loan.

Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) of closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of taking your loan application. This estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if everything looks all right.

Then it's time to close on your house. This should happen at a title company or escrow office and will likely be a smooth and calm occasion.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at 405-340-4224 or e-mail me at .