Buying or selling a home in Tulsa?
Purchasing a home can be stressful for most people, but with some up-front planning, it's not that hard.
I like to provide 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, simply contact me here or e-mail me at .
Step 1 – Prepare to buy
There are many things you need to do before you look for a home.
You'll probably want to assemble an outline of features you want to have, get an idea of what neighborhoods you want to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Connect with a real estate agent in Tulsa
This is where Dennis Hall Realty, LLC can help.
I'd be happy to book a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Tulsa area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some great mortgage professionals in Tulsa, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll begin searching for houses on the market that suit your needs.
I'll preview many of the houses and remove the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we tour the homes, I'll identify good features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
As a rule, buyers update their wish list as we view houses and some items become far more essential than others.
If that's the situation, I'll go back through the listings another time and narrow it down to the home of your dreams.
Step 4 – Understand the market
An agent's awareness of the Tulsa home market is a leading aspect in your house search. And I can assure you I'm familiar with all the school districts and neighborhoods, and I will communicate some neighborhoods are "hot" and require prompt action and others that are "cool" and allow for thoughtful analysis.
When we tour houses, I'll make sure to communicate when the seller's list price has room for negotiation and also when I trust the home is "priced to sell."
Trust your instincts and make sure you ask your agent a lot of questions, as every real estate agent will tell you they understand the market.
If things don't add up, contact me at 918-447-8000 or e-mail me at , and I'll be more than happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream home
We'll find the house of your dreams in the Tulsa area, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
When we turn in your purchase offer, you'll likely need to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property, and it's usually put towards the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer – it's very common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing limits. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Secure financing
Once the contract is finalized, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take long at all. However, you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most often happen at a title company or escrow office and should be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at 918-447-8000 or e-mail me at .