Are you buying your new home in Stratford, Wynnewood, Pauls Valley, Sulphur, Davis, Ada or any other surrounding area? Johnson Realty (580) 759-3700 can help.
With a little up-front planning, buying a home isn't all that complex, but the event is intimidating for a lot of people. I like to furnish buyers with a road map of the whole deal so they'll know exactly what to expect. Below are my nine steps to buying a home. Should you have questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at .Step 1 – Prepare to purchase
Before you begin searching for a home, there are plenty of things you should do. When you start your search, you'll probably want to make an outline of items you need, get a feel for what school districts you want to live in, and start planning around your budget. Ensuring your mortgage payment is around a third of your monthly income is a good rule to adhere to.
Step 2 – Speak with a real estate agent
This is where I can help. I'd love to arrange a time to get together with you and speak 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 may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Stratford area.
I'll also assist you with getting started on your loan. There are some great mortgage professionals in Stratford, and I partner with a lot of them, so you'll be in great hands. They'll help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After we meet for the first time, I'll start finding available houses on the market that are good for you. I'll research most of the homes and throw out the duds, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we tour the houses, I'll call attention to good features and negative ones. I'll also ask you about things you like and don't like. For the most part, buyers revise their must-have list as we view homes and some things become more necessary than others. If that's the situation, I'll go back through the listings once again and trim it down to the house you've been wishing for.
Step 4 – Comprehend the housing market
An agent's knowledge of the Stratford home market is a leading element in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I'll let you know which districts are "hot" and call for immediate action and the ones that are "cold" and allow for thoughtful consideration.
As we tour homes, I'll make sure to communicate when the seller's list price has room for negotiation and when I believe the house is "priced to sell." Any real estate agent in Stratford will claim to truly understand the market, but beware, and make sure you ask your agent a lot of questions. If things don't add up, just call me at (580) 759-3700 or e-mail me at , and I'll be happy to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
We'll find your dream home in the Stratford area, and when that happens, I'll thoroughly create your purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as getting financing, completing the inspection, and a clean title.
Upon turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property, and it's typically applied to the closing costs. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the initial offer, and it's really common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing limits. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Obtain your loan
Once we sign the final deal, you'll begin working with your lender to close the loan. If you're pre-approved, it shouldn't be a long process at all, but you'll want to stay in close contact with your mortgage lender. And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application. This estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should happen at a title company or escrow office and is often a smooth and easygoing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (580) 759-3700 or e-mail me at .