Buying a home is intimidating for a lot of people, but it's not that confusing with some up-front planning.
So you know exactly what to expect, I like to furnish my buyers with an overview of the whole 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 sandra.bentley@live.com. I'm glad to answer any questions you have about this information.
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Step 1 – Prepare to purchase
There are several things you should do before you start searching for a home.
It's likely that you'll want to make a list of features you want, get a plan of what school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent in Norman
That's where I come in.
I'd be more than happy to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Norman area, the mortgage and housing industries, and any additional economic factors that may potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some excellent mortgage professionals in Norman, and I work with a lot of them, so you can rest assured that you're in great hands.
They will assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
Following our initial meeting, I'll start searching for houses on the market that are good for you.
I'll research most of the houses and throw out the bad ones, and then we'll book appointments to view the homes when it's most convenient for you.
When we tour the houses, I'll call attention to positive features, as well as bad ones. I'll also ask you what things you like and don't like.
As a rule, buyers update their wish list as we view homes and some items become far more crucial than others.
If that's the case, I'll go back through all the listings once again and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the market
My awareness of the Norman market is an essential advantage in your house search. I am familiar with all the school districts and neighborhoods, and I will communicate which districts are "hot" and warrant prompt action and the ones that are "cool" and allow for careful examination.
When we view houses, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Any REALTOR® in Norman will tell you they truly understand the home market.
If it appears they don't know everything, contact me at 4053600303 or e-mail me at sandra.bentley@live.com, and I'd be glad to answer any questions you have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I know we'll find the home of your dreams in Norman. When we do, I'll thoroughly create your purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as getting financing, completing the inspection, and a clean title.
When submitting your offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property. The amount is often put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll put together a contract that's best for you.
Step 7 – Secure financing
Upon finalizing the contract, you'll start working with your lender to close the loan.
If you've been pre-approved, this won't take very long at all. But you'll need to stay in close contact with your lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will most often happen at a title company or escrow office and should be a smooth and stress-free affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at 4053600303 or send me an e-mail.
