The Key to Buying a Foothills Home This Year: Questions to Ask Your Real Estate Agent -Bob
If you are thinking of purchasing a home this year, you are not alone. In today’s competitive market, when it comes to buying a house, you must have an “in it to win it” mentality. You need the right people on your team and the right leader in charge of your game. Without a doubt, having the right real estate agent is the key to successfully landing the home of your dreams. I work in the Foothills market all day everyday and see what it takes to "win" as a buyer. On the same note, not every home in Evergreen is listed accurately nor becomes a multiple offer scenario. Determining which homes require you to jump into action and which are incorrectly priced is critical in proceeding with confidence.
One of the best things about employing a local expert real estate agent is that you can get a straight answer about anything you need to know regarding purchasing a home. Here are a few examples of common questions that many people ask Bob.
What Are the First Steps to Buying a Home?
Before you get too excited and start hunting around for a home on the Internet, the first steps you should take before buying a home are threefold.
It should begin with you checking your credit score, to give you an idea of what type of home loan you might qualify for. Next, you need to take an honest look at your finances and calculate how much house you can afford. Getting pre-approved for a home loan will also put you one step ahead of the crowd.
After you have a solid figure in mind, allow the real estate agent that you have chosen to help guide you through a list of possible homes within your price range. Be sure to select a real estate agent that you trust and communicates well- not someone who is trying to sell you something, but more of a guide through your own experience.
Discuss what aspects of your ideal home are most important to you. Perhaps you desire a specific neighborhood like Hiwan in Evergreen or Kings Valley in Conifer. Or, you might wish for particular aesthetic characteristics like a log home, stucco, maybe a mountain contemporary or something with a more modern flair. Whatever the case may be, a Conifer and Evergreen real estate agent should specialize in locating what you desire, and making magic happen for you.
Can You Recommend a Good Lender, Inspector, Roofer, Anyone?
YES! When you find the right mountain home, you will need to utilize various professionals during the process. A good Real estate agent will have an extensive network of connections.
Bob will help you find the right inspectors, well testers, and any other service providers you need. It's just part of the local expertise he brings to the table.
How Do I Win in a Bidding War?
Many buyers wonder what to do when they have found their ideal home but find themselves in a bidding war over it.
There are as many different techniques to win a multiple offer scenario in Evergreen as there are listings. But it all starts with your agent building a rapport with the seller's agent. Having a solid track record of high ethical standards, the ability to find a win-win scenario, and a reputation for finding solutions and getting homes closed all add up when trying to entice a seller and a seller's agent to accept your offer.
Offer cash! If this isn’t a possibility for you relative to your cash on hand, let's talk about the options out there that allow for cash offers. At the very minimum make sure you can show proof that you are pre-approved to buy the home. Don't skip this fundamental step.
Another thing you should do is assess any contingencies that you have included in your offer. Contingencies are essentially clauses in your contract that allow you to back out after signing. One common contingency is that the house must pass an inspection. While some contingencies are needed to protect yourself as the buyer, there are some that we may be able to do without. Your real estate agent will be able to advise on the best path forward here. The Colorado Real Estate Commission approved purchase agreement has several contingencies built into it that do a great job of protecting buyers. Unfortunately, they come at the expensive of reducing the Seller's confidence that the transaction will close. Consider with Bob which contingencies you may be willing to forego in order to strengthen your contract.
Another smart move to win a bidding war is to offer more earnest money than the Seller requested. When combining additional earnest money with removing several contingencies, this can have a big impact on proving your level of resolve with a Seller!
Lastly, consider allowing the Seller to stay in the home after closing. A Post Closing Occupancy Agreement is more and more common in the Foothills. When you do this, you're providing the Seller flexibility with their move out and more options when they need to find and close on a replacement home.
What Are the Next Steps After an Offer Is Accepted?
Logically, after your offer is accepted, you may be ready to jump for joy! Before you do, let’s get real about what could happen next.
First of all, don’t be surprised if everything doesn’t go exactly as planned. You need to prepare yourself for the possibility that the house could have issues, you can’t obtain the type of financing you want, or your house was not appraised high enough to justify its price. Being prepared for possible outcomes will help you overcome any challenges that may happen throughout the process.
With that being said, here is what the schedule is like after your offer is accepted. To begin, your initial deposit is transferred. Next, all inspections on the home will be completed. Your lender will then choose an appraiser to assess the property.
Your loan approval deadline will then approach. You will do the final walkthrough of the home, followed by transferring the rest of the down payment. In the final step, signing all of the documents at closing and the property deed is stamped -- the house legally becomes yours.
Now it's time to celebrate and start living the Evergreen Lifestyle!
Buying a Conifer or Evergreen home right now can be a challenge! There are so few options and the quality homes go FAST! Having an accomplished real estate agent on your side to guide you and negotiate for you is an absolute necessity.