Buying or selling a home in Norman?
For many people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it's not very hard.
I like to provide buyers with an overview of the whole deal so they understand exactly what to expect.
Below are my nine steps to buying a home.
Should you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you need to contemplate before you start searching for a home.
When you begin your search, you'll want to create an outline of items you need, get a feeling for what school districts and neighborhoods you want to live in, and begin planning your budget.
A good rule of thumb to follow is that your mortgage payment should be close to 30 percent of your monthly income.
Step 2 – Contact a real estate agent
This is where Vawter Real Estate can help.
I'd be happy to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Norman area.
I'll also help you begin the loan process.
I work with some of the finest mortgage professionals in Norman, so you'll be in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll start searching for available houses on the market that meet your needs.
I'll preview many of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour houses, I'll show you the good features and bad ones. I'll also ask you to tell us about things you like and don't like.
It's widely common for buyers to revise their list of must-haves as we tour houses and some items become far more necessary than others.
If that's the situation, I'll go back through the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Comprehend the market
Your agent's understanding of the Norman market is an essential factor in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I'll alert you to some districts are "hot" and warrant immediate action and the ones that are "cool" and allow for careful analysis.
When we view homes, I'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Be mindful and make sure you ask your agent a lot of questions, as every real estate agent in Norman will convince you they comprehend the housing market.
If things don't add up, contact me at (405)360-5635 or e-mail me at , and I'll be more than happy to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream home in Norman. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When we send in your offer, you'll probably want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property and is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's very common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Secure a loan
Once the deal is finalized, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this won't take very long at all. But you should to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of getting your loan application.
This estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if everything looks good.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most likely be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at (405)360-5635 or e-mail me at .