Purchasing a new home in Colorado Springs with Brian L. A. Wess
For a lot of people, purchasing a home can be a stressful event. But with some up-front planning, it isn't that difficult.
So they know exactly what they can expect, I like to provide buyers with an overview of the entire deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are a lot of things you should take into account before starting your home search.
When you begin your search, you'll want to assemble a checklist of must-haves, get a feel for what neighborhoods and school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Speak with a real estate agent
This is where Brian L. A. Wess can help.
I'd be more than happy to schedule a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Colorado Springs area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I can also assist you with getting started on your loan.
I work with some of the finest mortgage professionals in Colorado Springs, so you'll be in great hands.
They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll start looking for available houses on the market that are good for you.
I'll get a sneak peek of most of the homes and remove the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we view the homes, I'll point out good features and bad ones. I'll even ask you what things you like and don't like.
Frequently, buyers revise their wish list as we view homes and some items become more important than others.
If such is the case, I'll go back through the listings another time and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's awareness of the Colorado Springs housing market is an imperative aspect in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and require immediate action and others that are "cool" and allow for more consideration.
When we tour homes, I'll let you know when the seller's asking price has room for bargaining and also when I know the home is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as every real estate agent in Colorado Springs will tell you they truly know the market.
If it appears they don't know everything, contact me at (719) 528-6672 or e-mail me at , and I'll be happy to answer your questions. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream home
I'm sure we'll find the home of your dreams in the Colorado Springs area. When that happens, I'll carefully develop your home 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.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's typically applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer – it's widely common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Get a loan
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all, but you'll need to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) detailing closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This should occur at a title company or escrow office and is often a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at (719) 528-6672 or e-mail me at .