Purchasing your new home in Colorado Springs
With some up-front planning, buying a home isn't all that confusing, but the event intimidates a lot of people.
So they understand exactly what to expect, I will provide buyers with an outline of the entire deal.
Here are my nine steps to buying a home.
Should you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are several things you'll want to take into account prior to starting your home search.
When you start your search, you'll probably want to create a check list of must-have features, plan for what neighborhoods and school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Talk to a real estate agent in Colorado Springs
This is where Brian L. A. Wess comes in.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Colorado Springs area.
I'll also assist you in getting started on your loan.
Brian L. A. Wess works with some of Colorado Springs's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll start searching for available homes on the market that are great for you.
I'll research most of the homes and remove 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 point out good features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
For the most part, buyers change their must-have list as we tour houses and some items become more substantial than others.
If that's the case, I'll search all the listings another time and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
My understanding of the Colorado Springs home market is a crucial aspect in your home search. I'm mindful of all the neighborhoods and school districts, and I'll let you know what neighborhoods are "hot" and demand prompt action and the ones that are "cold" and allow for more examination.
As we view houses, I'll make sure to communicate when the list price has room for negotiation and when I trust the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as any REALTOR in Colorado Springs will convince you they know the market.
If it appears they don't know everything, contact me at (719) 528-6672 or e-mail me at , and I'd be glad to answer your questions. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream home
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 tailored keeping your needs in mind and the home, including several contingencies, such as getting financing, completing the home inspection, and a clear title.
When we submit your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's typically applied to the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer. It's very common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Get a loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this won't take long at all, but you need to keep in close contact with your lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a tight range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your home. This will likely happen at a title company or escrow office and will probably be a smooth and relaxing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at (719) 528-6672 or e-mail me at .