Buyer's Guide
Is it a permanent place for you and your family, an investment, or a second home? Whatever the reason, it is important that you buy with an eye on the resale investment potential. Why has buying a home also become such an investment opportunity?
Websites like Realtor.com and Zillow are mainly third-party websites. Aside from properties they own, they are pulling their information from the source - the “MLS.” The multi-listing service is powered by REColorado and is where properties are listed for sale by professionals in the state of Colorado. It is an agent’s legal obligation to keep this information accurate and up to date. When you use a professional you have real time access to the MLS.
The contract to buy and sell real estate is many pages long! It has serious legal ramifications. Know what you are agreeing to and how it could impact you. A professional will be able to explain the contract line by line, as well as protect you from contractually committing to terms that may not be in your best interest. Throughout the process, there will be many disclosures and additional documents to be signed. Seek legal council for anything you don’t understand!
The listing agent is the professional who is assisting the seller with their end of the transaction. Remember, this person is working for the seller’s best interest! They want to get the seller the highest sales price and terms that are most favorable for their interests. A buyer’s agent is there to represent you, take care of your needs, and negotiate terms that are in your best interest. And the best part? These services are free to buyers. A buyer’s agent commission is paid by the seller at closing.
Buying and financing a home are closely related, so it is very important to review your current financial situation to understand how much you can afford.
Three key components determine the start of all searches:
Location - where do you want to live?
Type - what type of home do you want?
Price - what can you afford?
When deciding the value of any property, the following criteria should be considered:
Location of the property
Condition of the property
Buyer demand
Current prices of similar properties
Recent sales of competitive properties
Availability of financing
What do you want from a home?
What does your family want from a home?
Do you want a turn-key home or would you prefer to renovate?
Choose the top five ‘must-haves.’
Choose the top five ‘would-likes.’
Are you pre-approved for a mortgage?
What can you afford on a monthly basis?
When is the ideal time to move?
Benefits of Pre-Approval:
Knowing what you can afford enables you to plan accordingly – it allows you to understand how much you will be lent and how much you can actually afford to pay each month.
As a qualified buyer, you will understand your budget in the home search.
You are able to take the time to understand the short and long-term implications, allowing you to make informed decisions and research your options.
95% of all buyers use the internet to start their home search – typically taking an average of 12 weeks to research the possibilities they believe their budget can match.
Your Realtor will assist you with narrowing your search by reviewing your ‘must-haves’ and ‘would-likes’ – making recommendations based on their experience and local knowledge.
Previewing new properties at Realtor open houses and broker tours.
Technology that automatically sends you new home matches – so you never miss a new listing.
Working within their network to find new properties not even listed yet.
Every home in your preferred community, including “for sale by owner,” discounted brokerages, expired listings, or homes not actually on the market, but that are known to suit your requirements.
Emailing specific home requirements to agents in the area so they know that you are a qualified buyer.
Visit open houses and new home developments, go on showing appointments with your agent.
Points to Consider In Your Negotiations:
The condition of the home
Length of time it’s been on the market
Buyer activity
Location
Urgency of the seller
The following items should be brought to the closing:
A certified check or wire for closing costs and down payment
Photo IDs
Have your mail forwarded to your new address through USPS.
Have all utilities turned on in your name.
Set up trash removal, cable and internet, if applicable.
We want you to have an incredible real estate experience, so you will want to refer your family, friends, coworkers, and neighbors. We are not out chasing leads or paying for expensive online marketing - our team is focused on serving you!