Buying Your Pikes Peak Home

Keys to an Efficient Pikes Peak Home Visit:

• * Determine your budget and get a pre-approval letter for a competitive edge.
• * Clarify your home search criteria with us.
• * Prioritize your must-haves: location vs. home features.
• * Efficiently preview homes using our website.
• * Let us create a customized home-search itinerary for you.

Pikes Peak Home Visits: What to Expect

• * Touring homes with your KW agent provides personalized assistance and support when buying your Pikes Peak home.
• * Buyers often have a gut reaction to a home. Still, it’s also essential to consult with your agent to gain valuable insights on home values and reevaluate your priorities about what’s available in your budget.
• * Reassessing your priorities and finding the right home within your budget is vital in the home-buying process, and we can help guide you through this process.

Home Visits: How Many

The average buyer looks at 8 homes before buying one. We would recommend that you visit at least a few options. This will give you points of comparison that may assist you in the bargaining process.

Be vigilant! And don’t worry– we’re here to help find the right home for you.

Home Visits: What to Look For

• * Look beyond the staging and decorative items and evaluate the home’s features and fixtures.
• * Assess the home’s condition and take notes and photos.
• * Consider potential home improvements and research costs.
• * Explore the home’s exterior and neighborhood, and utilize your agent’s access to neighborhood insights and data.
• * Investigate the location’s commuting routes, schools, shops, restaurants, parks, and other amenities.
• * Research condo fees and homeowners association rules if applicable.

When buying or selling your Pikes Peak home, we are your trusted home search partner!

The Offer: What to Include

As your Keller Williams agent, we always have the latest and most recent standard purchase offer forms in compliance with state and local laws.

However, these are the main points included in an offer:

• * Price
• * Terms
• * Target Closing Date
• * Earnest Money Deposit
• * Final Walk-Through Request
• * Offer Expiration Date

The Offer: Common Contingencies

The 2 most common contingencies are:

1. 1. Financing: Even though you have a loan pre-approval, it is wise to protect yourself. Many offers are written with a contingency clause releasing you from your offer if the mortgage can’t be finalized in a certain number of days (cash buyers disregard this).
2. 2. Home Inspection: It is also a good idea to have a contingency on your offer that you will receive a satisfactory home inspection report before a certain amount of time expires. This protects you in case necessary, expensive repairs are uncovered.

Multiple Offers: What Happens

The Pikes Peak housing market can be fierce. Often, you may find yourself competing against other buyers. At The Q Group with Keller Williams, we specialize in strategically working to get your offer accepted.

We have access to real-time market data and have the experience to best position your offer. If there’s more than one offer, the sellers can:

1. 1. Accept the best offer.
2. 2. Counter all the offers to get a better price and terms.
3. 3. Counter the closest offer.

We work to find out what’s important to the sellers, such as a specific moving date, and to discuss possibly waiving contingencies, adjusting your price, or writing a “love letter” about the house.

Counteroffers: What are They

A counteroffer is when a seller makes an offer contingent upon an adjustment to some or all of your terms. You can accept or reject the counteroffer, as well as make your own counteroffer.

The contract is final once you and the sellers have agreed to all the terms. As your quintessential real estate team, we have the experience that is essential when negotiating the terms of your purchase.

The Contract: What to Expect?

As your trusted KW agent, we will explain the key points of this multi-page contract, such as:

• * Ensuring the accuracy of all information provided, including proper spelling of personal and property details.
• * Clearly specifying the effective date of the contract and any relevant time constraints on contingencies.
• * Outlining all contingencies, such as financing and appraisal requirements, home inspection, and potential sale of the current property.
• * Obtaining proper property disclosure documentation as per state laws.
• * Providing a comprehensive list of included items and fixtures with the property.
• * Identifying any necessary inspections, such as a home inspection and pest inspection.
• * Determining a mutually agreed upon move-in date.
• * In cases where the sale is contingent on the sale of the buyer’s current home, the possibility of a “Kick-out” clause may be included, allowing the seller to entertain other offers if received before the sale of the buyer’s home is complete.

Negotiation vs Letting Go

As a client, it is important to clearly understand your priorities and desired outcomes when purchasing a property. At The Q Group, we will provide guidance and support.

Ultimately, however, the decision to proceed with or walk away from a potential property lies with you. Factors to consider when determining whether to continue with a property may include:

• * A significant increase in the purchase price as a result of a bidding war.
• * The appraised value of the property falls below the offer price.
• * The discovery of significant or costly defects during a home inspection.
• * The unwillingness of the seller to address identified issues.
• * The presence of homeowners association rules or regulations that do not align with your lifestyle or preferences.

Contract Pitfalls to Avoid

When navigating a real estate contract, it is essential to be aware of potential challenges that may arise. As your agent, we can assist in identifying and addressing these concerns, such as:

• * Unreasonable deadlines for completing important tasks such as arranging a home inspection and securing financing
• * The potential for losing your deposit if deadlines are not met
• * Confirming which items and fixtures are included in the sale of the property
• * Keeping track of communications and updates from your lender

According to the National Association of REALTORS®, the most prevalent causes of contract failure or delay are issues with home inspections, financing, or appraisals.

Partnering with us as your Keller Williams agent can help ensure a smooth and successful transaction by providing expert guidance and support throughout the process.

Home Inspection: What is it?

A comprehensive home inspection is an essential step in evaluating the condition of a property.

Your inspector will thoroughly assess various systems, appliances, and structures within the home to identify any potential issues or areas needing maintenance.

