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Written by Roy Rodvold
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Wednesday, 24 September 2008 05:56 |
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My home buying process consists of three steps generally called PREPARE, HUNT, FINISH. Now that you've found a home, you've made it through the HUNT step. You've found a home that meets your needs, that's in your price range, and you like it. Now, it's time to FINISH. Once you've decided that the home is for you, we need to put together an offer. The Colorado contract for real estate is 12 pages long. I can help you decide on a good strategy for going forward. We can research the home you're interested in and find out if the price is right. In today's buyer's market, seller's are still asking more than they should for their homes. I can access comparable homes that have sold recently to make sure you don't overpay for your new home. In the offer we will list the price that you are willing to pay. It includes dates for inspecting the home, the day you will take possession, when you'll get your loan, and quite a number of protections that we will discuss once you've reached this junction. It is also very common in today's market for the seller to help pay some of the buyer's expenses with buying a home. We will discuss home buying strategies and whether to ask for some help with costs or just offer a little lower price. Sometimes doing both is the wise choice. Most lenders will be ready and able to assist you with getting your loan once you've decided on a specific home. You will work closely with this person to ensure you get the mortgage to buy your home. The funding process will go a little further than the pre-approval process that you went through earlier. The lender may ask you to document your wages more precisely, confirm your employment officially, disclose all of your debt and income, etc. It's really pretty painless, but there's a lot of paperwork. The business pages at CNN.com recently reported the average costs for a buyer obtaining a mortgage in Colorado at $3,200. This is a cost that we can ask the seller to pay for you in the offer. Once the offer is accepted and you have your loan in place, you're ready to close. Well, there are some other details to take care of that I will manage for you. Real Estate transactions entail quite a bit of paperwork. A 'Title' company will gather all of the necessary paperwork. They will research the title on a property and make sure it is clear to sell. They will verify that your loan is ready and that the funds are available for the day of closing. Closing is the process where the buyer and seller sign all of the paperwork associated with transferring the property form the seller to the buyer. The title company will transfer funds from the buyer to the seller. As a buyer, you will normally get the keys to your new house at the end of closing. Well, now you're done. You're a homeowner. All that's left is to take your keys and get moved in. Enjoy your new home and home ownership. Congratulations are in order ...
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