The Ins + Outs of the Buying Process: What to Expect When Searching for and Purchasing a Property
Are you on the lookout for a new property in the Winter Park area? Or maybe just starting to dream about the potential of having a home in the mountains? Or is Grand County already home and you hope to invest in a place of your own and get out of the competitive rental market? Regardless of where you are in your property search, without the right knowledge and a seasoned local broker in your corner, the process of buying a property can feel daunting. We are committed to being by your side every step of the way, giving you the information, tools, and support to put you at ease and streamline the buying process.
You might know exactly what you're looking for and be ready to sign on the dotted line as soon as possible, or taking your time to get to know the community and market might better suit your search. Either way, the best and easiest way to get started is to connect with us to sign up for listing alerts and schedule a consultation!
THE BUYING PROCESS PLAY BY PLAY
.pdf)
1. BUYER CONSULTATION
Let's chat! We'd love to meet and get to know you and your real estate goals. We'll walk you through the process, get you updated on current market conditions, and answer any questions you have about real estate in Grand County. The consult is when we lay the groundwork for working together to find your mountain property.
2. FINANCING
Before we dive into the search, it is important to have your budget in place. If you'll be financing your purchase with a loan, we can connect you with an experienced lender in the area. You'll want a mortgage broker who is familiar with our mountain market, including working knowledge of the specific HOA structures and special tax districts. Should you be purchasing with cash, this is when you establish how much you plan to spend. Once the financial details are in place, we'll set up search parameters accordingly.
3. THE SEARCH
The fun part! With your budget and vision in mind, we'll set you up with listing alerts - you'll know as soon as a property within your parameters hits the market! We'll help you get familiar with neighborhoods and subdivisions and navigate the nuances of Grand County real estate with In-depth knowledge of special tax districts, local HOA rules and regulations, town and county regulations, and water district ins-and-outs that come from years of experience working in our local market.
We know you are busy - working with your schedule is our priority, whether touring properties or helping fine-tune your wish list. You might find your property after the first showing or need to take your time to find your mountain home. We're here to support you through the property search as long as it takes!
4. MAKE AN OFFER
Once you're ready to make an offer, we guide you through the process, taking all factors into consideration. We walk you through the pros and cons of submitting an offer below, at, or above list price as well as options like including contingencies, negotiated closing fees, and escalation clauses. We bring our expertise and knowledge to give you all the information you need to make the best offer for your situation and optimize the potential for the seller to accept. When necessary, we'll rewrite the offer and negotiate terms, ensuring everything is done to get you into your mountain property on your terms.
5. UNDER CONTRACT
When the seller accepts your offer, you are officially under contract. We'll admit, there's usually a bit of an adrenaline rush when you get to this point! You're on the home stretch to closing, and we are here to guide you through the process to get you to the closing table.
6. DUE DILIGENCE PERIOD
The time between getting under contract and closing varies but typically falls in the 30-day range. Closing timelines can be contingent on the buyer selling a current home, the seller's timeline, lender expectations, or waived contract dates (that typically come with cash offers). Regardless of the timeframe, the days or months between signing a contract and closing typically involve doing your "due diligence." Due diligence is the process of verifying the information provided by the seller and ensuring that the property meets your investment criteria. This includes home inspections, appraisals, title searches, land surveys, and disclosures. We give every aspect of the transaction a once-over before closing the deal - we are committed to ensuring you're getting what you pay for!
7. CLOSING
On closing day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the property to your name. Keys in hand, you'll be ready to move into your new home in the mountains or start planning to build your dream home!
8. CONGRATULATIONS!
Pop the bubbly! It's official. We truly love seeing clients realize their dreams, and our relationship doesn't end at closing. We live, work, and play here and are always a resource for you. Whether you're looking for trail recommendations, ways to connect in the community, or a plumber, we've got you. Settle in and enjoy your new space and life in Grand County - your commitment to the search has paid off, and we have no doubt you will love it here!
Posted by Leah Bishop on
Leave A Comment