With some planning ahead of time, buying a home isn't all that difficult, but the event is stressful for many people.
So you know exactly what to expect, I like to provide my buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to lisawade@boulderco.com. I'm glad to answer questions you have regarding this information.
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Step 1 – Prepare to purchase
There are many things you'll want to do before you start searching for a home.
When you start your search, you'll want to make a list of features you want to have, get an idea of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent in Boulder
This is where I can help.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Boulder area.
In addition, I'll help you facilitate the loan process.
I work with some of the best mortgage professionals in Boulder, so you're in great hands.
They can assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start looking for houses on the market that are a great fit for you.
I'll preview most of the homes and exclude the bad ones, and then we'll set up appointments to tour the homes whenever it's convenient for you.
When we view houses, I'll call attention to positive features and negative ones. And I'll ask you to talk about things you like and don't like.
Most often, buyers change their wish list as we tour homes and some features become far more necessary than others.
If such is the case, I'll go back through the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
My awareness of the Boulder market is an indispensable advantage in your search. I am mindful of all the neighborhoods and schools, and I will communicate some neighborhoods are "hot" and demand prompt action and others that are "cool" and allow for thoughtful examination.
As we tour homes, I'll be sure to tell you when the seller's list price has room for bargaining and also when I trust the home is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as every REALTOR® in Boulder will convince you they truly understand the market.
If it doesn't seem like they know everything, contact me at 303-441-5673 or e-mail me at lisawade@boulderco.com, and I'd be happy to answer your questions. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
I'm certain we'll find your dream home in the Boulder area. When we do, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as obtaining financing, completing the home inspection, and a clear title.
When submitting your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is usually applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this shouldn't take long at all. But you need to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This should occur at a title company or escrow office and will most often be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at 303-441-5673 or send me an e-mail.
