Buying or selling a home in Norman?Buying a home is an intimidating event for many people, but with some up-front planning, it's not too complex. So you understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal. Here are my nine steps to purchasing a home.
|Should you have questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at John@LungrenRealEstate.com.|
Step 1 – Get ready to buy a home
There are many things you should take into account before starting your home search. When you start your search, you'll probably want to assemble a list of features you need to have, get a plan of what neighborhoods you'd like to live in, and begin planning around your budget. Ensuring your mortgage payment is around 1/3 of your monthly income is a good rule of thumb to go by.
Step 2 – Get in touch with a real estate agent
This is where Lungren Real Estate can help. I'd be happy to plan a time to get together with you and talk about your real estate needs and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Norman area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase today or in the future.
I'll also help you begin the loan process. There are some very good mortgage professionals in Norman, and I partner with a lot of them, so you can rest assured that you're in great hands. They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Start your search
Following our initial meeting, I'll begin finding houses on the market that suit your needs. I'll get a sneak peek of most of the houses and exclude the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
When we tour homes, I'll show you the positive features and negative ones. I'll even ask you to talk about things you like and don't like. Generally, buyers revise their must-have list as we view homes and some things become far more substantial than others. If that happens, I'll go back through the listings one more time and trim it down to the home of your dreams.
Step 4 – Know the housing market
My understanding of the Norman home market is a necessary asset in your search. I'm informed of all the schools and neighborhoods, and I'll let you know what districts are "hot" and require prompt action and the ones that are "cool" and allow for more examination.
As we tour houses, I'll be sure to tell you when the list price has room for negotiation and when I believe the house is "priced to sell."
Every REALTOR® in Norman will tell you they truly understand the home market, but be on guard, and make sure you ask your agent a lot of questions.
If it appears they don't know everything, just call me at (405) 360-5646 or e-mail me at John@LungrenRealEstate.com, and I'll be glad to answer your questions. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I know we'll find your dream house in Norman. When we do, I'll carefully create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
When sending in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property. The amount is usually applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer. It's really common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions. In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you're pre-approved, this shouldn't take long at all. However, you should to keep in close contact with your lender. And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your loan application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your house. This should occur at a title company or escrow office and will likely be a smooth and relaxed affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at (405) 360-5646 or send me an e-mail.