Buying a home can be stressful for a lot of people, but it isn't very complicated with a bit of planning ahead of time. I like to give buyers an overview of the whole deal so they'll understand exactly what they can expect. These are my nine steps to buying a home.
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If you have any questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at Gary@scottandassoc.com. |
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Step 1 – Prepare to purchase a home
Before you begin your home search, there are a lot of things you should take into account. When you start your search, you'll want to form a list of features you want, plan for what neighborhoods you'd like to live in, and begin working on your budget. A good rule of thumb to go by is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Speak with a real estate agent
This is where Scott and Associates, Realtors can help. We'll plan a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll discuss neighborhoods, schools in the Bartlesville area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.
In addition, I'll help you start the loan process. I work with some of the best mortgage professionals in Bartlesville, so you can rest assured that you're in great hands. They will assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After our first meeting, I'll start finding houses on the market that are great for you. I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
As we tour homes, I'll identify good features and negative ones. And I'll ask you what things you like and don't like. It's pretty common for buyers to revise their list of must-haves as we tour houses and some things become far more necessary than others. If that's the situation, I'll look through the listings once more and trim it down to the house you've been dreaming about.
Step 4 – Get a feel for the housing market
An agent's understanding of the Bartlesville housing market is a necessary factor in your house search. And I can assure you I'm informed of all the neighborhoods and school districts, and I will alert you to which neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for more consideration.
When we tour homes, I'll be sure to tell you when the asking price has room for negotiation and when I think the home is "priced to sell." Every real estate agent will tell you they truly understand the home market, but keep an eye out, and be sure to ask your agent a lot of questions. If things don't add up, just call me at 918-333-2700 or e-mail me at , and I'll be glad to answer your questions. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm sure we'll find the house of your dreams in the Bartlesville area. When that happens, I'll precisely create your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as getting financing, carrying out the inspection, and a clean title.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property, and it's often put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer. It's pretty common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the contract. We'll also work within your budget. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Get financing
Once the deal is finished, you'll begin working with your mortgage lender to close the loan. This shouldn't take much time at all if you're already pre-approved, but you'll want to stay in close contact with your mortgage lender. And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your application. The estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a precise range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then it's time to close on your house. This should occur at a title company or escrow office and should be a smooth and relaxed occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, or have a referral, be sure to contact me at 918-333-2700 or send me an e-mail.
