Home Buying Process 
 

Buying a Home In The Denver Metro Area?

Let me be your personal guide, finding ways to save you time & money.

If you are looking to find the perfect home for your needs, we also offer a FREE unique home-hunting service designed to make the home-hunting process both easier and less time-consuming.  Many find the traditional home-buying process very frustrating because it can be so time consuming. Withe so many homes out there on the market to look at, it can be difficult to really narrow your search down and find the best available homes, before somebody else does. But with our FREE Buyer Search program, its you, the buyer, who ultimately has the choice and ability to find those homes first and decide which homes you will take the time to view. Our professional searching, allows us to be much more precise in our searches and narrow down the list, to just those homes you would be most interested in, saving you tons of time and ultimately lots of money too.

Here's how our FREE home hunting service works: Each night, we search the entire Metro-Denver real estate database for all homes (not just our own listings) that match your exact requirements(style of house, square footage, lot size, location, etc.), and then automatically downloads these listings with color photos, which we then email to you.  Each day you receive this free updated information, enabling you to beat out other buyers to hot new listings, including fixer-uppers, HUD homes, repo bank foreclosures and distress sales.

If you would like to receive regular updates of new listings that match your home buying criteria, simply call our office at 303-777-7435 or email 
LaurieKing@DenverHomesForSale.com and we will be happy to assist you.  Additionally, you may find updated MLS details for any MLS-listed property online, including additional pictures, virtual tours, area maps, community and school information, by utilizing my FREE Customized Home Finder Search tool  


QUICK Reference to Sections:
Home Search
Financing
Settlement Strategies
Definition of Buyer Agency
Helpful Hints
Listings
Real Estate Vocabulary
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Buying a home in toady's market takes confidence and experience.  You can count on my experience and knowledge to help you find and buy an affordable home without hassle and headaches. AND another great aspect about having a buyers agent is that my help is
FREE
of charge to you, the Home Buyer.
I represent the best interest of my buyer's, 100%, when they sign up with me as their Buyer's Agent.

  Click here to get a Free Home Buyers Guide, filled with tons of great tips to help you get started and also help save money home buying costs. 

   HOME SEARCH

Find a home!

If you haven't did this already, the first thing I help you with is figuring out what monthly payment range you can afford?; Then based on the loan amount that payment will qualify for, we look at homes only within your price range.; We then go over your basic needs, wants and wishes.  Do you want 3 bedrooms or 4? One bathroom or 2? What type of car storage do you need? Do want a Brick Ranch or a Framed home, what about a;Victorian Style or a Bungalow? Are you more interested in a newer home? Do you want a big yard, or low maintenance?; Where in the city do you want to live or do you prefer the suburbs? There are many things to consider in getting started, these are just a few ideas to help get you started. I can help you figure it all out. I hold my clients hand through the entire process and make it fun and easy. I help you with negotiations and going over the contract to make sure you are benefiting the most. 

contract details

You may not find every last feature of your dream home, but that does not mean you must abandon your dreams to buy.  One solution is to look at properties that promise appreciation or have ways to make improvements, so when you want to exchange your home later for something closer to your dreams, it will pay off.  

QUICK Reference: Home Search Financing Settlement Strategies Definition of Buyer Agent Helpful Hints Listings
Real Estate Vocabulary

FINANCING

Loan Application

       You can increase your buying power by  taking advantage of current financing plans designed to reduce your monthly payments, your down-payment, or both:.  There are many many different programs to fit almost anybody needs whether your looking to purchase with little or no money down or maybe you don't think your credit is perfect or maybe you need a non-income verifying program.  I can help you find the best program to fit your specific needs.  Call today for the program options - with absolutely no obligation - 303-777-7435.

ADJUSTABLE RATE MORTGAGE.  The initial interest rate on an ARM is lower than a conventional loan, thereby
requiring lower monthly payments.  The rate rises or falls at intervals, but within limits.  Ask about the 3/1 and 5/1 options
offering no rate adjustment until the third or fifth year, then annual adjustments after that.  The secret is finding low rate
caps (ideal: 2-3% adjustable cap, 5-6% life-of-loan cap) and below-market rates for the first period.  Expect to shop among several lenders for the best terms. 

FIXED RATES.  If you're more comfortable with the security of a higher-priced fixed-rate loan, opting for a longer term
(30 years rather than 15 years) may put monthly payments within reach.  Although you would pay more in interest over the life of the loan, you may plan to move before 30 years are up. 

VA GUARANTEED LOAN.  If you are an eligible veteran, the Veterans Administration requires no down payment (up
to a specific sale price) for a VA mortgage.  Ask me for current ceiling. 

FHA INSURED LOAN.  Insured by the Federal Housing Administration, your loan (obtained through an established lender) requires a 3.5% down payment and has less strict credit scoring for the home buyer. It can be either adjustable or fixed. You are only allowed to have one FHA loan at a time.

