{"id":66,"date":"2017-05-31T22:52:33","date_gmt":"2017-05-31T22:52:33","guid":{"rendered":"http:\/\/www.coloradoloanpro.com\/blog\/?p=66"},"modified":"2018-01-04T23:04:59","modified_gmt":"2018-01-04T23:04:59","slug":"not-shopping-home-denver","status":"publish","type":"post","link":"https:\/\/www.coloradoloanpro.com\/blog\/not-shopping-home-denver\/","title":{"rendered":"What to Do and Not Do When Shopping for a Home in Denver"},"content":{"rendered":"<p>The following is a short list of things you should and should not do when buying a home in Denver or Boulder.<\/p>\n<h3>\u00a0Mistakes to Avoid During Your House Search<\/h3>\n<p><strong>#1\u00a0 Not being prepared to compete in a seller&#8217;s market.<br \/>\n<\/strong>The Denver metropolitan area, including Boulder, has been in a hot market for years where housing demand far outstrips supply and all-cash offers are fairly common.\u00a0 Buyers have to be ready to make fast decisions.<\/p>\n<div class=\"group\">\n<p>Prior to starting any kind of\u00a0 search for Denver homes for sale, have a down payment saved (the more, the better), clean up any problems on your credit report, decrease your balances on credit cards, and get pre-approved for a loan.<\/p>\n<p>By doing so, you become a legitimate buyer and the seller will take your offer seriously. Keep in mind, that &#8220;some all-cash buyers&#8221; actually do end up getting a loan during the buying process. Borrowing money is cheap with the today&#8217;s low interest rates. The seller isn&#8217;t notified that the buyer is seeking financing until the closing date nears or after the escrow company discloses that the buyer now has a lender.<\/p>\n<\/div>\n<p><strong>#2 &#8211; Don&#8217;t believe the listing agent showing you the home is your honest to goodness new best friend.<\/strong><br \/>\nFar too often, prospective buyers disclose to the seller&#8217;s agent admit they can buy it for as much as $399,000, which means you probably won\u2019t get the house for a penny under $399,000.<\/p>\n<p>Eric Tyson, co-author of \u201cHome Buying for Dummies&#8221;, says just like a card game, never show your hand. Treat the seller\u2019s agent as what he or she is: a representative for the current owners. Do you believe everything a used car owner or the dealer tells you about the car? No. You should always verify what is being sold to you.<\/p>\n<p>If the seller&#8217;s agent says the schools are top-rated or the home has been maintained flawlessly, verify it. Talk to parents in the neighborhood who have kids. See reviews on Greatschools.org.\u00a0 Have a professional inspect the home inside and out to confirm the impeccable care that was given.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-86\" src=\"http:\/\/www.coloradoloanpro.com\/blog\/wp-content\/uploads\/2017\/05\/homebuyer-mistakes-ct.jpg\" alt=\"homebuyer mistakes\" width=\"350\" height=\"230\" srcset=\"https:\/\/www.coloradoloanpro.com\/blog\/wp-content\/uploads\/2017\/05\/homebuyer-mistakes-ct.jpg 350w, https:\/\/www.coloradoloanpro.com\/blog\/wp-content\/uploads\/2017\/05\/homebuyer-mistakes-ct-300x197.jpg 300w\" sizes=\"auto, (max-width: 350px) 100vw, 350px\" \/><\/p>\n<p><strong>#3 &#8211; Don&#8217;t Agree to Unlikely Closing Dates<\/strong>.<br \/>\nAccording to the National Association of Realtors, accepting an unrealistic closing date is one of the most common homebuyer mistakes.\u00a0 While it is true, that if you&#8217;re pre-approved and your loan is in the easy peazey category, you probably can close in 30 days, but 45 days is more common. Why do this? The lender may need the appraiser to re-inspect the property because the appraiser missed something. There could be a title issue that needs to be resolved. Ask for 45 but also mention you will close early if items out of your control go as planned.<\/p>\n<h3>What You Should Do Before and During Your Home Search<\/h3>\n<p><strong>#4 &#8211; Do shop lenders including online mortgage brokers<\/strong>.<br \/>\nEven if the lender is out of state, you want the best program that meets your needs. People buy cars and insurance out of state and online. Simply review their credentials, testimonials, and pick the one that makes the most sense as far as affordability, fees, and being confident they can close your loan with minimal issues.<\/p>\n<p><strong>#5 &#8211; Do be respectful of the seller&#8217;s taste when they or the listing agent are present<\/strong>.<br \/>\nThe seller may love how they decorated the home and may actually not accept your offer due to you offending their taste in decor. Any giggling or pointing out inferior designs (examples: dated wallpaper, lime green carpet, or popcorn ceilings) is not recommended. Additionally, the listing agent could be a friend or relative so keep any negative comments to yourselves in private.<\/p>\n<p><strong>#6 &#8211; Do have enough savings or reserves set aside<\/strong>.<br \/>\nMany home buyers end up buying a home and only have few months of the mortgage payment in reserves right after closing. Many financial experts say you should really have a year&#8217;s worth of the mortgage payment and monthly expenses in case of job loss, medical emergency or\u00a0 something else unforeseen.<\/p>\n<p><strong>#7 &#8211; Make sure your credit report is fre of any errors<\/strong>.<br \/>\nAre you aware that 1 out of 4 people have a credit reporting error on their report? With odds like that, you should make it mandatory to check your credit report 3 months before starting your home search in order to clean up any inaccuracies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The following is a short list of things you should and should not do when buying a home in Denver or Boulder. \u00a0Mistakes to Avoid During Your House Search #1\u00a0 Not being prepared to compete in a seller&#8217;s market. The Denver metropolitan area, including Boulder, has been in a hot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,19],"tags":[3,21],"ppma_author":[81],"class_list":["post-66","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver-real-estate","category-homebuyer","tag-denver","tag-house-hunting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Do and Not Do When Shopping for a Home in Denver - Colorado Loan Professional<\/title>\n<meta name=\"description\" content=\"An excellent list of do&#039;s and don&#039;ts during your home search in Denver and surrounding areas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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