7 Steps To Owning
With a little guidance and a little planning ahead of time, purchasing a home isn't that difficult, but the event can still feel stressful to a lot of people. I like to supply buyers with an outline of the entire process so they understand exactly what to expect. While each transaction has its own unique details, below is my overview of the seven basic steps to purchasing your new home. (Note: The steps are similar for purchasing land or a commercial property.)
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Step 1 – Prepare to purchase
There are several things you’ll find helpful to explore before you begin looking for your new home. Start with having some fun and play with a list of things you’d like to see in your new home and your new neighborhood. (Don’t worry. You can always add to it, or erase some things any time you want.) Then, explore how much you’ll feel comfortable spending. As a starting point, most experts advise keeping your mortgage payment around 30 percent of your net monthly income. We will work together to align your dreams with your fiscal goals.)
Step 2 – Get with a REALTOR® (or 2 or 3)
This may also feel a little daunting. You are far from alone if you don’t know what a REALTOR® really does or how to chose one that is a good fit for you. I always recommend you meet with a few and hear how they approach things. You’ll know when there’s a fit. I’d love to arrange a time to go into detail about what a REALTOR® can provide you and the specifics on how I usually approach going about helping the people I work with. And, of course, I’ll want to hear everything you’ve been envisioning about your wonderful new home. We can discuss everything you’d like to, from neighborhoods, schools, market trends and opportunities, the mortgage and housing industries—including getting you started on the loan process (I have experience with some of the best mortgage professionals in the area and they can help you choose which type of loan is best for you, as well as help you get pre-qualified to make things go smoothly)—to the many other factors that go into purchasing a home so that you can feel great about the decisions you’re about to make for many years to come.
Step 3 – Understand the housing market & begin looking
If you feel like we are a good fit, I’ll reanalyze the market based on your vision. I'll comb the Estes Valley for the homes that best suit you and then set up appointments to view the houses when it's convenient for you.
As we tour the houses, I'll communicate which properties may be "hot" and require prompt action and others that are "cool" and allow for more thoughtful analysis. I'll be sure to tell you if the seller's list
price appears to have room for negotiation or if I believe the house is "priced to sell,” based on market analysis. I'll help you track the features that match your dream and use my experience to point out any potential problems or obstacles. And I'll want to hear the specifics about what appeals to you a little bit, what appeals to you a lot and what doesn’t appeal to you at all. Those insights are invaluable for refining our search. Also, buyers often find themselves revising their wish list as we tour houses and some features become more important than others. If that's true in your case, I'll look through what’s available as many times as needed until you find the home you feel great about.
Step 4 – Find the home you feel great about
When you get that feeling that says, “Yes, this is the one!” we will meet and discuss all of the pertinent details that are important to you and I'll write your real estate purchase offer. The offer is a legal document and I will make sure you agree that all of your thoughts and considerations are clearly stated, including all contingencies and stipulations. (i.e., your offer is based on the results of the home inspection and your ability to obtain favorable financing, etc.) I will then present your offer to the seller or the seller’s agent. (Note: At this point in the process, you'll submit "earnest money." This is a personal check given to the seller to secure the offer to purchase the property. It will be returned if the offer is not accepted. If your offer is accepted, this money will be put towards the purchase price.
Step 5 – Negotiate the deal
Most deals don't close on the first offer – it's pretty common to receive a counter offer. We'll analyze options and strategies and decide whether or not to submit your own counter offer, agree to the seller’s counter offer, or decline it and move on to another property. My knowledge and experience has proven
particularly valuable at this part of the process. I will provide you with an up-to-the-minute market analysis and all of the information you’ll need to make the decision you can feel good about and take you through a process that can help clarify and weight the many factors to consider. This approach can take some of the stress out of this step for you. When you have arrived at your decision, I’ll deliver your response to the seller or the seller’s agent.
Once the seller accepts your offer, your earnest money check will be deposited in an escrow account until the date of closing.
Once we sign the final contract, you'll begin working with your mortgage lender to finalize your loan. They will be requesting financial documentation from you. And I'll take care of all the property information your lender needs to close the loan.
You should close on your property in approximately 45-to-60 days if you’re getting a loan. This allows enough time for your mortgage financing to be finalized. If it’s a cash transaction, the closing can be much quicker.
Step 6 – Close the deal
It’s time to close on your new home—just about, anyway. As the last step, I will review all of the closing documents with you, making sure all the information is complete, clear and accurate. I’ll find the answers to any questions you have (and most people do).
Because each contract is unique, I’ll walk you through your closing expectations step-by-step when we have the specifics, so that your closing can be as smooth and relaxed as possible. As part of purchasing your new home, at this point you may be required to wire money to the title or escrow company that is holding the closing.
Step 7 – Smile. It’s time to move in
Congratulations. You made it! Now you can move into your new house. And if you need a hand moving, I’ve even helped there, too. Enjoy it. And if you have any questions, make sure you call me at (970) 214-6350 or send me an email.
If you'd like to hear what some of the people I've helped have to say, click here.