November 17, 2023

An Essential Checklist for Land and Home Buyers

At The Brenda Richey Group, we provide an in-depth overview of the essential steps to take when considering purchasing land in Southeast Oklahoma or a new home in general. Our Buyer Checklist walks you through the process, starting from initial considerations like location and budget, right down to finalizing the deal.

  1. Budgeting: Determine your budget based on your income, savings, and current expenses. Always plan for unexpected costs.
  2. Mortgage Pre-Approval: Consult a mortgage broker or bank to get pre-approved for a loan. This will give you a clear indication of your borrowing power.
  3. Home Requirements Specification: Identify your must-have features for your new home or property. Consider factors such as location, size, number of bedrooms, and the style of the house.
  4. Real Estate Agent Engagement: Engage a reputable real estate agent who can guide you through the buying process. The Brenda Richey Group can help you find properties within your budget that meet your requirements.
  5. Property Inspection: Inspect potential homes thoroughly. Look for any signs of damage or potential issues that may require costly repairs.
  6. Legal Access Evaluation: Ensure there is legal access to the property, and check for any easements that might affect your use of the land.
  7. Water Rights Assessment: Investigate whether the property has water rights, any conservation easements, and review any production records if applicable.
  8. Home Appraisal: Get a professional appraisal of the home to ensure you are paying a fair price.
  9. Offer Submission: Once you find a home that fits your needs, submit an offer through your real estate agent.
  10. Contract Review: Once your offer is accepted, review the contract carefully. Consult with a real estate attorney if necessary.
  11. Home Inspection: Schedule a home inspection to identify any potential issues with the property. Use this information to negotiate repairs or a lower price if necessary.
  12. Mortgage Finalization: Finalize your mortgage with your lender and ensure all paperwork is in order.
  13. Insurance Procurement: Purchase home or property insurance to protect your investment against damage and loss.
  14. Closing: Attend the closing, sign all necessary documents, and make your down payment. Once the property transfer is finalized, get the keys to your new home!

This checklist serves as a general guide to buying a new home or property. Remember, it's crucial to engage professionals such as a real estate agent or attorney to help navigate this complex process.

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