Buying Your First Home? Realtors in Colorado Springs are your professional guides. It is our job to educate you on the buying process, while handling all the details so your new home is a place of comfort and relaxation from the moment you find it. 

You might be a bit afraid or intimidated by the whole process of buying your first home. As top Realtors in Colorado Springs, it's our job to guide you, from beginning to end.
Here is just a basic outline of what transpires in the process to becoming Homeowners.
...Remember there are NO dumb questions..
1) We decide what price range is best for you. You meet with a lender. We are partners with Countrywide Home Loans because they are one of the largest lenders in the US. Marsha & Tom Kromer have been lenders for over 20 years and know what is best for you and your situation. You can contact them at marsha_kromer@countrywide.com (That is an underscore after Marsha). Or you can call her Toll Free at 1-866-510-1853 x224 or a their cell phone is 719-337-3872. They will give you a Good Faith Estimate on what all the costs to close are. This Good Faith Estimate will outline what your monthly payment will be including taxes and insurance. It will also tell you what cash you will need to close and what pre-paids the back will require. i.e... Homeowners Insurance for a year, taxes for three months to start your escrow account
Also they can help get you qualified for any First time Home Buyers Programs out there...El Paso County Bond grants or CHAFA. Ask either of us for more details.etc. 

2) Then the fun stuff..we get to scour the market for the perfect home. We will represent you as Buyers Agents so we work for you. All our fees are paid by the Seller but our fiduciary responsibility is to you. The Sellers will have their own representation.
3) We put in an offer...which includes the Earnest Money and Pre-qualification letter. Buyers get to decide how much they want to offer based on sold comps in the area. Let's say, Buyers want to offer $100,000 for the property but needs closing costs and pre-paids then they may offer $104,000. This way the Seller knows they are still getting only the original $100,000. But this helps his/her buyers get their closing costs/pre-paids rolled into the loan. Less out of pocket. Sometimes it works out that even the earnest monies are returned. Buyers and Sellers also agree on the close date. 

Both the listing agent will have both parties sign Contract, Buyers Agency Agreements, Addendums, Closing Instructions, Square ft Disclosures, HOA receipts, Lead Based Paint Disclosure, Mold Disclosure and Sellers Property Disclosures. We will walk you thru each and everyone of these documents. Basically we are asking the Sellers to disclosure everything they know about the property to prospective Buyers. 

4) Both parties come to an agreement and then we have an Executed Contract.
5) The listing agent must take it off the active list and no more showings or under contract still showing. ( if they want a back ups) It goes pending once all the contingencies are met.
6)Then you will need to pick a lender. Countrywide does a great job and they are the largest lender in the US so they have tons of programs to choose from. Your lender will tell you what documents they need i.e...paystubs, bank statements, tax returns and statement of service etc..
7) You will need to order Homeowners insurance..
8) The title company will start their research and send you their paperwork and any HOA covenants.
9) Next we will order an inspection. We like to recommend Pillar to Post at 719-579-6627. They are very good and the husband and wife are both engineers..I can set that up for you and one of us will be there for the inspection.
10) Any problems we find we ask the seller to repair. Some items may be cosmetic and the sellers are not required to fix those.
11) The seller agrees to do some of the things, everything or none of the items we asked for. At that point the Buyers can agree to those terms or not. Most of the time Sellers will do repairs that they find reasonable.
12) The Lender orders the appraisal. Which you pay for and should be part of your Good Faith estimate.
13) Then the lender needs to get us a loan commitment. This way we know that the closing will take place and they are ready to fund the loan.
14) Listing agent in consultation with the Selling broker schedule a closing time that works for both the Buyers and Sellers. At closing the seller will hand over their keys and any remotes that they have.
15) The Sellers need to turn off their utilities and the Buyers must then them on in their names on the close date.
16) The title company prepares a HUD settlement statement which outlines where all the monies are going for both the Sellers and Buyers.
If the Buyers or Sellers need to bring any money to closing it will be outlined on this document. All funds must be brought to closing as good funds meaning no personal checks. It can be wired which is the easiest way or as a cashiers check. Both parties must have a photo ID brought to closing as well.
17) Walk thru is scheduled for right before closing to see that the house is still in the same conditions as when we put in the offer. Everyone meets at the title company for the closing.
Buyers are now proud owners of their very own home..YEAH... 

Realtors in Colorado Springs take pride in relationships with our clients, ultimately we are all neighbors! So welcome to the neighborhood! 

New to the home buying process? Tell us your concerns. Ask us questions. It's our job to help! There's no obligation, and we promise to get back to you quickly...