Lisa listens intently to learn what type of property will fit her Buyers needs as to not waste time on properties that are not a match regarding features and financials. Because of the ever changing mortgage interest rates, she strongly suggests finding out how much you can qualify for a mortgage prior to looking at any properties.
She provides instruction to her Buyers on how to prepare to make a purchase offer with regard to price, contract terms and contingencies and explains the possible outcomes during negotiations. Then, during the Due Diligence period, Lisa is present to answer any questions that come up and to guide Buyers through the dates and deadlines of a contract. There are many dates and deadlines that are imperative for both Buyers and Sellers so that transaction stays on track to close on time.
How do we start the buying process?
In our initial meeting, I will want to discuss with you what your goals are for owning a property; will this be your primary home, 2nd home or investment property? Will you be looking to short term or long term the property? How many bedrooms and bathrooms will you need? Would you like a garage? What area of Gunnison County are you most interested in-Gunnison or Crested Butte or Mt. Crested Butte? What features would you like to include in a property-ski in/ski out, fishing, hunting, new construction, slab granite countertops, tiled floors? What price range would you like to stay within? Have you been pre-qualified for a specific price range?
How long does it take to find a property?
The more specific you can be with your wish list of features, because the closer I can get to locating the right property for you and the less time we spend driving around looking at the properties that will not be a fit. I do realize your preferences may change as we preview properties, so it is important to communicate updated preferences as we move forward.
What if we live out of town?
With the current technology available, we can stay in touch a number of different ways. Some of them include an auto-email notification option where you receive information on new properties that come on the market as well as properties that have had a price adjustment. And if you happen to be searching for property on any other websites, please call me for current and actual information as some of these websites may have outdated information.
Is there anything I can do to prepare to make an offer on a property?
Yes! If you are planning on procuring a mortgage to purchase the property, it is wise to go to a mortgage lender or bank and find out how much mortgage you can afford. This is where you obtain a letter called a “pre-qualification” letter which will identify how much you can spend on a property. Residential mortgages are different than vacant land mortgages, so make sure the lender knows what kind of property you are going after so they can advise you accordingly. Initially, your local bank could do this pre-qualification process for you or you can go directly to the mortgage company you plan on using. Then, when you are ready to make an offer on a property, the pre-qualification letter will accompany an offer which will in turn let the Seller know that you can qualify to purchase their property. When it comes time to apply for a mortgage, I suggest that you shop around for the best terms for a mortgage for you.
How do I move forward with an offer on the property of my dreams?
The very first document I will ask you to sign is the Definition of Brokerage Relationships that are available in Colorado. This will be a document between us that identifies to the public how you have asked me to represent you in the transaction. Below is a description of each Brokerage Relationship:
Buyer’s Agent: A Buyer’s Agent works solely on behalf of the Buyer to promote the interests of the Buyer with the utmost good faith, loyalty and fidelity. The Agent negotiates on behalf of and acts as an advocate for the Buyer. The Buyer’s Agent must disclose to potential Sellers all adverse material facts actually known by the Buyer’s Agent, including the Buyer’s financial ability to perform the terms of the transaction and, if a residential property, whether the Buyer intends to occupy the property. A separate written Buyer Agency agreement is required which sets forth the duties and obligations of the broker and the Buyer.
Transaction-Broker: A Transaction Broker assists the Buyer or Seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties presenting all offers and assisting the parties with any contracts, including the closing of the transaction, without being an Agent or advocate for any of the parties. A Transaction-Broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as Agents about all adverse material facts actually known by the Transaction-Broker concerning a property or a Buyer’s financial ability to perform the terms of a transaction and, if a residential property, whether the Buyer intends to occupy the property. No written agreement is required.
Customer: A Customer is a party to a real estate transaction with whom the Broker/Agent has no brokerage relationship because such party has not engaged or employed the Broker/Agent, either as the party’s Agent or as the party’s Transaction-Broker.
After you have decided how you would like me to represent you, we can begin to prepare a “Contract to Buy and Sell” real estate which will include the price and terms we are offering to the Seller. I will assist you in choosing the dates and deadlines of the contract as well as provide contact information for other professionals that can help with inspections and reports.
Upon agreement and an executed contract between Buyer and Seller, the Buyer will provide an Earnest Money deposit to the Title Company that the Seller has enlisted to complete the transaction on behalf of the Buyer and Seller. The title company will hold the Earnest Money until the due-diligence process is completed and the transaction closes. The Earnest Money is applied towards the purchase price of the property at closing.
What do you mean by “Due Diligence”?
Due Diligence is referred to as the Buyers time frame to review documents related to the property such as the Title Documents, Homeowners Association documents (for subdivision or condo/townhome complexes), Loan Documents, Survey, and time to have the property appraised and inspected. I will be with you every step of the way and will stay on top of contract deadlines and resolutions.
Do I really need to get a Home Inspection?
I highly recommend a Home Inspection as the Inspector is your eyes and ears to what the condition of the home is in. They are able to see things that you and I do not see and are therefore worth the time and money. I recommend a Home Inspection on a new home as well.
Our largest unknown expense is snow removal. Snow removal in the drive way so you can get in and out of the property; from all decks so they don’t collapse and cause additional exterior damage and off of the roof so it does not cave in and cause water damage. Snow removal varies every year because we never know how much it will snow and how long it will be around.
So either way you go, single family home or condo/townhome, you will have monthly expenses for the care and maintenance of the property. Here is a list of some of the expenses that come up in a winter resort community.
- Snow Removal-driveway, sidewalks, roof
- Trash Removal
- Exterior Building Insurance (Condo/Townhomes)
- Homeowners Insurance (Single Family Home)
- Renters Insurance (Condo/Townhomes)
- Common Area Insurance (Condo/Townhomes)
- Managers Monthly Fee (Subdivisions and Condo/Townhomes that have a Homeowners Association)
- Common Area Maintenance (Condo/Townhomes)
- Water & Sewer
- Common Area Electric (Condo/Townhomes)
- Cable or Wireless TV, Internet
- Sewer Pipe Maintenance