Outline of the Home Buying Process

If you are considering purchasing a home in Colorado Springs, Colorado, you may be interested in the basic steps of the process. These are the same processes for a NEW home, RESALE home, NEW CUSTOM HOME, or Land purchase. The first step involves assessing your needs, and defining your goals and what is important to you. Then the fun begins!  The following is an outline of the basic process:

1. Initial "get acquainted" meeting with Larry, usually at his office
2. Get pre-qualified with a reputable lender  (we can recommend many good local lenders)
3. Screen, preview, & select potential properties of interest
4. Emerson Team sets appointments to see the homes
5. See the potential properties, generally no more than 6 per day (gets too confusing) 
6. Narrow down areas, locations, neighborhoods, settings, home floorplans.
7. See as many homes as necessary in the areas you prefer, in your price range
8. When we have narrowed it down to a few properties, determine the real value of the home.
9. Analyze the market, availability, condition and price. Prepare an offer with an earnest check.
10. Present the offer to the listing agent (or sometimes to the seller).

At this point, three things can happen:

1.    Offer was COUNTERED in price or terms. We are then in a position to reject the counter, or renegotiate and counter their counter-offer. Sometimes we are just too far apart to make it work, but I pride our team in negotiating!

2.    Offer was REJECTED by the seller, was not acceptable and too far apart to respond.

3.    Offer was ACCEPTED by the seller(s) and signed without changes.

Steps of an Accepted Offer

CONGRATULATIONS, you are about to become a homeowner!  After a contract is accepted, the following steps occur:

1. Contract is ratified, signatures by all parties on all required documents.
2. Earnest money deposited in a neutral trust account. 
3. Buyer provides any needed documents to lender to begin processing 
4. Agent will schedule a property inspection on the new home
5. Coordinate with the lender to order the appraisal and survey.
6. Fax copy of contract to lender and title company.
7. Order new title commitment and schedule a closing date.
8. Resolve any inspection issues by the contract deadline
9. Resolve any appraisal, title, survey, lien issues by the contract dates 
10. Remove contingencies in the contract in writing
11. Remind buyer(s) to order the transfer of utilities, phone, cable, etc.  to new buyer.
12. Obtain loan approval from buyer's lender by deadline in the contract
13. Schedule a walk-thru for buyers to ensure the same condition of the home
14. Closing occurs, usually at the listing agent's title company
15. Possession/move in.