For most people, purchasing a home can be a stressful event. However, with a little planning ahead of time, it's not too complex.
So you know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
 |
 |
 |
When you're ready to get started, you can contact me here or send e-mail to kentmadson@boulderco.com. I'm glad to address any questions you have about this information.
|
|
|
|
|
Step 1 – Get ready to buy
There are a lot of things you need to take into account prior to starting your home search.
You'll probably want to assemble a checklist of must-haves, get an idea of what school districts you want to live in, and begin working on your budget.
A good rule to adhere to is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent in Boulder
This is where Kent Madson comes in.
I'd be happy to schedule a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Boulder area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
I'll also help you facilitate the loan process.
I partner with some of the best mortgage professionals in Boulder, so you can rest assured that you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
Following our first meeting, I'll begin looking for homes on the market that are great for you.
I'll preview most of the houses and eliminate the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
When we tour the houses, I'll call attention to good features and bad ones. And I'll ask you what things you like and dislike.
It's pretty common for buyers to revise their wish list as we view houses and some features become far more substantial than others.
If that's the case, I'll go back through the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My understanding of the Boulder housing market is a crucial benefit in your home search. I'm conscious of all the neighborhoods and schools, and I will let you know some areas are "hot" and require immediate action and the ones that are "cool" and allow for thoughtful consideration.
When we view homes, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell."
Be mindful and make sure you ask lots of questions, as any REALTOR® in Boulder will claim to comprehend the housing market.
If things don't add up, just call me at 303- 441-5632 or e-mail me at kentmadson@boulderco.com, and I'll be happy to answer your questions. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the house of your dreams in Boulder. When that happens, I'll precisely create your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
When we turn in your offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is often put towards the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's pretty common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll create a deal that works well for you.
Step 7 – Obtain financing
Upon signing the deal, you'll begin working with your lender to close the loan.
It shouldn't take much time at all if you're pre-qualified, but you'll want to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then we'll close on your home. This should happen at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at 303- 441-5632 or send me an e-mail.
