Purchasing a home is stressful for a lot of people. However, with a bit of up-front planning, it's not that hard.
So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
These are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at steve@stevereeser.com.
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Step 1 – Prepare to buy a home
There are a lot of things you need to consider prior to commencing your home search.
When you start your search, you'll probably want to create a list of items you want to have, get a feel for what school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is around 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Get in touch with a real estate agent in Edmond
This is where I can help.
We can plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Edmond area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
I'll also help you get started on your loan.
I partner with some of Edmond's best mortgage professionals, so you'll be in great hands.
They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll begin finding houses on the market that are great for you.
I'll preview many of the homes and throw out the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we tour houses, I'll show you the good features and negative ones. And I'll ask you to tell us about things you like and don't like.
It's common for buyers to amend their list of must-haves as we view homes and some features become far more necessary than others.
If that's the case, I'll go back through all the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
Your agent's understanding of the Edmond housing market is a fundamental element in your home search. And I assure you I'm familiar with all the neighborhoods and school districts, and I can let you know certain neighborhoods are "hot" and warrant prompt action and some that are "cold" and allow for careful consideration.
As we tour houses, I'll be sure to tell you when the list price has room for bargaining and when I know the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions, as every real estate agent in Edmond will claim to truly understand the housing market.
If things don't add up, contact me at 4053302626 or e-mail me at steve@stevereeser.com, and I'll be happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I know we'll find your dream house in the Edmond area. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
Upon presenting your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's most often applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's extremely common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Secure financing
Upon completing the deal, you'll start working with your lender to close the loan.
This shouldn't take much time at all if you've been pre-approved, but you need to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your loan application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then we'll close on your house. This will probably occur at a title company or escrow office and will probably be a smooth and stress-free occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, simply call me at 4053302626 or send me an e-mail.
