By Michael Hughes January 29, 2010
Buying a home need not be difficult. I have been doing deals since 1996 and multiple deals later, each deal is unique and require different skill sets. No two deals are alike because of circumstances of buyer and seller and house, etc.
If you have a solid job and a good credit rating there is no problem with financing.
Find a professional Realtor with experience. Realtors also have tools to help you get the most up to the minute information on active and new listings. Often times I find I will know about a house going on the market a week or two before it goes on the market. I can set up a password protected or regular MLS search so you can see what is on the market and what is coming. Give Michael a call today.
Get pre-approved by a reputable lender. A couple of very competent individuals Amanda at WR Starkey Mortgage and Jennifer Asbury over at Wells Fargo-Private Mortgage Banking.
Seeing homes. I suggest 6 or fewer per day. After that it becomes a blur. I love hearing what you do like as well as what you don’t like about each house. I give you a summary of what we will be seeing to take notes on, ask questions and communicate likes and dislikes.
After viewing and narrowing your choice for homes down to one. it will be time to make an offer. Before the offer is made I will research what is on the market as well as what has recently sold nearby to confirm the offering price. Now it is time to evaluate the seller, what they owe, how many days on the market, what do I know about their motivation and what was the starting price, has anything changed in the neighborhood since they went on the market. With this in mind we create an offer stratagem.
Once the strategy is in place your Realtor will prepare a written offer. Your Realtor will advise you on reasonable and achievable dates, contingencies, inclusions, exclusions, financing (unless cash), and any additional provisions unique to this particular property. Once the offer is finished the buyers sign and date the agreement. The offer is then delivered to the listing agent for review.
Included with the offer is a check for the earnest money. This is a good faith deposit. This check is deposited into a brokerage or title company escrow account. Earnest money is negotiable but is typically around 1% of the offer price. You can lose your money if you do not perform provisions in a timely manner or change your mind. Your deposit will be returned if you are not approved for a loan or there is an inspection issue where resolution cannot be achieved.
After the contract is accepted by the sellers the major contingencies are loan approval, inspection resolution and title documentation. This is a good time to lock in an interest rate with your lender. Inspection is next and done soon after acceptance. Either issues are resolved or the contract is terminated. Next is clear title and exceptions and hoa covenants.
Appraisal is next. If the house appraises under the value of the purchase price, the buyer has three options, re-negotiate with the seller, put additional money down to keep the loan to value ratios in line, or terminate the contract.
Right before closing is the time to do the final walk through. Your Realtor will arrange this. This is the time to make sure all inclusions are present and all inspection issues and any additional provisions have been finished.
Closing typically takes place at a title company. Your Realtor will have already told you how much money to bring to closing in the form of a cashiers’ check or a bank wire. The title closer will guide the parties through the various documents that are signed. After signing typically keys are exchanged and you are now the proud owner of a wonderful home.
If you have any questions about buying or selling real estate in Boulder please feel free to call Michael. You can also visit my website. Please feel free to leave a comment.
NIWOT – Several years ago Howard Treppeda started offering live music and especially jazz at his well known restaurant “Treppedas Italian Restaurante.” Howard is bringing world class acts to Niwot, Colorado on August 20th . Jazz on 2nd Avenue is the first of such Jazz events featuring Henry Butler, Conjunto Colores, CU Jazz Ensemble, Don Grusin, Paul Warburton and Brad Good. The festival starts at 11 am and ends at 8:30 pm August 20th Saturday. 2nd Avenue downtown Niwot. The festival is free and being brought to you by Howard Treppeda and numerous sponsors. More information jazzon2ndave.com 
noticed it attracted aficionados from around the area. Coming from as far away as New Orleans Henry Butler will play in the evening, Grammy winning Don Grusin will play later in the afternoon.
Michael's Boulder Blog 