Founded in 1871 by General William Palmer, the Colorado Springs featured as one of Americas Best Cities in the Outside Magazine List of 2009. With tourism industry flourishing in Colorado Springs and the increasing population, the place has become one of the preferred destinations for home buyers.
If you are looking forward to buy a home in Colorado Springs, there are 7 steps to fulfill, ranging from searching for home and moving in finally. Usually, the realtor Colorado Springs agent will guide you with the purchase but for your knowledge, we have given below the 7 steps in summary format so you don’t have to rely only on Colorado Springs realtors for your purchanse. They are
1. Obtain a free credit report from each of the three major credit bureaus Experian, TransUnion and Equifax. See the last three months report. Depending on the credit report, financial institutions will lend you money. Bankruptcy claims or unimpressive credit report will make it almost impossible to receive financial assistance.
2. In case financial assistance is needed, get yourself pre-qualified. In this, the lender asks you to fill out an application form and submit the necessary documents income tax returns, gift affidavits, bank statements last 3 months pay stubs, and any recent debt. The lender verifies the information and approves or disapproves you.
3. Choose an ethical realtor agent. The agent should have sound reputation and should be aware of the legalities of buying a home property in Colorado Springs. The realtor should not misguide you. Search online or ask for realtor references.
4. Create a comprehensive list citing necessary requirements before searching for a Colorado Springs home. Take this list to the realtor and then the responsibility is on the realtor to find a suitable home for you.
5. After you have selected few homes, seek help from the agent to negotiate the selling price. The selling price is determined by analyzing the real estate market of the area in the last 6 months. If selected, pay 1 earnest money to book the house.
6. Disclosures, Common Interest Community documents, and Title Commitment are some of the important documents that are exchanged between the buyer and seller. Make sure the documents are legal. Seek legal help to verify the legitimacy of the documents.
7. Inspect the house and know the appraisal rates. Make sure the house is insured. If you are getting a loan then appraisal fee, lenders inspection fee, flood certificate, mortgage insurance application fee, tax service fee, document preparation fee are some other expenses to deal with.
After all the details are finalized and the house settlement arranged, you can move in any day!