Facts to know
Facts you should be aware of when Buying a house in Colorado
Frequently Asked Questions
Want to Buy a house in Colorado?
If you are thinking about it, and you want to be a homeowner then now is a good time. You need an advocate, which is what a good Realtor® becomes. Buying a home, you are building equity and a future.
Thinking of selling your home in Colorado?
You will need to find a competent Realtor® in Colorado, who focuses and knows the area your home is located in. That realtor should use a professional photographer. Consider having your home professionally staged. Your realtor will know one. Do what is necesary to make your house shine and you will get your best price.
What will the lender ask me for?
The lender will want the last 2-3 yrs of tax returns, proof of funds (bank statements) copies of your payroll checks for the last several months, etc. The initial documentation will take you about 30 minutes, sometimes more. This is totally CONFIDENTIAL INFORMATION. Your Realtor will never know what your financial condition is. Realtors are only told, by the Lender, what you will qualify for and an approximate loan rate in this market.
What Do I Look for in Homes?
Have an idea of what you want, 3 bedrooms, 2 baths, 2 car? Yard? No yard? House or Townhome? Have children or pets or other friends or family members to consider? Look at the neighborhood, the quality of construction, the age of the home, the roof and main components, such as furnace and HVAC systems.
Do I Need a Home Warranty? What about Home inspections?
If you are a first time buyer, or if you have limited cash, a Home Warranty can be very handy in an emergency for the first several years. However, don’t ignore the Home Inspection. That will give you a great deal of knowledge about a home you are purchasing. In Colorado you should have a Radon test completed and new laws require that person or company be specifically licensed to do the job.
Rates and what price range can I afford?
In this market, RATES for loans vary on an almost daily basis. Don’t be afraid to ask! You need an excellent, local lender and you need to be pre-approved so you are fully aware of what your monthly payment will be. Your Lender can give you those numbers, which will include your monthly cost for mortgage, insurance, taxes & HOA fees if applicable.
What Is Pre-approval when buying a house?
Pre-Approved means a qualified mortgage Lender has reviewed your finances and has approved you for a loan up to a certain amount. The Lender Letter is generally good for 30-60 days. This does NOT cost you money up front and you can’t expect a Seller to consider you to be qualified without a Lender Letter, or Proof of Funds
Am I better off renting?
If you are renting and you don’t want, or can’t afford to buy, then renting is your best option. But, if you are renting you are not Building Equity
What Should I Offer?
This is totally based on the other sold comps in the area, the current condition of the property, what you qualify for, and what you feel is a reasonable amount of a monthly mortgage you can afford.
Can I Ask You for Advice?
ABSOLUTELY! Please ask for advise! Realtors are not Lawyers. If something comes up that needs a Lawyer’s opinion your Realtor should recommend you talk to one. If it’s just questions regarding price, condition, costs of repairs…alot of this can be suggested to you by a competent realtor. If you don’t ask, you won’t know. Many realtors are on top of the market on a daily basis. You can look on a lot of websites for homes, but what you want is your Advocate.…the Realtor®!
- 303.579.6879
Let Mara Yehl Find You a house in Colorado
Mara Yehl, GRI, Realtor® at Slifer Smith and Frampton Front Range, in Niwot, Colorado.
Come visit Niwot, Colorado