Purchasing a new home in Colorado Springs with Brian L. A. Wess
Purchasing a home is intimidating for a lot of people. However, with a bit of planning ahead of time, it isn't very confusing.
I like to give buyers a road map of the whole deal so they'll understand exactly what they can expect.
Below are my nine steps to buying a home.
Should you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are many things you should consider before commencing your home search.
When you begin your search, you'll probably want to put together a check list of items you want, get an idea of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Colorado Springs
This is where I can help.
We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Colorado Springs area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
Brian L. A. Wess partners with some of the finest mortgage professionals in Colorado Springs, so you'll be in great hands.
They can help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After we meet, I'll begin looking for homes on the market that suit your needs.
I'll preview many of the homes and ignore the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we tour the homes, I'll show you the good features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Most often, buyers amend their must-have list as we tour homes and some things become more crucial than others.
If that's the case, I'll search the listings once more and trim it down to the home of your dreams.
Step 4 – Understand the market
My knowledge of the Colorado Springs home market is an essential element in your house search. I'm acquainted with all the schools and neighborhoods, and I'll let you know certain districts are "hot" and call for prompt action and others that are "cold" and allow for more examination.
When we tour homes, I'll let you know 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, be mindful and be sure to ask lots of questions, as every REALTOR will claim to truly know the home market.
If it seems like they don't know everything, contact me at (719) 528-6672 or e-mail me at , and I'll be more than happy to answer your questions. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
We'll find the home of your dreams in Colorado Springs, and when we do, I'll thoroughly develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as getting financing, carrying out the inspection, and a clear 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 an offer to purchase the property, and it's most often put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer. It's really common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or refuse 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 at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Secure your loan
After the contract is finalized, you'll start working with your lender to close the loan.
If you've been pre-qualified, it won't take very long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) outlining closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your home. This will likely occur at a title company or escrow office and should be a smooth and relaxing event.
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, be sure to contact me at (719) 528-6672 or e-mail me at .