Buying a home intimidates many people, but with a bit of up-front planning, it isn't that difficult. We like to furnish buyers with an overview of the entire deal so they know exactly what to expect. These are my nine steps to purchasing a home.
 |
 |
 |
If you have questions about this information or if you're prepared to get started, you can contact me here or e-mail us at LindaRonck@RonckRealtycom |
|
|
|
|
Step 1 – Get ready to buy
Before you begin looking for a home, there are several things you should contemplate. When you begin your search, you'll want to assemble an outline of must-haves, get a feeling for what school districts you want to live in, and start planning around your budget. Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Communicate with a real estate agent
This is where we can help. We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about everything from neighborhoods, schools in the Oklahoma City area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
We'll also help you get started on your loan. There are some excellent mortgage professionals in Oklahoma City, and we partner with a lot of them, so you'll be in great hands. They will assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Start your search
Following our initial meeting, we'll begin finding available homes on the market that are good for you. We'll research most of the houses and throw out the bad ones, and then we'll book appointments to view the houses whenever it's convenient for you.
As we tour houses, We'll show you the good features and bad ones. We'll even ask you to tell us about things you like and dislike. It's widely common for buyers to change their must-have list as we view houses and some items become more necessary than others. If that's the case, We'll search the listings again and narrow it down to the home you've been wishing for.
Step 4 – Know the market
An Realtors awareness of the Oklahoma City market is a leading agent in your house search. And I can assure you we are mindful of all the neighborhoods and schools, and I will alert you to certain districts are "hot" and require immediate action and some that are "cold" and allow for careful analysis.
As we view homes, We'll let you know when the list price has room for bargaining and also when we think the home is "priced to sell." Be mindful and be sure to ask your Realtor a lot of questions, as any REALTOR® in Oklahoma City will claim to truly know the home market. If things don't add up, contact me at 405-324-9040 or e-mail me at LindaRonck@RonckRealty.com, and I'll be glad to answer your questions. Our knowledge of the market will keep you a steps ahead through the entire process.
Step 5 – Find the home of your dreams
We know we'll find your dream home in the Oklahoma City area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be written to suit your needs. Whenever necessary, we never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When turning in your offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer – it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. We'll also work within your financing budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Secure your loan
After the contract is complete, you'll begin working with your mortgage lender to close the loan. It shouldn't take long at all if you've been pre-approved, but you need to stay in close contact with your mortgage lender. And we'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) of closing costs from your lender within three days of accepting your application. This estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This should occur at a title company or escrow office and is often a smooth and relaxing event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 405-324-9040 or send me an e-mail.
