Buying your new home in Englewood?
With some up-front planning, buying a home isn't too hard, but the event is intimidating for a lot of people.
I like to provide buyers with an outline of the entire deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address questions you have about this information.
Step 1 – Prepare to buy a home
There are plenty of things you'll want to consider before you start searching for a home.
It's likely that you'll want to assemble an index of features you want to have, get a feeling for what school districts and neighborhoods you want to live in, and start planning your budget.
A good principle to follow is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Contact a real estate agent
That's where I come in.
I'd be happy to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Englewood area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
I can also help you start the loan process.
Coldwell Banker Residential Brokerage works with some of Englewood's finest mortgage professionals, so you'll be in great hands.
They can assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After we meet, I'll start searching for houses on the market that best suit you.
I'll preview many of the homes and ignore the duds, and then we'll set up appointments to tour the homes whenever it's convenient for you.
As we tour houses, I'll point out good features, as well as negative ones. And I'll ask you about things you like and don't like.
Most often, buyers revise their wish list as we view homes and some features become far more necessary than others.
If that's the situation, I'll go back through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
An agent's knowledge of the Englewood market is an imperative agent in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I will communicate certain areas are "hot" and require prompt action and the ones that are "cold" and allow for more consideration.
When we tour houses, I'll be sure to tell you when the asking price has room for bargaining and also when I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as every REALTOR in Englewood will tell you they truly know the housing market.
If things don't add up, contact me at (303) 843-1545 or e-mail me at , and I'll be glad to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
We'll find your dream home in the Englewood area, and when we do, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer, and it's really common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) detailing your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will probably occur at a title company or escrow office and will most often be a smooth and hassle-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at (303) 843-1545 or e-mail me at .