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Purchasing Path
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Initial Interview & Agency Info
♦ The first step is to hire a Realtor to help you find your new home. When hiring a Realtor in Colorado, you have two different choices in how you work with that Realtor to find your new home.
A buyers agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty, and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer. The buyers agent is an advocate for the buyer.
A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. The transaction-broker is not an advocate for the buyer.
In the initial interview you and your Realtor will also discuss your home search parameters including: geographic area, commute times, purchase price, beds, baths, square footage needed, style of home and any other needs you have. | |
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Lender Interview
♦ The lender interview is a crucial step in the home buying process. In this interview you will discuss with your lender your financial situation and the amount you are comfortable spending each month on your mortgage. The lender will obtain employment and financial information and run your credit scores. The lender then provides a pre-qualification letter that is needed to write a contract on your new home. | |
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Search and Find Property
♦ Your Realtor will identify homes that meet the criteria you identified in your initial interview and show you the homes that best fit your needs. Many buyers also like to spend additional time looking at properties online. Your Realtor can email you homes to view online or you can perform your own searches as well. If you go to my website www.leslieheldenbrand.com there is a link to a great consumer based MLS that lets you search through the existing home inventory in metro Denver. |
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Purchase Contract
♦ Once you have found the home you want to purchase you and your Realtor will write a contract on the property. The purchase contract in Colorado is 12 pages long and contractually establishes many items including the close date, inspection date, resolution date of the inspection, purchase price along with your financing terms, inclusions, exclusions, etc. Once the contract is submitted to the seller’s agent, they will present it to their sellers. The sellers can accept the contract as you have written it, counter the offer and change terms of the contract (this begins negotiation on the property) or reject the contract. It might take up to a week for both the Buyer and Seller to agree on the contract terms. | |
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Home Inspection
♦ According to the contract, you have the right to have a professional inspector inspect the property. From this inspection you can either decide to not buy the property (this is called failing on inspection), buy the property as is without asking for the seller to repair any items, or go into negotiation to have some key items repaired by the seller. All negotiations shall be resolved by the inspection resolution deadline stated in the purchase contract. If all items that are requested to be repaired are not agreed to be repaired by the Seller, then the Buyer can terminate the contract and receive back their earnest money. |
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Loan Conditions & Appraisal
♦ In the purchase contract to buy your new home, two other key dates are the Appraisal Deadline and Loan Conditions Deadline. With the appraisal deadline your lender will hire a professional appraiser to verify the sales price is comparable to the other sold prices of the area. The loan conditions deadline is the final deadline in the home purchase process and sets the financing of your new home in stone. By this deadline the lender must provide you with the final financing terms and be ready to go to closing. |
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Closing/Settlement
♦ The final step in purchasing your new home is the closing. At the closing table you will sign two sets of documents. The first set are the real estate documents which transfer the deed (title) from the sellers to you. The second set are the loan documents you are required to sign to finance your new home. Colorado is a “table funding” state, which means that all funds are at the closing table. Therefore, any funds you are required to bring to closing must be in the form of certified funds. |
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Possention...Your New Home
♦ Usually in Colorado the Buyer takes possession of the home 2 to 3 days after the closing/settlement date. Welcome Home!!
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