Buying a home in Colorado Springs
Buying a home is stressful for many people, but with a bit of planning ahead of time, it isn't that complex.
I like to give buyers an outline of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Prepare to purchase
There are a lot of things you need to consider prior to commencing your home search.
You'll want to assemble an index of features you need, get a feel for what neighborhoods you'd like to live in, and start planning around your budget.
A good guideline to go by is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
This is where I come in.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Colorado Springs area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
There are some very good mortgage professionals in Colorado Springs, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin finding homes on the market that are great for you.
I'll research most of the homes and eliminate the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we view homes, I'll identify good features, as well as negative ones. I'll even ask you what things you like and don't like.
It's common for buyers to amend their must-have list as we view homes and some things become more essential than others.
If that's the case, I'll go back through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
An agent's awareness of the Colorado Springs market is a fundamental factor in your house search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I'll communicate what districts are "hot" and call for immediate action and some that are "cool" and allow for more examination.
As we view homes, I'll be sure to tell you when the list price has room for bargaining and also when I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions. Every real estate agent will claim to understand the home market.
If things don't add up, call me at (719) 528-6672 or e-mail me at , and I'll be glad to answer any questions you have. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in the Colorado Springs area. When we do, I'll meticulously create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as acquiring financing, completing the inspection, and a clean title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's really common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing budget. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Get financing
Upon finalizing the deal, you'll begin working with your lender to close the loan.
If you're pre-approved, this shouldn't take much time at all. However, you'll need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your loan application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your house. This should occur at a title company or escrow office and will probably be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at (719) 528-6672 or e-mail me at .