Buying a home can be stressful for a lot of people. However, with a bit of planning ahead of time, it's not too complicated.
I like to give buyers an overview of the entire deal so they'll know exactly what to expect.
Below are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you commence your home search, there are a lot of things you need to contemplate.
When you begin your search, you'll want to assemble a list of items you want, get a plan of what school districts and neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent
This is where I can help.
We'll set up 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 neighborhoods, schools in the Idabel area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
Crain Realty partners with some of the finest mortgage professionals in Idabel, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After we meet, I'll start searching for available houses on the market that best suit you.
I'll preview many of the homes and reject the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
When we tour the homes, I'll show you the positive features and negative ones. I'll even ask you to tell us about things you like and don't like.
It's common for buyers to update their wish list as we tour houses and some features become more substantial than others.
If that's the case, I'll search the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
My understanding of the Idabel home market is a crucial benefit in your search. I am acquainted with all the neighborhoods and schools, and I will communicate certain areas are "hot" and warrant prompt action and the ones that are "cold" and allow for careful consideration.
As we tour houses, I'll make sure to communicate when the seller's list price has room for bargaining and also when I know the house is "priced to sell."
Be mindful and be sure to ask plenty of questions, as any real estate agent will tell you they truly understand the home market.
If it doesn't seem like they know everything, call me at 580-286-5395 or e-mail me at crainrealty@yahoo.com, and I'll be happy to answer any questions you have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream house
I'm positive we'll find the house of your dreams in Idabel. When we do, I'll carefully create your home purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
Upon turning in your offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property. The amount is most often put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Obtain a loan
Upon signing the deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, this shouldn't take very long at all. But you should to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your home. This should occur at a title company or escrow office and will most often be a smooth and pleasant event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 580-286-5395 or send me an e-mail.
