With a little up-front planning, buying a home isn't that complex, but the event is intimidating for a lot of people.
I like to provide buyers with a road map of the entire deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
Prior to beginning your home search, there are many things you'll want to take into account.
When you start your search, you'll want to assemble an outline of features you need to have, get a plan of what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good guideline to follow.
Step 2 – Speak with a real estate agent
That's where I can help.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Bartlesville area.
I can also assist you with getting started on your loan.
Colonial Realty works with some of the best mortgage professionals in Bartlesville, so you can rest assured that you're in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin searching for homes on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and reject the duds, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we tour homes, I'll show you the positive features and bad ones. And I'll ask you to tell us about things you like and dislike.
It's common for buyers to amend their wish list as we view houses and some features become far more essential than others.
If that happens, I'll look through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's understanding of the Bartlesville home market is a fundamental element in your home search. And I assure you I'm mindful of all the neighborhoods and school districts, and I'll communicate what neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for careful consideration.
When we view homes, I'll let you know if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
Any real estate agent in Bartlesville will convince you they truly know the home market, but take notice, and make sure you ask your agent a lot of questions.
If it seems like they don't know everything, just call me at (918) 333-6500 or e-mail me at amberyearout@aol.com, and I'd be glad to answer any questions you have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I know we'll find your dream home in Bartlesville. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are obtaining financing, finishing the home inspection, and a clear title.
When sending in your offer, you'll probably need to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is typically put towards the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer, and it's very common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a part in how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Get financing
Once we sign the final deal, you'll start working with your lender to close the loan.
It shouldn't take much time at all if you're pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This should occur at a title company or escrow office and will likely be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at (918) 333-6500 or send me an e-mail.
