Buying or selling a home? Duane Duggan, Timmy Duggan and Scott Ptach with The Boulder Property Network at Re/Max of Boulder, Inc. can help!
Buying a home can be stressful for many people. However, with a little planning ahead of time, it’s not all that difficult. So you’ll know exactly what to expect, we like to give mourbuyers an overview of the entire deal. These are our nine steps to buying a home.
Step 1 – Get ready to buy a home
There are a lot of things you need to take into account before you start searching for a home. When you start your search, you’ll want to assemble a checklist of features you want, get an idea of what school districts you’d like to live in, and start planning your budget. A good rule of thumb to go by is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent
This is where we can help. We can schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans. We’ll discuss neighborhoods, schools in the Boulder area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
In addition, we’ll assist you in getting started on your loan. There are some great mortgage professionals in Boulder, and we work with a lot of them, so you can rest assured that you’re in great hands. They will assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin your home search
Following our first meeting, we’ll start looking for available homes on the market that suit your needs. We’ll research many of the homes and throw out the duds, and then we’ll book appointments to tour the houses when it’s most convenient for you.
When we tour the homes, we’ll point out positive features, as well as bad ones. We’ll also ask you to point out what things you like and don’t like. As a rule, buyers revise their must-have list as we tour homes and some items become more necessary than others. If such is the case, we’ll look through all the listings once again and trim it down to the house you’ve been dreaming about.
Step 4 – Get a feel for the market
Our knowledge of the Boulder home market is an essential benefit in your home search. We are acquainted with all the schools and neighborhoods, and we will alert you to which neighborhoods are “hot” and warrant prompt action and the ones that are “cool” and allow for thoughtful analysis.
When we tour houses, we’ll be sure to tell you when the asking price has room for negotiation and when we know the home is “priced to sell.” Every REALTOR® will claim to understand the housing market, but be careful, and make sure you ask a lot of questions. If it doesn’t seem like they know everything, contact we at 303-441-5611 or e-mail us at BoulderPropertyNetwork@boulderco.com, and we’ll be glad to answer any questions you may have. Our knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
We are sure we’ll find your dream home in the Boulder area, and when that happens, we’ll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, we never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we present your purchase offer, most likely you’ll want to present “earnest money.” This is a cash deposit given to a seller to secure the offer to buy the property, and it’s usually put towards the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren’t closed on the first offer. It’s pretty common to receive a counter offer. But don’t let it intimidate you. We’ll talk about whether or not to take the counter offer, propose our own counter offer, or refuse the seller’s offer and move on.
How aggressively we negotiate the deal depends on the state of the market. In addition, we’ll work within your financing budget. And when it’s all said and done, we’ll assemble a contract that works well for you.
Step 7 – Obtain a loan
Once the contract is finished, you’ll start working with your mortgage lender to close the loan. It won’t take long at all if you’ve been pre-qualified, but you should to stay in close contact with your mortgage lender. And we’ll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You’ll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of taking your loan application. The estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a precise range of accuracy. We’ll examine the estimate and let you know if it all 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 likely be a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to call us at 303-441-5611 or send us an e-mail.