Purchasing a new home in Colorado Springs
With a little up-front planning, purchasing a home isn't very hard, but the event can be stressful for many people.
So they'll understand exactly what to expect, I like to give buyers an overview of the whole deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer questions you have about this information.
Step 1 – Prepare to buy a home
Before you start looking for a home, there are plenty of things you need to do.
When you start your search, you'll want to make a checklist of must-have features, plan for what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent
That's where I can help.
I'd like to book a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Colorado Springs area.
I can also help you get started on your loan.
I partner with some of Colorado Springs's best mortgage professionals, so you'll be in great hands.
They'll help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
Following our first meeting, I'll begin searching for available houses on the market that are good for you.
I'll research most of the houses and throw out the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we view the houses, I'll call attention to good features and negative ones. I'll also ask you what things you like and dislike.
It's common for buyers to revise their must-have list as we view houses and some items become far more important than others.
If that's the situation, I'll look through the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Understand the market
My understanding of the Colorado Springs home market is a crucial agent in your home search. I'm mindful of all the neighborhoods and school districts, and I'll alert you to certain districts are "hot" and warrant immediate action and the ones that are "cold" and allow for careful analysis.
As we view houses, I'll let you know if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
Any REALTOR will tell you they truly understand the housing market, but be mindful, and be sure to ask your agent plenty of questions.
If things don't add up, just call me at 7195286672 or e-mail me at , and I'd be glad to answer any questions you have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
We'll find the house of your dreams in Colorado Springs, and when that happens, I'll thoroughly create your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's typically put towards the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the deal, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't take much time at all, but you need to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) of your closing costs within three days of getting your application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of taking your application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will most likely happen at a title company or escrow office and is often a smooth and pleasant occurrence.
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 call me at 7195286672 or e-mail me at .