Buying A Home In Colorado


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Learn about the process of buying a home in Colorado.

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Buying A Home In Colorado

  1. 1. Julie Ryder Realtor, PMP
  2. 2. My Mission To help you find the best house that fits your needs in the time frame you select with the least amount of stress and inconvenience as possible Credentials Realtor for 10 years Project Management Professional (PMP) Certification Master’s degree in Management Bachelor’s degree in Psychology & Management
  3. 3. What My Customers A S i Wh t M C t Are Saying Mary Jane Zehnpfennig, MA OTR/L, Executive Director of Therapy in Action, and Real Estate Investor. Some say never do business with friends, however, in this instance they are wrong, Julie is an outstanding business woman! Julie has brokered various commercial and residential properties for me. I am always impressed how efficiently Julie researches and manages her multiple projects. She may be tiny in stature, but she is a tough negotiator, who never alienates the opposing party. It is with utmost confidence that I recommend Julie. One caveat thought, if you find yourself playing Pictionary with her get on the other team. While Julie is drawing masterpieces, your opponents have already won the round. Tim Fogle, Executive Director of The Mercy Center, and Real Estate Investor. I have known Julie professionally for years, and her marketing abilities and people skills have benefited me more times than I can count. Her brochure designs and other marketing materials always catch the eyes of potential clients, and they have been instrumental in her and my success. She also has an amazing ability to work well with the broadest spectrum of people I have ever seen, making her an asset in any organization.
  4. 4. Buying a Home is a Complex Process Finding Your Home Working with a Buyer’s Agent How Much Home Can You Afford? Agency Options Financing Your Home The Mortgage Process Documents Needed to Apply for a Mortgage Making the Offer Negotiation to Contract Closing the Transaction g
  5. 5. Defining Your Housing Priorities fi i i i ii I ll I’ll help define your housing priorities by discussing your specific needs, wants and desires. Then we’ll create an organized plan and timeline for your property search. My commitment to you is to deliver Premier Service.
  6. 6. Agency O i A Options Buyer’s Agent B ’ A t A buyer’s agent represents you, the buyer, during the home buying process. The agent has a fiduciary responsibility to represent only the home buyer’s best interest in all aspects of the home buying transaction. Seller’s Agent A seller’s agent represents the home seller. They may assist the buyer, but do not represent the buyer and must place the interest of the home seller first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. Transaction-Broker A Transaction-Broker assists the buyer or seller or both throughout a real seller, estate transaction by performing the terms of a written agreement without being an agent or advocate for either party.
  7. 7. Working with a B W ki ith Buyer's Agent ' A t Unlike a seller’s agent, or a transaction-broker, a buyer’s agent has total loyalty to the home buyer and will: Listen to the home buyer’s needs, wants and desires and stay within the scope of delegated authority Solely represent the home buyer’s interest in any and all negotiations buyer s and transactions involved in the home purchase process Fully disclose all information about the transaction that might affect the home b h buyer’s b t i t ’ best interestt Actively work to reduce the final price of the house Keep home buyer’s confidences even after the agency relationship ends
  8. 8. The Mortgage Process Complete loan application Verification of financial, employment information Home appraisal ordered Good faith estimate of closing costs and truth in lending disclosures Loan application evaluation Loan approval and l tt of commitment L l d letter f it t Closing is scheduled Closing is held, signing of documents and funding of loan Disbursement of funds by lender Seller is paid and the home title is transferred to you Documents are recorded at the county office of records
  9. 9. Documents Needed to A Apply f a Mortgage for Two years of W2’s and one month of pay stubs (if you are salaried) Two years of tax returns and a Year-To-Date Profit and Loss y Statement (if you are self-employed) Three months of bank statements for each bank, mutual fund, and/or investment account d/ i t t t A current statement from your stock, retirement, and/or 401K statement If you own rental property, provide t t l t id two years of t returns f tax t and current rental agreements A copy of your divorce decree if applicable If you are not a citizen, provide a copy of the front and back of citizen your green card A copy of your Homeowners Insurance Declaration Page (for refinancing)
  10. 10. Finding Y Fi di Your Home H Property Search I will provide information and develop a strategy to insure that you are effectively offered the opportunity to view and evaluate as many relevant p p properties as p possible. Property Showing I will show you the properties that meet the criteria you have selected. Property Evaluation/Disclosure I will give you my expert opinion and advice on each property viewed and disclose any defects known to me including any information that might affect y your purchase decision.
  11. 11. Factors Aff i the Price of a Home Affecting i f Depending upon market conditions, it is the starting point from which to negotiate the actual price of a conditions home. The actual market value is determined by what a buyer is willing to pay. The second most important factor in the buyer’s mind is location. The proximity to area amenities and schools is typically a concern. In addition, street traffic, access to expressways and public transportation are considerations. The structural and mechanical integrity, as well as the upkeep and cosmetic appeal of a property affect a home price. Neutral décor, including floor and wall coverings, appliances and fixtures, offer the broadest appeal to buyers.
