Are you purchasing your home in Edmond or near Oklahoma City Metro? The professionals at Castles & Homes can help.
Buying a home is an intimidating event for many people. However, with a bit of planning ahead of time, it's not all that confusing. So you understand exactly what to expect, we like to furnish our buyers with a road map of the entire deal. Here are our nine steps to buying a home.
When you're ready to get started, just contact us here or send us e-mail
. We're happy to answer questions you have about this information.
Step 1 – Prepare to buy
There are several things you should take into account before beginning your home search. When you begin your search, you'll probably want to form an outline of features you need, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning your budget. Keeping your mortgage payment less than or close to a third of your monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent
This is where we come in. 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 discuss the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Edmond and OKC Metro area.
We'll also assist you in getting started on your loan. There are some great mortgage professionals in Edmond, and we work with a lot of them, so you'll be in great hands. They can assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Start your search
After we meet, we'll start looking for available houses on the market that best suit you. We'll preview most of the houses and throw out the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we tour the homes, we'll point out positive features and negative ones. And we'll ask you to talk about things you like and don't like. It's common for buyers to change their wish list as we tour houses and some features become far more crucial than others. If that's the situation, we'll look through the listings once again and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
Our awareness of the Edmond home market is an indispensable advantage in your search. We're conscious of all the schools and neighborhoods, and we'll will let you know which neighborhoods are "hot" and warrant immediate action and the ones that are "cold" and allow for more consideration.
When we tour homes, we'll be sure to tell you if the asking price has room for bargaining or if we believe the home is "priced to sell." Trust your instincts and be sure to ask your agent plenty of questions, as any REALTOR® in Edmond will claim to truly know the home market. If it appears they don't know everything, just call us at (405) 806-0003 or e-mail us at email@example.com, and we'll be glad to answer any questions you may have. Our knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
We know we'll find the house of your dreams in Edmond. When we do, we'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
Upon submitting your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Secure a loan
Once the contract is finalized, you'll begin working with your lender to close the loan. This won't take much time at all if you've been pre-qualified, but you'll want to keep in close contact with your lender. And we'll manage all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of getting your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. we'll study the estimate and let you know if it all looks all right.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most likely be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just contact us at (405) 483-0003 or send us an e-mail.