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The Ultimate Guide to Home Buying
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Home needs consultation with Realtor
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Select Properties
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View Properties
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Offer submitted and earnest money given.
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Negotiation & Acceptance
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Application for Mortgage including credit reports, appraisal and verifications.
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Inspections, whole house & termite
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Lender underwriting
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Loan approval
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Title exam & title insurance.
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Start packing!
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Obtain Home owner's insurance
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Possession
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Moving Day!
Making an Offer
When it is time to make an offer there is more to consider than just price. There are other details involved in the purchase that will be addressed in the offer such as;
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How will you finance the home?
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Amount of down payment.
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Who will pay the closing cost?
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Will any personal property remain?
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How much do you want the sellers to put toward possible repairs?
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Date of closing and/or possession?
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Will there be contingencies?
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How much earnest money will you offer?
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Open Houses & Touring
As we fine tune your search criteria, together we will begin to tour properties. I will take you to see the properties that have interested you and you can then have the chance to weigh the pros and cons of each one. As you visit property it is important to ask these questions;
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What features are most important to me?
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Does this house have a special feature I will want to remember?
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What is the school district?
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Are there kids in the neighborhood who are the same age as my own?
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Does this house need a lot of repairs?
Don't be afraid to ask these questions or any other you may have. Remember one of the houses we visit may be your future home.
As you are searching, you may want to visit an open house without me. That's great. But when you do please remember to advise the Realtor hosting the open house that you are already working with a Realtor and continue to tour the home. If you have any questions about the house, make a note and call me. I will get the answers for you right away.
What is Earnest Money?
Earnest money is a good faith deposit that is presented with an offer. It demonstrates to the seller that you are serious about purchasing their property. This money is deposited once an offer has been negotiated and accepted by all parties.
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You should anticipate spending between 29-41% of your gross monthly income depending on the lender, type of financing, debt ratio, and credit score on a payment, insurance, tax,& PMI (PITI). The chart below will show you approximate figures for mortgage pre-qualification.
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Gross Income
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29% of gross |
35% of gross |
41% of gross |
| $15,000 |
$363 |
$438 |
$513 |
| $20,000 |
$483 |
$583 |
$683 |
| $25,000 |
$604 |
$729 |
$854 |
| $30,000 |
$725 |
$875 |
$1025 |
| $35,000 |
$846 |
$1021 |
$1196 |
| $40,000 |
$967 |
$1167 |
$1367 |
| $45,000 |
$1088 |
$1313 |
$1538 |
| $50,000 |
$1208 |
$1458 |
$1708 |
| $55,000 |
$1329 |
$1604 |
$1879 |
| $60,000 |
$1450 |
$1750 |
$2050 |
| $65,000 |
$1571 |
$1896 |
$2221 |
| $70,000 |
$1692 |
$2042 |
$2392 |
| $75,000 |
$1813 |
$2188 |
$2563 |
| $80,000 |
$1933 |
$2333 |
$2733 |
| $85,000 |
$2054 |
$2479 |
$2904 |
| $90,000 |
$2175 |
$2625 |
$3075 |
| $95,000 |
$2296 |
$2917 |
$3246 |
| $100,000 |
$2417 |
$2917 |
$3417 |
Oklahoma Homestead Laws
Oklahoma protects homestead rights. Oklahoma is not a community property state. What is a homestead? The homestead is the home of a family and the laws protect the family against creditors. Oklahoma law states that no deed, mortgage or contract affecting the homestead exempt by law (except for a lease for 1 year or less) shall be valid unless in writing and subscribed by both husband and wife.
What does that mean? It means that both husband and wife must sign all deeds mortgages or contracts affecting real estate and that they both must sign the same instrument.
After an offer is accepted it is the buyer's right and responsibility to order inspections. The inspections must be completed within the first ten days of the transaction unless otherwise specified in the offer. As the buyer you may use any individual you deem qualified. However Century 21 Goodyear Green recommends that you choose a licensed professional. Inspections can include but are not limited to; a general home inspection, termite and pest inspection, water quality, septic and well, structure, and roof.
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