Are you purchasing a home in Norman? Centennial Real Estate can help.
Purchasing a home intimidates most people, but with a bit of planning ahead of time, it isn't all that hard.
So you understand exactly what to expect, we like to supply our buyers with a road map of the entire deal.
Here are our nine steps to purchasing a home.
Should you have questions about any of this information or if you're ready to get started, simply contact us here or send e-mail to firstname.lastname@example.org
Step 1 - Get ready to purchase
Before you start searching for a home, there are plenty of things you'll want to take into account.
When you start your search, you'll probably want to form an outline of items you need to have, get an idea of what neighborhoods and school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is around 1/3 of your monthly income is a good guideline to follow.
Step 2 - Get in touch with a real estate agent
This is where Centennial Real Estate can help.
We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Norman area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
In addition, we'll help you facilitate the loan process.
Centennial Real Estate partners with some of the best mortgage professionals in Norman, so you can rest assured that you're 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 - Begin looking for a house
After our first meeting, we'll begin searching for available homes on the market that are a good fit for you.
We'll preview many of the houses and exclude the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we tour the homes, we'll identify good features and negative ones. we'll also ask you what things you like and don't like.
Usually, buyers change their wish list as we tour houses and some items become more crucial than others.
If that's the case, we'll search the listings again and narrow it down to the home you've been waiting for.
Step 4 - Get a grasp of the market
An agent's understanding of the Norman home market is a leading factor in your house search. And we can assure you we're well acquainted with all the school districts and neighborhoods, and we can alert you to what neighborhoods are "hot" and require immediate action and the rest that are "cold" and allow for thoughtful examination.
As we view houses, we'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions, as every REALTOR? will tell you they know the housing market.
If it doesn't seem like they know everything, contact us at 405-360-0303 or e-mail us at email@example.com, and we'd be glad to answer any questions you may have. Our understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 - Find the home you've been looking for
We're certain we'll find the home of your dreams in Norman, and when we do, we'll meticulously create your real estate purchase offer. The offer will be written with your needs in mind. Whenever necessary, We never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When submitting your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property. The amount is often applied to the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 - Negotiate
Unfortunately most deals aren't closed on the initial offer. It's pretty common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll create a deal that is best for you.
Step 7 - Obtain a loan
Once the contract is complete, you'll begin working with your lender to close the loan.
If you're already pre-approved, this shouldn't be a long process at all. However, you should to keep in close contact with your lender.
And we'll care for all the property information your mortgage lender will need to close the loan.>
Step 8 - Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) of closing costs within three days of receiving your application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy, and we'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will probably happen at a title company or escrow office and should be a smooth and relaxing affair.
Step 9 - Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact us at 405-360-0303 or send us an e-mail.