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
b) Is happy to provide you with testimonials from satisfied customers
c) Has a track record of successful sales & purchases.
Your Ideal Realtor can thoroughly explain the process. Ask them as many questions as needed to understand the journey. A quality Realtor helps walk with you through 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) Qualified lenders have years of experience and are happy to provide you with testimonials from satisfied customers as well as a great track record of successful transactions.
b) Complete the loan application. This helps ensure 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.
While working with your Realtor, your home preferences get dialed in 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.
The market analysis allows your professional realtor to help you understand the value of the home relevant to the value of other homes in the neighborhood. Professional guidance for drafting a strong offer besides purchase price includes:
- dates and deadlines of due diligence actions,
- rent back periods and more
- to determine where you get the most value.
5. Once your offer for the home 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.
You must not make any large purchases prior to closing!
7. Preparation for closing should include:
- Arrange utility services
- Pick up a cashiers check or order a wire for the funds needed for closing
- Schedule the closing day and time and
- 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.