Tips and Advice on How to Buy or Sell an Oklahoma City House

by Judie Schwerdtfeger

Here are a few things you absolutely should keep in mind when you’re preparing to buy or sell a house in OKC.

The Pre-Approval Letter is NOT the Finish Line

 

This NOT a blunder that anyone who hires me as their real estate agent makes, but I’ve seen it happen quite often to the clients of other agents.

800px-Credit-cards

Remember: Even if you have a pre-approval letter from your lender, the loan process is NOT over and now is certainly not the time to go out and incur debt.

Often, potential buyers get excited, and start doing crazy things like opening up new credit card accounts in preparation for buying new furnishings, carpeting, hot tubs, or whatever else strikes their fancy. This is BAD. Never, ever do this before you have completely closed on the purchase of a new home!

Why? Just before the actual closing, most Oklahoma mortgage companies and banks will re-examine the loan before finalizing it. Seeing that you have incurred further debt – or intend to – is very likely to increase your interest rate, and, in some cases, may actually destroy your loan. Remain patient and wait!

The Difference Between Pre-Approval and Pre-Qualification

The cold fact is that not all “buyers” are actually able to buy.

Pre-qualification letters actually mean very little. They do not suggest that a potential buyer is actually able to receive a loan for the home. All it means is that the buyer has spoken to a lender, told them how much money they make, and the lender prints a letter stating the price range of homes that they MAY be able to purchase. In fact, the information typically is not even verified.

On the other hand, Pre-Approval for a home loan is verified by a third party, the buyer has already applied for a loan, the lender has verified the information, and intends to loan them a specific amount of money at a specific interest rate.

Although this pre-approval for an Oklahoma home loan is much more solid, it still can change or disappear if the buyer’s credit-worthiness is diminished before the final closing. (See the first topic above.)

mortgage-pre-quailfy-and-pre-approval

Most People Under-Estimate How Long it Takes to Sell a House

 

Even in a sellers’ market like we’re experiencing somewhat now in Oklahoma City, there are many variables that can affect the length of time that is required to sell a house in Edmond, Moore, Yukon, or anywhere in our area.

When folks expect to sell and move too soon, their timetable is often thrown into the dumpster, bringing on an excess of stress and worry.

A good rule of thumb is to expect a minimum of 4 to 5 months before a deal is completely finalized – and that’s only if you have a house that’s priced properly in a good market with at least one offer that makes it all the way to closing.

Here’s a very basic time table to answer the question: How long does it take a house to sell in Oklahoma City?

• Getting your home in shape: two weeks

• Average time on the market (varies widely with location and price): 2 1/2 to three months

• Negotiating after an offer: one week

• Preparing to close (assuming a traditional transaction): 30 to 45 days

A good real estate agent will guide you and help you avoid the many pitfalls waiting for those about to buy or sell an Oklahoma house. I’ve seen it all and stand ready to help! Contact me anytime here.

 

 

Tags: , , , ,

Leave a Reply