Home Buying Tips
By following these 8 steps you will find that you can easily alleviate some of the angst usually associated with purchasing a new home.
1. Get Pre-approved for a Loan
This has never been more important! Lending guidelines have changed dramatically in 2009. Start off on the right foot by getting pre-approved so we will have no surprises. There is no cost or obligation. I will be happy to recommend someone to help! Once you are pre-approved, it’s time to go home shopping!
2. Find a Home
There are lots of homes to choose from! Once I have a good idea of what you are looking for I will take you to the neighborhoods and homes of your choice.
3. Write an Offer
Once we find the right home, we’ll discuss the terms of your contract which will include price, specify who will pay closing cost. We will also propose a closing date, usually 30-45 days from our agreement date. The offer will also include a time period for inspecting the home, appraisal contingency and finance contingency. Oklahoma is non binding state, so all offers will be in writing.
4. Inspect the House
Our current Oklahoma Association of Realtor (OAR) contract offers two primary ways to accept a home’s condition. The most common has a "time referenece period" Our contract will specify the number of days for our time reference period. During that time, you have the right to have a home inspection, termite inspection, and depending on the home, even a pool inspection or structural inspection. Next, we will write up a TRR- “Termite, Treatment & Repair" The TRR will request the repairs to be completed. You can also buy a home “as is”, which means you accept the home with all of its faults. Selling a home “as is” does not relieve the seller from disclosing any known defeats. It is still highly recommended that you inspect the home with the right to cancel the contract with full return of Earnest money.
5. Negotiate Repairs
When we’re done inspecting, we will submit the TRR to the seller, if any repairs are needed. This can be a second round of negotiations for the home. The Seller considers your repair request, and can accept, reject, or counter it. If the Seller’s response is acceptable, then you stay in the transaction and move forward to closing. If the Seller’s response is unacceptable, then we take your earnest money (in nearly all cases) and start again with finding a home.
6. Final Loan Processing
Once we’re through repairs, there’s usually about two weeks where everyone else springs into action. The loan officer puts the loan through final underwriting, reviews the appraisal, produces loan documents, and the Seller completes any repairs according to the signed TRR.
7. Walkthrough and Signing
We’ll go back to the house and do a final walk through, to make sure that it is in generally the same condition as when we went under contract then we will head to the title company for closing.
8. Closing
Finally! You will sign and sign and sign some more papers. Congratulations! You are now a homeowner!
Home Buying Tips
Lending Partners
Real Estate Glossary of Terms
Eight steps to buying your home
Deciding how much house you can afford
Opting for new home construction
How can a real estate agent help me?
Eight important questions to ask your agent
Contact us about buying a home
