Real Estate buyer tips

Buying a home or condo in the mountains can require a lot of time and effort whether you're a seasoned veteran or first time home buyer. mountain homes for sale in coloradoAs your local Breckenridge Real Estate Agents, we guide you through each step of the home buying process to keep it manageable and help you make the best decisions possible as you search the Breckenridge Real Estate Market for a new mountain home:

1. Meet with a Real Estate Professional -  Real estate agents are important partners when you’re buying a home. We can provide you with helpful information on homes and neighborhoods that aren't easily accessible to the public. Our knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. 

2. Get Pre-Approved to Determine How Much House You Can Afford - If you are buying the home with a mortgage loan, your lender will look at your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose to prequalify and provide you with a realistic price range. Other factors that impact how much home you can buy is the down payment and the interest rate and terms (30-year, fixed or adjustable rate). Use our Mortgage Calculator to get a rough idea how much house you can afford.  Then, get preapproved for credit for your mortgage. 

3. Search for Homes and Make Your Wish List - sign up on our website to receive instant real estate listings. Make a note of particular homes you are interested in. Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle - condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior maintenance. No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead?  Take as much time as you need to find the right home considering investment, lifestyle, and your goals.  You can also reach out to us for a buyers strategy session to get up to date market analysis. 

4. Make an Offer -  Work with JJ or Shannon Bosgraaf at Bosgraaf Homes to negotiate a fair offer based on the value of comparable homes. Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional for advice.

5. Negotiation and Contract - This is when it counts most to work with the right agent on your behalf as a buyer's agent. We are Real Estate Negotiation Experts, and we negotiate terms, dates, amounts, and make sure you have the right due diligence. We also help write competitive contracts knowing whether the market is a buyer's market or seller's market. Are you competing in a multiple offer situation, is the seller ready to negotiate, is this property "as-is"? You need to be protected, and a solid buyers contract is the best way to make that happen.  

6. Under Contract - Once you are successfully under contract, there are a few key steps to make sure this is the right home. 

  • Get an Inspection - A home inspection is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the next owner.  
  • Get an Appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller or pay cash for the difference. If it appraises, the lender will move toward closing. 
  • Consider Due Diligence -   Smart real estate investors don’t stop with just an inspection and appraisal. Whether you are looking at a single-family home, duplex, or condo rental property, there are several due diligence items to perform in order to minimize risk and potential cost upon purchase. Due diligence also involves walking the property, calculating home owners insurance, reviewing rental history, owner’s title insurance, homeowners association covenants and restrictions, past insurance claims, sellers property disclosure, and more.  

7. Final Details - Are you moving and living here locally? Are you going to be short term or long term renting your home? Do you need a property manager to care for the home? Will you be needing renovations before using the home? Let us help you find the best local resources so that you are ready to enjoy your home the day you close.

8. Closing Day - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This could be a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties. The lender pays the seller, minus any liens against the home such as the seller’s mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement. 

Congratulations! You’re ready to move into your new mountain home.

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