For many people, buying a home can be an intimidating event. But with a bit of up-front planning, it isn't very confusing.
So you understand exactly what to expect, I like to give my buyers a road map of the entire deal.
Here are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to judy@neviusteamhomes.com. I'm glad to answer any questions you have about this information.
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Step 1 – Get ready to purchase
There are several things you need to consider prior to starting your home search.
You'll probably want to put together a list of items you need to have, get a feeling for what neighborhoods and school districts you want to live in, and start planning around your budget.
A good principle to go by is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent in Edmond
This is where The Nevius Team comes in.
I'd be more than happy to arrange a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Edmond area.
I can also help you get started on your loan.
I partner with some of the finest mortgage professionals in Edmond, so you'll be in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our first meeting, I'll start looking for homes on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the duds, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
As we view homes, I'll show you the good features and bad ones. I'll even ask you to talk about things you like and dislike.
It's pretty common for buyers to amend their must-have list as we view houses and some features become far more important than others.
If that's the situation, I'll go back through the listings one more time and narrow it down to the house of your dreams.
Step 4 – Get a feel for the market
My understanding of the Edmond housing market is an essential advantage in your home search. I am informed of all the school districts and neighborhoods, and I can let you know some districts are "hot" and warrant immediate action and others that are "cold" and allow for careful analysis.
When we view houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Any real estate agent in Edmond will claim to know the housing market, but beware, and make sure you ask a lot of questions.
If it doesn't seem like they know everything, just call me at 405-330-2626 or e-mail me at judy@neviusteamhomes.com, and I'll be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I'm sure we'll find your dream house in the Edmond area. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as getting financing, finishing the inspection, and a clean title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property and is often applied to the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer. It's very common to receive a counter offer. But don't let this alarm you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a role in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Get financing
After the deal is finalized, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take very long at all, but you'll want to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application.
The estimate is formed from the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely take place at a title company or escrow office and will most likely be a smooth and peaceful occasion.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at 405-330-2626 or send me an e-mail.
