With a little up-front planning, purchasing a home isn't all that complex, but the event is stressful for many people.
I like to supply buyers with an overview of the entire deal so they understand exactly what to expect.
Here are my nine steps to buying a home.
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Should you have any questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at shamoore@prodigy.net.
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Step 1 – Get ready to buy a home
There are a lot of things you should do prior to commencing your home search.
When you begin your search, you'll want to make a list of features you want to have, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good principle to adhere to.
Step 2 – Get in touch with a real estate agent in Midwest City
That's where I come in.
I'd be happy to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Midwest City area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
I partner with some of Midwest City's best mortgage professionals, so you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our first meeting, I'll begin looking for available homes on the market that meet your needs.
I'll get a sneak peek of many of the homes and eliminate the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we tour the homes, I'll point out good features and negative ones. I'll also ask you to talk about things you like and don't like.
As a rule, buyers update their wish list as we view houses and some features become more important than others.
If that happens, I'll go back through all the listings one more time and narrow it down to the house of your dreams.
Step 4 – Get a feel for the market
My awareness of the Midwest City home market is an indispensable asset in your search. I'm informed of all the school districts and neighborhoods, and I can alert you to some districts are "hot" and call for immediate action and others that are "cool" and allow for more analysis.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for negotiation and when I believe the home is "priced to sell."
Trust your instincts and make sure you ask a lot of questions, as any REALTOR® in Midwest City will claim to know the market.
If things don't add up, call me at (405) 455-5612 or e-mail me at shamoore@prodigy.net, and I'll be happy to answer your questions. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm confident we'll find your dream home in Midwest City. When we do, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
Upon submitting your offer, you'll probably want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's usually applied to the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer, and it's extremely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market 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 create a deal that is best for you.
Step 7 – Secure your loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
This shouldn't take long at all if you've been pre-qualified, but you should to stay in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a precise range of accuracy, and I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most often take place at a title company or escrow office and should be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at (405) 455-5612 or send me an e-mail.