Finding the perfect dream home you want to buy can be exciting and even a little stressful, especially after you give the owner of the home a legitimate offer and the waiting begins. Will they accept the offer? What do I do if they reject it? What exactly happens during and after the offer process when buying a home?
Submitting an offer to buy a home begins with your Realtor telling you how much the home is listed for; or in other words, how much the owner wants for their house. A good Realtor will have up-to-date knowledge of property values and rate of home sales in the neighborhood so they can give you accurate advice regarding the suitability of the price. Your Realtor may also suggest reducing your offer slightly or leaving it as is, depending on information gained by their insight into local market trends.
What Constitutes a Legal Offer on a Home in Colorado?
Offers should be in writing and include important terms and condition contingent to the offer being accepted. For example, the document should contain the location and a description of the property. The offer should also say that the prospective buyer agrees to pay a specific price for the home if and when certain terms and conditions are satisfied by the seller. These include completion of satisfactory inspection reports, obtaining financing and entering into an accepted agreement for the sale of the home.
Your real estate agent will give you a disclosure from the seller that points out all defects he or she knows to exist in the home that may affect the value of the property. This form is called a Seller’s Property Disclosure. Disclosures may also extend beyond the home’s physical condition to include any neighborhood problems that may prevent you from purchasing the home.
What If the Offer is Rejected?
You can submit another offer or decide to continue shopping for another home.
What If the Offer is Accepted?
Congratulations! You will probably be moving into your dream home within 45 to 60 days, depending on how long it takes for all documentation and closing papers to be signed and submitted to your mortgage company. Closing and possession will happen a little sooner for cash transactions.
About two weeks after an offer is accepted, you will make a deposit on the home. This is called earnest money. The amount that is giving is an agreed upon number between buyer and seller and typically help with a local title company.
Advantages of Working with a Colorado Realtor
Top Realtors practice fiduciary responsibilities that matter to you. This means you will have an expert at your side throughout the offer and buying process who is looking out for your interests. In addition, experienced Realtors participate in continuing education courses that keep them up-to-date on constantly changing regulations governing the real estate industry.
Becoming a homeowner is thrilling but navigating the convoluted landscape of contracts and negotiations can be exasperating. Contracts to buy a home can be lengthly.
Let me real do all the hard work so that you can enjoy the more pleasant task of getting ready to move into your new home. To learn more about Crested Butte or Gunnison homes that are currently listed for sale, please contact me. I’m a local real estate agent who has helped countless buyers find the home of their dreams!