Contemplating buying your home in Tulsa?
For many people, buying a home can be a stressful event. But with some up-front planning, it's not too hard.
I like to give buyers an outline of the entire deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have about this information.
Step 1 – Get ready to buy a home
Before you begin your home search, there are many things you should take into account.
When you start your search, you'll want to put together a checklist of features you want, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to a third of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
That's where I come in.
We can plan 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 talk about everything from neighborhoods, schools in the Tulsa area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I can also help you begin the loan process.
There are some excellent mortgage professionals in Tulsa, and I partner with a lot of them, so you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After we meet, I'll begin searching for houses on the market that meet your needs.
I'll research many of the homes and reject the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we view the homes, I'll call attention to good features, as well as bad ones. I'll even ask you to point out what things you like and dislike.
Frequently, buyers update their list of must-haves as we view homes and some features become more essential than others.
If that's the case, I'll look through the listings once again and trim it down to the house you've been waiting for.
Step 4 – Comprehend the housing market
My awareness of the Tulsa market is an essential element in your home search. I am familiar with all the neighborhoods and school districts, and I'll communicate certain neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for thoughtful consideration.
When we view homes, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions, as any real estate agent will claim to comprehend the housing 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 have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I know we'll find your dream house in Tulsa. When we do, I'll carefully create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as getting financing, finishing the home inspection, and a clean title.
Upon presenting your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property. The amount is usually put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer. It's widely common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get a loan
Upon signing the contract, you'll start working with your mortgage lender to close the loan.
This won't take very long at all if you're pre-qualified, but you need to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your loan application.
This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most likely happen at a title company or escrow office and is often a smooth and relaxed affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply call me at 918-447-8000 or e-mail me at .