Are you contemplating purchasing your new home in Colorado Springs? Brian L. A. Wess can help.
Purchasing a home can be stressful for a lot of people, but it's not too complex with a little planning ahead of time.
So they understand exactly what to expect, I will provide buyers with an overview of the whole deal.
Below are my nine steps to buying a home.
If you have questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are several things you'll want to consider before starting your home search.
When you begin your search, you'll want to create a list of items you want, plan for what school districts and neighborhoods you want to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be less than 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent
This is where I come in.
I'd be happy to arrange a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Colorado Springs area.
I can also help you begin the loan process.
Brian L. A. Wess partners with some of the best mortgage professionals in Colorado Springs, so you can rest assured that you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After our initial meeting, I'll start searching for homes on the market that are a great fit for you.
I'll preview many of the homes and throw out the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we tour houses, I'll call attention to positive features and negative ones. I'll also ask you to point out what things you like and dislike.
It's pretty common for buyers to update their must-have list as we tour houses and some things become more substantial than others.
If that's the case, I'll search the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's understanding of the Colorado Springs housing market is a crucial element in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I can let you know what neighborhoods are "hot" and require prompt action and others that are "cold" and allow for more examination.
When we tour houses, I'll let you know if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions, as every REALTOR will tell you they comprehend the housing market.
If it appears they don't know everything, just call me at (719) 528-6672 or e-mail me at , and I'll be more than happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
We'll find your dream home in the Colorado Springs area, and when we do, I'll precisely develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's really common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Get a loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take very long at all. However, you'll want to keep 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 Loan Estimate (LE) 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 require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will likely take place at a title company or escrow office and will probably be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call me at (719) 528-6672 or e-mail me at .