Buying a home can be stressful for most people, but with a bit of up-front planning, it's not very complicated.
I like to provide buyers with an outline of the whole deal so they'll know exactly what they can expect.
Here are my nine steps to purchasing a home.
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Should you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at leeweems@weemsrealtyofpryor.com.
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Step 1 – Prepare to purchase
Prior to starting your home search, there are plenty of things you'll want to consider.
You'll want to put together an index of features you need to have, get a feel for what neighborhoods you'd like to live in, and begin planning around your budget.
A good guideline to adhere to is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd like to schedule a time to meet with you and talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Pryor area.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Pryor, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
Following our first meeting, I'll start looking for available houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and exclude the duds, and then we'll schedule appointments to view the houses at a time that's convenient for you.
As we tour homes, I'll identify positive features, as well as negative ones. I'll also ask you to point out what things you like and don't like.
It's pretty common for buyers to change their list of must-haves as we view houses and some features become more crucial than others.
If such is the case, I'll go back through the listings again and narrow it down to the house of your dreams.
Step 4 – Understand the market
My awareness of the Pryor market is a crucial advantage in your search. I am familiar with all the schools and neighborhoods, and I can alert you to what districts are "hot" and require immediate action and the rest that are "cool" and allow for more consideration.
When we tour houses, I'll make sure to communicate when the seller's list price has room for negotiation and also when I think the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Any real estate agent will convince you they comprehend the market.
If things don't add up, contact me at (918) 825-2284 or e-mail me at leeweems@weemsrealtyofpryor.com, and I'd be more than happy to answer your questions. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream home in the Pryor area, and when we do, I'll thoroughly develop 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 acquiring financing and the results of the home inspection.
Upon presenting your offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property, and it's most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's pretty common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Get your loan
After the deal is signed, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't be a long process at all, but you'll need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (918) 825-2284 or send me an e-mail.
