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Final Buying Steps

Eight steps when buying a new home.



Buying a home doesn’t have to be a difficult process.  Let me help you by providing the answers to your most common questions.  Many of my clients have me help them with questions relating to the home buying process.  To assist in this process, we’ve come up with a comprehensive 8 step process that will help you buy your new home.

Step 5 - Learn About the Neighborhood


Once you have visited a variety of properties and decided which properties you feel you would like to make an offer on, I will prepare a detailed report for you on the Neighborhood for that home – just to make sure you are knowledgeable on ALL aspects of the home (and neighborhood) you wish to buy.

The report, at a minimum – data permitting, will include the following up-to-date information:


1. Neighborhood demographics
2. Public and private schools
3. Climate reports
4. Houses of worship, by denomination, (if requested)
5. Proximity Maps to Shopping centers, country clubs, museums, airports, schools, etc.
6. Comparisons with other neighborhoods you choose to look at (locally or nationally)

 

Step 7 - Due Diligence

Now that you have a negotiated agreement, the clock starts running for many items needed to meet the requirements of the agreement and your protection. We will assist you finding qualified responsible professionals to do most of these investigations and provide you with written reports.

Specifically, you will want to have an inspection of the property for such things as: the mechanical, plumbing, and electrical systems, the foundation, walls, flooring and windows. You will want to see a preliminary report of title on the property to determine any easements or issues of title. Your mortgage lender will require an independent appraisal of the property.


Any problems noted during the inspection are subject to additional negotiations between you and the Sellers. We will help facilitate this process. If you are not comfortable with the inspection resolution with the Seller, you will have the right to terminate the contract, if acted upon in a timely manner.

 

Step 6 - Making the Offer 

In Colorado, licensed Real Estate Agents are authorized by the Colorado Real Estate Commission to prepare contracts to purchase real estate if the forms used are approved by the Real Estate Commission.

Once you decide which house you wish to place an offer on, you will have many decisions to make including:

1. Purchase price you wish to offer

2. Financing terms . Cash down payment, earnest money deposit, type of loan, interest rate, pre-approval letter

3. Time period for inspection of property

4. Time period for appraisal of property by your lender

5. Time period to review title opinion of property

6. Contingencies you wish to include – for example, the sale of your current residence

7. Time period for loan approval

8. Setting the date and time of closing

9. Presenting the offer to Sellers

10. Negotiating and finalizing any terms and conditions which the Sellers may wish to modify from the original offer presented to them through a counter-offer

Through this entire process of preparing, offering and negotiating the Purchase Offer, we will work closely with you to maintain timely responses and provide market savvy answers to questions as they come up.

 

Step 8 - Closing and Posession

Closing on the property is usually handled by the title company which issued the title opinion. We will be with you to provide answers and assistance for you during this process which usually takes from 30-90 minutes. I will be sure to review all settlement statements for you as Buyer for accuracy and reasonableness.

Time of possession is established at the time of negotiating the original offer. In Colorado, it is customary for the Buyer to take possession at closing or up to 2 days after closing.