Advice For Homebuying
WHO PAYS THE AGENT?
Not a single dime comes out of your pocket to be paid to the real estate agent who represents you throughout your purchase of a home. How this works is that whenever a home is listed for sale the seller agrees to pay out a certain percentage, usually 6% of the total purchase price, to real estate agents who represent the buyer and the seller of a transaction. The agent who helps you throughout the process of purchasing a home is paid for by the seller of the home you choose to purchase, and that agent receives half of that 6% commission we mentioned previously. So there you go! Great service, advice, knowledge and negotiating expertise provided to you at no charge to you. Who wouldn’t want that throughout the home purchasing process?
HOW DO I AVOID BUYING A LEMON?
One particular area of stress related to homebuying is knowing whether or not the home is actually safe and sound. Appearances on the surface are not necessarily trustworthy, and everyone fears of buying a home that is a pig with lipstick on it. What’s the condition of the roof? What’s the history on the property concerning termites? How much longer will the heating and air work until I need to replace it? These and many other concerns come to mind when wanting to avoid purchasing a lemon, and that’s why it’s important to have professional, reliable, experts representing you and helping you with the decision making process. Home inspectors like Karl Kordsiemon of InspectOK are a great resource and security to anyone buying a home. Having a trustworthy individual or company who performs inspections for you will allow you to rest assured that your make a smart investment of your money, and not purchasing a money pit. (For additional info about Karl Kordsiemon and InspectOK, see http://www.inspectok.com/about.html)
DON’T FEAR FINANCING
Everyone wants to know for certain that they qualify for a home, and not only that they qualify, but also that they qualify to afford the home they really want. That being said, who doesn’t fear rejection? But here’s a voice of reason chiming in to encourage you to take the necessary steps to move forward toward your goal of purchasing a home you really want: Absolutely every single one of us who purchases a home goes through this potential anxiety at some point in our lives. Don’t let the fear of the unknown keep you from moving forward. If you really want to enjoy the benefits of homeownership, figuring out your financial status is truly harmless and must be done. We’d be happy to get you in contact with a great lender who can provide you with your best available options, and even if they determine you aren’t quite ready to qualify, they’ll be able to provide a time frame and advice as to how you can put yourself in position to qualify for the loan you want later down the road. Don’t fear financing. Take the plunge. The value of homeownership is completely worth it.
WHAT IS A GOOD OFFER?
Making a good offer on a home is extremely simple. Once you check a place out in person and you fall in love it, you don’t want to let those emotions carry you into submitting an offer that’s overpaying for the quality and condition of the home. You want to base your offer on how similar properties have sold within the last year in the area. It’s really as simple as taking 3-4 homes of similar size and condition within a square mile, or in some cases within the same neighborhood of the home you have interest in, seeing what they were purchased for, and submitting an offer based upon that data. Of course some houses don’t have many other examples, and in that case, other strategies can be employed, but for a general rule of thumb, the aforementioned process will remove the guesswork and uncertainty of submitting an offer on a home.
HOW MUCH DOES HOME BUYING COST?
Although many people believe they can’t purchase a home unless they have 20% saved up for a down payment, that couldn’t be further from the truth. The most you will typically be required to put down is 5% of the home’s value, and there are many loan programs available for even lower down payments. Also, there are down payment assistance programs available for qualified buyers, so it is totally possible to do $0 down home purchase deals. And although you will have transaction costs (referred to as closing costs), these can very often be negotiated so that the seller pays them on your behalf. To determine your monthly mortgage payment for homes of different values, check out a mortgage calculator like this one: http://themortgagereports.com/mortgagecalculator. Be sure and include each of the following to get an accurate payment: principal and interest, property taxes, homeowner’s insurance, and PMI (private mortgage insurance). Beware of calculators that don’t include all these parts to your payment!
NOT ALL HOME SEARCH SITES ARE EQUAL
It happens so often where we visit with someone interested in a home, they say “Yes, I love the place listed on 123 Street. When can we go look at it in person?” Come to find out, the home they wanted to see was purchased two months ago but the site they were using had information that wasn’t updated. Think about how many different people are potentially looking for the exact kind of home you want to purchase. You might be looking for a place that 50 other people are looking for in the same area, at the same time. If that’s the case, how important is it that you receive accurate, up-to-date information regarding the best available options as soon as they become available to purchase? Don’t mess around with websites that are extremely limited and often list inaccurate information.
We encourage you to visit with us about what you’re searching for so that we can begin emailing you the best available properties from the OKC MLS (Oklahoma Multiple Listing Service, where all agents in the OKC Metro and surrounding areas list homes for sale).
SUMMARY OF THE HOME BUYING PROCESS
The best place to start is by sitting down with someone from our office here at Maven Real Estate to discuss the ins and outs of the entire process. This will help you understand how everything in the transaction should work. If you’re ready to go ahead and get started, we suggest you begin with financing by visiting with a couple lenders in order to figure out what your best available options are for financing the purchase of a home. From there you can determine the monthly payment you would be most comfortable with, as well as what price range you want to search within.
