Buying a home is a stressful event for most people, but with some up-front planning, it isn't very difficult.
So you understand exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are several things you'll want to take into account prior to starting your home search.
When you start your search, you'll want to make a list of items you want, get an idea of what neighborhoods and school districts you want to live in, and start planning around your budget.
Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent in Poteau
That's where I can help.
I'd love to schedule a time to meet 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 Poteau area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
I partner with some of the finest mortgage professionals in Poteau, so you'll be in great hands.
They can assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
Following our initial meeting, I'll start finding available houses on the market that suit your needs.
I'll research most of the houses and throw out the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
As we view homes, I'll call attention to positive features and negative ones. And I'll ask you to tell us about things you like and dislike.
Usually, buyers change their list of must-haves as we view homes and some features become far more substantial than others.
If such is the case, I'll go back through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the market
Your agent's knowledge of the Poteau housing market is a leading agent in your home search. And I can assure you I'm conscious of all the neighborhoods and schools, and I can communicate certain neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for careful analysis.
When we view homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
Any real estate agent in Poteau will convince you they understand the housing market, but be wary, and be sure to ask lots of questions.
If it seems like they don't know everything, contact me at (918) 649-0659 or e-mail me at iluvrealty@windstream.net, and I'll be more than happy to answer your questions. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in the Poteau area, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When turning in your offer, you'll likely want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property and is usually put towards the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer – it's pretty common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, it shouldn't take very long at all. But you need to stay in close contact with your lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply 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.
This estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often occur at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (918) 649-0659 or send me an e-mail.
