With some up-front planning, buying a home isn't very difficult, but the event is intimidating for a lot of people.
So you understand exactly what to expect, I like to provide my buyers with an overview of the whole deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy
Before you start looking for a home, there are several things you need to contemplate.
You'll probably want to form a check list of features you want to have, get a plan of what school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good guideline to go by.
Step 2 – Communicate with a real estate agent in Denver
That's where I come in.
I'd be more than happy to set up a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Denver area.
I'll also help you begin the loan process.
VP & Associates partners with some of Denver's finest mortgage professionals, so you're in great hands.
They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll start looking for homes on the market that are good for you.
I'll get a sneak peek of most of the homes and reject the duds, and then we'll book appointments to view the houses when it's most convenient for you.
As we tour houses, I'll call attention to good features, as well as bad ones. And I'll ask you what things you like and don't like.
Generally, buyers amend their must-have list as we tour homes and some things become far more crucial than others.
If that happens, I'll look through the listings once again and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the housing market
My knowledge of the Denver market is a crucial benefit in your home search. I'm mindful of all the schools and neighborhoods, and I'll alert you to which districts are "hot" and warrant prompt action and some that are "cold" and allow for thoughtful analysis.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions. Every REALTOR® in Denver will convince you they know the housing market.
If it doesn't seem like they know everything, just call me at (303) 841-4195 or e-mail me at pengvictoria@msn.com, and I'd be happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
I'm sure we'll find the house of your dreams in the Denver area. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
When presenting your offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property, and it's often put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer. It's pretty common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Get financing
After the contract is finalized, you'll start working with your lender to close the loan.
If you're already pre-qualified, it shouldn't take much time at all, but you'll want to keep in close contact with your 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) detailing your closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and relaxing event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to contact me at (303) 841-4195 or send me an e-mail.
