Buying a home in Edmond
Purchasing a home is a stressful event for a lot of people, but with some planning ahead of time, it's not very complicated.
I like to supply buyers with a road map of the whole deal so they'll know exactly what to expect.
Below are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or send me e-mail
. I'm happy to address questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are many things you'll want to do prior to beginning your home search.
When you start your search, you'll probably want to form an outline of must-haves, plan for what school districts you want to live in, and begin working on your budget.
A good guideline to adhere to is that your mortgage payment should be close to 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent in Edmond
This is where Karen Finchum & Debbie Schwab
Your Home Connection Team comes in.
I'd be happy to schedule a time to get together with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Edmond area.
I'll also help you facilitate the loan process.
I partner with some of Edmond's best mortgage professionals, so you're in great hands.
They can help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our first meeting, I'll begin looking for homes on the market that meet your needs.
I'll research most of the houses and throw out the bad ones, and then we'll book appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll identify good features, as well as bad ones. And I'll ask you what things you like and dislike.
It's common for buyers to revise their must-have list as we tour houses and some things become far more substantial than others.
If that happens, I'll go back through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Know the housing market
My awareness of the Edmond home market is an indispensable resource in your house search. I'm acquainted with all the schools and neighborhoods, and I can alert you to which neighborhoods are "hot" and call for prompt action and the rest that are "cold" and allow for careful examination.
When we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as every REALTOR® in Edmond will convince you they truly understand the housing market.
If it seems like they don't know everything, call me at 405-285-7000 or e-mail me at email@example.com, and I'd be more than happy to answer your questions. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find the house of your dreams in the Edmond area, and when we do, I'll meticulously develop your purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we submit your offer, you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property, and it's typically put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a part in 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 formulate a deal that works well for you.
Step 7 – Get your loan
Upon signing the contract, you'll start working with your lender to close the loan.
If you're pre-approved, this shouldn't take long at all. But you'll want to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This will most often occur at a title company or escrow office and will probably be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 405-285-7000 or send me an e-mail.