Purchasing a home is intimidating for a lot of people. However, with a bit of up-front planning, it's not very complex. I like to give buyers a road map of the whole deal so they'll understand exactly what they can expect. These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to john@hauberrealty.com. I'm happy to address any questions you have about this information. |
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Step 1 – Get ready to purchase a home
There are several things you'll want to contemplate before commencing your home search. You'll probably want to create an index of items you want to have, get a feel for what school districts you'd like to live in, and start working on your budget. Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule to follow.
Step 2 – Get with a real estate agent in Colorado Springs
This is where The Hauber Realty Group comes in. I'd like to plan a time to get together with you and talk about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, schools in the Colorado Springs area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan. The Hauber Realty Group partners with some of Colorado Springs's best mortgage professionals, so you're in great hands. They can assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin your home search
Following our initial meeting, I'll start finding available houses on the market that are a great fit for you. I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we view houses, I'll call attention to good features, as well as bad ones. I'll even ask you about things you like and dislike. It's common for buyers to update their must-have list as we tour homes and some items become far more necessary than others. If that's the situation, I'll go back through the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's awareness of the Colorado Springs housing market is a leading factor in your house search. And I assure you I'm conscious of all the schools and neighborhoods, and I'll let you know certain districts are "hot" and call for prompt action and some that are "cool" and allow for careful analysis.
When we tour homes, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions, as any REALTOR® will claim to comprehend the housing market. If things don't add up, contact me at 719.339.0840 or e-mail me at john@hauberrealty.com, and I'd be more than happy to answer any questions you may have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find the house of your dreams in Colorado Springs. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When we submit your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's usually put towards the cost of closing. If the offer is accepted, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer, and it's extremely common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions. We'll also work within your budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan. This shouldn't take long at all if you've been pre-qualified, but you should to keep in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application. The estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if it all looks adequate.
Then we'll close on your house. This should happen at a title company or escrow office and should be a smooth and relaxed occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at 719.339.0840 or send me an e-mail.
