Colorado Springs is a diverse city with something for everyone. In some parts of the country cities consist of townships, in Colorado Springs it is broken down into the MLS search areas. For instance, Briargate is located in the northern part of the city, on the east side of the interstate I-25 and it consists of hundreds of subdivisions with Front Range views and quick access to shopping and new commercial properties.
When initially working with a buyer, we probe to see what your needs are, your top priorities, your ideal home and if there is an area you want to concentrate on. We counsel you about the areas, types of homes and educate you about what may be the best match. Living in the city for over 35 years, and working throughout all of Colorado Springs, we are able to offer honest advice to quickly hone in on your home search.
The real estate market in Colorado Springs continues to change. Being educated about the market empowers you to make informed decisions. Take a look at a snapshot of the Colorado Springs Real Estate market.
Pre-approval
Speaking with a lender allows you to see what you truly qualify for and get an accurate assessment of what your closing costs and pre-paids will be. This ensures you will not waste time looking at homes that are not in your budget range. We have a list of lenders that we work with who are flexible and knowledgeable. Please be weary of internet lenders who are not familiar with our local real estate practices.
Your home search criteria
We want to know specifics about what your ideal home and area are. We can give comparisons of neighborhoods and types of homes and also send school information to help you in narrowing down your search area.
Customized MLS Search
We feel it is imperative to empower the buyer with knowledge. We pride ourselves on staying on top of the latest internet trends. Based on our conversations with you, we set up a personalized web page that is adjoined with the total MLS. This search is based on your buying criteria and you notifications throughout the day of new listings, price changes, and coming soon properties. You can view the homes at your discretion, save homes in a Favorites Folder or delete homes you know are not a match. You also have the ability to Google Earth each property to help weed out homes. We are able to see what homes are in your Favorites Folder as well.
Pro-actively looking for properties
In many cases, buyers are not in town for their home search. To help our clients, we preview homes, send videos or Facetime. We provide honest feedback about our assessment of the property. This process can help buyers secure a home or eliminate properties that are not a good match or may have re-sale issues.
Viewing properties
This is a team effort and we are here to help. We do a great deal of homework before taking you out to see homes to ensure we are efficient with your time. Looking at homes on-line verses seeing them in person can be very different. We bring similar homes that match your needs in case you decide to go in a different direction.
Pro-actively monitoring the Colorado Springs market
Everyday and throughout the day, we review new listings to see if there is a match for any of our clients.
Finding your new home!
Once you have identified the property, we sit down together and go through comparable pending and sold homes in the area. As the buyer, you need to be educated about the prices in the neighborhood, and what price you want to offer. We also forward this information with the offer because it helps support your offer price. There are different steps that can occur once an offer is submitted. A seller can accept the offer or counter any portions. The negotiation can continue until both parties agree or one party decides to move in a different direction.
Writing the offer
As the market changes, the offer process changes. Contracts are done electronically. We are available to sit down with you to review the offer or we can discuss over the phone. The offer is submitted to the listing agent with a lender letter and proof of funds. The response time varies but is typically around 24 hours.
Under Contract
Once a buyer and seller are in agreement, the parties are now under contract. The home is marked as under contract in the MLS
Loan process
The buyer will meet with the lender and complete the loan process. This typically includes providing the lender with pay stubs, income tax return information and bank account information.
Inspection
The buyer hires an inspector to go through the home and see if there are any issues. The inspector provides a detailed report explaining what items are in good working order and what items need attention. This is the buyer’s opportunity to do investigations of the home to include a general inspection, a sewer scope, radon test or having contractors come to the home.
Possible additional inspections include:
-Lead based paint
-Well
-Septic
-Engineer
Inspection Objection
Similar to the initial offer, we review the inspection report and findings with you and identify if any items are unsatisfactory to you. If there are items you would like the seller to correct or credit you, we submit these to the seller in writing. The seller has the option to agree to all of the items, negotiate or reject to correcting any items. There are specific deadlines for the inspection process that must be adhered by.
Appraisal
Once the inspection is complete and the buyer and seller are in agreement regarding the inspection, the lender orders the appraisal. The home must come in at the sales price or the buyer can terminate the contract or re-negotiate.
Title work
The contract is submitted to the title company. They run a search on the run to ensure it is transferred to the buyer with a clear title. There are specific deadlines for the title work outlined in the contract.
Home owners insurance
The buyer selects a home owner’s insurance company and the information is forwarded to the lender.
Preparing for the move
The buyer will contact the utilities, trash removal, phone and cable. All services will begin the day of closing.
Final walk through
Prior to closing on a home, a buyer has a right to have a final walk through to verify the condition of the home. This takes place either the day before closing or the morning of closing.
Closing
The closing takes place at either the title company or the listing agent’s office. If the buyer is bringing money to the closing, they must be “good funds,” meaning in the form of a cashier’s check or wired to the title company.
We hope this helps give a general understanding of buying a home in Colorado Springs. Please contact us directly with any questions. We look forward to hearing from you!
