For a lot of people, purchasing a home can be an intimidating event. However, with a little planning ahead of time, it isn't too complex.
I like to furnish buyers with a road map of the whole deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
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If you have questions about this information or if you're prepared to get started, you can contact me here or e-mail me at wmcox@cwis.net.
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Step 1 – Prepare to purchase a home
There are many things you need to consider prior to starting your home search.
When you begin your search, you'll probably want to put together a checklist of items you want to have, get an idea of what school districts you'd like to live in, and start working on your budget.
A good rule to go by is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent in Stigler
This is where I can help.
We'll set up a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Stigler area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
I work with some of the best mortgage professionals in Stigler, so you're in great hands.
They can assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
After we meet, I'll begin searching for available homes on the market that suit your needs.
I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we tour homes, I'll show you the good features and negative ones. And I'll ask you about things you like and dislike.
As a rule, buyers change their list of must-haves as we tour houses and some things become more substantial than others.
If that happens, I'll look through all the listings once again and narrow it down to the house of your dreams.
Step 4 – Know the housing market
My knowledge of the Stigler housing market is a fundamental benefit in your house search. I'm mindful of all the schools and neighborhoods, and I can communicate which districts are "hot" and warrant immediate action and some that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Be on guard and be sure to ask your agent lots of questions, as every REALTOR® will convince you they know the market.
If things don't add up, just call me at 918-967-2444 or e-mail me at wmcox@cwis.net, and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I know we'll find your dream house in Stigler. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer, and it's extremely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Secure a loan
After the contract is signed, you'll start working with your lender to close the loan.
If you've been pre-approved, it shouldn't take very long at all, but you'll want to keep 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 Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will probably occur at a title company or escrow office and should be a smooth and relaxing occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to contact me at 918-967-2444 or send me an e-mail.
