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INSPECTIONS & APPRAISALS

The Process

Navigating the Process: From Agreement to Earnest Money

The journey commences with an initial agreement and deposit, marking a significant step in the real estate transaction process. Here are key insights to enhance this phase:

Initial Agreement Clarity:

  • An effective agreement binds the potential buyer and property seller.
  • Document everything in writing, encompassing verbal agreements, counter-offers, and addendums.
  • Our expertise extends to drafting thorough written records and delivering copies to all involved parties.

Stay in Step with the Schedule:

  • A timeline will be outlined for each stage of the real estate closing contract.
  • Ensuring adherence to the schedule aids in a seamless progression.
  • We're here to guide you through each stage, making sure you're well-informed and on track.

This phase sets the groundwork for the real estate process, and our commitment is to facilitate a streamlined journey for all parties involved.

Initial Agreement and Earnest Money:

An effective agreement is a legal arrangement between a potential purchaser and the property’s seller. Some important tips to keep in mind to streamline the process:

  • Keep written records of everything. This includes verbal agreements, counter-offers, and addendums. We can assist drafting all written records and provide copies for each party.
  • Keep up with the schedule. You and the seller will be given a timeline to seal every stage of the real estate closing contract.

The Closing Agent's Role and Essential Steps

Once contract agreement and document signing are complete, a title company or attorney steps in as the closing representative. Here's how this crucial phase unfolds:

Title Company and Earnest Money:

  • The title company or attorney becomes the neutral closing representative.
  • Your earnest money is deposited and managed until the closing date.

Neutral Intermediary:

  • The title company impartially handles funds, distributing as needed.
  • They research the property's history, ensuring a clear title.

Meeting Contingencies:

  • All contingencies specified in the Purchase Agreement must be fulfilled.
  • This ensures a seamless process leading up to closing.

Understanding How to Hold Title:

  • Different ways to hold property ownership impact transfer, financing, and taxation.
  • Consult with an attorney or tax advisor to determine the best method for you.

Property Inspections:

  • Arrange a licensed property inspector visit within agreed time frames.
  • Inspection results guide decisions, and issues may be renegotiated.

Appraisals and Financing:

  • Lenders require a third-party appraisal to confirm property value.
  • Keep communication with your lender to stay informed on document needs.

Association Approval:

  • Certain properties need association approval prior to purchase.
  • Follow the timeline in the Purchase Agreement for required steps.

Property Insurance:

  • Obtain property insurance based on your usage plans (homeowner or landlord).
  • While not always mandated by states, lenders typically require it.

We're here to facilitate this intricate phase, ensuring a seamless transition towards the official property ownership transfer.

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When you are ready to get started, call us at (719) 884-0777 or complete this short form one of our agents will be in touch.

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Buyer or Seller?

Insightful Tips for a Smart Purchase:

Budget Wisely:
Despite your approved maximum amount, refrain from exhausting your budget solely on the home's sale price. Allocate a portion for closing costs, taxes, and potential repairs or enhancements.

Familiarize with the Locale
Assess if the neighborhood aligns with your family's needs. Proximity to schools and convenience of shopping should factor into your decision.

Prioritize Home Inspection
Don't overlook the significance of inspections. They unveil concealed issues, offering clarity and aiding well-informed choices about your investment.

Pre-Approval Power
Secure pre-approval from a lender to signal your genuine intent to buy. This demonstrates commitment and readiness, showing you're not merely exploring options.

Make a List of Deal Breakers

Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.

Look at the Age of Appliances and Other Systems

Appliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.

Check For HOA Requirements

Most neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.

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As your guides in the home buying journey, we're here to ensure you navigate these steps with prudence and confidence.

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