  12. 12. Factors affecting the Price of a Home ff i i f Interest rates competition from other properties the economy and consumer confidence all influence rates, properties, the sale of a home. Each of these factors plays an important role in the ultimate purchase price of a home. An offer to purchase must be tailored in response to market conditions. The terms of a purchase can make or break the contract. House sale contingencies, closing dates, and inclusion of accessories or fixtures should be handled clearly and up front in order to avoid any confusion that could affect the purchase.
  13. 13. Making th Off M ki the Offer Offer Preparation I will prepare a written offer on the property you choose to purchase and include the terms approved by you. Offer Presentation I will present your purchase offer to the seller or the listing associate.
  14. 14. Negotiation to Contract i i C I will discuss and review the best negotiation strategy in order to acquire the property of your choice. I will: Present your purchase offer and diligently promote your interests Negotiate the best price and terms on your behalf, except when N ti t th b t i dt b h lf t h acting as a Transaction-Broker I will act assist both parties. Report to you promptly on counter-proposals or counter-offers and advise you on next steps. Advise you of all appropriate contract changes/additions for your final written execution of the contract To protect your interests, and maintain the strongest negotiating position you should discuss the following information with potential sellers or other real estate agents: Reasons for purchasing a home Urgency to purchase a home Maximum funds available to purchase a home Financing terms you would consider Corporate relocation timeframes and benefits p Any personal confidential information
  15. 15. Closing th T Cl i the Transaction ti Prepare for the Closing I will track the progress of the sale and keep you informed as to your needs and responsibilities every step of the way. Final Walk-through I will accompany you on your final property walk-through prior to closing (if agreed to in the sale contract) and assist you with solving any p y problems that may be discovered. y Closing the Transaction I will work with you and all of the involved parties to ensure that the required and appropriate information is available — facilitating a q pp p g smooth closing.
  16. 16. Checklist For Your Family Move C i i Send Change of Address to: Post Office: give forwarding address Charge accounts, credit cards Subscriptions: notice requires several weeks Relatives and friends Don’t Forget: Bank: transfer funds arrange check-cashing in new city funds, check cashing Insurance: notify new location for coverage: life, health, fire, auto Automobile registration: transfer of car title registration if necessary; also driver’s license, city windshield sticker, motor club membership Utility companies: gas, light, water telephone perhaps fuel; get refund of gas light water, telephone, deposits; arrange for immediate service in new location Route deliveries: laundry, newspaper, milk, diapers; changeover of services School records: ask for copies or transfer of children’s records Medical, dental Medical dental, prescription histories: ask doctor and dentist for referrals referrals, transfer needed prescriptions, eyeglasses, x-rays Church, club, civic organizations: transfer memberships, get letter of introduction Pets: k b t P t ask about regulations f licenses, vaccinations l ti for li i ti
  17. 17. Example of Estimated Buyer's Cost f i ' C Buyer’s Closing Costs Costs Lender’s Title Policy $125.00 Recording Fees $100.00 • Estimated Buyer’s Closing cost  Tax & Homeowner’s Insurance Reserves TBD including, but not limited too. including, but not limited too. Property Settlement Fee $225.00 Mortgage Insurance Premium TBD •TBD‐To be determined Loan Origination fees approximately 1% of loan fees-approximately TBD amount •Actual costs will vary with each  Appraisal $350 to $400 transaction Credit Reports p $ $ $40-$60 Survey or ILC TBD Loan Closing Fee $225.00 Real Estate C Closing Fee $200.00 $ Courier Fee $25 Document Preparation Fee $100-$250
  18. 18. Estimated Monthly Payment will include: i i i Real Estate Agent 39%
  19. 19. The Premier Service Commitment Th P i S i C i This Thi commitment, which GMAC R l E t t it t hi h Real Estate Realtors give to their customers, pledges to serve as their Trusted Advisor, Skilled Negotiator and Expert Facilitator®. By signing this pledge, I am giving you my personal commitment to: Deliver a service experience based on your needs and wants Stay in touch with you and deliver the level of service you want Give you access to services that can deliver value and relieve the stress of buying or selling a home Make myself available to answer questions or concerns Make it my highest priority to deliver the caring customer service you deserve
  20. 20. The Premier Service® S Th P i S i Survey Your opinion is important and your input is valued! Through the Premier Service program you will be asked to complete a survey conducted by an independent research company. The survey will enable us company to document and track my performance and ensure a continued record of superior service that no other company can match.
  21. 21. My Mission M Mi i To help you find the best house that fits your needs in the time frame you select with the least amount of stress and inconvenience as possible Im I’m ready Julie Ryder Realtor, PMP to work for you!