10 GENERAL STEPS
IN THE BUYING PROCESS
SELECT A BUYER'S AGENT TO REPRESENT YOUR INTERESTS.
I serve clients all throughout Denver and it's surrounding areas who are looking to buy or sell.
If you are looking to buy or sell outside of these areas, I can still help. I pride myself in maintaining a strong referral network for this specific purpose.
BEGIN YOUR SEARCH FOR A NEW HOME BEFORE YOUR EXISTING HOME IS UNDER CONTRACT.
In Denver's white hot market, we will need to be quick, adaptable, and driven to secure the property you're interested in. By starting the search for a new home early on, we will be able to hyper focus in on your preferred neighborhoods and ideal home features. This is key in giving you a competitive advantage on your top choices.
DISCUSS YOUR NEEDS. MAKE SURE YOUR AGENT FULLY UNDERSTANDS WHAT TYPE OF HOME WILL BEST SUIT YOU.
I was tempted to put this as number one, because this is number one. Your needs and wants are the priority. Outside of location, bedrooms, bathrooms, and parking; where do you see yourself spending time and living your life. By including these themes, we can identify what characteristics you value in finding your new home.
LEARN ALL YOU CAN ABOUT THE COMMUNITY YOU WOULD LIKE TO LIVE IN.
Rural to urban and everything in between, Denver has a neighborhood or nearby city to suit your wants and needs. During your search, I'm committed to as many cups of coffee or glasses of beer needed to get you properly aquainted with your areas of interest.
Here is a neighborhood tour video of West Colfax, an up and coming West side neighborhood of Denver.
BECOME PRE-APPROVED WITH A MORTGAGE LENDER, AS THIS WILL MAKE YOU A MORE ATTRACTIVE BUYER WHEN MAKING AN OFFER.
One of the strongest parts of a winning offer is the pre-approval your financier speaking to your qualifications and their support.
I enjoy building relationships with quality mortgage lenders, and have had more than a few on my podcast. Here is an episode with Casey Michael Adamson for you to get to know how he works.
MAKE AN OFFER BY SUBMITTING YOUR CONTRACT THROUGH YOUR AGENT TO THE SELLER FOR REVIEW.
The terms of an offer are complex. I will sit down with you and go line by line through the contract to explain every detail, date, and deadline; hopefully over a libation at your soon to be local watering hole. Prior to us submitting your offer, I will be in close contact with the agent representing the seller to understand the sellers position and gauge how to make our offer only as competitive as it needs to be. I'll relay these back to you as we craft your offer and end by you signing and me sending.
FINALIZE AN OFFICIAL CONTRACT THROUGH YOUR AGENT. SUBMIT EARNEST MONEY AS REQUIRED.
Once the offer has been reviewed by the seller three things can happen: Accepted, Rejected, or Countered.
Accepted: The contract is binding as written. The contract proceeds along the path driven by dates and deadlines and through to a successful closing.
Rejected: The contract is terminated. You are not able to renegotiate this contract, you will have to draft a new one and resubmit to the sellers.
Countered: Some of the terms of your offer have been accepted, but the sellers are proposing changes to others in the form of a counter offer. If you agree to the new terms, you will sign and the offer will proceed, similar to accepted above.
Earnest money are good funds to be held by a 3rd party for the duration of the contract seen as 'skin in the game'. This is typically 1-3% of the sales price, and will be given as a credit at the closing table for your down payment.
SECURE MORTGAGE COMMITMENT.
During the contract period your lender will have an appraisal performed on the property to assess the true market value of the property. If this comes back at or near the sales price agreed upon in the contract and you pass through all under writing requirements, your lender will provide a letter committing to pay for the house at closing. Cleared to close, as they say.
MAKE PRELIMINARY MOVING PLANS WITH REGARD TO UTILITIES, INSURANCE POLICIES, ETC.
I will provide a cheat sheet for utilities that service the area you're purchasing a home for your quick reference and help make this tedious chore more convenient. I pride myself in keeping a strong referral network of insurance agents, tradesmen, and other professionals you may need to get ready to move into your new home.
FINAL INSPECTION AND CLOSING
A final walkthrough is typically performed prior to closing to ensure the property has been vacated and left in the exact condition it was when you submitted your offer. You will have arranged to have your closing funds at the title company, and I will have notified you about the dangers of wire fraud*. You will be presented with your loan and title documents, and once everything has been completed you will be presented with the keys to the home. Congratulations, you just bought a house!
*Here is a podcast about the dangers of wire fraud and how we can work to avoid them.