Phone: (405)255-5518   
Are You Ready to Buy?
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How Can a Real Estate Profession Help?

The selection of an agent will be one of the most important decisions you will make when looking to buy a home. Think about it…You are on the verge of spending an astronomical amount of money on something that you will have to look at and live in everyday. Wouldn’t it make sense to seek advice and wisdom from someone who “buys” houses for a living?

Working with a professional real estate agent is beneficial for several reasons:

· They will examine your financial situation and determine exactly how much you can afford
· They can easily obtain information on all properties listed for sale.
· They can set appointments for you to see homes that interest you.
· They can help you complete the necessary paperwork when you make an offer.
· They will help you arrange for financing.

They are experienced negotiators…they know how to talk-the-talk

Now it is time for you to look deep into your heart (and bank account) and decide if you are ready to buy a home. Finding your motivation and specifying your wants and needs is a good beginning, but there are other things to consider before taking the leap into home ownership.

What’s your financial situation?

What’s your debt load? Credit cards, utilities, car payments, childcare and groceries are factors to consider. Don’t forget the money for a broken air conditioning unit will be coming out of your pocket. Will you be able to handle unforeseen emergencies, monthly bills and a mortgage payment? As a rule of thumb, no more than 28 percent of your gross monthly income should be used for housing payments.

How’s your credit history? Delinquent credit card and bank payments, past bankruptcies or a student loan that’s unpaid can severely affect your ability to get a mortgage loan. For a small fee you can obtain a credit report on yourself and clear up any misunderstandings before applying for a loan.

Credit Unions:
Experian 1-888-EXPERIAN (397-3742)
Equifax 1-800-997-2493
Trans Union 1-216-779-2378

What’s your employment history?

If you have been working continuously for the past two years, a lender should consider this to be steady employment. This does not mean that to be approved for a mortgage loan you need to have worked at the same place for two years; in fact, job changes can be favorable, especially for an increase in pay.

However, if your work history has not been continuous for the last two years, as long as you have a reasonable explanation for any breaks in employment, you still may qualify for a loan.

Don Cashman
Broker Associate
Paradigm AdvantEdge Realty
16301 North May Ave
Edmond, OK 730013
405-348-4422


Serving Edmond OK, Deer Creek OK, Piedmont OK and Surrounding Oklahoma City Metro Areas

Have you saved money for a down payment and closing costs?
In addition to the amount of money you will have to borrow for your home, the lender will require you to invest, in cash, around five to twenty percent of the purchase price toward the loan. If you are looking at a $100,000 home, a ten percent down payment would be $10,000.

Closing costs are additional expenses incurred throughout the buying process that must be paid for in cash, like attorney and inspection fees, escrow charges and document fees. Closing costs are typically five percent of the purchase price of your home, so add another $5,000 to your $100,000 home.

Mistakes to Avoid When Buying a Home

A great way to make the home-buying process flow smoothly is to educate yourself and learn from mistakes others have made – this can make the difference between buying the home of your dreams and buying a “lemon.”

Not getting pre-qualified or pre-approved
If you receive pre-qualification or pre-approval from a reputable lender, your negotiating position is strengthened. It shows agents and sellers you are serious about buying a home.

Not seeking guidance from real estate professionals and inspectors
These people are trained in buying, selling and inspecting. Find someone you respect and trust and allow them to help – it will benefit you in the end.

Choosing an agent haphazardly
Don’t jump from agent to agent just because you saw their name on a sign outside of a house you like. Interview at least three agents and choose the one you feel most comfortable with and who will focus on your needs.

Not getting enough information about the properties
Obtain market statistics and sales records for the area you are considering buying a home in so you know how things (prices, conditions, list-to-selling price ratios) stack up in your neighborhood.

Not looking at enough houses for sale
The more you see, the more you’ll learn about what you want and what each house is worth.

Not making the correct price comparison
Don’t assess the value of a house only on the asking price. Your real estate agent should compile reports that reflect and compare the selling price of similar houses recently sold.

Forgetting to calculate all the costs
When calculating the maximum price you can afford, don’t forget to include hidden costs, i.e. courier costs. Calculate a reasonable price range and look for a house that is priced closer to the lower end of your range.

Not asking enough questions
Don’t be afraid to ask questions! You’re not supposed to know everything about buying a home. Remember, this is potentially the biggest purchase you will make in your life – don’t get caught in a “lemon” because you didn’t ask enough questions!

Fear of losing a specific house
Don’t fall in love with the first home you see. New listings come onto the market all the time. The best deal may still be around the corner.

Not looking past the interior decorating or cosmetic improvements
Don’t choose a house because you like the interior decorating – that is not what you are buying and it will probably go with the seller when he moves. Check out the actual structure of the house!

Not checking out every nook and cranny before purchasing
Go through the house with a fine-tooth comb. You don’t want to find out after you’ve bought the house that the roof is leaking. Open cabinets, turn on every switch, notice details, move stuff away from the walls, look in the attic, turn on faucets.

Not making a low offer
Pay only what you can afford. The seller can always make a counter-offer, and you can counter-offer again until you settle on a suitable price, or you can simply walk away.

Being pushed into buying a certain home
Don’t make a decision until you feel you’ve seen enough to pick the best one.

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Metro First Realty of Edmond
3636 E. I-35 Frontage Rd. • Edmond, OK 73013
Phone: (405)255-5518 •



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