Purchasing a new home in Edmond

Buying a home is an intimidating event for a lot of people, but it's not very complex with a bit of up-front planning. I like to give buyers a road map of the entire deal so they'll understand exactly what they can expect. Below are my nine steps to purchasing a home.

Should you have any questions regarding this information or if you're ready to get started, you can contact me here or send e-mail to bill.hayden@cbokc.com.

Step 1 – Prepare to purchase a home
There are many things you'll want to take into account before you start searching for a home. You'll most likely want to put together a checklist of items you want, get a feeling for what neighborhoods and school districts you want to live in, and start working on your budget. A good guideline to follow is that your mortgage payment should be 30 percent of your monthly income.

Step 2 – Communicate with a real estate agent
This is where Bill Hayden can help. I'd be more than happy to schedule a time to meet with you and speak with you about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Edmond area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.

In addition, I'll assist you in getting started on your loan. Bill Hayden works with some of the best mortgage professionals in Edmond, so you can rest assured that you're in great hands. They will help you figure out which type of loan is best for you, as well as help you get qualified.

Step 3 – Begin looking for a house
After our initial meeting, I'll begin searching for homes on the market that are a good fit for you. I'll preview most of the houses and reject the duds, and then we'll book appointments to tour the houses when it's convenient for you.

When we tour houses, I'll point out good features and bad ones. I'll even ask you to tell me about things you like and don't like. Usually, buyers update their must-have list as we tour houses and some things become more crucial than others. If such is the case, I'll look through all the listings once again and trim it down to the home of your dreams.

Step 4 – Know the market
Your agent's knowledge of the Edmond home market is a crucial component in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I can let you know some areas are "hot" and call for prompt action and the others that are "cool" and allow for thoughtful consideration.

As we view homes, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I trust the house is "priced to sell." Any REALTOR® will claim to know the home market, but be wary, and make sure you ask your agent a lot of questions. If things don't add up, call me at (405) 562-0886 or e-mail me at bill.hayden@cbokc.com, and I'll be happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire deal.

Step 5 – Find your dream home
I'm certain we'll find the home of your dreams in the Edmond area, and when we do, I'll precisely develop your home purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.

Let Bill Hayden guide you through finding your dream home in Edmond Upon submitting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property and is most often applied to the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer – it's extremely common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.

Market conditions determine how aggressively we negotiate the deal. We'll also work within your budget. And at the end of the day, we'll compose a deal that is best for you.

Step 7 – Secure financing
After the contract is complete, you'll begin working with your lender to close the loan. It won't take long at all if you're already pre-approved, but you should to stay in close contact with your mortgage lender. And I'll manage all the property information your lender will need to close the loan.>

Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application. This estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if everything looks good.

Then we'll close on your home. This should happen at a title company or escrow office and is often a smooth and stress-free occasion.

Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call me at (405) 562-0886 or send me an e-mail.