• Get Pre-qualified - Buying a home in Colorado Springs is an exciting process but where do you start?  Meeting with a reputable lender to find out if you qualify and how much house you can afford is one of the most important steps in the buying process. Once you are pre-qualified, it is time to hire a professional real estate agent who is knowledgeable and experienced to assist you in finding the right home that meets your needs.
• Think Carefully About What You Want - Make a list of items that you feel are necessary to have in a home which may include being close to work or having a large backyard for pets. Also make a list of items you would like to have in a home that are not absolute "must haves" such as air conditioning or a finished basement. Making a list of your wants and needs will help both you and your agent narrow down a list of properties that match your specifications.
• Have Earnest Money Ready - Once you find a home, your agent will submit an offer along with earnest money and a pre-qualification letter from your lender indicating you are a qualified buyer. The earnest money will usually be a personal check from the buyer in an amount around 1% of the purchase price. It will be cashed only when an offer is accepted and the money will be credited towards the purchase.
• Inspect The Home - Once a purchase price is negotiated between the buyers and sellers, hiring a qualified home inspector to thoroughly check the home for any possible issues is the next step.  Depending on the home, several different types of inspections may be desired such as roof, HVAC or environmental tests like Radon or methamphetamine. Once inspections are complete then the lender orders the appraisal to ensure the value of the home is not below the purchase price agreed to in the contract.
• Not All Homes Are Sold The Same Way - There are many different types of properties to choose from in Colorado Springs and they may include short sales, foreclosures, or auction properties in addition to traditional sales. Your real estate agent can educate you about the pros and cons of purchasing a home that is listed as bank owned, short sale , HUD or VA repossession, or through an auction.
• Response Times - Many factors can impact how many days a purchase transaction will take to close but most lenders need at least 30 days in order to process and approve the loan. Short sales can take much longer than 30 days to close since they require bank approval from at least one bank, but often more. Though we are seeing faster response times these day, in some cases, short sales have taken up to a year to close.  Most lenders will give responses to offers within 45 days but some are still taking longer. Buyers that are renting may have to plan ahead to ensure they find and close on a home before their lease expires.
• Choose Wisely - Purchasing a home is an important investment so it is wise to hire a real estate agent you trust to be knowledgeable and feel comfortable working with to guide you through the process. Call me today to schedule your private consultation. There is no obligation and I would be happy to answer your questions. Scott Sufak 719.650.9619

Home Buyer resources :

CHFA Down payment assistance

Great Schools

Neighborhood Profiles

Family Watchdog

Colorado Springs Police Department