FHA 203 INSURED LOAN.  Insured by the Federal Housing Administration, your loan (obtained through an established lender) requires lower down payment and interest rate than most other mortgages.  Down payment is 3.5% of appraised value on properties priced at $50,000 or under; 3.5% of the first $25,000 of properties priced over $50,000 plus 5% of the remaining amount up to a ceiling that varies by area (ask me for our local figures). 

BUYDOWNS.  At settlement, a third party (builder, seller or investor) agrees to put additional cash "up front" with
a lender, in exchange for a lower interest rate to the buyer. Approaches vary among permanent buydowns, multi-year and graduate plans.  These rates subsidies can help you afford the home you want. 

GRADUATED PAYMENT MORTGAGE.  The initial interest rate GPM is lower than a conventional loan and it has
scheduled increases in following years-- as your income presumably is on the rise. 

BLENDED LOANS.  Lender who hold mortgages on a seller's home will sometimes agree to refinance by blending the
seller's old low-interest-rate mortgage with your new one.  The original lender keeps the business, and you get a below
market payment. 

INTEREST-ONLY MORTGAGE.  Your lender (or seller) gives you a loan in which you pay only the interest, not any
principal, for one to five years (usually). At the end of that time you must either pay off the loan or refinance. This allows you to buy more house, but should not be used for a long term loan.

SELLER TAKE-BACKS.  Some sellers are willing to consider seller financing (in several formats)  designed to reduce
buyers' payments.  One format is a short-term second mortgage, secured by the house and accepted by the seller to help
trim the buyer's down payment requirements. 

MORTGAGE ASSUMPTION.  When you assume an existing loan, your "down payment" is the difference between the
sale price and the loan balance.  By finding an assumption with a high unpaid balance, you may reduce your own payment.
If the loan has a lower-than-market interest rate, you'll also reduce your monthly payments. 

CO-SIGNED LOAN.  A loan co-signer can help you qualify for a larger loan on term, making monthly payments smaller. 

SHARED EQUITY.  You buy your home with parent, relative, friend or other qualified investor who makes the
downpayment.  You share the purchase costs, the maintenance, the monthly payments--and equity profits on sale.

QUICK Reference: Home Search   Financing Settlement Strategies Definition of Buyer Agent Helpful Hints Listings
Real Estate Vocabulary   Back Home

SETTLEMENTS STRATEGIES

    Another solution to the financing dilemma is to find additional funds for a down payment.  For Example:

TAX-FREE GIFT.  Receive a tax-free gift from your parents (or others) documented by a "gift letter" stating no
repayment is required (thus your debt burden is not increased.  Children can receive up to $10,000 from each parent in one year tax free; thus a couple can get gifts up to $40,000 from four parents without any income tax consequences.  Some lenders may require you to use some of your money in addition to the gift.
FINANCE CLOSING COST.  Ask your lender if you can pay closing costs from your mortgage loan proceeds.  This
will free some cash for a larger down payment.
SALE OF ASSETS.  If you own other property (real estate, jewelry, collectibles, automobile, etc. ), securities (stocks,
bonds) or other assets, they can be sold to make your down payment.
TAX REFUND Buyers anticipating an income tax refund can use it to increase their down payment funds, especially in
the spring.
LIFE INSURANCE If your insurance has cash value, you may be able to borrow against it at a low interest rate,
possibly without having to repay the loan--and without jeopardizing your mortgage loan qualifications.
SECURITIES LOANS.  If you own bonds, an IRA, vested pension or profit sharing, some banks will lend you cash
against these as collateral. The portfolio must be negotiable, although not immediately available. 
SELLER PAID CLOSING COSTS. This is when you roll most of your closing costs into the home's purchase price and then the seller credits you money back at closing as a credit on the closing settlement statement. 

     These are only a few of the dozens of ways to get around the home-financing dilemma.  I'll be glad to help you explore them all. Don't hesitate to give me a call. Laurie King (303) 777-7435  or E-mail.
 
 


QUICK Reference: Home Search   Financing Settlement Strategies Definition of Buyer  Agent Helpful Hints Listings
Real Estate Vocabulary   Back Home

WHAT IS A BUYER'S AGENT?

A buyer's agent works solely on behalf of the buyer and owes duties to the buyer which include the utmost good
faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the buyer. The buyer is
legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent
must disclose to potential sellers all adverse material facts concerning the buyer's financial ability to perform the
terms of the transaction and whether the buyer intends to occupy the property. A separate written buyer agency
agreement is required which sets forth the duties and obligations of the parties. All this comes as no additional cost to the buyer.  In most cases, commissions are paid by the seller.  So why not have the protection and professional experience supporting and protecting you.  It won't cost you, and can save you thousands.

Broker's Services

Broker will exercise reasonable skill and care for the buyer and make reasonable efforts to locate property for the
buyer. Usually at no cost to the buyer, saving them time and money.

 1.) Broker will promote the interests of the buyer with the utmost good faith, loyalty, and fidelity, including but not; limited to:

A.) Seeking a price and terms which are acceptable to the buyer, except that broker shall not be
obligated to seek other properties while the buyer is a party to purchase property; Negotiating on the buyers behalf for the best price and terms.

