Buying your first home will be easier than you think!
At the beginning the process of buying a home may seem overwhelming. There are so many things to do and consider. We understand what you are going through and are committed to helping you through the process by helping you understand each and every step. We are committed to helping people who want to become homeowners get into the homeownership club!
The Berkshire Group has a wonderful Home Buyers Orientation Book specifically developed to help guide you through the process of buying a home. Before long you will be making steadfast decisions based on understanding and not guesswork!
First time home buyers may be eligible for special programs
Initially we will want to confirm your eligibility for special Colorado Grant programs. Such programs are available to first time buyers and buyers who have not owned a home in 3 years.
Benefits to those who qualify are:
- Allow for a purchase with a very low (or no) down payment
- Offer grants that never have to be repaid
- Subsidize interest costs
- Defer payments
If you would like to determine if you qualify, follow this link for First Time Home Buyer Grant Eligibility.
- Get Pre-qualified for a specific loan amount ~ you will have a face to face meeting with a loan officer. They will review your income and debts, look at your credit report and discuss your financing options. Knowing how much a loan you can afford will be the determining factor in how much you can pay for a home. Sometimes this means helping you prepare your credit report to pass future scrutiny. Together you will plan a strategy for your home purchase either now or later.
- Once you have the “green light” to go forth, you will make the actual loan application and start the process to get approved. Having a Pre-approval shows strength to a seller and will benefit you when it comes to negotiating the price of your home. When your loan is approved, the home you choose will still need to appraise for at least the price you pay. If not the home does not appraise for this value, you will not be obligated to purchase it at that price.
- Get you set up with our handy Denver MLS-IDX Search. Now that we know how much you can afford, we can begin a serious home search in all the neighborhoods that meet your budgetary and lifestyle requirements. This is when the real fun begins, first online searching learning about properties and neighborhoods. The online search will deliver the newest listings to you as they come on the market. You will be able to save your favorites and track them.
- Go house hunting. Armed with all the details and a pre-approved loan, we will go touring the best selection of homes. Typically we like to look at 4-6 homes at a time. If none of those meet your needs, we will continue to look until we find one that makes your heart do flip flops.
- Write the offer to purchase your home consisting of the price and terms we define together. Typically we include in the offer:
- The financing terms you are qualified for
- Amount of down payment
- Who pays the closing costs
- Inspection deadlines
- Personal property that will transfer with the deed
- Closing and possession date
Choosing your Realtor
The importance of choosing the right Realtor to represent your interests in the transaction cannot be stressed enough. So many buyers fail to choose a Realtor on purpose, they start by calling a name on a sign and next thing they know they are working with someone by default.
Contrary to what many people think, there IS A DIFFERENCE in Realtors.
First of all you want to choose someone who is working full time so they can devote the necessary time to you during your home search.
Secondly it is important to choose a Realtor who has some experience. Relying on someone who hasn’t completed a significant amount of transactions is risky at best.
Your best choice is going to be a Realtor who will work diligently to represent your interests and will listen to your needs. Your Realtor should be prepared to answer your questions and assist you in all phases of the process from financing your loan to the closing table.
At The Berkshire Group we work hard to exceed your expectations. If you would like to discuss the possibility of working together, please email or call. I look forward to hearing from you soon.
~ Kristal Kraft