Secure a Loan
If you haven't already, apply for the loan to secure financing for the purchase of the home. Your agent at Platinum Group, Realtors can help you select a reputable lender whose products and services best meet your needs. Make sure your lender locks in your interest rate, as interest rates are unpredictable and can fluctuate many times a day. Also, keep in mind that your interest rate depends on your credit score, your geographical location, and the type of loan you are getting, so you may not be able to get the best rate you hear advertised.
Negotiate Closing Costs
The escrow company holds an account on behalf of the two parties in a real estate transaction. Because there are so many details to complete a home sale, the best way to prevent either the buyer or seller from getting cheated is to have a third-party company hold all the money and documents related to the transaction until settlement. There will be several fees for the closing company to provide its services.
Get a Title Search and Obtain Title Insurance
The title search and title insurance provide a safeguard for buyers so that when you purchase a property, no one else can claim it as theirs later, such as a disdained relative or tax collector. A title search will be performed to make sure there are no claims against the property. If there are, these problems will need to be resolved before the home becomes yours.
Complete the Home Inspection
Performing a home inspection is an important part of the closing process. Generally, the process involves a top-to-bottom inspection of the property by a licensed home inspector, who is chosen by the buyers. After the report is reviewed, the buyers have the right to ask the sellers to address any concerns regarding the property. If there is a serious problem, the buyers have an opportunity to back out of the contract as long as the purchase offer was contingent on a home inspection.
Get a Pest Inspection
The pest inspection is separate from the home inspection and involves an analysis to be performed by a pest control professional. They will make sure the home does not have any damage from termites or carpenter ants. Problems from wood-destroying pests can be very destructive and expensive to fix. If any infestation is found, even just a minor pest problem, the mortgage company will require that it be fixed before you close. If the inspection reveals any problems, you may want to renegotiate the home's purchase price to cover the cost of any repairs you need to make.
Final Walk Through
One of the last steps of the closing process, is to walk through your home with your Colorado Springs real estate agent one last time. You will want to make sure no damage has occurred and nothing has been removed that is included in the purchase contract.
Sign the Papers and Enjoy Your New Colorado Springs Home!
The last and most critical step to becoming a new homeowner is signing the papers. There will be a stack of them for you to sign and initial, but make sure to read the pages carefully and double check that the interest rate is correct. It may seem like the closing process is a lot of work, but at Platinum Group, Realtors we have the knowledge of the process and will guide you through each step to ensure a smooth transaction. If you are ready to start looking for a home, give our team a call at (719) 536-4444 or visit our website to view homes for sale in Colorado Springs.
The Platinum Group, Realtors The First Choice in Real Estate
The Platinum Group, Realtors The First Choice in Real Estate
Visit our website: www.PlatinumHomeSales.com
6760 Corporate Drive, Ste 300
Colorado Springs, CO 80906
(719) 536-4444
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