We all get one free look at our credit reports once per year from the three credit reporting bureaus, Experian, Transunion and Experian. Check all three to make sure they are accurate. If you find a mistake contact the bureau and alert them to the error. Send them proof such as a copy of a paid balance.
In today’s very competitive buyer’s market it is more important than ever to be in the best position possible when it comes time to make an offer. A lender will run your credit and evaluate risk. Income, credit reports, payment history, debt, and financial obligations will determine how much home you can afford and what interest rate you can expect. If you do not already have a lender a qualified real estate professional can recommend a few but it is always good to shop around for the best terms.
HIRE A REAL ESTATE PROFESSIONAL
Look for a real estate professional that has intimate knowledge of the business and knows the area. A good agent is part psychologist, part negotiator and ultimately your advocate in what can be the biggest and most emotional purchases in your life. A good agent will walk you through the process, help you find the home that fits your wish list and ultimately bring you to the closing table.
SELECT A HOME
It may be the first home you see or the 20th but consider if the home fits your lifestyle and family needs and is something you can comfortably afford. Unless you are purchasing a brand new house there will be flaws. Decide if it is something you can live with. Try to look past minor flaws. You can also repaint, update fixtures or landscape if the price is right.
MAKE AN OFFER
The offer amount is dependent on the market. Today’s seller market means buyers will have to come close if not over asking price. A real estate professional can give advice, analysis what similar properties have sold for recently and determine how long the property has been on the market. All these factors help determine todays “market” price. The prequalification will guide you as to what is your ceiling when making an offer.
GET AN INSPECTION
The inspection is a professional third-party assessment of the home’s condition. The inspector works for the buyer so it’s his job to point out any issues big and small. Some problems are hard to see before you make an offer so for your piece of mind an inspector will check the age of all systems, code violations, small and large repairs that are needed and so forth. To avoid buyer’s remorse down the line you will want to know as much about the house as possible.
INSPECTION OBJECTION/RENEGOTIATE TERMS
If the inspection reveals a problem more severe than the seller’s disclosure noted, buyers can renegotiate terms of the offer. Either ask seller to fix issues or ask for a lower price. Some loans are dependent on the condition of the house.
GET AN APPRAISAL
The loan is dependent on the appraisal and determines the market value of the home. If the home doesn’t appraise for the purchase price the bank will refuse the loan and it will be up to the buyer to make a larger down payment or negotiate a lower price with the seller. If the appraisal meets the purchase price, congratulations…you are heading towards closing.
Once all final negotiations and you have done your final walk-through, both parties meet at the title company to sign the final paperwork. At this point the buyer’s lender pays the seller minus any outstanding liens or mortgages. Once the funds are you disbursed, the keys to the home are yours!
Author:Jeff McGahey Phone: 720-309-2059 Dated: February 24th 2015 Views: 1,044 About Jeff: As a Colorado native, real estate broker since 2006, and real estate investor for over 15 years I ha...
Ion Real Estate is a hand-picked team of highly respectable experienced Realtors coming together to work with you. Please contact us anytime with any questions. We look forward to serving your Colorado real estate needs. Our experience and dedicated professionalism ensures our clients have exceptional representation every step of the way. At a time where bigger isn't always better, Ion Real Estate has chosen to remain a smaller, highly focused team in order to provide a level of personal service, attention and consideration to our clients that you simply won't find elsewhere. Our decades of experience in the unique world of Denver real estate positions us advantageously to handle all of your real estate needs
"We cannot thank Jim & Julie and the team at Ion Real Estate enough!!! We were very impressed with Jim's knowledge of the business and his drive to find us our perfect home; from the lender-side and how to get the best deal to the realtor-side and everything in between. As first time home buyers we really appreciated Jim's direction in gathering everything we would need. In addition to Jim's wonderful guidance, Julie was exceptional to work with too. She was always willing to listen to our concerns and was very encouraging on our journey hunting down our first home. She is so dedicated that she found us "our" home during the holidays and we were under contract by New Year's, which was a great way to start off the new year. She found us our dream home, in a great location and we couldn't be happier. I always recommend Jim, Julie and Ion whenever someone I know says they are looking to buy or sell their home. Go with Ion, they make dreams come true.
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