For a lot of people, buying a home can be a stressful event. However, with a bit of planning ahead of time, it's not that complicated.
I like to give buyers an outline of the whole deal so they'll know exactly what they can expect.
Below are my nine steps to buying a home.
Step 1 – Get ready to buy a home
There are several things you need to do prior to starting your home search.
You'll want to create a check list of features you need, get a feel for what neighborhoods you want to live in, and begin planning around your budget.
A good rule to follow is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent in Norman
That's where I can help.
I'd like to set up a time to meet with you and talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Norman area.
I can also help you facilitate the loan process.
There are some excellent mortgage professionals in Norman, and I partner with a lot of them, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After we meet, I'll begin looking for houses on the market that best suit you.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we view homes, I'll point out good features, as well as bad ones. And I'll ask you about things you like and don't like.
As a rule, buyers change their list of must-haves as we tour houses and some items become more crucial than others.
If that's the case, I'll search the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
My knowledge of the Norman housing market is a necessary advantage in your house search. I'm mindful of all the neighborhoods and school districts, and I can communicate what neighborhoods are "hot" and demand prompt action and others that are "cool" and allow for more examination.
When we view houses, I'll let you know when the asking price has room for bargaining and when I trust the home is "priced to sell."
Be mindful and make sure you ask your agent plenty of questions, as any real estate agent in Norman will tell you they truly understand the home market.
If it appears they don't know everything, call me at 405.329.1111 or e-mail me at themoverwt@aol.com, and I'd be happy to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm certain we'll find your dream house in Norman. When we do, I'll carefully create your home purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are getting financing, carrying out the home inspection, and a clear title.
Upon turning in your purchase offer, you'll want to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is typically applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer. It's really common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
Upon signing the deal, you'll begin working with your mortgage lender to close the loan.
This shouldn't be a long process at all if you've been pre-qualified, but you'll need to stay in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks okay.
Then it's time to close on your house. This should take place at a title company or escrow office and will most likely be a smooth and peaceful occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, just contact me at 405.329.1111 or send me an e-mail.
