With some up-front planning, buying a home isn't very hard, but the event is intimidating for many people.
I like to supply buyers with an outline of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
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If you have any questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at chriscarter@boulderco.com.
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Step 1 – Prepare to buy a home
Before you begin your home search, there are several things you'll want to consider.
When you begin your search, you'll want to assemble a check list of items you need, get a feel for what school districts and neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Get in touch with a real estate agent
This is where Chris Carter RE/MAX of Boulder, Inc. can help.
I'd be happy to arrange a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Boulder area, the mortgage industry, and any additional economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some very good mortgage professionals in Boulder, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our first meeting, I'll start looking for available houses on the market that best suit you.
I'll research most of the homes and ignore the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we tour the homes, I'll point out good features, as well as bad ones. I'll even ask you what things you like and don't like.
It's common for buyers to revise their list of must-haves as we tour homes and some things become far more necessary than others.
If that happens, I'll search the listings once more and narrow it down to the home of your dreams.
Step 4 – Know the housing market
Your agent's awareness of the Boulder market is a fundamental aspect in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I will alert you to certain neighborhoods are "hot" and demand prompt action and some that are "cool" and allow for more analysis.
When we view houses, I'll be sure to tell you when the asking price has room for bargaining and when I believe the home is "priced to sell."
Be mindful and be sure to ask plenty of questions, as any real estate agent will tell you they truly understand the housing market.
If it doesn't seem like they know everything, contact me at (303) 441-5606 or e-mail me at chriscarter@boulderco.com, and I'll be glad to answer your questions. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
We'll find the home of your dreams in Boulder, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon presenting your offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is most often put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer, and it's really common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Obtain your loan
After the contract is complete, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this shouldn't take long at all, but you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should happen at a title company or escrow office and will most often be a smooth and easygoing event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at (303) 441-5606 or send me an e-mail.
