If you’ve browsed our articles, such as why buying a home in Greeley is better than renting, have seen the low interest rates, and have decided to start looking for a home to purchase, here is a great guide to get you started.
Step 1: Talk to a Lender
Before you start looking for homes, it is very important to talk to a lender. Specifically, you should get a “Pre-qualification Letter.” Your lender will simply ask a few questions, will generally pull your credit, and within an hour or so, can provide you this pre-qualification letter. This letter is very important for a few reasons:
- It tells you what your budget is, both in terms of monthly payments and total purchase price. You want to ensure you feel comfortable with your monthly payment. As well, knowing the purchase price ranges available to you will help you better focus your home search.
- Generally, if you want to make an offer or a bid on a home, you must submit your pre-qualification letter. If you find the home of your dreams and want to submit an offer, waiting to be pre-approved can sometimes make the difference in whether or not you get the home.
For these two reasons and more, your first steps should always be to talk to you lender. The lender could be your local bank, or you could contact a mortgage broker who can shop multiple banks and rates for you.
Step 2: Contact a Real Estate Agent
Now that you’re pre-approved, you’re ready to start looking at homes. While there are many tools to do this on your own, it is great to begin building a relationship with someone who understands the market very well and can help advise based on your requirements. Real estate agents are professionals that spend each and every day in the market, giving them insight that can help guide you to your dream home. If you’d like to talk to someone from our team, you can contact us at (970) 573-6441 or [email protected]
Who pays for the real estate agent?
As a buyer, you generally do not pay the real estate agent. This means you are able to employ the professional services and advice of an expert without any cost to you.
When a home is put up for sale, the seller negotiates real estate agent fees at the time of listing the home. The seller then typically pays the real estate agent fees for both themselves and the buyer.
What should I look for in a real estate agent?
Since you’re not paying for the real estate broker, you should find someone who you feel confident in and comfortable working with. Some great qualities to look for:
- Experience – do they know the market well?
- Availability – since houses can move fast, are they able to respond quickly?
- Style and methods – after talking with a few brokers, you should have a fair sense of whether or not you have a personality and character match. You will be working with this person through quite a bit, so it’s actually very important that you get along and can see eye-to-eye.
We have a team of 9 members with over 84 years of combined experience. Since we operate as a team, we provide service that is hard to match. You can contact us at (970) 573-6441 or [email protected] to see if we’re right for you.
Is it better to work with a real estate broker that is at the same office that is selling the house I want?
Prices and fees are generally no different whether you pick your real estate agent or if you work with the company selling the home.
Homes are all entered into the same set of databases, which means all real estate brokers are able to effectively search, find, and offer on the homes for sale. As stated above, you should base your real estate agent choice on other factors.
Alright, I have a pre-qualification letter and a real estate agent. What’s the best place to search for homes on my own?
Even though you have a professional searching homes for you, nothing beats browsing yourself. We have two strong recommendations:
- Drive around in the neighborhoods you’re interested in. You’ll see signs but also get a good sense of how the neighborhood feels.
- Search on www.coloproperty.com. There are many places to find houses, but it won’t be long before you find that a lot of the big name websites are not very up-to-date. ColoProperty.com, on the other hand, is directly connected to the local real estate database and will provide you much more accurate and up-to-date information.
As you find homes you like, send them over to your real estate agent. Your agent can verify additional information and then schedule a time for you to sell the houses. This is the fun part!
Searching for homes in the right way can make a major difference in whether or not you are able to act quickly on a house when you find the right one for you. Getting a pre-qualification letter, finding a real estate agent, and then searching on www.coloproperty.com is the best way to go about it!
Contact us at (970) 573-6441 or [email protected] for more help getting started.