Considering purchasing a home in Grand Junction?
The prospect is undoubtedly thrilling, but it can also be a bit overwhelming. What does the home buying process look like? How do you ensure a favorable deal? Finding a trustworthy real estate agent and understanding the entire process are essential considerations.
At New Hope Properties, with our extensive experience in buying and selling real estate in Grand Junction, we aim to address these questions. We will walk you through the home buying process specific to Grand Junction, offering insights to help you navigate this exciting yet daunting period.
Let’s dive into it!
By the way, if you’re contemplating selling your current property, feel free to reach out to us at (970) 610-1001. We can present a fair cash offer, buy the property as-is, and close the deal in as little as two weeks!
Step 1: Determine the Right Time
The initial step involves assessing whether it’s the opportune moment to buy a home, considering factors such as your financial readiness, ability to relocate, and the overall market conditions.
More specifically, try answering the following questions…
- Do you have the funds for a down payment?
- Do you have the financial resources for relocation?
- Does the prospect of moving align with the needs of you and your family?
- Is it a good time to buy a home right now?
Your responses will help you in deciding if it’s the right time to buy or if waiting would be better.
Step 2: Establish Your Budget
Once you’ve decided it’s the right time to buy, the next crucial step is estimating your budget before engaging with a mortgage lender or real estate agent.
(They could attempt to persuade you to exceed your intended spending limit.)
Clearly define how much you’re willing to spend on a home, the down payment, and the feasible mortgage payment.
Step 3: Find a Mortgage Lender
Before involving yourself in dealings with real estate agents or conducting property searches, it’s advisable to consult with a mortgage lender to kickstart the home loan application process. The higher your credit score and the more money you have for a down payment, the better deal you’ll be able to negotiate with the mortgage lender.
Make sure to review online feedback before settling on a lender!
Step 4: Search for Homes
Now comes the exciting part!
Once you’ve secured a mortgage lender and received pre-approval, the quest for your dream home can start!
There are several ways to go about this. The traditional method involves enlisting the services of a real estate agent to assist you in exploring, researching, and browsing through available properties.
However…
Unless you’re a first-time homebuyer with little insight into the process, we recommend steering clear of a real estate agent during the initial home search.
Why?
A) This gives you the freedom to explore homes at your own speed and within your financial constraints, without feeling pressured by an agent.
B) When you identify a home for which you’d like to make an offer, you can request the seller’s agent to act on your behalf. This is crucial because it motivates the agent to ensure the seller accepts your offer without having to share the commission with another agent.
This strategy becomes advantageous when homes are in high demand, giving you a competitive edge over other offers.
Step 5: Make an Offer
Eventually, you will discover a home that captures your affection and proceed to submit an offer.
If you have a real estate agent assisting you, they will guide you through this process and determine what offer you should make.
The offer you put forth is influenced by factors such as the listed price, the current condition of the real estate market, and also how badly you want to buy the home.
In case of high demand, you may consider adding an escalation clause, signaling your intent to exceed offers from other buyers. On the other hand, if demand is low, you might propose an offer slightly below the listed price.
Step 6: Inspection & Appraisal
Upon agreement on a price, inspections and appraisals are conducted.
The inspection aims to check concealed damages and verify that the home you are purchasing is in satisfactory condition, or at the very least, that you are well-informed about its condition.
The appraisal is for the mortgage lender to guarantee that they are offering the correct and appropriate amount of money for the home.
Step 7: Sell Your House & Move
If everything goes smoothly, you will establish a closing date, marking the official transfer of ownership for the home to you!
This means, if you already own a home, you must plan when to sell it so that the sale coincides with your move into the new house.
This can be a bit challenging.
If you plan to sell through the traditional method, we suggest putting your home on the market well in advance of beginning your search for a new residence.
Otherwise, feel free to call us at (970) 610-1001, and we’ll buy your home in its current condition for cash. We can finalize the deal in as little as two weeks (you choose the closing date), and we’ll cover all closing costs!
That’s the home buying process.
Best of luck with your home buying journey!