THE HOME BUYING PROCESS
Everything You Need to Know From A to Z
How We Can Help You!
- Represent you and your individual interests in a real estate transaction.
- Auto-generated Searches via Email – We will ensure that you know about the homes that match your criteria as soon as they become available.
- Set up Showing Appointments and Viewing Homes
- Analyze your needs
- Educate you on current market conditions.
- Provide community data
- Explain local real estate practices and procedures
- Provide info on selected properties that meet your needs.
- Avoid wasting time.
- Carefully review the offer to purchase.
- Facilitate the negotiations.
- Explain post purchase activities and responsibilities
- Maintain communication
We will handle everything through the whole process!
You have the right to have an agent working in you best interest as a Buyer’s agent!
If you are committed to us, we likewise promise to be committed to you.
We can show you ALL available homes!
Call when you….
See a sign (a listed property or a for sale by owner)
See a property online
Visit an open house
Consider a new construction
As a member of the Multiple Listing Service, I can show you any property – including short sales and foreclosure properties.
For Sale by Owner
Most homeowners will work with an agent, even though the home is not listed with a real estate broker. It is necessary for the agent to introduce the buyer to the property. It is important that we make first contact with the seller to best protect you in negotiations.
Many times these properties are overpriced. We can help you determine if this is the case.
Most builders are more than willing to work with agents who accompany the buyer to the property on the initial visit and can get all the information you need to make any decisions. By
working through me with builders, you get all the services offered by me in addition to those offered by the builder. You'll get more, but you won't pay more for it. Remember, that builder’s sales person is there to protect the builder’s interest. Get a pro on your side!
The National Association of Realtors states that Buyers look at an average of 9 homes before buying. I am always happy to show you more or less than this number of homes – our goal is to find the right home for you!
How is a Buyer’s Agent paid?
In Oklahoma, the Seller pays for the Buyer’s representation. This includes properties listed on the MLS, new construction, foreclosures, short sales, and most for sale by owners. As the
buyer, our services are provided and for buy the seller.
THE HOME BUYER PROCESS
- MEET DEBORAH WITH DEBORAH GREEN & ASSOCIATES
- ESTABLISH CRITERIA—Prioritize your criteria. Which are must haves?
- MORTGAGE PRE-QUALIFICATION
- Last 30 days pay stubs
- 2 years W-2s
- 2 years tax returns
- 2 months checking & savings statements
- SHOP FOR YOUR NEW HOME!
- SUBMIT FORMAL OFFER—All real estate offers must be in writing. Verbal offers are
- not binding.
- NEGOTIATIONS– Deborah Green & Associates will ADVISE how to negotiate the best the best way to achieve your goals.
- OFFER ACCEPTED— Once all parties to the contract have signed the contract and both realtors have received the contract, the contract is binding.
- EARNEST MONEY DEPOSITED
- INSURANCE—Be sure to have the roof inspected within the inspection period. Pass insurance contact information to your lender.
- T.R.R. (REPAIRS REQUEST) - You can request the seller make repairs based on your inspections. This reopens negotiates within the contract.
- REPAIRS COMPLETED
- ARRANGE MOVERS, MAIL & UTILITIES
- REVIEW SETTLEMENT STATEMENT
- REINSPECTION / FINAL WALK-THROUGH
When will I need money?
- Earnest Money - At the time a written offer on a property is accepted, earnest money will be required. The earnest money will be held in escrow until closings. This money represents your sincerity in the attempt to purchase and is fully refundable if the offer is not accepted, your loan is not approved, or if the seller does not meet some other condition of the contract. You should anticipate a minimum of $1,000 or 1% of the sale price. This amount is a negotiable item in the purchase agreement. Do you have it available now?
- Appraisal - An appraiser is sent by the bank soon after a contracted is accepted. The appraiser takes photos and measures the property. They use comparable home sold in the last 4-6 months to determine the value of the property.
