STEP 2:  Find a Real Estate Agent

We list this as number 2 but of course, we think this is probably the most important part of the process.  Most home buyers work with the first agent they run into or a close family friend.  This often does not work well and you end up wasting months trying to find a house and likely miss out on some great properties that are out there.

A good real estate agent can be your guide, your mentor, your real estate guru.  We can answer all of your questions and point you in the right direction to fit your needs and budget.  As seasoned professionals, we know our geographic areas better than anyone and we can find those hidden gems that turn into fantastic homes.  We are also experts at real estate marketing, networking with a vast array of other agents, and at keeping you continually informed as new properties emerge for sale.  We use proprietary search tools that inform us the minute a new property is listed in your chosen area by any other agency.  This allows us to give you a first look advantage and beat other interested buyers.

We are very upfront with our home buyer clients about what to expect and what the “rules”are when working with a real estate agent – procedure, costs, documentation.  Our belief is that this helps make sure the entire process moves smoothly for you and you aren’t left wondering what is going on or what we are doing to help you.

GO TO STEP 3

STEP 3:  Get Your Finances in Order

Once you have determined what you pre-qualify for and what you can do for down payment, set the funds aside and do not alter your financial situation.   This means:

• Don’t buy expensive things that alter your credit card balances or add new loans to your credit history. Doing this will mess up your pre-qualification and you won’t qualify for the same amount when you are ready to buy your new home.   This could cause you to not be able to afford the home you have chosen.
• Don’t add large sums of money to your checking or savings accounts that can’t be explained. Lenders will track all monies coming into your checking and savings accounts, and large unexplained sums or monies from unusual sources could cause difficulties. Don’t change jobs after prequalification if you can keep from it as this may change your annual income or lead to questions on your reliable income by a lender.
• Don’t pay off or pay down credit cards if it negatively affects your available cash reserves. This could be a good thing but check with your chosen mortgage lender for their advice.

Things you should do:

• Get a preapproval letter. There is a difference between being pre-approved and pre-qualified, and pre-approval is better.
• Have copies of your free credit reports available from all three agencies. This is more for discussion with your lender.
• Have all your finances and cash in checking and savings accounts squared away and not really changing for two to three months. This is called “seasoning” of your finances and will help make sure there are no surprises when trying to finalize financing for a new home.

GO TO STEP 4

STEP 4:  Find the Perfect Home!

Finally!  You started this process wanting to find a new home and you are FINALLY able to start this process correctly and efficiently.  Finding the perfect, affordable home is a process.  We are very focused on keeping this efficient and a fun and enjoyable time in your life.  It is exciting to look for a new home but if not handled properly, can be a frustrating time with disappointments and arguments.  As your real estate “guru”, we guide you through the fun process and help you avoid the pitfalls leading to frustration and disappointments.

The best thing about shopping for a new home after following this home buying checklist is the fact you have covered all of your bases up front. You know you are prequalified to buy a home. You know you have the right real estate agent in your corner.  And you know you have the funds available to purchase. These steps will help you reach your goals:

• Our real estate team will work with you to identify the city, school district, or neighborhood you prefer, and what you are really hoping to accomplish with your new home i.e. large back yard, conveniently located to schools and shopping areas but away from close, steady traffic, trains, highways, etc.
• We will provide an initial list of available properties that meet your needs. Luckily these days, we can do a virtual tour of all of these homes at our offices or online.  This is a faster process to whittle down properties you find appealing and the ones you don’t.  We know you are limited on time to drive around to houses so we try to make this process as efficient as possible.
• Of course, we are more than glad to set up a list of homes to tour with you right away if you wish. Even though your agent is sending you listings every day, some buyers cannot resist the do-it-yourself approach and want to find the best places to find homes for sale online.
• We will provide new listings to review on a daily or regular basis along with updates on properties that have newly reduced prices, etc.
• Of course, you can browse our website or the popular real estate websites to look around yourself. If you see a listing that we have not provided to you already, feel free to ask us about it.  Chances are, it didn’t meet your requirements in some way but maybe there is something appealing about the property that makes you want to be a little more flexible.  We are always glad to entertain your thoughts or houses you have found.  We are your guide or guru, but this is your home finding process.  We are here to serve you in the best way possible but you control the direction and the pace at all times.
• You may be tempted to consider home foreclosures. Rarely is this your best option as they often are “too good to be true” situations.  However, don’t be afraid to look at foreclosures or  government-seized homes. You may be the perfect DIY home buyer who can adjust your “move in ready” requirement to fix up a property and save some money in the long run.  It isn’t for everyone so be wise and know yourself if you want to pursue this path.

GO TO STEP 5

STEP 5:  Make a Purchase Offer

You found it and are ready to make an offer on what you hope to be your new home!  Here are a few tips based on our experience with the process with our past clients.

1. When you find the perfect home, make a purchase offer immediately. If you have gone through the process to know exactly what you want and what you can afford and your agent can provide you market comparables to help prove the home is worth the asking price or very close to it, you don’t need days to mull it over. Sellers often accept an offer from the first buyer to make one.  They of course can negotiate that offer but you likely will be the only offer they consider.  If you wait to make an offer, you could lose your dream home to another buyer with similar needs and tastes.

2. Before you make an offer, discuss with your agent what you are comfortable with on a final negotiated price and what we think the property is actually worth based on recent, area sales of similar homes. Our team is here to help you not only find the right home but at the right price.  While we may make more if you pay more, our long term success is driven by referrals.  If we prove our worth helping you negotiate a great price for your new home, you are ten times more likely to actively refer us to your friends, on Facebook or make a testimonial on our website.  In the end, that is worth more to us than making a small percentage on a higher price for one home.  Plus, we want to make sure the sale goes through.  A better negotiated price is more likely to receive proper financing instead of the home appraisal being questioned.  If the mortgage lender appraises the home lower than the agreed sales price,  you may have to walk away or come up with the cash difference between available mortgage funds and the actual sales price.

3. While multiple-offer situations do occur, they aren’t that common in Oklahoma. Keep in mind that you can make your offer more appealing to a seller without increasing your offer price by offering to pay all closing costs instead of asking them to pay part of it, by already being pre-approved for financing so there is no question on if the sale will actually go through, and by not requiring major repairs or improvements outside of what is identified in a normal home inspection.  You may not be able to do all these things depending on the home and situation, but the better you position your offer, the more likely it will be accepted and also reduces the chance of encountering a multiple-offer situation.

GO TO STEP 6

STEP 6:  ​Close on Your New Home

Once your offer is accepted, you will enter the process of closing on your new home. Part of the home closing process involves due diligence on the part of the buyer. Talk with your agent about types of inspections you might want to order and the timeframe for your contingencies. These steps will help you close:

• First order of business is to obtain a home inspection for your own edification.
• Set aside funds for your home buyer’s closing costs. This is money in addition to the balance of your down payment.

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