Purchasing a home is intimidating for many people, but it isn't too hard with a bit of up-front planning.
I like to furnish buyers with a road map of the entire deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are plenty of things you'll want to take into account prior to commencing your home search.
When you start your search, you'll want to assemble an outline of items you want to have, get a feel for what school districts and neighborhoods you want to live in, and begin working on your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
This is where Reuter Realty comes in.
We'll book a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Oklahoma City area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
There are some excellent mortgage professionals in Oklahoma City, and I work with a lot of them, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After we meet, I'll start looking for houses on the market that meet your needs.
I'll preview most of the houses and throw out the duds, and then we'll book appointments to view the homes when it's most convenient for you.
When we view houses, I'll identify good features, as well as bad ones. And I'll ask you to point out what things you like and don't like.
It's pretty common for buyers to update their must-have list as we view houses and some items become more necessary than others.
If such is the case, I'll go back through all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Know the market
Your agent's knowledge of the Oklahoma City market is a crucial factor in your home search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I will alert you to certain neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for cautiousness.
As we tour houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions, as any REALTOR® will claim to understand the housing market.
If things don't add up, call me at 405-340-4377 or e-mail me at adana@adanabryant.com, and I'll be more than happy to answer your questions. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the house of your dreams in the Oklahoma City area, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be written to suit your needs. Whenever necessary, I 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 purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's most often applied to the cost of closing. 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
Most deals don't close on the beginning offer – it's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Get your loan
Once the contract is complete, you'll start working with your mortgage lender to close the loan.
It won't be a long process at all if you're already pre-approved, but you need to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender needs 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 receiving your application.
This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and easygoing affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at 405-340-4377 or send me an e-mail.
