I believe that by following certain steps in order you will have a better experience purchasing you new home. These include having a minimum amount of money on hand, getting preapproved, and working with a full time realtor.
When writing an offer, you will need earnest money also know as deposit money. The standard in Oklahoma is $500-$1000, may be more or less. You will also be asked to pay for the appraisal, typically $450 in Oklahoma, and the home inspection fees are approximately $300 for home and termite. While the lender and inspectors may be willing to wait to closing to be paid, they will probably want a credit card or check to hold incase the file does not close. Even if the house does not close, if these services have been rendered you will be required to pay for them. The earnest money may or may not be refundable depending on contract terms and reasons for fall through.
Preapproval is essential. By getting preapproved you will learn the following:
Is your credit and income where it needs to be to qualify for a loan.
Do you need a down payment and how much?
Can you qualify for down payment assistance?
What type of loan can you obtain?
Are you eligible for an American Native loan, VA loan, or rural development loan?
What are the costs associated with the loan?
How much do you want to spend a month?
Without getting preapproved you are simply window shopping and you may not know the exact fees that are associated with the cost of purchasing. You could also possibly spend money attempting to get a house that you don’t qualify to purchase as well as wasting time and gas.
Working with a full time Realtor who knows the area that you want to purchase a home in is critical. If you are calling sign to sign, you have no representation. The realtor on the sign is being paid a commission by the seller. If you hire a realtor of your own, then that Realtor can represent you the buyer. The buyer does not pay the commission for this service. The seller contracts with the listing agent to sell their house. The listing agent offers a portion of the full commission to a buyer’s realtor to bring them a buyer. This way your best interest is represented during the transaction.
If you are looking for a full time Realtor in Moore, Midwest City, Del City, Mustang, Yukon, or Oklahoma City to represent you, please feel free to call me at 405-213-2992 or visit my website http://www.sandiwalker.com