Dated: 02/24/2015

Views: 1013


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.


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.


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.


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.


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.


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.


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!

Jeff McGahey

As a Colorado native, real estate broker since 2006, and real estate investor for over 15 years I have the expertise and knowledge to help guide you and your family through the most important transact....

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