Top 10 Things a Buyer Can Do Right In Buying a Home. I see a lot of information on the top mistakes you can make but not much on how to do it right. This is based on my experience here in Colorado.
1. Utilize the services of a buyer broke and chose one right for you. Many buyer agents will work at no cost to their buyers. Chose one with the experience, knowledge and skills to help you throughout your home buying process. Find the right agent with those qualities and one that is available for you and who will work for you. For example, some agents do not work on weekends. If your home shopping time availability is only on weekends you need an agent who is available to you on weekends. When you have found the right agent, he/she can provide you with much more expertise and advice than well-meaning family members and friends who do not have the expertise.
2. Find the right lender and loan officer to work with. If you chose a good agent (1) she/he should be able to refer you to a good loan officer or two. Compare loans, costs, responsiveness and again, availability to you.
3. Work with the loan officer to begin your process. Provide the loan officer with your information and documentation early. The loan officer can explain different loans, necessary down payment and funds, check your credit rating, and explain how much of a loan you may be able to qualify for and approximate monthly payments for a hypothetical price. Lender requirements have changed over the last few years and they request many documents which may take you some time to deliver. Starting early is to your benefit. When you have a “pre-approval” you are ready to go shopping.
4. Have your agent explain thoroughly the home buying process, the contract form on which offers are presented on, the title work process, the inspection process, the appraisal process, the loan process and the closing process. Make sure you have a comfortable level of knowledge of what is to come so you are more prepared and more likely to enjoy the process, including the contingency protections within the contract form.
5. Determine your needs and likes in a home. Do you prefer one style over another? Which part of town do you prefer? How many bedrooms, baths, and sq ft do you need/want? Prefer an older, newer, or new home? What are the other important factors for you? A conversation with the right buyer agent (see #1) will help you establish the parameters you want for your home search.
6. Have your agent provide you with listing information of homes that fit your parameters. Chose the ones that look the most appealing to you to view. You can also do listing searches online and provide information for your agent. Have your agent show you these homes. Take notes on each. You are not limited on the number of homes you view. However, if it is more than around 10-20 or so, your agent may not have listened close enough to what you want and need. Or, maybe you are not emotionally ready to make a decision.
7. Be emotionally ready to make a decision to make an offer. Do not feel pressure to rush to a decision. On the other hand when you have found the home you want, don’t procrastinate. The nicest and best priced homes go under contact a lot quicker than overpriced less desirable homes. Even if a home has been on the market awhile, it could go under contract as you procrastinate. Be ready to act when you found “the” home.
8. Ensure your agent provides all the relevant information regarding making an offer including recent sales, positives and negative indications on the home, and other factors. Ensure your agent communicates with the listing agent to gather any information which may be to your benefit in preparing an offer. Consider all information. Listen to advice but remember the decision is yours. Your agent works for you, not the other way around. Keep in your mind your objective is to buy the house and have the seller agree to you offered terms. I suggest you make the offer reasonable keeping in mind that you may see a counter offer and further necessary negotiations.
9. When under contract, be sure to meet all of your deadlines. A good agent will be able to guide you through the entire process. This includes your protection contingencies such as inspection, appraisal, title review, insurance review, walk through, etc.
10. Enjoy the process of buying the house, your new home.
Please contact me for any information regarding buying or selling in Colorado.
Roy Johnson Real Estate Broker
Resident Realty
303 875 1986
myhomecolorado@gmail.com
www.mybrokercolorado.com
