Name: Kay Pratt, Edmond OK Real Estate Agent
Rating: 5

Steps to buying a home

Everyone dreams of owning their own home. Searching for the perfect home for your family can be a very exciting, yet anxiety-filled experience. However, if you know what to expect during the home buying process you will be more relaxed and comfortable knowing that I will be by your side every step of the way guiding you through it and looking out for your best interests. Below are the steps to selling to help you visualize what this process looks like. Don’t hesitate to call me if you have any questions and remember I will be there for you every step of the way!

STEP 1: DETERMINE HOW MUCH YOU CAN AFFORD

Before the house hunting process begins, it is important to know how much you can afford. Expenses to consider include the down payment, monthly expenses, property taxes, and any home insurance costs. These will all have to be considered before the home buying process begins as they are typically included in your new monthly payment. Since a person’s credit score determines their interest rate, knowing your score ahead of time can help you decide if now is a good time to buy or not. An individual’s debt-to-income ratio must also fall within acceptable limits of the home’s cost. Once you have determined these things, and if you feel that your budget has enough room to afford a new home, then it’s time to look for the right loan.

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STEP 2: GET PRE-APPROVED

Different banks and companies will offer different loan origination fees and by shopping around you can oftentimes save yourself a lot of money. Get multiple quotes so you can make sure you get the best rate and terms. Be sure to also check your loan officer’s website for testimonials and information. A good loan officer will offer you many online resources and tools. Before you lock in your rate, be sure to check the daily rate with the rate your loan officer gives you to ensure you are getting the lowest rate possible. Interest rates will determine how much a mortgage will cost each month and come in fixed or adjustable terms. Mortgage lengths can range from 15 years to 30 years. The longer the repayment term, the lower the payments will be. However, the interest accrued will also be higher on a longer loan. Don’t forget to ask for a pre-approval letter so you can include this with any offers you make.

STEP 3: FIND A REALTOR®

Before you start your home search, it is important to find a Buyer’s Agent that will be looking out for your best interests so you don’t fall into a money pit or end up paying too much for your new home. A good Buyer’s agent will help guide you through the home buying process and can also save you TONS of time and money on the road to your new home. Buyer’s agents are legally bound to help buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller. Your Buyer’s agent will also set up home tours, give you insight on any homes you like that you may not be aware of, have knowledge of upcoming listings not yet on the market, help you negotiate the best terms, protect your part in the deal and give you invaluable advice throughout the process.

STEP 4: START SEARCHING

Start your home search by using your agent’s website (like this one!) to search the MLS for homes. Agents have a direct line to the MLS so their websites often update with the newest properties faster than the ‘big name’ sites out there. It also has a My Listing Manager tool that keeps you both in the loop. You can start your search and begin saving your favorite properties to your account and even set up alerts to get new homes and price changes emailed to you. Your agent can then see the properties you have liked and can send potential new properties directly into your Listing Manager that they think you may be interested in. It’s a WIN-WIN!

Start your Home Search Here

STEP 5: MAKE AN OFFER & NEGOTIATE

There is an art to making an offer on a home. Your Buyer’s Agent will help you choose the right terms for your offer and will be watching for signs of problems in the home. Listen closely and be sure to ask questions. Be sure to ask for an inspection contingency so if there are major problems you can back out of the deal without losing your Earnest Money. A Home Warranty is also a valuable part of your contract and is a sign of good faith on the seller’s part. You want to make sure all of your bases are covered. That’s where having a Buyer’s Agent is most valuable so your rights and interests are protected. With their experience on your side, they will be able to help you negotiate a lower price that sometimes includes concessions or closing costs. Their job is to protect YOU in the contract.

STEP 6: HOME INSPECTIONS & APPRAISAL

Once your offer has been accepted, you will need a home appraisal. Banks require this so they can make sure the home is worth as much money as they are lending you. You may also need some inspections depending on your loan type. FHA and VA Loans have more requirements than Conventional loans. This is also the time to have a full home inspection even if it is not required. A home inspector will go through the home and specifically look for problems and provide you with a full report on everything they find. This will give you the opportunity to avoid major problems and back out of the sale or negotiate repairs without losing your earnest money.

STEP 7: ASK FOR REPAIRS OR DISCOUNTS

Once the inspections are done you will more than likely ask the seller to fix some of the issues you found. Keep in mind that they are only required to fix something if the loan terms require it. Be reasonable but firm in your requests. If your seller rejects your request then it is up to you to decide how to proceed.

STEP 8: FINAL WALK-THROUGH

The final walk-through is an important last step, even if you are positive you are going to go through with the sale. Walk through and check the agreed upon repairs, make sure everything is in working order and new issues have not popped up. This is your last opportunity to back out. If everything looks good then its time to go to closing!

STEP 9: CLOSING & ESCROW

Before the home is legally transferred to you, the closing process must occur. During this phase, you will sign all of the mortgage documents, pay closing costs, and sign various other legal documents. Your Buyer’s agent will be at the closing with you to help you through it all. Once all of the papers are signed and monies are transferred, the keys to your new home are yours! The only thing left to do is move into your humble abode. This may occur immediately after the closing or at the date set in the closing documents.

