FROM OUR BLOG
December 22, 2016

Tips on buying a house in the Colorado Housing Market.

Real Estate Agent expert Leslie Parker offers invaluable advice about buying your dream home. Buying a house takes time – decisions shouldn’t be made in a rush. Here are some ways to be prepared and make the process less daunting.

  • Do your homework. Many people panic due to lack of inventory and high prices and end up skipping steps. If you’re not prepared to do your homework, you won’t get a house – or at least not one you’re fully happy with. Get a home inspection, make sure your money is readily available, walk around the neighborhood and talk to people, get pre-approved, determine closing costs and other misc fees. Don’t panic! These types of steps will be discussed and reviewed with a great Realtor / Lender team.
  • Take an hour before getting into a car to talk about the process with your agent.

    Ask LOTS of questions.

    For example, many ask about the earnest money: “Will they cash my earnest money check?”

    Yes they will! Your earnest money check is made out to the Title company of the Seller’s choice, for the amount that is listed in the MLS. The title company will deposit the your check into an escrow account for the duration of the transaction. This exchange of funds means that you, the Buyer, are “in earnest” about purchasing the home. A Buyer usually has 3 business days to get the earnest money to the title company. If this does not take place, the contract is null and void.

    “Do I get my earnest money back if I don’t buy the house?”

    Yes, usually. In today’s hectic market, most contracts come apart during the inspection process which consist of the physical condition of the home, the Seller’s Disclosures, Title Work, and if applicable, the Home Owners Association.

  • Be prepared to walk away after paying for an inspection.
    It is far more important to invest $500 to $750 in inspections and walk away from the house if it needs more work then you can do. Please keep in mind that all properties need work and to be maintained. Make a list of what is what is truly important to you. As you house search, this is certain to change as you learn more. Be flexible, do “drive by’s, go a little bit out of your comfort zone. Granite is not as important as a good hot water heater. Buyers are quick to jump on a house with cosmetic features, but lacking mechanicals that will need to be then budgeted for (furnace, hot water heater and air conditioner).

Bottom line: Patience, preparedness and your real estate agent are your biggest assets in getting your dream home; the biggest, most important purchase you’ll ever make!

About the author:
Leslie is a true partner in your home search or sale process. With extensive market knowledge and a tenacious spirit, Leslie sticks with her clients until their real estate dream is realized.

LeslieParker

Leslie Parker, Associate Broker, CNE
Colorado Home Realty
720.201.3761 | LeslieParkerHomes.com | Email

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Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.