Are you contemplating buying your home in Tulsa?
Purchasing a home is intimidating for a lot of people, but it's not very complicated with some planning ahead of time.
So they understand exactly what to expect, I'll give buyers an outline of the entire deal.
Here are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are several things you need to take into account before beginning your home search.
It's likely that you'll want to create a list of items you need, get a plan of what neighborhoods and school districts you'd like to live in, and start planning around your budget.
A good guideline to go by is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Tulsa
This is where Dennis Hall Realty, LLC can help.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Tulsa area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some great mortgage professionals in Tulsa, and I partner with a lot of them, so you're in great hands.
They'll assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After our initial meeting, I'll begin finding available houses on the market that meet your needs.
I'll get a sneak peek of many of the homes and throw out the bad ones, and then we'll set up appointments to tour the homes at a time that's convenient for you.
As we tour the houses, I'll call attention to good features, as well as bad ones. I'll even ask you to talk about things you like and dislike.
It's common for buyers to amend their list of must-haves as we view houses and some things become far more necessary than others.
If that's the situation, I'll search the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Tulsa housing market is an imperative agent in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I will communicate some areas are "hot" and call for immediate action and others that are "cool" and allow for thoughtful consideration.
As we tour houses, I'll let you know when the list price has room for negotiation and also when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as every real estate agent in Tulsa will convince you they know the housing market.
If things don't add up, contact me at 918-447-8000 or e-mail me at , and I'll be happy to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find the house of your dreams in Tulsa. When we do, I'll meticulously develop your purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as obtaining financing, completing the inspection, and a clear title.
Upon turning 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. The amount is most often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer – it's extremely common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or decline 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 works well for you.
Step 7 – Secure financing
Upon completion of the contract, you'll begin working with your lender to close the loan.
If you're already pre-approved, this shouldn't take much time at all. However, you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) outlining closing costs within three days of taking your application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of accepting your application.
This estimate depends on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will most often be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 918-447-8000 or e-mail me at .