How to Buy a Home in Oklahoma

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Thinking about buying a home? 

Here are the basic steps

to becoming a homeowner in the state of Oklahoma.  

 

Note:  you are not required to use a real estate agent, but a superstar real estate agent will make the process much, much easier for you!

Step 1: Get Pre-Approved

Step 2: Find a Super-star Real Estate Agent

Step 3: Find the Perfect Home 

Step 4: Make an Offer and Negotiate

Step 5: Secure Your Financing

Step 6: Home Inspections and Repairs 

Step 7: Obtain Homeowner’s Insurance, Switch Utilities, Make      Moving Arrangements, etc. 

Step 8: Closing! 

  

Step 1: Get Pre-Approved   

This first step will enable you to find our how much you can borrow, which has a lot to do with how much house you can afford.  Also, getting pre-approved will give you a ‘leg-up’ when making an offer.  If there are multiple offers on the house you love, your offer will stand out above the rest if you are pre-approved and the others aren’t.  
  
Something to think about: A down payment might be necessary.  Talk to your lender about down payment options and how each will affect your monthly payment on a home.  If you don’t have money for a down payment, talk to your lender about possible down-payment assistance programs or see if you qualify for a loan that doesn’t require much for a down payment.  There are options available!

Another note to think about:  Earnest Money – This is an amount of money (typically about 1% of the purchase price) submitted by you with your offer to purchase the home .  Once the contract is accepted, the earnest money will be deposited a trust account of the listing real estate agency.  It is sort of a ‘promise’ that you plan to stick by the terms of the contract.  A superstar realtor in your corner will ensure that you are never in breach of contract and will receive your earnest money back if a legitimate reason comes up and you need to back out.  At closing your earnest money will be credited back to you.

Step 2: Find a Super-star Real Estate Agent  

A great real estate agent is ready to help you through every step of the process. A superstar real estate agent can be trusted to do the following and more:

1. Research current market conditions in the areas you would like to purchase a home
2. Listen to you and your needs
3. Set up showings, regularly communicate with you, and guide you in your home search
4. Coordinate with all needed parties including negotiations, preparation of documents, working with lenders, sellers, realtors, title companies, insurance, inspectors, repair specialists, and more to ensure a successful transaction.
5. Negotiate with the seller or sellers Realtor on your behalf. (always looking out for your best interests and keeping you informed throughout)
6. Solve any problems that may arise.

Step 3: Find the Perfect Home   

Search online, drive around, talk to neighbors, and look at houses.  This is another area where having a real estate agent is a huge help!  Your agent is your guide and keys to the city!  A great buyer’s agent will be able to make your home search much easier by pinpointing homes that fit your criteria and researching these homes to be sure you are getting a great deal!

Step 4: Make an Offer and Negotiate  

Your real estate agent will help you to make a reasonable offer based on comparable properties that have sold in the area. You don’t have to offer asking price, but if you "lowball," the seller may tell you take a hike. Your agent will also be of tremendous help in negotiating a price with the sellers and their agent. 

Step 5: Secure Your Financing    

Once you have an accepted purchase contract, your real estate agent will send the contract to your lender.  But you will need to submit your mortgage application, possibly along with an application fee. If possible, get the lenders to “lock” your rate until the closing date

Step 6: Home Inspections and Repairs  

A general home inspection will test all systems and components of the home.  Other inspections such as pest inspections, well/septic inspections, and more may be necessary as well.  Your real estate agent will help you set these up, and will attend inspections with you.   After all inspections are done, your real estate agent will help you negotiate which repairs you would like done on the property prior to closing and who will pay for them.  Again, having someone represent you is a great resource, especially if there are many repairs needed!

Step 7: Obtain Homeowner’s Insurance, Switch Utilities, Make Moving Arrangements, etc.  – You'll need to buy a home owner's insurance policy and you will need to switch utilities to your name effective the day of closing.  If you haven’t done so, you may also need to make moving arrangements.  Again, ask you Real Estate Agent for a list of great insurance company/sales reps in your area.  Shop around and find a company and rate you are comfortable with.  Your agent will also have numbers for local utility companies and moving companies.

Step 8: Closing!   

The day of closing is an exciting one.  You will be able to walk-through the home one final time to be sure repairs have been completed and the home is ready for you.  You will then attend ‘closing’ and sign the papers.  By this time, all documents have been submitted and approved by the lender, repairs have been negotiated and completed, you have your insurance and utilities lined up, sellers are moved out, etc.  Closing typically takes 1-3 hours (depending on the title company and your lender requirements).  Your superstar agent will be there alongside you to answer any questions and calm any nerves. 

Congratulations!  You are now a homeowner!

If you would like me to help you in your home search or with any of the steps above, please let me know!  I would be honored to represent you in your home purchase here in Central Oklahoma.  You can e-mail me at amanda@sellingoklahoma.com or call 405-509-9350 and ask for Amanda!