STEP 10: MOVE IN

Depending on how far you’re moving or how much stuff you have, you may require a moving company or a moving truck. Professional movers may seem pricey at first but when you look at the time and money to get similar results, you may re-consider. Call and set your moving date and start packing! Many places like U-HAUL sell moving boxes that are made to make your move easier. Label everything with what is inside it and what room it goes in. Recruit friends and family if needed.

BONUS BUYER TIPS

TIP #1

Buy when the market is low and in the season when moving is the most common for your area.

TIP #2

Ask for a Home Warranty to cover any major problems that might pop up after the sale like broken appliances or home systems.

TIP #3

Plan ahead by researching local movers and asking how much time in advance they need to be notified and how booked up they are now.

TIP #4

Start packing early. Pack away things you can live without and label boxes with what is inside and what room they go in.

See what my clients are saying:

Average Rating 5 out of 5 stars

Anthony Wilson

I loved working with Kay

I loved working with Kay Pratt. She is a wonderful realtor who actually cares for her clients. Walked me through the whole process. And was always there for me when I needed help. I would definitely refer her to anyone who’s looking to purchase a new home. Thanks for your time and help.

Eric and Kasey Allen

Kay,

Thank you so much for all your help and support during our selling and building process. You made this such an easy and enjoyable experience. We can’t imagine doing this without you!

Much love,

Eric and Kasey Allen

Thank you so much for all your help and support during our selling and building process. You made this such an easy and enjoyable experience. We can’t imaging doing this without you. Much love, Eric & Kasey Allen

Micky McVay

Kay is very perceptive, intelligent and industrious. Does not waste her time on showing you houses that will not be of interest to you, based on what you told her you would be interested in buying. She is an interesting and personable sale lady.

Wil and Paula Hundl

First of all, we would like to thank you very much for all your help in finding us a beautiful home! We are extremely happy with the house in Shadow Lake, and the neighborhood. You did an outstanding job showing us around Edmond. We really do appreciate your patience and “down to earth” professionalism. You tremendously simplified the whole process, and maintained that personal touch. I really appreciate that.

Jim Higgins

Kay was outstanding with all my needs on the close of my home. When problems came about she was there to solve them. She knew the right people to help me out. Word’s can’t say how I feel about Kay! Just love her so much for all she did for me. Thank you.

Matthew Parks

Kay has been incredible to work with. She always goes the extra mile and has been helpful to me even after closing! I also love the joy she wears daily!

AJ Phillips

If you want someone who gets results, look no further than Kay Pratt. She is honest, reliable and gets the job done, 24/7. I would highly recommend her, as her expertise is far superior than your normal agent. She is extremely knowledgeable at all phases of the buying and selling process. I look forward to being a client again. Thanks Kay!

Linda Clark

Kay spent the biggest part of spring this year with us as our realtor for a home search in Oklahoma City. I could not have imagined a better experience with her depth of expertise, quick sense of humor, encouragement when anything was stressful (and mostly, she made anything stressful go away! She’s magic!). While we love our home and hope to not buy another one any time soon, she would be the first call if we did. Her integrity, personal interest in the client’s needs, and biggest heart in Oklahoma make her the best.

Paul Watters

When it was time to sell my home, Kay, not only advised me on updating my house, but she had all the contacts at her fingertips. She made the transition of buying and selling as easy as possible. Kay also found a home that I thought I never could have afforded for a great price! Win-Win!

Garland and Melissa Reese

We met Kay years ago when we trying to sell a home that, due to geographic location, we were afraid would never sell. Within a month, we had a buyer, and within two months, we were settled into a beautiful new home. Kay made what could have been an overwhelming experience pleasant, and has since helped us sell and buy again. Kay is an absolute joy to work with. Professionalism, knowledge, and patience at its finest! Thanks so much for everything, Kay.

manuel leo g. carter

Leo Carter

Kay Pratt helped my wife and me sell our farm in McLoud and found the perfect home in Edmond. She saved us a lot of money. Kay Pratt helped us again to sell our home in Edmond and found the perfect home again in Edmond. She was and is the best possible realtor you could possible wish for. Very trustworthy, smart, courteous and helpful in every way. If you don’t choose her – then you just made the biggest mistake of your life. God bless Kay Pratt.

N. Schupbach

Kay was a referral to us and such a blessing!!! She made us feel very comfortable throughout the whole home buying process. She followed up on every question or concern that arouse. We were very particular with our search so the process lasted about 8 months; Kay was so patient and always genuinely looking out for our best interest. She made the whole process easy. It’s hard not to like Kay!!!

Kyle Morse

I was kind of tired of throwing money away at rent and wanted a place of my own. I started thinking about it a bit and called Kay Pratt. I talked to her and we talked about it and got started it. I gave her an idea of what I wanted and my price ranges. I brought some houses I thought I wanted, and she brought some houses she thought I might want. As we started going through houses Kay pointed out features that I might not have thought of. In fact, the house I bought wasn’t one I thought about looking at. Kay told me about this house and pointed out several features that I liked.