B.) Procuring acceptance of any offer to purchase property and to assist in the completion of the transaction; coordination of appraisals, home inspections, title work, scheduling of closing and any document and contract preparation for the buyer.

C.) Presenting all offers to and from the buyer in a timely manner, regardless of whether the buyer is
           already a party to a contract to purchase property;

D.) Disclosing to the buyer any adverse material facts actually known to the broker;

E.) Counseling the buyer as to any material benefits or risks of the transaction which are actually known to the broker;

F.) Advising the buyer to obtain expert advice as to material matters about which the broker knows
but the specifics of which are beyond the expertise of the broker;

G.) Accounting in a timely manner for all the money and property received, and

H.) Informing the buyer that the buyer may be vicariously liable for the acts of the broker when the
broker is acting within the scope of the agency relationship.
 
 

 2.) Broker shall not disclose to the seller or any other third party, without the informed consent of the buyer:

A.) That the buyer is willing to pay more than the purchase price for the property;

B.) What the buyer's motivating factor(s) are;

C.) That the buyer will agree to financing terms other than those offered;

D.) Any material information about the buyer unless disclosure is required by law or failure to disclose
           such information would constitute fraud or dishonest dealing; and

E.) Any facts or suspicions regarding circumstances which would psychologically impact or stigmatize
           property.
 
 

 3.) Broker shall disclose to any prospective seller all adverse material facts actually known by the broker,
 including but not limited to adverse material facts concerning the buyer's financial ability to perform the terms of
 the transaction and whether buyer intends to occupy property as a principle residence.

 4.) Broker shall make submissions to the buyer describing and identifying properties to substantially meet all
 criteria as agreed between the buyer and the broker.

Call your Buyer Residential Specialist, Laurie King , today: (303) 777-7435. Or E-mail.


QUICK Reference: Home Search Financing Settlement Strategies Definition of Buyer Agent Helpful Hints Listings
Real Estate Vocabulary   Back Home


HELPFUL HINTS WHEN PURCHASING A
COLORADO HOME.
Once we've found your dream home, here are some tips you might want to consider.


You need to check out your "home to be" carefully. New home or not so new, it pays to know what to look for in the home's structure, equipment and surroundings. A final assessment can be made by an inspection service company, the points listed below can serve as a remainder of some things you should look for, in order to make a wise buying decision. I can also help you pick out the best inspector to go over the property with a fine tooth comb. As your Buyers Agent, I will also make sure your contract has an inspection contingency to give you plenty of time to check things out thoroughly.

STRUCTURE OF HOME

FOUNDATION. Floors and walls poured concrete. No evidence of water seepage or moisture problems. Minor settling cracks usually not structurally significant.

DRAINAGE. Sump pump for sanitary and foundation draining. Crawl space dry.

TERMITE AND WOOD ROT. May require inspection by qualified exterminate for existing and potential problems.

FLOORS. Conditions of walls, whether drywall or plaster. Absence of water marks.

ATTIC. Sufficiently insulated and ventilated.

FIREPLACE. Damper working, flues to chimney clear.
 
 

EQUIPMENT AND APPLIANCES

HEATING. Type of heat used and minor periodic maintenance required-oil fan motor, lubricate bearings, clean humidifier, replace filters, etc.

HOT WATER SYSTEM. Type and gallon capacity. How long present unit in service (if older home).

ELECTRICAL. Standard house current, number of circuits, outlets and fuses or circuit breakers sufficient for everyday needs. Condition of wiring.

PLUMBING. Good water pressure throughout house. Tie-in to local water supply facilities, etc., all in working order. Bathroom and kitchen fixtures in good shape.

APPLIANCES AND FIXTURES. Range, refrigerator, dishwasher/disposal, laundry facilities, etc. all in working order. Accommodation for gas grill hook-up. Bathroom and kitchen fixtures in good shape.

           EXTERIOR AND GROUNDS

LOT AND LANDSCAPING. Grading level or properly contoured. Trees and shrubs sufficient for needs. Fences, walls, patio and driveway in good condition.

EXTERIOR WALLS. Type suitable to weather conditions, need for periodic maintenance (painting or tuck pointing).

DOORS AND WINDOWS. Easy to open and close (or replace) for storm/screen removal or installation.

ROOF. Gutters and down spouts in good condition. If older home, how long have shingles been in use? Chimney flashing tightly caulked.

GARAGE. Doors or opener in good working order. Sufficient electrical and heating access. 

For a full punch list of items to be sure to check out, give me a call or shoot me an e-mail and I will send one to you. 
 

QUICK Reference: Home Search   Financing Settlement Strategies Definition of Buyer Agent Helpful Hints
Vocabulary
Homes For You-Listings
 
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real estate denver colorado
Laurie King
Re/Max Southeast, Inc.
3600 S. Yosemite St.

(303) 777-7435

e-mail me today

MLS Equal Opportunity Realtor

Thank you for Visiting - BOOKMARK for future reference - Thanks!!
© 1997 by Laurie King

Last update 2/8/09

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