Define Your Goals – Before beginning your home search, make sure to have clearly set goals: desired neighborhoods, type of home, must-have amenities, etc. As you get into the market, you may need to be flexible on some of these requirements, but starting with a best-case list will be helpful.
Examine Your Finances – Before purchasing a home, it’s important to make sure you have your finances under control – make a detailed budget and ensure that you have savings and reserves in place to support your home purchasing goals.
Get Pre-Approved – Call several mortgage lenders – you’ll find differences in rates, fees, and customer service. Finding the right mortgage lender is important. Check reviews as well to make sure you’re choosing someone with a track record of satisfied borrowers. Pre-approval is a good idea at this stage – you’ll have more power as you submit offers and negotiate with sellers if you are already approved for a mortgage. Use estimated closing costs to validate you have enough money set aside for this process.
Hire a Real Estate Professional – Take some time to do some research here! By this point, you have a good grasp of the type of property you’re looking for and the purchase price you can afford. Interview several agents to find someone who regularly sells similar homes. Again, look for social proof and check out reviews. If you’re shopping with a spouse, make sure both of you agree on the agent. Home-buying can be a storm and you want a good captain that you’ll both trust to get you through the sometimes stressful process!
Search for Homes – Work with your agent to search homes that meet your goals and criteria. You’ll also want to make sure you view homes in person – pictures are awesome, but can sometimes be misleading! Don’t get frustrated if you don’t find a home immediately – each showing gives you a chance to learn more about what you can get in your area at your price point. You’ll find a place to call home.
Make an Offer & Negotiate – Once you’ve found the home you’d like to buy, it’s time to make an offer. Here’s where a good agent earns their money – showing you the home is the easy part. Shepherding you through offer and closing is where great agents shine! Sellers can counter your offer, inspections can reveal possible repairs, and you can suddenly find your budget at risk and maybe even question if this is the right home for you. Above all, stay calm and continue to communicate with everyone involved. Check your budget, your emotions, and your buying partner to make the next right steps.
Secure Your Financing – You’re almost there – remember, your lender wants to ensure that this is a good move for everyone, so they may ask for more information about income, the condition of the house, or your credit history. Providing accurate and timely responses keeps the process moving and gets you to your desired outcome the fastest.
Close the Deal – The timing for closing can vary, but the average is 45 days. Typically, within 48 hours prior to closing, you’ll do a final walk-through to check that all agreed-to repairs are completed and that the home is in the expected condition. You can expect to meet with your lender and agent to finalize the paperwork. There may also be attorneys present, the seller’s agent, a representative from the title company, and the designated closing agent. During the closing all paperwork will be finalized, including: the deed, title, financial/funding, closing statements, insurance, contract, etc
If you are planning to stay in the Gunnison Valley, there hasn’t been a better time to purchase property here in a long time. I really enjoy helping find the right place to buy and would love to work with you. Don’t hesitate to contact me with any questions, at any time, through the process. It is always good to know that you are moving in the right direction and I hope my Guide to Buying a Home is helpful in outlining the process for you.
Check out our Buyer’s Guide to see a full list of our available properties.