Contemplating buying a home in Edmond? Castles & Homes Real Estate can help.
With some planning ahead of time, buying a home isn't too complex, but it still intimidates a lot of people.
We like to provide buyers with an outline of the whole deal so they'll know exactly what to expect.
Below are our nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are several things you need to consider before you search for a home.
You'll want to assemble a check list of items you want to have, get a feeling for what neighborhoods you want to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be close to 1/3 of your net monthly income.
Step 2 – Get with a real estate agent
That's where we come in.
We'd like to arrange a time to get together with you and speak with you about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the Edmond area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
We'll also help you begin the loan process.
We partner with some of Edmond's best mortgage professionals, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After we meet, we'll begin looking for available houses on the market that are a great fit for you.
We'll research most of the houses and remove the duds, and then we'll book appointments to tour the houses when it's convenient for you.
When we view the houses, we'll call attention to good features, as well as negative ones. And we'll ask you about things you like and don't like.
It's widely common for buyers to revise their must-have list as we view houses and some items become far more important than others.
If such is the case, we'll look through the listings again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
Our understanding of the Edmond home market is a fundamental advantage in your search. We're acquainted with all the neighborhoods and school districts, and we will alert you to which areas are "hot" and require immediate action and the rest that are "cold" and allow for careful consideration.
As we tour homes, we'll make sure to communicate if the list price has room for bargaining or if I believe the home is "priced to sell."
Any real estate agent in Edmond will claim to truly know the market, but take notice, and make sure you ask a lot of questions.
If things don't add up, just call us at 405-806-0003 or e-mail us at firstname.lastname@example.org, and we'd be glad to answer any questions you might have. Our market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the house of your dreams
We know we'll find your dream home in Edmond. When we do, we'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When presenting your purchase 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 and is often put towards the closing costs. If the offer is accepted, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's really common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Secure financing
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this shouldn't take much time at all, but you'll need to stay in close contact with your mortgage lender.
And we'll take care of all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of taking your application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy. we'll review the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will most often be a smooth and stress-free event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply contact us at 405-806-0003 or send us an e-mail.