Colorado First Time Buyer Information
Buying a home for the first time may be somewhat stressful. The Colorado first time buyer information in this blog may clarify some things. Homes are a major financial investment and home buyers should become well educated.
The First Steps
Obtain a Pre-approval Letter
Contact a local loan officer and obtain a pre-approval. The programs and requirements may vary from company to company. Review the programs and closing costs to determine the best option. Get estimates on closing costs and monthly expenses. This may also give an idea of what you can purchase.
Getting Help from a Realtor
Find a real estate professional to assist you through the home purchase process. Select one that best fits your needs. Knowledgeable agents will help find listings, submit offers, and ensure a less stressful transaction. This can make a huge difference for first time buyers.
Steps in the Buying Process
Viewing Listings
Only see listings that fit your price range. This avoids the heartache of wanting a home that is not possible for you to purchase. Property viewings are time consuming, so keeping to your budget will also save valuable time.
Legal Paperwork
Real estate agents can offer tips on contracts and help you negotiate them, but they do not practice law. If you require legal advice, consider employing a real estate lawyer to interpret legal jargon and add any desired terms. Make sure that you fully understand the conditions and requirements of contracts prior to signing them.
Home Inspections
Do not rely on inspections to address price or change purchase terms as they sometimes do not identify any problems at all. Also avoid negotiating previously disclosed problems. Such strategies are not typically successful and result in wasted money spent on the inspection. In cases where defects are found, sellers may offer to address problems, compensate you for them, or offer nothing at all. Fair items have a higher likelihood of being accepted.
Final Walk-Thru
Prior to the closing, you traditionally are given an opportunity to walk thru the home one last time. It is a good idea to schedule this for after the homeowners have vacated the property. Resolve any problems before completing closing paperwork your leverage disappears afterwards.
Property Closings
Be sure to bring proper identification to the closing. Closing costs and down payment funds must be in the form of a certified check or money order. Have your checkbook ready for any final corrections. Upon closing, the home belongs to you!
Additional Colorado First Time Buyer Information
The property real estate process will be less stressful if you maintain a basic understanding of what will take place. For information beyond what is included in this Colorado first time buyer information, contact John Cutshall at Fortuity Realty LLC by calling 303-747-6748 or by emailing john@fortuityrealty.com.