For a lot of people, buying a home can be an intimidating event. However, with a little up-front planning, it isn't all that complicated.
So you'll know exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are a lot of things you should take into account before you start looking for a home.
When you begin your search, you'll probably want to assemble an index of items you need, plan for what school districts and neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent in Tulsa
That's where I can help.
We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Tulsa area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you start 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 can assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll start looking for available homes 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 tour the houses whenever it's convenient for you.
As we view the homes, I'll show you the good features and bad ones. And I'll ask you to point out what things you like and don't like.
It's common for buyers to revise their list of must-haves as we view homes and some things become more important than others.
If such is the case, I'll look through the listings once again and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My understanding of the Tulsa home market is a valuable benefit in your home search. I'm acquainted with all the neighborhoods and school districts, and I'll communicate which areas are "hot" and require immediate action and others that are "cold" and allow for more consideration.
When we view houses, I'll let you know when the asking price has room for bargaining and when I believe the house is "priced to sell."
Every REALTOR® will convince you they truly know the market, but take notice, and be sure to ask lots of questions.
If it seems like they don't know everything, contact me at 9184478000 or e-mail me at dhall@accreditedappraisalservices.com, and I'd be happy to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find your dream house in the Tulsa area, and when we do, I'll meticulously create your real estate purchase offer. The offer will be written keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon submitting your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is most often applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer. It's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Secure a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take very long at all. But you need to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of getting your application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your home. This should happen at a title company or escrow office and will most often 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 have any questions, just call me at 9184478000 or send me an e-mail.