You can then begin determining features and aspects of a home you require or desire. Put a list together of “must haves” and “things that aren’t a must, but I would like.” Then visit with Maven Real Estate! Call us at 405-835-3434 and tell us what you want to find. We’ll begin searching for you immediately and email you the best results. We can then go look at 5-10 of them together and submit an offer as soon as we find the one that’s right for you!
Once we submit an offer you can anticipate anywhere between 24-48 hours of negotiations until an agreement is reached. Once an agreement is made we’ll make arrangements with you to get your earnest money check to the appropriate title company (most earnest money checks are $500, but some can be as much as $2000, depending on the value of the home being purchased).
Once we have signatures on the agreed upon terms the inspection period will begin, and we’ll have between 10-15 days to inspect the home and make sure it’s in a condition that is satisfactory to you the buyer. If within the inspection period you discover issues that lead you to back out of the deal, no problem. You will receive your earnest money back and just be responsible for paying for the inspections that took place on the home (most general and termite inspections will cost a combined approximate $500). We will take the results of our inspections and begin negotiating with the seller regarding treatments, replacements, and repairs we would like them to perform on the property in order to continue in the deal.
Once an agreement is reached concerning the necessary repairs, the seller will take responsibility to see to it that the repairs are done correctly. We will be checking in with the progress of the repairs being made, do a walk through as we get closer to closing and make sure all requested repairs were performed correctly. There’s not much to it after that final walk through, and the closing (when you finally get the keys) will take place shortly after. In total, the time frame between the original offer being agreed upon and the closing on the home is usually between 30 and 45 days.
Aaron and the Maven team fell in our laps after an online inquiry, and boy were we lucky for that. Aaron was great to work with, responded quickly to our questions, and always with a smile. He got us connected with the Dangora Team on a Friday night, and we were pre-approved within minutes, and had a home purchased in less than 48 hours. Couldn’t be happier with his great service!
Aaron did a great job helping us buy a home No pressure to choose a house. We were very particular about the house we wanted and he made it happen. Thanks Aaron!
Josh and the Maven team did an amazing job helping me find a home before I was even back in the United States from an overseas tour. They were available at all hours to help with the time difference, helped me find an amazing finance team, allowed my friend to check out the house for me in advance, helped facilitate all of the required inspections, and helped walk my friend through as my power of attorney to purchase the home. The whole experience was amazing, I could not have asked for more ass…
Our experience with Maven Real Estate was phenomenal! We appreciated the time and expertise they dedicated to our house-hunting mission. They answered innumerable questions and patiently explained each step of the process, as needed. Josh and the others could be counted on to respond promptly and provide invaluable insight. It was wonderful to work with them! We’d do it again!
My home in Norman was the FIRST home that was ever listed by Maven Real Estate. Since our listing occurred during the beginning stages of Maven’s formation, I had the unique opportunity to work closely with both Josh and Jeremy. Aside from being an honest and Christian company, I was impressed with the Maven group’s intuitiveness to effectively use social media to advertise our home, as well as displaying our home successfully by paying close attention to detail regarding the interior and exteri…
As very naive first-time homebuyers, we were so fortunate to meet Aaron of Maven Real Estate by chance at an open house. He really listened to what was important to us in a home, and found great options for us to view. He was available at all hours to answer any questions we had along the way. Aaron really made the home buying process so much less intimidating for us, and we are so thrilled with the result!
When I say that Josh helped us sell our house in Norman…that is an understatement. We knew the house needed some updating and Josh helped coordinate the subs, opened the house when we couldn’t make it, ran to Home Depot to pick up paint…and he did it all with a commitment to excellence, customer service and Christian motivation. A reliable and good guy.
My husband and I had a amazing experience with Jeremy Brown ! He helped us find the house we absolutely love! He was very compassionate to make sure we were 100% happy with the house we chose and made sure to answer every question we had. He walked us through the process as this was our very first home! Thank you so much Jeremy!
Josh was AMAZING during our house buying experience. He helped us tremendously with the process and took a lot off of our shoulders. He helped us find a bank to get approved, helped us negotiate a contract AND was on top of everything so that we could move in within the time we had set. Since then, I’ve recommended Josh to everyone that I know who has been house shopping.
After trying to sell one of my properties thru other Realtors, I’ve contacted Josh to get his services to sell it. I was amazed for his energetic personality and ideas to market the property. Josh’s educated opinion made a difference and he kept me informed at all times. After a short time being on the market, the property was sold at expected selling price. I’m really ecstatic for his work ethic and enthusiasm to accomplish the main goal. Thanks Josh and Maven Real Estate for your service. I wo…
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