Let Coldwell Banker Mike Jones Co. help you with buying your new home in Edmond
Buying a home intimidates most people. However, with some up-front planning, it isn't very hard.
So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal.
Below are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or send me e-mail
. I'm glad to address questions you have regarding this information.
Step 1 – Prepare to purchase
Before you begin looking for a home, there are many things you need to consider.
When you start your search, you'll probably want to put together a list of features you need to have, plan for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent in Edmond
This is where Coldwell Banker Mike Jones Co. can help.
I'd be happy to schedule a time to get together with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Edmond area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
I partner with some of Edmond's best mortgage professionals, so you'll be in great hands.
They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After we meet for the first time, I'll start finding available homes on the market that best suit you.
I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
As we view homes, I'll identify positive features, as well as bad ones. I'll also ask you to tell me about things you like and don't like.
It's pretty common for buyers to change their list of must-haves as we tour homes and some items become far more important than others.
If that's the case, I'll go back through all the listings again and trim it down to the home of your dreams.
Step 4 – Understand the market
Your agent's awareness of the Edmond market is a fundamental component in your house search. And I can assure you I'm conscious of all the schools and neighborhoods, and I will let you know certain neighborhoods are "hot" and warrant prompt action and the rest that are "cool" and allow for careful analysis.
When we tour homes, I'll make sure to communicate when the list price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions, as every real estate agent in Edmond will claim to truly understand the home market.
If things don't add up, contact me at (405) 314-8784 or e-mail me at email@example.com, and I'd be happy to answer your questions. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find the home of your dreams in the Edmond area. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are obtaining financing, carrying out the inspection, and a clear title.
Upon submitting your purchase offer, you'll probably want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property and is usually put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer – it's very common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain a loan
After the contract is finalized, you'll begin working with your lender to close the loan.
It shouldn't take long at all if you're already pre-qualified, but you should to stay in close contact with your lender.
And I'll take care of 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) detailing your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a tight 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 should happen at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at (405) 340-4224 or send me an e-mail.