Corcoran Perry & Co. Buyer's Guide
Step 1: Getting Acquainted
Everything from building your wishlist to loan applications
The first thing you should do when starting the home buying process is to identify what exactly you are looking for in a home. Things like the exterior style, number of bedrooms, number of bedrooms, and parking are just some of the things you will want to decide upon before scheduling showing. Filling out your loan application is also something you want to do as soon as possible so you know exactly what your budget is.
Step 2: The Fun Part
Selecting Neighborhoods & Viewing Homes
Once you know exactly what you are looking for an in a home it's important to think about where you want your new home to be located. Things like commute time and neighborhood amenities should all be considered. Once you know where you want to live, you can start identifying homes you would like to schedule a tour of. On average, people go see 10 properties before they buy a home. It's going to take time to find your ideal home, having your wish list put together before this step helps ensure you are only seeing homes that will work for you.
Step 3: Making an Offer
You've found your dream home, now it's time to put an offer in on it
In Colorado, real estate purchase contracts have to be in writing. Verbal contracts are not enforceable and properties cannot orally be put on hold. Your Corcoran Perry & Co. agent will work with you to draft an offer letter to send to the sellers of the home you are looking to purchase. When an offer is presented, the seller may want to change one or more terms of the contract; i.e. the price, dates, or other items that may not meet the seller's expectations. The seller will then write a counterproposal with their preferred changes. If these changes are acceptable, you will sign the counterproposal and will be considered under contract. If these changes are not acceptable, you may have the option of further negotiating the offer until contract terms are reached which are agreeable to both you and the seller. Once an offer is accepted a home inspection takes place to ensure there are no major issues.
Step 4: The Finale
Closing on your new home
If everything goes smoothly with your lender and the home inspection, you will be ready to officially close on your new home. On the day of closing, ownership of the home is transferred from seller to buyer, and you become the new homeowner. A closing specialist with the title company conducts the closing. In addition to organizing numerous documents, the closer collects and disburses funds for both the seller and the buyer and ensures that documents are correctly signed and recorded with the county clerk.