Purchasing a home intimidates many people. However, with a bit of up-front planning, it's not all that complex.
So you know exactly what to expect, I like to provide my buyers with an outline of the whole deal.
These are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to glen.white@cox.net. I'm glad to answer any questions you have about this information.
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Step 1 – Get ready to purchase
There are many things you need to consider before you look for a home.
You'll probably want to form a checklist of features you want to have, get a plan of what neighborhoods you want to live in, and start planning your budget.
A good principle to go by is that your mortgage payment should be less than or around a third of your monthly income.
Step 2 – Communicate with a real estate agent in Midwest City
This is where Right Home Real Estate can help.
We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Midwest City area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some very good mortgage professionals in Midwest City, and I work with a lot of them, so you'll be in great hands.
They'll assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
Following our initial meeting, I'll begin finding homes on the market that suit your needs.
I'll get a sneak peek of many of the homes and exclude the duds, and then we'll set up appointments to view the houses when it's convenient for you.
As we tour the homes, I'll point out good features, as well as bad ones. I'll even ask you about things you like and dislike.
As a rule, buyers amend their list of must-haves as we view homes and some features become more substantial than others.
If that's the situation, I'll go back through all the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Understand the housing market
My knowledge of the Midwest City home market is a fundamental asset in your home search. I am conscious of all the schools and neighborhoods, and I will let you know certain districts are "hot" and call for immediate action and others that are "cold" and allow for more examination.
As we view homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Every REALTOR® in Midwest City will claim to know the market.
If it doesn't seem like they know everything, contact me at 4055505043 or e-mail me at glen.white@cox.net, and I'd be happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream house in Midwest City. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, completing the inspection, and a clean title.
When we submit your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property. The amount is typically applied to the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer, and it's widely common to receive a counter offer. Don't let it intimidate 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.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get financing
Once the contract is finished, you'll begin working with your lender to close the loan.
It won't take very long at all if you've been pre-qualified, but you'll need to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your application.
The estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will likely take place at a title company or escrow office and is often a smooth and relaxing affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 4055505043 or send me an e-mail.
