The Buying Process

You are about to embark on the exciting journey of finding your ideal home in Colorado’s mountain playground. Whether you are looking for your family home, a vacation getaway, or an investment property, we will help make your home-buying experience a hassle-free and fun experience.

Purchasing a home is one of the biggest and most important undertakings in your life. We will make sure that you are well equipped with up-to-date information for your big decision. We are here to be your guides through every step of the home-buying process.

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WHY BUY?

  • Quality of Life.
  • Tax Deductibility of Mortgage Interest.
  • Tax Deductibility of Property Taxes.
  • Appreciation Potential.
  • Deferred Gain and Capital Gain Treatment.
  • Once in a Lifetime Exclusion.
  • Principal Accumulation.
  • Pride in Your Home.
  • No Landlord.
  • Leverage (where else can you buy this size or type of an investment with only 5-10% down?).
  • The Summit County Lifestyle.

HOW MUCH CAN I AFFORD?

There are three key factors to consider:

  • The down payment: Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan. If you are able to come up with a 20-25% down payment, you may be eligible to take advantage of special fast-track programs and possibly eliminate mortgage insurance.
  • Your ability to qualify for a mortgage: Most lenders require that your monthly payment range between 25-28% of your gross monthly income. Your mortgage payment to the lender includes the following items:
    • The principal on the loan (P)
    • The interest on the loan (I)
    • Property taxes (T)
    • The homeowners insurance (I)
  • The closing costs associated with your transaction: You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the final settlement, unless you are able to include them in your financing. Typically, total closing costs will range between 2-5% of your mortgage loan.
Preferred Lenders

WHICH NEIGHBORHOOD?

There are many factors to consider when selecting a neighborhood that is right for you. Below are just a few of the many factors. You may think of others that are important to you as well. Please write them on your Home Search Criteria form, so they do not get forgotten. Neighborhoods have characteristic personalities designed to best suit single people, growing families, two-career couples, or retirees. Investigate to determine if the neighborhood matches your lifestyle and personality.

First time visitors to Summit County are always surprised by the diversity of real estate we have here. There are ski-in/ski-out opportunities at Breckenridge, Keystone, and Copper. Looking for more space? Stargazing in Blue River or Silverthorne makes you feel a million miles from the urban hustle and bustle, while still being very near great restaurants and amenities. If you like to be in on the action Frisco and Breckenridge are two of the most desirable mountain main street towns in the country.. We pride ourselves on being your local experts, and we will help you find the neighborhood that is right for you. Click the link below to explore the county.

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MAKING AN OFFER

When you're ready to move forward with a purchase, we will advise you on constructing the strongest offer possible. Then we will draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer. We'll discuss the purchase price, the closing date, sale contingencies and any special stipulations for your particular purchase. Once an offer is submitted, the seller may accept, reject or counter the offer. If the seller returns a counter, we will enter a negotiation period until an agreement is reached, or the offer is rejected by either party.

NEW CONSTRUCTION

Why use an Agent to purchase a new home? The advantages of having an agent help you purchase a new home are the same as those for purchasing a resale home:

  • Knowledge of the market.
  • Help in finding the perfect home quickly.
  • Expertise in contract writing/negotiation.
  • Closing assistance.

Developers have a professional representative watching out for their needs, and you need the same expert representation. Buying a new home is a little more difficult and time-consuming than buying a resale. We can professionally guide you through this process. It is very important that your interests are professionally represented when you are entering into a contract for a semi-custom or build-to-suit home. These transactions are complex and the contract details must be exact in order to protect you and to ensure you get exactly the home that you want!

Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home's structure or systems. The inspector will also investigate potential issues such as pest infestations or mold. Depending on the purchase agreement, we may enter additional rounds of negotiation to resolve any problems discovered during the inspection.

AFTER CLOSE

Now that you have your keys, what’s next? Make arrangements for canceling home utilities and setting them up. Advise them of your desired date for final reading and give them your new address for final billing. Request deposit return if appropriate, and arrange for immediate service at your new address. If the home needs some TLC, or any work, we have a helpful guide of our favorite vendors in Summit County.

Preferred Vendors
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Home Appraisal

Your lender will arrange a professional appraisal of the home. An appraisal is an unbiased estimate of the true (or fair market) value of a home and is conducted by an independent third party. The appraiser will confirm the appraisal value of the property for all parties involved. If the home appraises at less than the expected value, you may have the option to renegotiate the purchase agreement or terminate the contract.

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The Final Walkthrough

Prior to closing, we will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. This is the final opportunity to call out any problems identified with the home before closing. Depending on the purchase agreement, you may sign a formal contract addendum confirming that the walkthrough is complete, and the condition of the home is acceptable.

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Closing!

Time to celebrate! Your lender will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. They will also confirm that you are clear to close, and you will sign all of the paperwork required to complete your purchase and loan agreement. Once the paperwork is signed by all parties and your loan is funded, you will receive keys, and you'll be ready to move into your new home!