Now's the time to make Your Move.
How Much Can You Afford?
It’s smart to have a handle on your financial situation before you start looking at homes in Oklahoma. Financing rules and regulations for condos and townhomes are different from those of detached, single family homes. To make sure you understand exactly how the process works, I will connect you with OKC's financing experts. The lender will help you decide what you can realistically afford and explain the different mortgage options that are available.
Your Personal OKC Home Search Site
Once you know what you can afford, I will sit down with you to learn as much as possible about your lifestyle and your needs and dreams. Then I’ll review the thousands of condo, townhome and single-family homes in Oklahoma to find the ones that best suit you. Those detailed listings will be available on your own personalized home search site and accessible with a click of the mouse. That way you can select the ones that appeal to you on your own time.
Let’s Start Looking
When you choose the homes you want to see, I’ll schedule a tour at a time that works for you. We can visit as many as your time permits on each outing. I’ll point out the advantages and amenities of each home and answer any questions you have. I encourage you to bring a notebook to jot down observations and ideas about each neighborhood: its amenities, HOA dues and living space.
Make an Offer
This is the stage when it really helps to work with an agent who knows the Metro Oklahoma City real estate scene. Once you’ve selected a home, I’ll provide you with a comprehensive analysis of the selling prices of similar homes in that neighborhood that have sold recently. That gives you a solid start for making your offer. We’ll also figure in HOA dues, any additional funds needed for utilities and/or repairs in addition to the monthly mortgage payment.
When writing the offer, you’ll specify the offer price, any contingencies (e.g. inspection, ability to obtain financing, sale of your current home), inclusions (appliances, lighting, window treatments), and name a closing date. You may also ask the seller to provide a Home Service Agreement or make certain repairs. In addition to the written offer, you will be asked to write a check for earnest money. This may range from $500 to $5000 depending on the price of the property and will be credited towards your closing costs if the sale goes through.
When interviewing inspectors, ask to see a sample report. You want a report that is very specific and spells out recommended repairs. If an inspection report merely has check boxes for “excellent”, “good”, “fair” and “poor” look for a different inspector.
You should plan to accompany the inspector in your prospective home. Be sure to ask questions and point out anything you see that the inspector may miss. A good inspection should cover electrical, plumbing, construction, appliances, sewage systems, pest infestation and evidence of mold. You may also choose to have a radon inspection.
If the inspection turns up any major issues, you have a number of options. You may ask the seller or HOA to make the repairs, renegotiate the offer price or walk away from the home. Based on my many years of experience in the OKC market, I can offer advice on your best course of action.
Finalizing the Sale
The inspection is finished and any issues that arose have been resolved. You are now working on finalizing your loan, paying for a title search, acquiring insurance and meeting all the terms of the sales agreement. At closing, you will meet with the escrow company (a neutral third party who handles all the details of the sale). You will be given a complete disclosure of the funds disbursement and asked to sign many papers. Read them all very carefully and don’t be shy about asking questions if there’s something that seems unclear or deviates from your expectations. It’s much easier to resolve issues before closing than after. Once you’ve signed the final papers and handed over the purchase monies, you are a homeowner!