Vision Real Estate
9164 Spruce Mountain Road
Larkspur, CO 80118

Ready to Buy A Home

How to Buy Your Home.

So you want to buy a home but you're not sure how a Realtor is paid...

This is a common question worthy of an answer. In Colorado the listing agent sits down with the seller and charges a brokerage fee to sell their home. An example would be 6% of the selling price. This means the seller will pay that amount to the brokerage firm that listed the property upon a successful closing. Most brokerages will agree to cooperate with other brokers in the sale of their listed property. This means if one brokerage has the property listed and another brokerage firm brings a buyer the listing brokerage will share in the commission.

Here is the something to remember:

In almost all cases the entire Realtor commission is paid by the seller of the property. However, a real estate transaction can be negotiated any number of ways, and that includes the possibility that the buyer could end up paying some or all of the sales commission, but that is rare occurrence.

As the buyer you now have a huge reason of why to use a Full Time Realtor. In most cases it costs you nothing!

A Step By Step Guide To Home Buying

You will feel more confident about your home buying experience when you understand what is required of you and every other person who is involved in the transaction. This step by step guide will lead you on the path to homeownership. You will feel more confident about your home buying journey. Believe it or not your only 9 steps away!

Step 1: Get Your Finances in Place

Know your credit score ahead of time. But not just any credit score. You must know your FICO scores. is the only place for a consumer gets this information. Your reports are an ongoing look at how you manage your finances. You must know what the reports say as they play an important role for mortgage approval. The score can also determine the interest rate and other loan terms that can be offered to you.

Step 2: Get Pre-Approved for Your Mortgage (most important step)

This step will alleviate those sleepless nights by knowing exactly what you can afford and the terms of the loan approval. A true Pre-Approval is and extensive process. You will need to provide the lender with all of your financial information and full application. Once the lender has a complete package they can provide the pre-approval usually within 24 to 48 hours. The lender will then have the ability to provide you with a pre-approval letter.

A pre-approval helps you when it comes time to make an offer on your new home. A home seller will be more likely to accept your offer when it is accompanied by a pre-approval letter from your lender.

Step 3: Your Wants and Needs

Your wants and needs are important in what you are looking for in a home. So let’s get busy defining your home buying parameters. Most importantly they need to be in writing. In this step it is important to set an appointment with Vision so we can help you define what you are looking for in a home. We will help you get familiar with the real estate market and help you narrow down your needs list before your start looking at houses.

Step 4: Working with Vision Real Estate

Real estate agent representation is defined in this step. It is essential that you understand his duties. He will explain the difference between Buyer Agency and Transactions Broker relationships. It is vitally important that you understand what should be expected from Vision and understand how agents are compensated by working on commission. Expectations will be defined and a game plan is laid out so everyone is on the same page.

Step 5: Start Searching for Homes

Vision will start by signing you up on this website so you have full access to the MLS. You can save your searches, save your favorite homes. The website is designed to keep you informed by emailing you updates on your favorite area’s and homes. It does this by informing you of new listing in your area and price reductions on your saved homes. The name of the game here is education. You might even plan afternoon drives to preview neighborhoods so you are familiar with the area’s you prefer. Looking is where it all starts!

Vision will also be watching and setting appointments with you for showings of homes in your criteria. Deciding whether or not you want to buy a home involves a look at the structure and features, but there are many other topics that are just as important to your purchase. Vision will explain: How is the resale? Contract contingency discussion? Do others have a right to use the property? Does the home have deed restriction? Is the square footage accurate? Is the heating and cooling efficient? Just to explain a few…

Step 6: Make an Offer

This is where the rubber meets the road. There are no set of specific instructions that can cover all the differences in real estate laws and area customs so the mechanics of making an offer depend greatly. However, fine tuning your offer is a key step. Things to conceder: What comes with the home? What should the seller disclose? How much to offer? Asking for possession date? Contract deadlines? Vision will help you through this step so you are making an offer that makes sense and is acceptable in the eyes of the seller.

Step 7: Home Inspections

All homes are different and can vary dramatically from counties and cities. It is wise to have the home inspected by a qualified home inspector. The inspector will have a checklist of the follow: Structural, Exterior, Roof and Attic, Plumbing, System and Components such as furnace, Electrical, Appliances, and the Garage.

Home inspection reports do not describe the condition of every component if it’s in good shape. The report should explain every item that is defective or needs service or repair. The report will also spell out any serious problems.

Once the inspection is complete it is your choice to decide whether the home is acceptable and livable. You may also go back to the seller with a list of repair items or walk away from the home if there are items you just can’t live with.

Step 8: Correcting or Avoiding Last Minute Issues

As your closing date moves closer, everyone involved in the transaction should check the daily progress. Every transaction is unique and issues can happen. Examples: Title issues, appraisal issues, inspections issues, seller issues just to name a few. Vision will stay on top of things and the important dates. You will know immediately if there is a problem that must be discussed and reviewed.

Step 9: Final Walk Through and Closing

Vision will coordinate one final walk through inspection with you, prior to closing. This is not a home inspection nor is it a time to re-negotiate additional repairs with the seller. A final walk through is done a few hours to five days before closing. The purpose is to verify that the property is in the condition that was agreed upon, that all repairs are complete and that nothing has gone wrong with the home since your last visit.

Closing day has come. This is the event that transfers ownership of the property to you! You will arrive at the title company and they will perform the closing. You will need to bring identification and a cashier’s check to the closing for your down payment and closing costs. Your lender will provide this amount. Once you have signed all the documents your officially own your new home! Congratulations!

Final Thoughts

The steps outlined above are general in nature. You may encounter issues specific to your transaction that can best be explained by your lender, your title closing agent or others who are involved helping to complete the transaction.

Never hesitate to ask questions! You are making a major commitment and spending your money. You will feel great about the purchase if you stay informed and understand what is transpiring every step along the way.


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