- Inspection - $600-$1,000 - We recommend you get an inspection. General inspections include Termite, Structural, Electrical/Mechanical/Plumbing or a Whole Home inspection. These take place within 10 days of the accepted offer.
- Closing Funds - This will be the closing fees and down payment for your home after our earnest money is applied
Documents the lender will need:
Trusted Lender Partners
- Names & address for 2 years
- W-2s for the last 2 years
- Gross monthly income
- Year to date pay stub
- Proof of other income (rentals,
- investments, retirement, disability,
- alimony, child support, SSI, etc)
Cornerstone Home Lending
US Mortgage Corp
We recommend working with trusted local lenders.
Common Types of Mortgages
Conventional—This type of loan is offered by private lenders and are not insured by the Federal Government. They usually have the best rates. You’ll typically need 5 -20% for a down payment and good credit (over 620-640).
FHA—Thought of as the first time home loan program but actually available to anyone. The down payment is 3.5% and is more forgiving of lower credit scores(580). You can sometimes qualify for an FHA with a 500 credit score, but you will need a 10% down payment. Max
VA—Zero down payment loan, but you must be a veteran. VA loans also don’t require mortgage insurance.
USDA Rural Housing Loan—Zero down payment loan for rural areas. This USDA Mortgage Loan can only be used in designated areas & towns, but their definition of rural may be more flexible than you think. They require a 640 credit score or higher.
Adjustable Rate Mortgage (ARM) - These have rates that start out lower than the current rates, but can change after one, two, or five years – usually upward! Adjustable rate loans got many home owners into trouble when their rates went up faster than expected.
Jumbo Loans—Jumbo loans are for loans over $453,100. They are more difficult to qualify for because of the higher loan amount. Most lenders will require at least a 680-700 credit score. They also usually require 15-20% down payment.
Section 184/Native American—This is for recognized tribal members. The down payment is 2.25%. Requires 1% guarantee at closing. Max loan: $294,515.
Credit Dos and Don’ts
- Continue making your rent or mortgage payments.
- Stay current on all existing accounts.
- Keep your current employment.
- Keep the same insurance company.
- Call your loan officer if you have any questions.
- Change jobs, become self employed or quit your job.
- Buy a car, motorcycle, truck or van.
- Use charge cards excessively or let count fall behind.
- Spend money you have set aside for closing.
- Omit debts or liabilities from your loan application.
- Open a new credit card.
- Close any credit cards.
- Consolidate credit card debt.
- Increase your credit card debt.
- Take out a new loan.
- Buy furniture or appliances.
- Originate any inquiries onto your credit.
- Make large deposits into your account without first checking with your loan officer. You can purchase any furniture or appliances or change insurance companies AFTER closing.
You will need homeowner’s insurance. You may have your
insurance escrowed in your mortgage, but you will still need
to shop for your homeowner’s insurance. This will insure
you and your house against losses from fire, theft, liability,
vandalism, water damage, wind damage, tornadoes and
loss of use. Earthquake and flood insurance are usually
purchased separately. This a great time to do price
comparisons on your current insurance company to be sure
you are getting the best rates.
Trusted Insurance Partners
State Farm Insurance
Be sure to ask your insurance company if they will inspect the roof within the inspection period. If not, we may want to discuss getting a roof inspection.
A home warranty is a one-year service agreement that covers the repair or replacement of many major home system components and appliances that typically breakdown over time due to normal wear and tear, such as appliances, plumbing, electrical, furnace and air conditioning. A home warranty may also cover major appliances such as washers and dryers, refrigerators and swimming pools.
A home warranty is not the same thing as homeowners insurance, nor is it a replacement for
homeowners insurance. Homeowners insurance covers major perils such as fires, hail,
property crimes and certain types of water damage that could affect the entire structure and/or the homeowner's personal possessions. A home warranty does not cover these perils. Rather, it covers specific components of the home.
