With a little up-front planning, purchasing a home isn't very confusing, but the event is intimidating for many people.
So you understand exactly what to expect, I like to give my buyers an outline of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are several things you should contemplate prior to beginning your home search.
When you start your search, you'll want to assemble a checklist of features you need, plan for what school districts and neighborhoods you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd be more than happy to arrange a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Breckenridge area.
In addition, I'll help you facilitate the loan process.
I work with some of Breckenridge's finest mortgage professionals, so you're in great hands.
They can assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin searching for houses on the market that are great for you.
I'll get a sneak peek of many of the houses and throw out the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
When we tour houses, I'll show you the positive features and negative ones. I'll even ask you what things you like and don't like.
It's common for buyers to change their wish list as we view houses and some things become far more substantial than others.
If that's the situation, I'll look through all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Understand the market
My understanding of the Breckenridge market is an essential benefit in your home search. I am mindful of all the school districts and neighborhoods, and I can alert you to what neighborhoods are "hot" and call for immediate action and the ones that are "cool" and allow for thoughtful examination.
As we view homes, I'll be sure to tell you when the seller's list price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions. Any real estate agent in Breckenridge will tell you they comprehend the market.
If things don't add up, just call me at (970) 453-0300 or e-mail me at mkhyland@colorado.net, and I'd be more than happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
I know we'll find your dream house in the Breckenridge area. When that happens, I'll carefully create your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are obtaining financing, completing the inspection, and a clear title.
When we send in your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is usually put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer. It's really common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing constraints. And when it's all said and done, we'll create a deal that works well for you.
Step 7 – Get a loan
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this won't be a long process at all. But you'll need to keep in close contact with your mortgage lender.
And I'll care for 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) outlining closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of getting your application.
The estimate is formed from the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and comfortable affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at (970) 453-0300 or send me an e-mail.
