by Pete Doty – Denver Realtor
Choose a Realtor® that shares your values and tells the truth. Negotiation style and candor are key components. Remember the Realtor® will not be living with you nor helping with the payments, so their input should be limited to the “value” as it relates to the asking price and marketing “value”, not whether or not he “likes it”.
Make Sure Your Realtor is a BUYER’s AGENT and represents your interests! Check the Colorado Real Estate Commission’s definitions of Agency Relationships
See video #1 of the Denver Home Buying Process 1:39min
Choose a lender that the Realtor® recommends. Sounds like a conflict? This lender should value the Realtor’s® business and referrals so you will benefit with great service and good rates. And RESPA forbids the Lender from paying any referral fees to acquire business. Be careful of any that offer cash back as this could be a federal crime.
See video #2 of the Denver Home Buying Process 1:49
Get PRE-APPROVED! Not pre-qualified. (WHY??? Click here) Make sure you are a cash buyer.
Consult with your Realtor® on “where” and “why”. Include things like weekend fun activities, recreation, and hobbies as well as room requirements. It will be your home and should be convenient to your life.
Choose some houses to look at…we all want the best deal! BRING YOUR CHECKBOOK! You choose the price range. The Lender tells you the “top” price. The Realtor® suggests where you might find it. He should have an on-line search engine for you to use and be able to deliver properties for you to consider via e-mail. Your Realtor® can arrange to get you in to see it.
See Video #3 of the Denver Home Buying Process 2:33
Pick One or Two Houses and you will know it when you see it! Many of us want to rationalize a decision like this, I know I do, and it is a hard thing to do, because a house often tells the world a bit about who we are. It also makes us excited to be home and creates good feelings in us. So, it is not always a rational decision.
Prepare a Contract/Offer You and your Realtor® should be able to do a market valuation and compare recent sales to see what other sellers have accepted and to see what your Seller might be expecting. You will need to submit an “earnest money” deposit with your offer so bring your checkbook. Colorado has pre-printed real estate contracts that Realtors® can use to submit your offer. When the Seller accepts the offer by signing it, it becomes a contract.
See Video #4 of the Denver Home Buying Process 2:19
Offer is ACCEPTED!!! Earnest Money check is cashed! Now it is time to arrange the inspection, get the loan documents finalized and order the appraisal. All of these items are addressed in the Colorado Real Estate contract. Your Realtor® should be able to explain them to you and assist you in the process. Now watch video #5 of the Denver Home Buying Process 2:59
Loan Approved! Closing Date and time is set. Colorado is a “TABLE FUNDING” state…in other words the Seller brings the deed and the buyer brings the cash to the table and they “trade them at the table”. If the lender you chose does not deliver funds to the closing, you could lose your earnest money. Another reason to utilize your Realtor’s® recommended lenders.
CLOSING AND POSSESSION The day of closing is not always the day of possession. Often this is because the Seller cannot move into their next home until they get the money from their current home. While this is a regional custom and your Realtor® can explain the local customs, your relocation company may ask for possession on the day of closing. This is your decision, not their’s. Finally see video #6 of the Denver Home Buying Process 4:23
Moving DAY!!! You have the keys and start the process of making your new home yours. The truck shows up and the un-loading starts! Hopefully, it feels like a birthday party with all those boxes to open! HAVE FUN!!!
How Long does it take to Buy a house??? I have done one closing in 36 hours from the time of contract. Normal is between 21 & 45 days. It can be faster or slower and will depend on the Seller and your needs. We will make all these decisions when we prepare and negotiate the offer. You will be making all the decisions with our help. Would you like to work with us??? Do you have more questions??? Our contact information is just below…