How To Buy A Home In Oklahoma PT. 3 | Home Buying Process

How To Buy A Home | Part 3 of 3

Intro

Welcome to video 3 of how to buy a house, I'm Brian Mullins CEO and owner of Rose Rock Realty. Today we're gonna be talking what happens once you go under contract, once a buyer and seller have agreed on the terms of buying a home. 

Number One: Order The Appraisal 

We order the appraisal so as soon as we go to contract the lender is gonna call you and say hey congratulations on going under a contract let's get your appraisal ordered and so they're gonna collect $500 from you and then they're gonna turn around and order the appraisal. It's a third party it's going to come out and look at the house to make sure it meets value. So here's the question why do you need an appraisal? Well, this is usually a 

lender requirement that they want to make sure that the money they're loaning you is on an asset that it's worth at least what our contract says it's worth. Now there is some very very rare circumstances where you can get away not doing an appraisal you have to have a 

really high credit has to put a lot of money down that's not really a typical situation for most buyers so keep it in mind you're almost always going toward an appraisal if you are using a loan, paying cash no appraisal is necessary it's up to you if you want to do an appraisal on at that time.

Number Two: Schedule Inspection

So your Realtor should help you here and get inspections scheduled so they will give you a list maybe or they'll just ask you if you want to subscribe to inspections so we'll schedule inspections now why do you need an inspection this is one-hundred-percent required this is purely optional some lenders going to indefinite require a termite inspection but a general property inspection is almost never required pretty much never 

required so why do you need one well we want to make sure that there's nothing 

hidden in the house we want to make sure that you understand what maintenance 

items might be coming up you know if you're buying a new house early 

shouldn't be any maintenance items but you're buying a new house there's gonna 

be maintenance items that the seller may be doesn't mean to do yet maybe 

they're you know years out from doing them but that inspector is also gonna help 

you understand what you need to do in two years because it's time to replace 

whatever so we're gonna do the inspections to make sure that the house 

is in good shape and if there are any issues we can deal with those before we 

close.

Number Three: Negotiate Repairs

Well we've got inspections now and there's something wrong with the house so we can ask the seller to make repairs to the home now we're not going to go in we're not gonna ask them for all kinds of crazy things we're only looking at major items that need to be fixed so a foundation problem or the air conditioner isn't working something that's a big-ticket we're not looking for cosmetic things we are looking only for major items if the paint you don't like the color the paint when you buy the house but we can't ask the seller to do it because we're only looking for a functional defects on the house and paint and cosmetic is not one of those so we're going to write up a list and we're going to send it to the seller we're gonna have a week to negotiate if they are going to be willing to make any of those repairs and as long as we come to an agreement and we move on with the contract. 

Number Four: Final Walkthrough

  

Do the final walkthrough so we've done inspections they've agreed everything 

we've got the appraisal back came in at value maybe a little more that's awesome 

that's awesome if that happens so then before is we get to go do the final 

walkthrough so we're gonna go we're gonna look at the house we're gonna make 

sure a couple of things one that the stuff we requested and what we agreed upon for 

the seller to fix is fixed from our inspections and to risk on and general 

make sure the house is in good shape we're gonna make sure they didn't take 

the carpet with them we're gonna make sure they can take the fireplace with 

them you know stuff like that we're just gonna make sure the house is in good 

the shape we're not gonna promise the houses have been cleaned some sellers will be 

nice and clean the house won't believe it full of cockroaches but that's not 

really a functional defect of the house that's just the house so we're going to 

go we're gonna do a final walkthrough make sure the house is in good shape 

we're gonna usually do this the day before the day of closing just kind of 

depending on your schedule and on the time that we're gonna close on the 

house so we're gonna go we're gonna look at the house we'll be there ten and 

fifteen minutes and then we'll get ready to go to closing. 

Number Five: Finale, Closing

This is the fun part you're gonna own a house at the end of this now you may be bringing 

money in the clothes or you may be getting money from clothes it just depends on how we negotiate the contract and how much you're willing to bring the clothes so we're gonna go to closing you're gonna need to get a check or give a check depending and you're gonna sign your life away as a buyer especially if you're taking out a mortgage it is a big 

stack of papers that you gotta sign there's a lot of legal documents that you're gonna have to sign you're gonna sign your life away a whole process is going to take about an hour the actual signing will take about 10 to 20 minutes of signing everything and once we're done with that we're going to send all the documents to the mortgage company 

they're gonna approve everything once they're approved and we're done the 

sellers are gonna sign the middle bus process as well and then you own a house 

yay it's exciting it's fun and it's the end of the transaction pretty much now 

it's not the end of a relationship with your realtor we continue to use them as 

a resource and you know we never assign move again make sure you call a realtor 

and get started on the process all over again. 

Outro

So this is the end of our three-part series about how to buy a home if you enjoyed this video make sure you like subscribe share whatever you want to do send a postcard to somebody and tell them, oh it's you liked the video but make sure you check out our 

other content that's coming up and that's already on YouTube Facebook wherever you can find us check out all the videos and all the content we have your question don't hesitate to call us or find us online at Rose Rock Realty thanks and have a good day.

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