Purchasing a home is a stressful event for a lot of people, but it isn't that hard with a little planning ahead of time.
So you know exactly what to expect, I like to give my buyers an overview of the entire deal.
Below are my nine steps to purchasing a home.
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Should you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at jd.hadley@sbcglobal.net.
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Step 1 – Prepare to purchase a home
Before you start searching for a home, there are plenty of things you'll want to take into account.
It's likely that you'll want to create a list of must-haves, get a feel for what school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good guideline to go by.
Step 2 – Communicate with a real estate agent
This is where Billie Jo Hadley comes in.
I'd be happy to arrange a time to get together with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Edmond area.
I can also assist you with getting started on your loan.
There are some excellent mortgage professionals in Edmond, and I partner with a lot of them, so you're in great hands.
They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our initial meeting, I'll begin looking for available houses on the market that are good for you.
I'll preview most of the houses and eliminate the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour houses, I'll point out positive features and negative ones. And I'll ask you to point out what things you like and don't like.
It's pretty common for buyers to revise their list of must-haves as we tour homes and some items become more crucial than others.
If that's the case, I'll search the listings one more time and narrow it down to the home you've been dreaming about.
Step 4 – Know the housing market
Your agent's awareness of the Edmond housing market is a leading agent in your house search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I can let you know some neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for cautiousness.
As we view homes, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell."
Be mindful and be sure to ask your agent lots of questions, as every REALTOR® in Edmond will tell you they truly know the home market.
If things don't add up, call me at (405) 348-4422 or e-mail me at jd.hadley@sbcglobal.net, and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream home in the Edmond area, and when we do, I'll thoroughly develop your purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is usually applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer. It's pretty common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get your loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take long at all. But you'll want to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will likely happen at a title company or escrow office and should be a smooth and easygoing occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at (405) 348-4422 or send me an e-mail.
