Real Estate Terminology You'll Hear During The Buying Process

When you are house hunting for a new home in Colorado Springs, it is helpful to have a basic understanding of important real estate terminology. This could give you peace of mind now and could help you save a little bit when you place an offer on your dream home. Here are a few real estate terms you may run across during the home buying process.

Counteroffer
After you make an offer on a home, the seller can reject and include a different offer that changes the terms of the original offer in some way. If you offer $350,000 for a house, and the seller replies that they want $375,000, the seller has rejected your offer and made a counteroffer. A counteroffer of any kind completely voids the original offer.

Acceptance
If you place an offer on a home and the seller agrees to the terms of it, it creates a contract. As soon as the seller signs to your purchase offer, you're in contract for the sale of the house, and neither of you can back out without facing consequences, which for the buyer means possibly losing the earnest money deposit.

Disclosure
The making known of a fact that had previously been hidden. In many states, a home seller must disclose major physical defects in the house within their knowledge. This could be anything from a leaky roof or potential flooding hazards. In all states, the seller must disclose the presence of lead-base paint hazards in buildings constructed before 1978.

Inspection
After you've made an offer on a home, you'll need to schedule an inspection. The cost of an inspection can vary depending on the home you choose to make an offer on and depending on the market condition. The inspector will go through every nook and cranny and review things like the plumbing, electrical, foundation, walls, heating and appliances.

Appraisal
When you apply for a mortgage, your lender will require an appraisal of the home you want to buy. This will estimate the home's value based on comparable homes in the area that have sold. It will also include an investigation of the home.

Contingencies
When you put in an offer on a home, you can specify certain conditions that must be met before the deal will go through. Contingencies can range from making sure you get the loan to the inspection. It allows you a way (and the seller) to get out of the offer if something arises.

Title Insurance
After all the negotiations are done and the seller has accepted the offer, you should receive a home title report. Most mortgage lenders require you to pay title insurance as part of the closing costs. Title insurers will search the public records to make sure the home seller has the rights to the title and that there are no liens on the home.

Closing Costs
There are many fees that come with the purchase of a home. Typically, closing costs will amount to 2-5 percent of the purchase price of the home, not including the down payment. Fees could include excise tax, loan processing costs and title insurance.

When you have a trusted Colorado Springs real estate agent, they will help you navigate the buying process. The Platinum Group, REALTORS is comprised of some of the top real estate agents in the Colorado Springs area. We can help you pick the best REALTOR for your house hunting journey. If you're ready to start touring homes, contact us today at 719-536-4444.

The Platinum Group, Realtors The First Choice in Real Estate

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444

Why We Love Colorado Springs

No matter where you live in the United States, you've probably heard of Colorado Springs. It's been rated one of the best cities to live in the U.S. However, is it the best place for you to call home? There are many factors that go into moving to a different city from job relocation to wanting to be closer to family. If you get a say in where you want to move, here are a few reasons why we love to call Colorado Springs home.

Low Cost of Living

It may surprise you to learn that Colorado Springs has a relatively low cost of living. Not only is it below the national average, it's also lower than the state average. Housing is priced fairly, and many homes on the market sell quickly. In addition to the low cost of living, Colorado Springs has some of the lowest taxes in the state and nationally.

Great Places to Work

According to Forbes, Colorado Springs is ranked 12th best place for careers and business. Based on factors like job growth, education, population and cost of doing business, Colorado Springs came in 12 out of 200 cities. 30 different Fortune 500 have Pike Peaks roots. If you're a business owner or looking to start a business, you won't have to look far to find great talent. Colorado Springs has everything from software engineers and artists to electrical engineers and business consultants.

Top-Ranked Schools

Whether you are looking to go back to school or have kids in school, you can’t go wrong in Colorado Springs. The public school districts in Colorado Springs are some of the best in the entire state. Not to mention, there are plenty of choices for college. The University of Colorado has a campus in Colorado Springs, which offers some of the best master’s programs in the country. Other colleges include Colorado College, Pikes Peak Community College, Colorado Technical University, and the Air Force Academy.

Beautiful Scenery 

Garden of the Gods, Pikes Peaks, Cheyenne Mountain State Park, the list could go on. Colorado Springs is surrounded by beautiful mountains, ranges and city skylines. There are many different outdoor activities you can do year-round, such as hiking, horseback riding, biking, rock climbing and more. Because of all the outdoor activities to enjoy year-round, Colorado Springs has been listed as one of the healthiest cities in America multiple times. All the great parks, activities and mild climate have inspired the citizens to get outside.

At The Platinum Group, REALTORS, our goal is to make your move go smoothly as possible. We understand that moving to a new city is not only stressful, but it can also drain you and your family emotionally. Our Relocation Department is here to make your relocation process as easy and painless as possible. If you are looking to move to Colorado Springs, call The Platinum Group, REALTORS at 719-536-4444.

The Platinum Group, Realtors The First Choice in Real Estate

Visit our website: www.PlatinumHomeSales.com

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444

The Pros & Cons Of Purchasing A Home Warranty

February 10 is National Home Warranty Day! When the washing machine breaks down, or the HVAC system stops working, the cost of repair or replacement could be costly. Our homes are filled with complex and vital appliances that over time can and do wear out. A home warranty, unlike home owner's insurance, covers repairs or replacements of these items that break down due to normal wear and tear.

Home warranties often coincide with real estate transactions, as new homeowners want peace of mind that their appliances and systems are covered in their new investment, and sellers want to assure potential buyers that their home will be taken care of. If you are considering adding a home warranty to the purchase or sale of your home in Colorado Springs, consider these pros and cons to decide if it's a good idea to your home.

