Purchasing your new home is understandably intimidating. It's a complex process with mountains of contractual paperwork. That's why its important to get the best guidance available and fully understand the process.
||When you're ready to get started, you can contact me here or send e-mail to firstname.lastname@example.org. I'm happy to address any questions you have about this information.
Step 1 – Define what you want. Visualize!
Before you begin actively searching, decide what's important in your new home. Make a list. Separate it into 3 areas: must have's, wants, and nice if's. We can't find your home if we don't know what we're looking for! Drive around various areas. What neighborhoods feel good to you and which don't. For monthly payments, a good principle to follow is that your mortgage payment should be around 30-40 percent of your monthly income, depending on your debt and other financial obligations.
Step 2 – Get in touch an experienced Realtor/Broker like Marily Allen.
We'll schedule a time to meet so I can learn why you want to buy a home and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the metro Denver and surrounding areas, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.
I'll also assist you in getting started on your loan. I partner with some of Metro Denver's best mortgage professionals, so you can rest assured that you're in great hands. They can assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After our first meeting, I'll begin searching for houses on the market that best suit you. I'll research most of the houses and exclude the duds, and then we'll book appointments to tour the houses when it's convenient for you.
As we view the houses, I'll show you the positive features, as well as negative ones. I'll also ask you about things you like and don't like. Most often, buyers update their wish list as we tour houses and some items become more necessary than others. If that's the situation, I'll look through all the listings once again and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Metro Denver home market is a fundamental asset in your house search. I'm mindful of all the neighborhoods and school districts, and I'll let you know which areas are "hot" and demand immediate action and some that are "cool" and allow for cautiousness.
As we view houses, I'll be sure to tell you when the list price has room for bargaining and when I think the house is priced to sell. Trust your instincts and be sure to ask plenty of questions. Every licensee will claim to know the home market. If it doesn't seem like they know everything, just call me at 303-332-6166 or e-mail me at email@example.com, and I'd be glad to answer your questions. My market knowledge will keep you a step above the rest through the entire transaction.
Step 5 – Find the home you've been waiting for
I'm confident we'll find the home of your dreams in the metro Denver area. When that happens, I'll meticulously draw up your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title. Colorado contracts are over 17 pages, so plan on spending a couple of hours as we work on this. I will go through the contract with you, paragraph by paragraph. I want you to fully understand the offer, before its ever submitted to the sellers. Buying a home is a really important financial step toward wealth and I want my clients to fully understand the contract they're signing.
Upon turning in your offer, you'll need to present "earnest money." This is a cash deposit given to the listing broker or title company to secure the offer to purchase the property, and it's typically applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the purchase
Most deals don't close on the beginning offer, and it's very common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Secure financing
After we sign the final contract, you'll continue working with your mortgage lender to close the loan. If you're pre-qualified, it should take 30-45 days. But you'll need to keep in close contact with your mortgage lender and provide any requested documents quickly. 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 give you a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. This estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then we'll close on your house. This should take place at a title company or escrow office and will probably be a smooth and peaceful event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 303-332-6166 or send me an e-mail.