Are you contemplating purchasing your home in El Reno? Preferred Properties, R.E. can help.
With some planning ahead of time, buying a home isn't all that hard, but the event can be stressful for a lot of people.
I like to furnish buyers with an outline of the entire deal so they know exactly what to expect.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or send me e-mail
. I'm glad to address any questions you have regarding this information.
Step 1 – Get ready to buy a home
There are plenty of things you should consider before you start looking for a home.
You'll probably want to make a list of features you want, get a feel for what school districts and 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 less than a third of your monthly income.
Step 2 – Get with a real estate agent in El Reno
This is where I come in.
I'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 future plans.
We'll discuss neighborhoods, schools in the El Reno area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in El Reno, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After our first meeting, I'll start finding houses on the market that meet your needs.
I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.
When we tour houses, I'll call attention to positive features, as well as bad ones. And I'll ask you about things you like and dislike.
It's pretty common for buyers to amend their list of must-haves as we view houses and some features become more substantial than others.
If that's the situation, I'll search the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
My knowledge of the El Reno home market is an essential asset in your search. I am mindful of all the schools and neighborhoods, and I'll let you know what districts are "hot" and require prompt action and the others that are "cool" and allow for more examination.
As we view houses, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as every real estate agent in El Reno will tell you they truly know the housing market.
If it seems like they don't know everything, call me at 405-262-6020 or e-mail me at firstname.lastname@example.org, and I'd be glad to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the home of your dreams in the El Reno area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies. A few examples are acquiring financing, finishing the inspection, and a clear title.
When we submit your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property and is usually applied to the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's really common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Secure financing
After the deal is finished, you'll begin working with your lender to close the loan.
If you're already pre-approved, this shouldn't take much time at all, but you'll want to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.>
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will most often be a smooth and calm occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 405-262-6020 or send me an e-mail.