Purchasing a home is stressful for many people, but it isn't too difficult with a little up-front planning.
I like to give buyers an outline of the entire deal so they'll understand exactly what they can expect.
These are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to steve@perfectdenverhomes.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase
Before you start searching for a home, there are many things you'll want to consider.
When you begin your search, you'll want to assemble a list of features you need to have, get a feeling for what neighborhoods you want to live in, and begin working on your budget.
A good guideline to follow is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd be happy to book a time to get together with you and talk about your real estate needs and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Denver area.
In addition, I'll help you get started on your loan.
Cherry Creek Properties works with some of the best mortgage professionals in Denver, so you're in great hands.
They'll assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start your home search
Following our first meeting, I'll begin looking for available homes on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.
When we view the houses, I'll show you the good features and negative ones. And I'll ask you to talk about things you like and don't like.
Frequently, buyers amend their wish list as we tour homes and some features become more necessary than others.
If that's the case, I'll go back through the listings once more and trim it down to the house you've been waiting for.
Step 4 – Get a feel for the market
Your agent's awareness of the Denver housing market is a crucial factor in your house search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I will communicate which districts are "hot" and require prompt action and some that are "cold" and allow for careful examination.
When we view homes, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask your agent a lot of questions, as every real estate agent in Denver will tell you they comprehend the home market.
If it doesn't seem like they know everything, just call me at 3035250640 or e-mail me at steve@perfectdenverhomes.com, and I'll be happy to answer any questions you might have. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I know we'll find your dream house in Denver. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
Upon presenting your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property, and it's often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer. It's really common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Obtain your loan
Upon completing the contract, you'll begin working with your lender to close the loan.
This shouldn't take much time at all if you're pre-qualified, but you should 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 lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will most likely be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 3035250640 or send me an e-mail.
