Buying a home in Colorado Springs, Woodland Park, El Paso or Teller Counties? We've put together this list of home buying basics because whether you've bought a home many times before or you are a first time home buyer it is always good to get an overview or refresher of how the home buying process works. Every State and even different Counties within a State all have different practices and the Colorado Springs and Woodland Park Real Estate markets are no different. This page will give you a high level overview of the Home Buying Process in the Colorado Springs Area. When you are ready to buy, call us and we will walk you through every step to ensure you have the best home buying experience possible.
When you are looking to buy a home in Colorado Springs, Woodland Park or any of the El Paso or Teller County communities you need to know who the Realtor you are speaking to represents because while it might seem like a harmless conversation to you, if the Realtor represents the seller they are obligated to tell the seller anything you say that could improve the seller’s negotiating position.
Different States have different laws that control the way Real Estate Agents are allowed to work with buyers and sellers. In Colorado, there are three ways for a Real Estate Agent to work:
How much house you can afford is determined by your monthly payments on long-term debts (those that will take more then 10-12 months to pay off). The total of your monthly payments on long-term debts PLUS your proposed mortgage payments including taxes, hazard insurance and Home Owners Association Fees should not be more then 36% - 40% of your gross monthly income. In some cases lenders will let you go higher then 40% but not in all cases. This percentage is called your debt to income ratio.
When buying a home in Colorado Springs or Woodland Park, different lenders will require different documentation. This list gives you an idea of what documentation you might have to provide:
When you are ready to search for a home in the Greater Colorado Springs real estate market, we will help you to identify exactly what you are looking for in a home. Using our proven Home Buyer Needs Analysis worksheet we will ask you questions to determine and rank what is important to you in a home. Often times, there will be discussions between family members as to what is most important in the search. For example, while one spouse may feel very strongly about a fireplace, the other may not. These are things that are best worked out in advance of looking at homes.
Prior to writing an offer on a specific property, working in a buyer's agent capacity, we will prepare a comparable market analysis (CMA) of the property you are planning to buy. The CMA looks at similar homes within the area that have sold within the last six months to determine their sales price and amenities. With the CMA in hand we can make an educated decision as to a reasonable purchase price and terms for the home you want. This step ensures that you are not overpaying for the property.
A home inspection gives you, the buyer, more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
Once your offer has been negotiated and you are officially under contract, we will track the contingencies, dates and deadlines of the sale and keep you informed as to your requirements and responsibilities every step of the way.
Prior to closing we will accompany you on your final walk-through to ensure the property is in the same condition as when you wrote the contract and that any work that was negotiated in the contract was completed. We will also assist you with solving any problems that may be discovered.
To all the men and women of the Armed Services we thank you for your service in defending our country, our freedom and those around the world who cannot defend themselves. In appreciation of your efforts on our behalf and knowing how often you and your families are picked up and moved around the country and around the world we recognize your sacrifices and in our own small way would like to give you something back for all you do for us. To that end we offer a money back discount when you buy or sell a home with Campanelli & Associates.
Colorado Springs is growing. Each year thousands of new homes are built in and around Colorado Springs. These include condos, townhomes and single family homes. Buying new construction is different then buying a pre-existing home. Many people think if a home is new that it is perfect. The truth is there can be just as many issues with new construction if not more. When considering buying new construction in Colorado Springs it is in your best interest to meet with a Realtor® first.