Colorado Springs Home Buyer Process

Perhaps you have never purchased a home, or have forgotten the process. At Encompas Realty Group we want to help you navigate the real estate buying waters. By working with Encompas Realty Group, you won't have to go from agency to agency to get all your needs covered. We'll help you from start (finding a house) to finish (coordinating the close). We'll help you find a house, get a loan, find an appraiser, and get your home inspected, and get your home purchased
This guide will help you understand the entire home buying process.

1. A buyer should estimate how much they can spend for the house purchase. One of the best ways to do that is to talk to a reliable mortgage Broker. You can get prequalified and know exactly what you what price range to focus on.

2. Select a buyer's agent to help you find a home. You could start by checking out the MLS, but you want finish by getting our help. Your agent should have enough experience to understand your requirements and locate the home accordingly. Mike won't just put you in a house to get a commission. He'll work to make sure you are in the perfect house for your situation.

3. You will probably also need to find a mortgage. It is of important to select the appropriate loan program which would suit your needs and requirements. A great mortgage broker like Micha Mohr can help you find a perfect loan that suits your needs. She'll check out your situation, find out your plans, walk you through the process, and protect your interests.

4. Next you need to decide what your offer price should be. By looking at the comparable sales in the public records and multiple listing services you would be able to get an idea of the price range in which homes are selling in the region and thus appropriately base your offer price. A good buyer's agent, will guide you through that process. Mike will help you do that research so that your offer is priced just right.

5. After selecting your home,you need to make a purchase offer. Make sure you are aware of the contingencies to be included in the offer, the earnest money to be deposited, who will pay for the inspection and terms for cancellation of the purchase offer.

6. The next step is quite important. It is home inspection. Apart from the appraisal, you as a buyer should be allowed to have a professional go through the house to locate any potential problems. Mike and Micha can help you identify a great home inspector to make sure that you are protected.

7. Buying a home involves many people such as title company which coordinates the whole process between you and the seller. You will need to decide beforehand on who will be paying for the fees, you or the seller.

8. Signing the papers is the last step. Make sure that you read all the points before signing at the time of closing. Look closely at the settlement costs you are being charged and inquire if any amount is more than normal.

What buyer should expect on the closing day?
On the closing day you will be required to provide the paid homeowner's insurance policy and receipt which will show that the premium has been paid. Money you owe to seller like, prepaid taxes, remainder of down payment will be listed by the closing agent as well as the amount seller owes to you such as prepaid rent and unpaid taxes. At the time of closing seller will also provide proof of any warranties, inspection, etc. After clearly going through all the documents you should sign the mortgage note and the seller will sign the deed to transfer the title to the house. After that you will have to pay all closing costs to Broker's agent and in return that agent will give you a settlement statement listing the items which you have paid. Next the deed and mortgage will be recorded with the recorder's office, and you will become a homeowner.

Source: RealestateGuidance.com. Modified under Creative Commons License 2.0