Buying your new home in Edmond with Coldwell Banker Mike Jones Company

Purchasing a home intimidates many people, but it's not too complicated with some up-front planning. I like to supply buyers with a road map of the entire deal so they'll know exactly what they can expect. These are my nine steps to buying a home. If 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 – Get ready to purchase a home
Prior to beginning your home search, there are several things you need to do. You'll want to create a checklist of items you need, plan for what neighborhoods you want to live in, and start working on your budget. Keeping your mortgage payment around 1/3 of your net monthly income is a good guideline to go by.

Step 2 – Communicate with a real estate agent
That's where I can help. We can set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the Edmond area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.

I'll also help you start the loan process. I work with some of the finest mortgage professionals in Edmond, so you can rest assured that you're in great hands. They will assist you in determining which type of loan is best for you and help you get approved.

Step 3 – Start house hunting
After our initial meeting, I'll begin looking for homes on the market that suit your needs. I'll preview many of the houses and throw out the duds, and then we'll set up appointments to tour the houses whenever it's most convenient for you.

As we view homes, I'll identify positive features, as well as negative ones. I'll even ask you to tell us about things you like and don't like. Most often, buyers update their must-have list as we view homes and some items become far more important than others. If that's the case, I'll search all the listings one more time and narrow it down to the house of your dreams.

Step 4 – Comprehend the market
My awareness of the Edmond housing market is a necessary component in your house search. I'm familiar with all the school districts and neighborhoods, and I'll alert you to some districts are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful examination.

As we view homes, I'll make sure to communicate when the seller's list price has room for negotiation and also when I know the home is "priced to sell." Any REALTOR will convince you they know the market, but be careful, and be sure to ask your agent a lot of questions. If it doesn't seem like they know everything, contact me at 405-340-4224 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market expertise will keep you a step above the rest through the entire deal.

Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in the Edmond area. When we do, I'll precisely create your home purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies, such as acquiring financing, finishing the home inspection, and a clean title.

When we present your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is usually applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of deals don't close on the first offer, and it's very common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.

Market conditions determine how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that is best for you.

Step 7 – Obtain a loan
Once the contract is complete, you'll start working with your lender to close the loan. If you're already pre-approved, it won't take long at all, but you should to stay in close contact with your mortgage lender. And I'll handle all the property information your lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application. This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and I'll examine the estimate and let you know if everything looks all right.

Then it's time to close on your house. This will probably happen at a title company or escrow office and is often a smooth and peaceful occasion.

Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 405-340-4224 or e-mail me at .