Are you contemplating buying your home in the Edmond/OKC Metro area?
For many people, purchasing a home can be a stressful event. However, with some planning ahead of time, it doesn't have to be. We like to furnish buyers with a road map of the entire process so they know exactly what they can expect.
These are our nine steps to purchasing a home.
Should you have questions regarding any of this information or if you're ready to get started, just contact us at 405-818-3808
or send an e-mail to firstname.lastname@example.org
Step 1 – Get ready to purchase a home
Before you begin your home search, there are several things you should do.
You'll most likely want to create a list of must-haves, plan for what school districts and neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is around 30 percent of your net monthly income is a good guideline to use.
Step 2 – Contact a real estate agent in Edmond
This is where our company, Churchill-Brown and Associates, comes in. We represent a company that expects us to meet your needs and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Edmond/OKC Metro area.
We will also help you begin the loan process. We partner with some of Edmond's finest mortgage professionals, so you're in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, we will start searching for houses on the market by using the MLS-Multi List System- using your specific criteria you prefer in a home. Then we'll book appointments to view the houses whenever it's convenient for you.
As we view the houses, we will ask you to point out what things you like and don't like.
Usually buyers update their wish list as we tour homes and some features become far more essential than others.
If that happens, we'll go back through the listings and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's understanding of the Edmond/OKC Metro housing market is an imperative factor in your house search. We can assure you that after living in the Edmond/OKC Metro area for over 35 years, we are mindful of the neighborhoods and school districts. Susan taught in Edmond schools for 33 years and is an excellent resource! Ron has former experience in the home building business before coming a Realtor in 1986. As you view houses, trust your instincts and be sure to ask us questions. Our understanding of the market will help you stay a step above the rest through the entire home buying process.
Step 5 – Find the house you've been waiting for
We are confident we'll find the home of your dreams in the Edmond/OKC Metro area, and when that happens, we will meticulously develop your purchase offer. The offer will be written exactly to your needs.
When we send in your offer, you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property and is applied to the closing costs. If the seller accepts your offer, we should close on the property in about 30 to 60 days This allows plenty of time for your mortgage financing and home inspections to take place.
Step 6 – Negotiate the deal
Sometimes most contracts don't occur with the beginning offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll consider together whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Secure a loan
Once the offer is under contract, you'll begin working with your lender to close the loan.
If you've been prequalified, this shouldn't be a long process at all, but you should keep in close contact with your lender. We will provide 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 your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. We will analyze the estimate and let you know if it all looks okay.
Then it's time to close on your house. You will have a "walk thru" the house before the closing to confirm repairs have been completed. The closing will usually take place at a title company.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 405-818-3808 or send me an e-mail.