Are you buying your home in Colorado Springs? Brian L. A. Wess can help.
Buying a home intimidates most people, but with a little planning ahead of time, it isn't very confusing.
So they know exactly what to expect, I'll provide buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
Should you have questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you start your home search, there are many things you should do.
You'll probably want to assemble a list of items you need, plan for what school districts you want to live in, and start working on your budget.
A good rule to go by is that your mortgage payment should be less than 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
That's where I come in.
I'd love to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Colorado Springs area.
In addition, I'll help you begin the loan process.
There are some very good mortgage professionals in Colorado Springs, and I work with a lot of them, so you'll be in great hands.
They'll assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
Following our initial meeting, I'll start finding available homes on the market that are good for you.
I'll preview most of the houses and ignore the duds, and then we'll set up appointments to tour the homes when it's convenient for you.
As we tour homes, I'll show you the good features and negative ones. I'll even ask you what things you like and don't like.
It's widely common for buyers to update their list of must-haves as we tour houses and some things become far more necessary than others.
If that's the situation, I'll go back through the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
My awareness of the Colorado Springs housing market is a crucial element in your house search. I'm acquainted with all the school districts and neighborhoods, and I'll communicate certain areas are "hot" and require prompt action and others that are "cold" and allow for cautiousness.
When we tour homes, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions. Every REALTOR in Colorado Springs will claim to truly know the home market.
If it doesn't seem like they know everything, call me at (719) 528-6672 or e-mail me at , and I'd be happy to answer your questions. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home of your dreams
We'll find the house of your dreams in the Colorado Springs area, and when that happens, I'll precisely create your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as obtaining financing, completing the home inspection, and a clean title.
When sending in your offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer. It's pretty common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
After the deal is finished, you'll start working with your lender to close the loan.
If you're pre-qualified, this won't take much time at all, but you need to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) of your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most likely occur at a title company or escrow office and is often a smooth and relaxed affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (719) 528-6672 or e-mail me at .