Buying Process

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Buying a home can be easier than you think!

The standard process to purchasing a home can have a strange effect on your daily routine, instead of waking up, having a shower it turns to waking up, searching for homes!  Knowing you have a real estate advisor on your side brings peace of mind.  Let’s take a stroll through the steps of a real estate transaction.


Here are a few simple steps to follow when you are getting started:

 

Meet the Market 

What price range will you be looking toward?  What neighborhoods, towns or areas are you considering?  What does the inventory of homes look like, does the market favor your requirements?
 

Create a “New Home” Checklist 

This is the time to be inspired, think about location, layout and features that you have always wanted. You will want to consider the features in a home that are important to you, including proximity to your work, schools, etc. You will also want to determine if you want a new home or a pre-owned home and if you want to do repairs on a home that requires fix-up or want one in perfect condition.
 

Determine Financing and Get Pre-Approved

What type of Buyer are you?  Can you purchase a home with cash?  If you are in search of a mortgage what type of mortgage fits your situation best?  

Conventional loan typically requires 20% down with a solid credit score and the home must be your primary residence to achieve the best interest rates and no PMI (Principal Mortgage Insurance)

FHA loans do require a minimum of 3.5% down, decent credit and for the Seller to agree to certain terms and conditions for you, the Buyer, to receive this loan.

VA loans are for veterans, there are many details that need to be worked out with the VA loan officer, once these are accomplished a minimum of 3% down is required along with a stamp of approval from a licensed VA Loan Appraiser for the home you would like to purchase.

USDA loans are for designated rural areas of the State of Colorado, along with this, there are many criteria that a borrower must comply or fit in with in order to apply for this type of loan. 

For more details on Financing Options

 

Start Home Shopping 

I will send you possible homes. Let us know which homes you would like to see, and which don’t work for you.  That helps us narrow your search and find your new home faster.  I am always available to provide you important information about neighborhoods, home values, or to find out specific information about homes you are interested in. Then we compare home values to make sure homes you are interested in are priced appropriately, let’s set up a showing!

Search for Homes 

 

Found your Match? Time to Make an Offer

I will guide you through the negotiation process, the goal is getting the best possible contract. When you find the home you wish to purchase time to a written offer. You not only specify the price you are willing to pay, but also the details of the purchase including:

  • How you intend to finance the home
  • Amount of the down payment
  • Who is paying the closing costs?
  • What inspections will be performed?
  • What personal property is included in the purchase?
  • Terms of cancellation
  • Repairs you wish to have done
  • Date you will take ownership and possession of the property
  • How disputes will be settled
  • Contingencies – potential situations that allow you to cancel the contract without penalty

Once the offer has been submitted, you must wait for the seller to respond. The seller can accept, counter, or reject your offer. This begins the process of negotiation that will continue until both parties agree or decide to go their separate ways. 

Under Contract

Inspection, appraisal, home walk-through and closing.  We are here every step of the way meeting with inspectors and appraisers and coordinating with seller’s agent. In a typical inspection a professional licensed home inspector will inspect the property. In some cases, inspections will be done by licensed contractors. Items that can be included in an inspection include (but are not limited to):

  • Furnace
  • Roof
  • Plumbing
  • Sprinkler System
  • Septic Tank
  • Electrical
  • Radon
  • Termites

Before the mortgage company will provide a loan, they require insurance on the title of the property. Homeowner’s insurance is also required.

The contract will set forth all the contingencies and dates that must be met to stay ‘in contract’. The Group has a trained staff in our Escrow Department that assists me to stay on top of the details of the contract. This service is just another safeguard to make sure your contract closes on time.

Before the closing occurs, we will take a walkthrough of the home to be certain that the home is in a state that is amenable to closing. At this time, you will make sure that items such as kitchen appliances, light fixtures, and other items you are expecting to be left in the home as set forth in the contract are there.  If anything comes up during this walkthrough it is my duty to mitigate the situation with Seller’s agent and rectify the issues that remain in the home.

Closing day can be overwhelming, many papers and documents that require your signature, remembering to bring identification, the small details that I can assist with while explaining the closing procedure and being your advocate through the process.
 

Enjoy your New Home! 

As your friendly neighborhood real estate agent, I will continue to support you and of course be here for any questions or concerns you may have.  Congratulations!