You’re thinking about buying a home in Colorado?
Are you wondering how to start the buying process?
It is an exciting and foreign process-here is a simple outline:
1. Interview quality Realtors
a) A qualified agent has years of successful experience, is happy to provide you with testimonials from satisfied customers and has a track record of successful sales & purchases.
b) Allow your Realtor to thoroughly explain the process and ask as many questions as needed to understand the journey and all the opportunities for you to perform due diligence on the new home, the opportunities for negotiations, objections, resolutions or terminations all while protecting your earnest money.
2. Interview quality Lender
a) A qualified lender also has years of experience and is happy to provide you with testimonials from satisfied customers as well as a great track record of successful transactions.
b) Complete the loan application so you are truly fully qualified and ready to submit an offer once you find the “right” home.
NOTE; Remember that these two professionals are the most important members of your home buying team and You are Hiring Them!! The caliber of your selected professionals will be directly reflected in your real estate experience.
Continue to dial in your home preferences as you become familiar with features that you would like in your home. For example: could be as simple as a kitchen island, walk in closets, upgraded appliances or systems or even the direction the home faces-to avoid the icy driveways from the north facing homes.
4. Draft a strong offer with the guidance of your Realtor.
According to the market analysis the professional will help you understand the value of the home relevant to the value of other homes in the neighborhood. In addition the professional guidance of drafting a strong offer besides purchase price such as dates and deadlines of due diligence actions, rent back periods and more.
5. Once your offer is accepted, plan to move swiftly:
- Through the earnest money delivery
- Inspection process
- Title &/or HOA document review
- Home insurance shopping
- Appraisal and finally the loan objection. Your Realtor’s negotiation skills and communication will offer you solid guidance through all these important contract deadlines.
6. Prior to closing provide your lender with the most recent pay stubs and statements.
Remember the lender will review your credit and account information close to closing so be sure you do not make any large purchases prior to closing as this can cause you to loose your preapproval status if your debt ratio increases drastically.
7. Preparation for closing should include:
- Arranging utility services
- Picking up a cashiers check or ordering a wire for the funds needed for closing
- Scheduling the closing day and time and
- Finally be sure to bring your license to closing and allow at least an hour for the actual closing.
NOTE: Typically at closing everyone will be at the closing appointment together; the listing agent, the sellers, the buyers agent, the buyers and the title representative.
8. Moving day arrives and now you are ready to settle in and enjoy your new home!
Here’s to a future of stability, predictability and equity gain from home ownership! Time to Celebrate!