Buying a home in Colorado Springs is an exciting process but where do you start? Meeting with a reputable lender to find out if you qualify and how much house you can afford is one of the most important steps in the buying process. Once you are prequalified, it is time to hire a professional real estate agent who is knowledgeable and experienced to assist you in finding the right home that meets your needs.
Make a list of items that are necessary to have in a home which may include being close to work or having a large backyard for pets. Also make a list of items you would like to have in a home that are not absolute must haves such as air conditioning or a finished basement. Making a list of your wants and needs will help both you and your agent narrow down a list of properties in Colorado Springs that match your specifications.
Once you find a home, your agent will submit an offer complimented with earnest money and a prequalification letter from your lender indicating you are a qualified buyer. If a purchase price is negotiated between parties, hiring a qualified inspector to thoroughly check the home for any possible issues is the next step. The lender also orders the appraisal to ensure the value of the home is not below the purchase price agreed to in the contract between the buyer and the seller.
There are many different types of properties to choose from in Colorado Springs and they may include short sales and foreclosures. Your real estate agent can educate you about the pros and cons of purchasing a home that is listed as bank owned, short sale , HUD or VA repo.
Many factors can impact how many days a purchase transaction will take to close but most lenders need at least 30 days in order to process and approve the loan. Short sales can take longer than 30 days to close since they require bank approval. Buyers that are renting may have to plan ahead to ensure they find and close on a home before their lease expires.
Purchasing a home is an important investment so it is wise to hire a real estate agent you trust and feel comfortable with to guide you through the process.