The Real Estate Purchasing Process
There are many steps in the home buying process. The Janet Leap Team is here to help throughout the entire real estate purchasing experience. Janet and her team will bring their extensive real estate and Boulder area knowledge together to help find the perfect home for you.
Here is the general home purchasing process:
Step 1 – Prepare to buy a home
Before you start looking for a home, there are a lot of things you need to consider. You'll probably want to put together an index of must-have features, get a feeling for what school districts you'd like to live in, and start working on your budget. Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent
This is where I can help. I'd love to plan a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, schools in the Boulder area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I can also help you facilitate the loan process. Janet Leap works with some of Boulder's best mortgage professionals, so you'll be in great hands. They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll begin searching for available houses on the market that meet your needs. I'll research many of the houses and reject the bad ones, and then we'll book appointments to view the houses whenever it's convenient for you.
When we tour houses, I'll call attention to positive features and negative ones. I'll also ask you about things you like and dislike. As a rule, buyers update their wish list as we tour houses and some items become more necessary than others. If that happens, I'll look through all the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
My knowledge of the Boulder home market is a crucial resource in your home search. I am familiar with all the school districts and neighborhoods, and I will let you know certain districts are "hot" and call for immediate action and some that are "cool" and allow for thoughtful analysis.
As we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions. Any REALTOR® will claim to comprehend the housing market. If it appears they don't know everything, just call me at 303.415.2273 or e-mail me at email@example.com, and I'd be glad to answer your questions. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find the home of your dreams in the Boulder area. When that happens, I'll precisely create your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When presenting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is typically put towards the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and move on. Market circumstances will play a role in how aggressively we negotiate the contract. We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Get financing
Upon signing the contract, you'll begin working with your mortgage lender to close the loan. If you're pre-qualified, it shouldn't take very long at all. But you'll want to keep in close contact with your mortgage lender. And I'll take care of all the property information your mortgage lender will need to close the loan.
Your lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application. This estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks okay. Then we'll close on your house. This will likely take place at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it and if you need anything or have any questions, be sure to call me at 303.415.2273 or send me an e-mail. I am always here to help you – even after your home purchase!