Buying a home is an intimidating event for most people, but with a little up-front planning, it isn't too hard. I like to provide buyers with an outline of the entire deal so they'll understand exactly what they can expect. These are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are several things you should take into account before you look for a home. When you begin your search, you'll probably want to create an outline of features you want to have, plan for what school districts you'd like to live in, and start working on your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent
This is where I can help. We'll set up a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the Lawton area, the mortgage and housing industries, and any other economic factors that may affect your purchase today or in the future.
I can also assist you in getting started on your loan. Parks Jones Realty works with some of the finest mortgage professionals in Lawton, so you can rest assured that you're in great hands. They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet, I'll begin looking for available houses on the market that best suit you. I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll set up appointments to view the homes when it's most convenient for you.
When we tour the houses, I'll call attention to good features and bad ones. I'll also ask you to talk about things you like and don't like. It's widely common for buyers to amend their must-have list as we view houses and some things become more important than others. If such is the case, I'll go back through the listings another time and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
My knowledge of the Lawton home market is a necessary resource in your home search. I am conscious of all the neighborhoods and school districts, and I'll alert you to which areas are "hot" and call for immediate action and some that are "cool" and allow for more consideration.
As we tour homes, I'll be sure to tell you if the list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be on guard and be sure to ask plenty of questions, as any REALTOR® in Lawton will tell you they truly know the housing market. If things don't add up, just call me at (580) 357-0842 or e-mail me at larry@larryliter.com, and I'll be happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find the home of your dreams in the Lawton area. When we do, I'll carefully create your home purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When we turn in your offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer. It's widely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a vital role in how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Secure a loan
After the deal is signed, you'll start working with your mortgage lender to close the loan. If you're pre-approved, it won't take long at all. But you'll need to keep in close contact with your lender. And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your application. This estimate is based on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most likely be a smooth and relaxing event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at (580) 357-0842 or send me an e-mail.
