Buying a property in Southern Oklahoma usually represents your single biggest investment – and debt.
The real estate buying process for Southern Oklahoma Real Estate for sale is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether you’ve bought many homes, small acreages, large ranches or you’re looking to buy your first; whether you’re in the market for a new primary residence, an investment property or that perfect vacation getaway. Today’s real estate market in Southern Oklahoma can offer more opportunities, yet can be filled with more risks than ever before. There are a multitude of factors to consider and decisions to make. When considering Southern Oklahoma Real Estate for sale, it’s crucial to have all the available resources necessary to make a well-informed decision, together with the time required to make use of them. It’s important to enlist the help of a trusted real estate professional who’ll be able to provide expert guidance at each step of the buying process. Finding and purchasing a home or land includes the following steps, which we’ll examine in more detail throughout this website:
1.) Define your goals, research your options, make your plans
Given that buying a home or land is such a big step, it’s very important to educate and prepare yourself as much as possible. This means clearly determining the reasons you’re buying and what kind of property you’re looking for. Since buying and financing real estate are so closely related, it also means examining your current financial situation and projecting how much you can afford. Once you’ve answered these questions, even tentatively, you’ll be in a better position to research housing and finance options, and create an action plan and timelines for moving forward. Although it is possible to do this yourself, you may benefit by consulting an experienced real estate professional right from the start, like Karen Lee with Red River Realty and Auction.
2.) Contact a real estate professional
Buying real estate in Southern Oklahoma is a complex matter with many factors to consider since no two properties or transactions are alike. Moreover, with all the unique opportunities and potential pitfalls of the current market, it’s more important than ever to contact a real estate professional once you’ve decided to buy. When choosing a real estate professional to guide you through the property search, financing, negotiation and transaction processes, you should consider their local market knowledge, experience, and track record. Check out some past sales and what past customers have said about working with Karen Lee at Red River Realty and Auction.
3.) Get pre-approved for a loan
We recommend that you get pre-approved for a loan before you start viewing homes or land with the serious intention of buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination, the lender may provide you with a document detailing the amount you can borrow to buy a home or land. Consider looking online to see what different lenders offer, or contacting your local bank or credit union.
The benefits of pre-approval include:
You’ll know what you are eligible to receive and be able to plan accordingly. As a qualified, motivated buyer you’ll be taken more seriously when you make an offer. Lenders can tell you if you qualify for special programs that will help you afford a better home (particularly if you’re a first-time buyer) or more land. Real estate financing is available from many sources, and an experienced real estate professional like Karen Lee with Red River Realty will be able to suggest lenders with a history of offering excellent financing products and services.
4.) View homes and land; then select THE ONE
Simply put, the key to the home or land search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to-haves”. While the property details may seem similar online, homes can be very different in terms of layout, design, workmanship and other aspects. Ideally, you should view homes and land with the help of an experienced real estate professional like Karen who’ll notice things you might miss, provide expert analysis, and act as an impartial sounding board.
5.) Make an offer and negotiate with the seller
Once you’ve found the home or land you’d like to buy, it’s time to make an offer. Red River Realty and Auction uses the Oklahoma Real Estate Commission sales contracts. These contracts enable you to specify a sale price and also allow the inclusion of clauses specifying various terms of purchase, such as the closing and possession dates, your escrow amount, and other conditions. You should carefully review these clauses with an experienced real estate professional, like Karen Lee with Red River Realty and Auction to be sure that they accurately express your intended offer. In addition to drawing up the contract, Karen will be happy to address all of your questions about the offer process. Once you’ve made the offer, Karen will present it to the seller and/or the seller’s representative. Generally speaking, the seller can accept your offer, reject it, or counter it to initiate the negotiation process. Successive counter-offers, with deadlines for responding and meeting conditions, may be exchanged between you and the seller until a mutual pending agreement is reached or the negotiations breakdown.
6.) Secure your financing
Once you have a pending agreement, it’s time to return to your chosen lender to finalize financing details in order to close the deal. This means finalizing your down payment, interest rate, regular payment schedule and all other financial conditions associated with the closing. It is crucial for you to work with people you trust. In this regard, a good real estate professional can become a true friend for life. Key steps to the closing, also referred to as the “escrow” or “settlement”, include: Getting a title search (Abstract) – you will need a historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. You can purchase title Insurance for protection in the event of errors in the records or mistakes in the review process. The final walk through – you will be given the chance to look at the home one last time to make sure it’s in the same condition as when you signed the sale agreement. The settlement – typically, on the Closing Date you’ll meet with at a closing office to verify and sign all the paperwork required to complete the transaction. Many of our clients at Red River Realty and Auction are from out of state so we often do the paperwork from start to finish by email or fax, and overnight for any original signatures needed. The settlement will include paying your closing costs, legal fees, property adjustments and transfer taxes. At that point, you’ll receive copies of all documentation pertaining to the purchase and usually possession of the property. Oh, and one more thing – you’ll get the keys or the gate code!
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