Home warranty companies have agreements with approved service providers. When something that is covered by a home warranty breaks down, the homeowner calls the home warranty company, and the home warranty company sends one of its service providers to examine the problem. If the provider determines that the needed repair or replacement is
covered by the warranty, he completes the work. The homeowner only pays a small service fee.
The Purchase Agreement that is negotiated is still contingent upon the home passing an optional Home Inspection. As the buyer, you will pay for this inspection to be completed. I can help you choose an inspector if you wish. A home inspection gives you, the buyer, a more detailed look at the home’s condition before the purchase.
Inspection Period (Typically 10 days)
- EMP (Electrical/Mechanical/Plumbing)
- Termite—An inspection will be performed for the presence of all forms of wood destroying insects in the home.
- Structural Engineer—This inspection will assess the major structural elements of the home.
- Whole Home
- Association Documents—If the home is a part of a HOA (Homeowner’s Association), you have the right to review the association rules, regulations and policies.
- Hazard Insurance
- Environmental (mold, radon, lead based paint etc)
- Flood, storm run off, storm sewer back up
- Psychologically impacted, Megan’s Law
- Use of Property
- Square Footage
If you discover something during the inspection period that is a deal-breaker, you have the right to walk away from the contract losing only the cost of the inspection
and maybe the appraisal.
STRUCTURAL INSPECTION COMPANIES
Joe Ramey 918-836-0021
Jeff Sager 918-834-1122
Ford Eng 918-743-4549
HOME INSPECTION COMPANIES
Tulsa Home Insp. 918-834-1122
TERMITE AND WOOD ROT INSPECTION COMPANIES
Brewer Russell 918-834-1122
Toby Horn 918-836-8431
Mother Nature 918-362-2000
*Your Lender may require a Termite Inspection as a condition of
You can schedule Tulsa Home Inspections & Joe Ramey through Brewer Russell – They offer a package deal for all 3.
A&M Environmental 918-665-6575
Poe & Associates 918-665-8800
Zada Resources 918-743-3020
Barker Contracting 918-605-6611
South Tulsa Roofing 918-322-3200
- Doing a massive preliminary purge will have the single biggest impact on the efficiency and ease of your entire packing process.
- Pack items you won’t be using as early as a couple of month out.
- The heavier the item, the smaller the box! It’s much easier to carry heavier items when they’re in smaller boxes. Save the larger boxes for things that are lighter, but hard to carry on their own. Never over-pack a box.
- One room in a box. Pack the same room in the same box. Don't mix. This way unpacking is easy.
- Label each box with it contents and destination room .
- Use trash bags to move hanging clothing.
- Don’t pack cash, jewelry, or prescription medications - keep these with you. You might need to access them on moving day, and it’s nice for the movers if they know they don’t need to worry about keeping track of these small, but very important items.
- Pack an overnight bag containing all the essentials. Chances are, you'll be too tired to unpack your things. You'll want your essentials within easy access, including a change of clothes if you're going back to work the next day as well as all your toiletries. It's also a great way to transport a laptop, which could run the risk of getting stolen during a move.
- Pack the items you will need FIRST in a clear plastic bin. This includes things like a box cutter, paper towels, trash bags, eating utensils, select cookware, power strips, phone chargers, toilet paper, tools, etc.
- During load up, close doors on rooms that are complete—movers will know to focus on other areas.
Change of Address
US Post Office
Place of Employment
Services to transfer/cancel
When you decide to move
- Begin purging. Get rid of everything you don’t want moved.
- Pack anything you don’t need in the immediate future.
- Get packing supplies: boxes, tape, paper/bubble wrap.
1 Month before move
- Schedule movers or truck
- Arrange for temporary housing or travel arrangements, in needed
- Continue Packing
- Arrange school transfers, if applicable.
Day before move
- Pack your overnight case (clothing & toiletries) for the first night.
- Pack a clear tote with items you will need first at the new house. (box cutter, paper towels, trash bags, eating utensils, select cookware, power strips, phone chargers, toilet paper, tools, etc )
- Pack bathrooms
- Pack linens from beds.
