For a lot of people, buying a home is a stressful event. However, with a little planning ahead of time, it isn't all that confusing.
I like to furnish buyers with a road map of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
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Should you have questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at lima3m@gmail.com.
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Step 1 – Get ready to purchase a home
There are several things you'll want to do before starting your home search.
When you start your search, you'll probably want to create an index of must-haves, get a feeling for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent in Boulder
This is where Search Boulder County Properties can help.
We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Boulder area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
Search Boulder County Properties works with some of Boulder's best mortgage professionals, so you'll be in great hands.
They will assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin looking
Following our initial meeting, I'll start searching for homes on the market that meet your needs.
I'll research many of the houses and ignore the bad ones, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we view homes, I'll identify positive features and bad ones. I'll even ask you what things you like and don't like.
Usually, buyers change their list of must-haves as we view houses and some features become more necessary than others.
If that's the case, I'll search all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's awareness of the Boulder market is a leading factor in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll communicate which districts are "hot" and require prompt action and others that are "cool" and allow for careful analysis.
As we tour homes, I'll be sure to tell you when the asking price has room for negotiation and when I believe the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions. Every REALTOR® will convince you they truly understand the home market.
If things don't add up, just call me at 970-367-7774 or e-mail me at lima3m@gmail.com, and I'll be happy to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I know we'll find your dream house in the Boulder area. When we do, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
When we present your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property. The amount is often put towards the closing costs. If the offer is accepted, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer – it's pretty common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your budget. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain financing
Once the contract is finalized, you'll start working with your lender to close the loan.
If you're already pre-approved, this won't take very long at all, but you'll want to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will likely take place at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at 970-367-7774 or send me an e-mail.