You will receive a written report outlining the findings and recommendations for any repairs you need. As the buyer, you can decide whether the report would warrant further action, such as requesting repairs from the seller or opting to withdraw from the purchase.

An option to consider is requesting an “information only” inspection, which provides insight into the property’s condition without any expectation for repairs or negotiation.

Home Inspection: What’s Included

During a home inspection, the inspector will thoroughly evaluate various components of the property, including:

• * The structural integrity of the foundation, beams, and floors.
• * The condition of the roof.
• * The functionality of mechanical systems including heating and air conditioning.
• * The operation of appliances.
• * The quality of plumbing, including assessing for leaks, rust, and water pressure.
• * The safety and compliance of electrical systems, including grounded outlets and adherence to code regulations.
• * Identification of any safety hazards, such as the condition of stairs, handrails, presence of mold, and chimney maintenance.

Home Inspection: What to Watch For

As your Keller Williams agent, attend the home inspection with you, as it provides an opportunity to gain valuable knowledge about home maintenance and to personally observe any potential issues.

If you are unable to attend, we will attend for you.

If you have concerns or uncertainty about any aspect of the inspection, it is important to communicate those to the inspector to ensure a thorough and informative experience.

We have the experience to help!

Report Received. What’s Next?

As the buyer, it is ultimately your decision on how to proceed with any items identified in the inspection report.

We can provide guidance and support in this process. Some questions to consider discussing with the inspector include the following:

• * The level of severity of any identified issues.
• * The recommended course of action for addressing any issues.
• * An estimate of the cost of repairs.
• * Whether additional inspections, such as by an electrician or structural engineer, are necessary.
• * Any recommended actions for post-move-in maintenance.

Home Warranty: What is it?

A home warranty covers specific home appliances and systems and provides a measure of protection against buyer complaints about any discovered problems or defects that arise after closing. They are generally good for one year with a renewable option.

Note: Deductible fees and additional service charges may apply.

Home Warranty: Do I Need it?

When purchasing an existing home, particularly one with appliances that have reached a certain age, a home warranty can provide added protection against unexpected repairs and the cost of finding a qualified contractor.

Another thing to consider is that this can be especially beneficial for a first-time home buyer, or for those with limited savings.

However, if you have sufficient emergency savings, possess handyman skills, or have a network of reliable contractors, a home warranty may not be necessary.

At The Q Group, we can also provide recommendations for trustworthy contractors.

It is important to note that when purchasing a newly constructed home, structural defects are typically covered by the builder for a period of 10 years, and other items may be covered for a period of six months to two years, so a home warranty may not be necessary.

Home Warranty: What to Look For

When selecting a home warranty, it is important to thoroughly research the options available to ensure it meets your needs. Together, we can help you when considering the following factors when evaluating home warranty companies:

• * Verify the home warranty company’s license with your state’s real estate commission.
• * Carefully review the terms and conditions, including any exclusions and limitations.
• * Understand what is covered and what is not covered under the policy.
• * Be aware of the coverage limits and the extent of coverage provided.
• * Consider the service fees and deductibles associated with the policy.
• * Evaluate the company’s claims handling process and response time.
• * Assess the process for vetting contractors and the options available if you choose to use your own contractor.
• * Compare the coverage options of a basic warranty and an enhanced warranty.
• * Review online customer reviews.

Closing: What to Do Before

As the closing of your property transaction approaches, it is crucial to:

1. 1. Maintain communication with your Keller Williams agent, lender, and title company.
2. 2. Maintain a stable credit score by avoiding new credit applications or late payments.
3. 3. Ensure that all contract contingencies, such as home inspections, appraisals, and financing, have been resolved.
4. 4. Secure your homeowner’s insurance policy and gather the necessary funds for your down payment and closing costs in an easily accessible account.
5. 5. Carefully review your Closing Disclosure form, which will be provided to you three days prior to settlement, and seek clarification on any unclear information.
6. 6. Arrange for a wire transfer or acquire a cashier’s check for the funds required for settlement.
7. 7. Schedule a walk-through of your new home within 24 hours of closing to confirm its condition.
8. 8. Arrange for all utilities to be changed to your name as of closing day.

Closing: What to Expect

It is essential to allot several hours to complete the necessary paperwork at the closing. Be sure to bring the following items with you:

• * Government-issued photo identification
• * Cashier’s check or confirmation of wire transfer

Closing: What Paperwork is Required?

During the mortgage closing process, you will be required to sign a variety of documents. These documents include a reiteration of those previously signed during the loan application process.

The most significant documents to be signed include:

• * Promissory Note, which outlines the terms of repayment for the mortgage,
• * Deed of Trust, which grants the lender the authority to initiate foreclosure proceedings in the event of non-repayment,
• * Documents outlining the coverage and exclusions of the mortgage,
• * Initial Escrow Disclosure, which details the funds held in escrow for property taxes and homeowner’s insurance,

Closing: What’s Next when buying your Pikes Peak Home?

Upon completion of the closing process, it is important to take certain steps to ensure a smooth transition into your new home.

First, please make sure that all signed documents are securely stored.

Additionally, it is crucial to maintain a good credit score by avoiding new credit applications and ensuring timely payments on existing obligations. Changing your address and updating any necessary contacts, such as utility providers, is also essential.

Furthermore, consider changing the locks and security codes on your new home to ensure the security of your property.

Reviewing your new budget and due dates for any ongoing expenses is also recommended.

Finally, we would like to extend our congratulations on the acquisition of your new home. We encourage you to maintain contact with us for any future needs or recommendations.