How Home Warranties Work

While each home warranty is different, typically they cover appliances in the home if they need repair. An agreement with the company will state exactly what appliances or systems are covered. Typically, home repair expenses without a warrant could cost hundred or even thousands of dollars for each repair needed. However, with a home warranty, there is a flat service call fee for repairs. If a covered appliance or system breaks down, you'll need to call or email your warranty company for a claim, and they'll send out a service technician to repair or replace your equipment.

The Pros Of Home Warranties

- Peace of Mind. One of the biggest benefits of a home warranty is the peace of mind it gives homeowners. A leaky toilet or a broken A/C unit are no longer a crisis with a home warranty, as a fix is just a simple phone call away. In addition, homeowners don't have to worry about the costly repairs that might have come with these broken appliances or systems, as they are most likely covered under your warranty.

- An Easy Fix. With a home warranty, you only need to remember one phone number or email for any repair. You don't need to spend time researching reputable repairs companies, as your home warranty has already done the research for you. You also don't have to wait until business hours to start your repair, as some warranty companies have online service claims or 24/7 phone service. All you need to do is call/email the warranty company and wait for the service truck to arrive.

- Avoid The Costly Repairs. Serious issues like plumbing system breakdowns or broken HVAC systems can cost a pretty penny. For homeowners with an emergency savings account, the cost of these repairs or replacements could be devasting and throw them into major debt. With a home warranty, homeowners can rest easy knowing that if anything major happens to their appliances or systems, they won't have to go into debt to fix it.

The Cons of Home Warranties

- Not Needed. If your home is less than 5 years old or is very well taken cared for, you may find a home warranty unnecessary. While avoiding home repairs for years is a good thing, it may feel like the money you spent on a home warranty has been wasted.

- Doesn't Cover Everything. Pre-existing conditions, such as poorly maintained systems or broken fixtures, aren't covered under home warranties. In addition, important systems, such as A/C units, refrigerators or septic systems, may not be included in basic home warranty agreements and you may have to pay extra if you want these important items covered. While repairs are covered by these warranties, you are expected to take good care of your appliances and systems, and regular maintenance is not included in home warranties. If you don't keep up with proper maintenance, your claims may be denied, as the warranty company can't be liable for equipment that has not been taken care of.

- You Can't Choose Service Provider. Home warranties choose who comes to repair the item you claim, and you don't have the option to pick and choose among different providers. You will simply be sent the company that the home warranty provider trusts to do the job correctly. That means that your favorite repairman may be out.

Home warranties definitely have some great benefits for home buyers and sellers alike, however, there are some cons that need to be considered. Luckily, your trusted real estate team in Colorado Springs can help you weigh the options of a home warranty. If you are needing help buying or selling property in Colorado Springs, contact The Platinum Group, REALTORS at 719-536-4444.

The Platinum Group, Realtors The First Choice in Real Estate

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Featured Home - 5565 Broadmoor Bluffs Drive

If you are looking to buy a home in the Colorado Springs area, let the Platinum Group, REALTORS help. Our expert team of Colorado Springs real estate agents has one goal in mind, and that is to find the perfect home for your family. Check out this featured home from one of our Platinum Group, REALTORS, Mike Carter:

Stunning Interior

This home is stunning! The master bedroom and laundry room are conveniently located on the main level for multiple needs. The kitchen is very large and open. It features granite counter tops, gas cook top, double oven and lots of cabinet space. There's plenty of large living areas, which are great for family gathering or entertaining. The family room is very open and features a fireplace and wet bar. The bathrooms are finished with granite and marble tile. The loft located upstairs would be great for an office, study or play area. The basement is finished and features a home movie theater.

Beautiful Views

From the front of the home, there are amazing views of the Cheyenne Moutain. In addition to the beautiful mountain views from the front, there are stunning city views from the back deck. There is lush landscaping that surrounds the property that offers a tranquil setting for those quiet summer nights. Enjoy the sound of the waterfall while you relax on the stamped concrete patio that is covered by the deck. 

Desirable Location

This home is located in the desirable Broadmoor Bluffs and is in the school district 12. This location couldn't be better, as it is close to popular hiking areas, such as Cheyenne Canyon and great entertainment like the Cheyenne Mountain Zoo. In addition, parks, schools and shopping are all just minutes away!

Meet The Agent

Mike grew up in South Carolina and has made Colorado Springs home for the last 11 years.  He is committed to making the client’s Real Estate needs his highest priority and believes quality customer care should be general practice instead of a lost art.  His personalized service and attention to detail create long-term relationships instead of only serving a customer to get through the end of a transaction.  “My goal is to provide customers with the utmost loyalty and professional Real Estate guidance from the first meeting until the day of closing and beyond!”

- Licensed REALTOR & team member with Jeri Hendrix
- Served 7 years in the United States Army
- 10 years experience as a local mortgage broker

Let The Platinum Group, REALTORS Find Your Next Home!

House hunting can be an exciting and nerve-wracking time. However, you don't have to do it alone! Our team of Colorado Springs REALTORS can help you find your dream home. With industry intelligence and knowledge of the Colorado Springs area, they can guide you through the buying process. If you are in need of help finding a home in Colorado Springs, call The Platinum Group, REALTORS at 719-536-4444 today.Let The Platinum Group, REALTORS Find Your Next Home!

The Platinum Group, Realtors The First Choice in Real Estate

Visit our website: www.PlatinumHomeSales.com

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444