What Happened in the Real Estate Market in Colorado and Denver in 2020As many of us are eager to put 2020 in our rearview mirror and looking forward to brighter times in 2021, let's take a quick
First Time Home Buyer's Checklist
Dated: January 5 2021
House Buying Check List
As a first time home buyer, the many moving parts of home buying can be daunting. Let me break it down for you to get you started.
Here are your next steps once you and I are ready to work together.
1. Loan Approval:
A. First start with interviewing a couple of lenders. I am happy to give you a few names to get you started. Ask them about first time home buying programs. Understand PMI, (private mortgage insurance). If you put 20% down, you will not have to pay mortgage insurance. Ask the lender about your closing costs and other costs specific to your loan.
B. Secure loan pre-approval and a pre-approval letter once you have decided on a lender.
C. Understand your lender's timeline to make sure you can close quickly and seamlessly.
2. Your Ideal Home: Now is the fun part. What does your ideal home look like?
Spend time analyzing and prioritizing your wants and needs.
A. Location: What is your ideal location? What areas are a deal-breaker? Do you want to be close to shopping, work, light rail, a school, or a park?
B. What is your minimum desired number of bedrooms and bathrooms?
C. Price/Monthly budget: You may be qualified for more than you are comfortable spending monthly based on short and long-term plans.
D. What features are you seeking?: Garage, basement, yard.
E. What other items are you looking for?: Community pool, playgrounds.
3. Contracts: What contracts can you expect as you go through the home buying process? As your realtor, I go over the contracts thoroughly so you understand them.
A. Definitions of Working Relationships: This contract is my commitment to you as your realtor, and how I protect you. Copy of Definitions of Working Relationships
B. Buyer’s Contract - This is the contract between me, your realtor, and you, the buyer.
C. House purchase contract: This will include your terms and conditions, price, dates and deadlines, and financing.
4. Costs associated with the home buying process:
A. Inspection costs: $400 - $600 varies on the size and scope of the inspection.
- A sewer scope may be recommended, @$200.00.
B. Appraisal costs: $500 - $1000, varies on size and scope of the inspection and sometimes payable at closing. This is required by the lender to assure the home is worth the loan.
C. Earnest money: Down payment to secure the contract between you and the seller. This is fully refundable if certain criteria are not met.
D. HOA document transfer fee (s).
E. Record keeping and real estate processing fee: Should not be more than $275.00
5. Overall Timing: From offer to close, the average is about 4 weeks, but varies from 3 weeks to 6 weeks depending on certain factors.
6. Be ready to pounce when ready. I am here to submit a strong offer to get you your ideal home.
Check out this video
Tamara Whelpley has lived and worked in Denver for over 30 years and is an expert in Washington Park, Cherry Creek, Highlands, and throughout the Denver corridor. Consulting is her top priority. She is your advisor and advocate and understands the importance of communication throughout the real estate process. She is well versed in multimillion-dollar sales and first-time homebuyers. She is also well informed and experienced on where to ski, bike, hike, golf, and dine at the new upscale restaurants throughout beautiful Denver, Colorado. Tamara is a trained auctioneer and would be happy to discuss the benefits of buying and selling real estate at auction in a hot market. Visit her website to be linked directly to the best information on real estate in Denver.
Text Tamarajo to 85733 for her mobile business card
Get the Value of your home by clicking here
Tamara Jo Whelpley 303-877-9663
Denver Real-Estate Concierge - Tamara Whelpley has lived and worked in Denver for over 30 years and is an expert in the Washington Park, Cherry Creek Highlands and throughout the Denver corridor. Tam....