Purchasing a new home in Oklahoma City with Wires of Energy

With some up-front planning, buying a home isn't all that difficult, but the event intimidates many people. I like to give buyers an outline of the entire deal so they'll understand exactly what to expect. Below are my nine steps to buying a home. When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer any questions you have about this information.

Step 1 – Prepare to buy a home
There are several things you should consider before beginning your home search. It's likely that you'll want to create a list of features you need, get a feeling for what school districts and neighborhoods you'd like to live in, and start planning around your budget. Keeping your mortgage payment around 1/3 of your monthly income is a good rule to follow.

Step 2 – Speak with a real estate agent
This is where I can help. We can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Oklahoma City area, the mortgage industry, and any other economic factors that could affect your purchase today or in the future.

In addition, I'll help you start the loan process. I work with some of Oklahoma City's finest mortgage professionals, so you're in great hands. They will help you determine which kind of loan is best for you, as well as help you get qualified.

Step 3 – Start house-hunting
Following our initial meeting, I'll start finding available houses on the market that suit your needs. I'll research most of the houses and ignore the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.

As we tour the houses, I'll point out positive features and negative ones. I'll even ask you to tell us about things you like and don't like. It's common for buyers to update their wish list as we tour homes and some features become far more necessary than others. If that's the case, I'll go back through all the listings once more and narrow it down to the home of your dreams.

Step 4 – Understand the housing market
Your agent's knowledge of the Oklahoma City home market is an essential aspect in your home search. And I assure you I'm mindful of all the school districts and neighborhoods, and I can alert you to certain districts are "hot" and warrant immediate action and some that are "cold" and allow for thoughtful consideration.

As we tour homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell." Any real estate agent in Oklahoma City will claim to truly understand the market, but be mindful, and be sure to ask your agent a lot of questions. If things don't add up, just call me at or e-mail me at , and I'd be glad to answer any questions you have. My market expertise will keep you a step ahead through the entire process.

Step 5 – Find the home you've been waiting for
We'll find your dream house in the Oklahoma City area, and when we do, I'll thoroughly create your home purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as acquiring financing, finishing the inspection, and a clear title.

When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is most often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of deals don't close on the beginning offer. It's widely common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.

Market circumstances will play a role in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.

Step 7 – Obtain your loan
Upon completing the deal, you'll start working with your lender to close the loan. If you're already pre-qualified, this won't take very long at all. However, you'll want to stay in close contact with your mortgage lender. And I'll manage all the property information your lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of taking your application. This estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks all right.

Then it's time to close on your house. This should occur at a title company or escrow office and will most often be a smooth and calm event.

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 or e-mail me at .