With some up-front planning, purchasing a home isn't all that hard, but the event is intimidating for a lot of people.
So you understand exactly what to expect, I like to supply my buyers with an overview of the entire deal.
Below are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to matt@alamode.com. I'm happy to address questions you have about this information.
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Step 1 – Prepare to purchase
There are many things you'll want to do before you start searching for a home.
You'll probably want to form a list of features you need to have, get an idea of what school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than or around 1/3 of your net monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent
This is where Metro Real Estate comes in.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Oklahoma City area, the mortgage industry, and any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some great mortgage professionals in Oklahoma City, and I work with a lot of them, so you're in great hands.
They'll assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin finding available houses on the market that suit your needs.
I'll research most of the homes and eliminate the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
When we view the homes, I'll point out positive features and bad ones. I'll even ask you about things you like and don't like.
For the most part, buyers amend their wish list as we tour homes and some things become far more substantial than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Understand the housing market
Your agent's understanding of the Oklahoma City home market is an imperative factor in your home search. And I assure you I'm conscious of all the schools and neighborhoods, and I can communicate some areas are "hot" and demand immediate action and the ones that are "cool" and allow for cautiousness.
When we tour houses, I'll let you know when the seller's list price has room for bargaining and when I think the home is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as any real estate agent will tell you they truly understand the home market.
If it appears they don't know everything, contact me at (800) 359-6587 or e-mail me at matt@alamode.com, and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm positive we'll find the house of your dreams in the Oklahoma City area. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as acquiring financing, completing the inspection, and a clear title.
When presenting your offer, most likely you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is typically applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's very common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Obtain financing
After the contract is signed, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't take long at all, but you'll want to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your loan application.
This estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a precise range of accuracy. I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your home. This should take place at a title company or escrow office and will most often be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call me at (800) 359-6587 or send me an e-mail.
