Purchasing a new home in Oklahoma City with The Virtual Real Estate Team
Purchasing a home is intimidating for a lot of people. However, with a little up-front planning, it isn't too difficult. We like to supply buyers with an outline of the whole deal so they understand exactly what they can expect. These are our nine steps to buying a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to address any questions you have regarding this information.
Step 1 – Prepare to buy a home
There are plenty of things you should do before you start looking for a home. You'll probably want to assemble an outline of features you want to have, get a plan of what neighborhoods you'd like to live in, and begin planning around your budget. Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to follow.
Step 2 – Speak with a real estate agent in Oklahoma City
That's where we come in. We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, schools in the Oklahoma City area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
We can also help you facilitate the loan process. There are some great mortgage professionals in Oklahoma City, and we partner with a lot of them, so you'll be in great hands. They'll assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start looking
After we meet for the first time, we'll begin looking for houses on the market that are a good fit for you. We'll research most of the homes and remove the bad ones, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we tour the homes, we'll show you the good features and bad ones. we'll even ask you to point out what things you like and dislike. As a rule, buyers update their wish list as we tour homes and some features become more essential than others. If that happens, we'll go back through all the listings once more and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the market
An agent's understanding of the Oklahoma City home market is an essential component in your house search. And we assure you we're well-versed in all the neighborhoods and school districts, and we'll communicate which districts are "hot" and demand prompt action and the rest that are "cool" and allow for thoughtful examination.
As we tour houses, we'll be sure to tell you when the seller's asking price has room for negotiation and also when we think the house is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions, as every REALTOR® will claim to know the home market. If it appears they don't know everything, just call us at (405) 509-5335 or e-mail us at firstname.lastname@example.org, and we'd be more than happy to answer any questions you may have. Our market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We know we'll find your dream home in the Oklahoma City area. When we do, we'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.
When turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property, and it's often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let it discourage you. We'll figure out 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 will play a big part in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Obtain financing
After the deal is complete, you'll start working with your lender to close the loan. This shouldn't be a long process at all if you're pre-approved, but you'll need to stay in close contact with your lender. And we'll handle all the property information your lender needs to close the loan.>
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of accepting your application. This estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and fall within a strict range of accuracy, and we'll review the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will most often take place at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call us at (405) 509-5335 or send us an e-mail.