You've written out your list of priorities, and selected a Realtor, (hopefully Danyliw and Associates!) What comes next? As your Realtor, I'll get busy searching for homes that meet your specifications. My knowledge of area re-sale and builder inventory will help us narrow your search to the areas and properties that best fit your needs.
Viewing Properties: We'll probably tour a number of properties each time we go out and it's a very good idea to take notes on each one. Don't be disappointed if you don't find your dream home the first time out. It's an important decision and you want to view enough properties to feel certain ofwhat constitutes good value in your price range. I'll help you in this area as well, as I have a verteran's view of the real estate market. Also, let me knowif you see "For Sale By Owner" homes that interest you, and I'll inquire on your behalf.
(See also: Buying "Brand New")
Negotiating A Purchase: Once you've found the house you'd like to buy, I'll draft an offer to purchase for you. We'll go over the contract form in detail, talk about the purchase price you'd like to offer, the amount of earnest money that's appropriate, and the various contract dates, deadlines, options and obligations. When we're done, I'll present your offer and earnest money deposit to the listing agent of the property. This is where the negotiation process starts. It's possible the sellers will accept your contract as is, but they may also reject or counter it. Then you must decide whether to negotiate further forthe house or look for an alternative property.
Once Your Offer Has Been Accepted: there's still much to be done. Two very important things that will happen before your closing can take place are the inspection and the appraisal.
The inspection clause of Colorado's residential real estate contract allows the buyer one opportunity to thoroughly inspect the property. Most buyers wisely hire an inspection professional to help them evaluate the property and its components. If you find problems of a significant nature, you can decide not to purchase the house or you can ask the seller to remedy any or all of the problems you've found. Then the ball is back in the seller's court. They can refuse to remedy the problem(s), in which case the contract becomes null andvoid, they can agree to fix everything you've asked for, or they can negotiate further with you about specific items. If an inspection proves dissatisfactory to you, or negotiations over the inspection cannot be resolved to the satisfaction of both parties, the contract becomes null and void and you receive your earnest money back.
The appraisal is another evaluation of the property, this time to assure the mortgage lender that the value of the property justifies the amount they are willing to lend. Usually the appraisal supports the purchase price, but if it doesn't more negotiations ensue or the buyer would have the option of finding another suitable property.