- Check all cabinets, drawer & closet to make sure everything is packed.
- Arrange help for kids or pets
- Have cash to tip movers
- Final walk through
- Keep all personal & financial documents in one box.
Glossary of Real Estate Terms
Addendum: An attachment to the contract.
Appraisal: An evaluation of a piece of property to determine its value.
APR: The APR formula combines a loan’s interest costs with the other fees charged by a lender over the life of the land and expresses them as a yearly percentage.
Buyer Broker: An agent that represents the buyer in a purchase.
CMA: Comparable Market Analysis
Comparable: Properties similar in size, character and location to the one being bought or sold.
Contingency: A condition that must be satisfied before a contract is binding.
Conventional: A private loan that is not insured by the US government.
Deed: A legal document conveying title to a property.
Earnest Money: A portion of a down payment submitted with a contract (held in escrow) by a buyer indicating the buyer’s intent to complete the purchase of the property.
Escrow: The placement of money or documents with a third party for safekeeping pending the fulfillment or performance of a specified act or condition.
Foreclosure: Procedure whereby property pledged as security for a debt is sold to pay the debt in the even of default.
FHA (Federal Housing Administration): A type of mortgage, insured by the Department of
Home Warranty: Optional coverage that protects the buyer from any unseen repairs needed.
Housing and Urban Development (HUD), to assist in making housing more affordable.
Key Box: MLS electronic key that allows agents access to listed properties.
Interest Rate: The annual percentage rate of interest charged on a loan.
Lien: A legal claim against a property that must be paid when the property is sold.
Listing Broker: An agent who represent the seller in a transaction.
Lockbox: Another term for a key box.
MLS: Multiple Listing Service.
Mortgage: One type of document used to make property the security for the payment of a loan.
Mortgage Broker: An individual or company that obtains mortgages for others by finding lending institutions, insurance companies or private sources to lend the money.
Mortgagee: The lender of money or the receiver of the mortgage.
Mortgagor: The borrower of money or the fiver of the mortgage document.
Offer: A written price offer give to the seller to purchase a home.
PMI (Private Mortgage Insurance: Insurance issued to a lender by a private company to protect the lender against loss on a defaulted mortgage loan. It’s us is usually limited to loans with high loan-to-value ratios. The borrower pays the premiums.
Pre-Approval: Qualifying for a mortgage before the home search so you can be viewed as a serious buyer.
REO (Real Estate Owned): The bank is selling a property that it has foreclosed. Also known as a foreclosure. Offer Response Time: 48 hours to a week. Settlement Period 30-45 days.
Short Sale: The owner owes more than they will be able to pay back when selling their home. In this case the bank will need to approve the sale and agree to the short payment to them. Offer Response Time: 4-8 months. Settlement Period: 5-9 months. You or your agent have no control on when or how things happen. Most of these home are vacant and in need of repair.
There are typically no utilities and the extent of repairs are not always easy to determine.
Survey: A survey (mortgage plat certificate) is conducted if required by the lender to see the boundary lines and easement and to ensure everything on the property is legal.
Title: A document indicating ownership of a property.
Title Search: The process where the owner of the title is verified, and the title is examined for problems.
Underwriting: Analyzing the risk in a loan application.
VA (Veterans Administration) Loan: A loan for veterans or current military insured by the Veterans Administration (VA).
If I will:
- Make my best effort to find the home that meets your needs until you either find a home or tell me to stop looking,
- Commit my time, resources, and experience to find exactly what you want, while incurring my
- own expenses
- Tell me what you like and dislike about the homes we look at?
- Tell me if you want to look at a home listed with another broker, builder, or for sale by owner?
- Tell me if you feel the need to talk to another agent?
- Let me know if your plans change?
- Work with me until we find you the right home?
- Be respectful of both yours and my time to ensure that we are being productive and efficient in our home search efforts?
- Refer anyone that you meet that may benefit from the level of service that I provide?