Buying Real Estate is a process and it helps to understand in what order and how each step in the process is done. The following step by step guide will help you in the search for property, writing an offer, understanding what comes next and getting to the closing table with a smile.
Before you Search for and tour homes, you must Pre-Qualify to purchase. How much monthly payment do you qualify for? How much down payment do you need? How much are closing costs and what should your credit score be? Can you get help fixing that credit score? Your First Step is to apply for a home loan with a Lender. There are numerous types of loans and many Lenders offer only certain types. Your Real Estate Agent, Martha and Don McCarver, can assist you in determining what types of loans may work for you and then refer you to reputable, licensed Lenders who have the ability to provide the types of loans you need. See the "Partners" tab on this website for a list of qualified Lenders.
Now you know what price house is in your qualifying budget.
Searching for your next home or building lot starts online of course. There are many search engines to help with this process. Be aware that not all search engines update their listings on a regular basis and this can be problematic as well as time consuming and frustrating. You found a home you are excited about only to find out it went under contract two or three weeks ago. The best way to search efficiently, with current, up to date information is to have a Real Estate Agent like Martha or Don, to set up a link directly into the local MLS system where you are searching. Or, you can use our website search, (find the search link at the top of the "Home" page) which is connected directly to our local MLS systems.
Touring the homes you have interest in. This, also, must be done with a licensed Realtor, such as Don or Martha McCarver. Choosing one Realtor you enjoy and trust will make the process much easier. Sellers trust licensed Real Estate Agents to supervise potential buyers in their homes and leave the home secured.
Writing an Offer is a lengthy, legal process and should be done with the utmost care and clear understanding of consequences. Make sure you have a licensed Real Estate Agent, like..guess who, Martha or Don McCarver, or Attorney, using Colorado Real Estate Commission approved forms, and Read the contract before signing. Never hesitate to ask questions of your Agent about what you don't understand or isn't clear. There are many facets to the offer process so it is important to have a Real Estate Agent who can clearly explain each section of the "Contract to Buy," as well as the numerous other legal documents required in the transaction. We are always available and eager to answer all your questions.
You are Under Contract now what? Your next step is to hire a professional Property Inspector to thoroughly inspect the home you are about to buy. This is a bit expensive but worth every penny. The inspector will spend at least 4 hours inspecting then reporting on the condition of the home. Other inspectors might include one for a Water Well, Septic System, fireplace, Radon or city sewer. You and your Real Estate Agent will discuss what you can live with and what you expect the Seller to repair or replace if necessary. There are legal documents designed specifically for this process and your Agent will walk you through the process and resolution with the Seller.
To Do List before Closing. Well. This list will grow substantially over the next few weeks. Your Lender will require a certificate of Insurance for the home as well as numerous financial documents that are not always quick and easy to obtain. You will also begin packing and planning for a move that may need the services of of Professional Movers. Utilities must be changed, forwarding addresses, notifications, account updates and on and on. You must prepare to be flexible in case the closing date is changed due to unforeseeable circumstances like a delayed appraisal. Think ahead, make lots of lists and prepare to make lots of last minute changes. This process can be quite taxing on your emotions, time and physical strength. Take a deep breath and realize you are not alone, Martha and Don are just a text/call/email away to help you through this, and, the closing will happen, in due time.
Closing. Your Agent, Title Company and Lender will work closely with each other, You, The Seller and Sellers Agent, to get you to the Closing table.
This is by no means a complete list of steps necessary in purchasing Real Estate. There is so much more to know. Smart Buyers want and need to know, so take every opportunity to discuss the entire process with your Real Estate Agent. That Agent will truly be the best asset you have in the Purchase process.
We hope you will consider having an open discussion with us about this process and allow us the opportunity to earn your trust. Please don't hesitate to contact us at your earliest convenience. We love our jobs and are passionate about helping you find that perfect fit property. Let's get started. Call us today.