Step 1. Learn about financing, talk to a lender, and get pre-qualified for a home that you can afford. Read Financing to learn how much you can borrow, how to become pre-qualified or pre-approved, how much money you'll need, loan applications, financing for first time buyers, finding a lender, and other useful links.
Step 2. Learn why you will want to hire a competent Realtor, or just call us at Ideal Properties at 303.320.7777. Read Choosing a Realtor®.
Step 3. Learn about ways to find the right home and how your Ideal Properties agent will help you with that. Read the Finding your Home page of our site for more information.
Step 4. Once you find a home you wish to buy, the next step will be contract negotiations and legal disclosures. Your Ideal agent will prepare the offer for you, using the Colorado Real Estate Commission's standard legal forms. Having an experienced
Realtor negotiating on your behalf can make all the difference on the quality of the deal that is brokered. This is where you will find that an Ideal Properties agent is a good deal better.
Step 5. Select your lender and complete loan application if not already done.
Step 6. Hire an inspector. When dealing with Colorado real estate, it is standard for the buyer to have the right to terminate the contract if an inspection of the property reveals conditions that are not acceptable to the buyer. If there are unacceptable conditions on the property, but you are still interested in buying the home, you can ask the seller to effect repairs, or to give you a credit towards the purchase. The negotiations of those inspection items will be another instance where you will find out why your Ideal Properties agent is a good deal better.
Step 7. Review Title Insurance. In Colorado, it is customary for the seller to provide title insurance, which is a policy given to the buyer showing all of the liens and exceptions to title for the property that the buyer is purchasing. Here is is an informative article on title insurance, and what a buyer needs to look for, with tips on reading the title commitment.
Step 8. Shop for homeowners insurance. A lender will insist that you have homeowner's insurance in place on the day of closing.
Step 9. Review the closing figures, obtain a cashier's check for the down payment and the closing costs, and attend closing. Reviewing the documents for closing and answering all of your questions, will be another moment when you will find out why an Ideal Properties agent is a good deal better.
Step 10. Invite friends and family to your new home to celebrate!