Are you buying a new home? I would love to help!
Buying a home can be stressful for many people. However, with a little up-front planning, it's not too complex. I like to supply buyers with an overview of the entire deal so they know exactly what to expect. Below are nine basic steps to purchasing a home. Of course, there are caveats to every purchase - that is where my value as your buyer's agent shines! I will guide you through the ups and downs and make sure you understand what is happening every step of the way.
When you're ready to get started, you can give me a call or text at (303) 345-3256 or send me an e-mail. I'm happy to answer any questions you have about this information.
Step 1 – Prepare to buy
Speak to a qualified (preferably local) mortgage lender if you are planning on financing your purchase, or make sure you have proof of available funds in an amount sufficient enough to close on your purchase if you are planning on paying cash. I am happy to provide you with the names of local lenders that my clients have successfully worked with in the past. I can also make suggestions regarding what acceptable "proof of funds" would work for your purchase.
Step 2 – Talk to a real estate agent
This is where I can help. I would love to book a time to meet with you and talk about why you want to buy a home and get an idea of your future plans. We'll talk about the local market, neighborhoods, financing, and any additional economic factors that could potentially affect your buying decision today or in the future.
Step 3 – Begin looking for a home
After our initial meeting, we'll begin looking for available homes on the market that are a good fit for you. I will get you set up with your own personalized website where I can add new listings directly from the MLS that meet your specific needs as they become available. You will then be able to browse for homes in the comfort of your own home in real time; you can save your favorites and trash the homes that you have no interest in. If there is something that you would like to see, I can set up a showing for you and make arrangements for you to see all of the properties that are of interest to you.
When we tour homes, I will help you see the positive features, as well as the bad ones. It's widely common for buyers to amend their wish list as we tour different homes together and for some features to become more important than others. This is all a part of the process. We can tweak your search criteria as your wants and needs change until we have it narrowed down to just those homes that will be perfect for you.
Step 4 – Get a feel for the market
My understanding of the local real estate market is an essential component in your search for a new home.
As we tour homes, I will let you know when the seller's list price may allow room for negotiation, and when the home is "priced to sell." I will provide you with a comprehensive market analysis (CMA) of any home you may have interest in submitting an offer on. This will allow you to see what the market is doing in the area you are considering purchasing, and will give you the necessary tools to make an educated decision about your purchase offer.
Step 5 – Find the house of your dreams
I'm certain we'll find the home of your dreams! When that happens, we'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
If for some reason it turns out your dream home is outside of the area of my expertise (perhaps in a market that I am unfamiliar with), I can refer you to a qualified Realtor that will be able to assist you in the area in which you wish to buy.
Step 6 – Negotiate the deal
The local real estate market is quite competitive. The very reasons that you desire to live here are the same reasons others want to live here. Submitting a strong offer the first time is your best chance of having your offer accepted. I can help you structure your offer so that you have the best possible chance of acceptance. Once your offer is accepted I will help you navigate through the home inspection, negotiations, and all of the other contingencies found in the Colorado purchase contract.
Step 7 – Work with your mortgage lender to close your loan
If you are financing your purchase, once your offer is accepted I will supply a copy of the fully executed contract to your mortgage lender. This will start the clock ticking on your loan process. Your lender will guide you through what documents are needed in order for them to get loan approval. It is very important that you supply all requested documents in a timely manner as any delays could postpone your closing or cause your purchase to terminate.
Step 8 – Close on your purchase
Your lender will give you a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. This estimate is based on the loan amount. RESPA requires that your GFE contain all closing costs and fall within a strict range of accuracy. You will get a final settlement sheet a few days prior to closing that will outline your final costs to close. I will review this document with you and request any necessary changes from the title company if there are any errors.
Then it's time to close on your home. This will most often take place at a title company office and will most likely be a smooth and relaxed occurrence. You can expect for your closing to take approx. one hour, and no more than two. Remember to bring your state ID or driver's license and a second form of ID (it can be a club card, a membership card, etc. - it does not need to be a photo ID)
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it! And if you need anything or have any questions, just contact me at (303) 345-- 3256 or email me at Terri@ColoradoLifestyles.com