I’m Pre-Approved: What’s Next in the Home Buying Process?

We recently interviewed Pamela Primm of Ion Real Estate and Lisa Souza from the Mortgage Company to discuss the process of buying a home in the Denver area. You can listen to the full podcast or read the transcription here. Last week, we discussed the loan process and different options for mortgages. This week we will be discussing what to do after you get pre-approved for a mortgage. Where should you look? What’s the process after your offer is accepted? We will cover all of these as we continue our posts on buying a home in the Denver market.

Where to buy in Colorado

There has been a huge influx of people coming into the Denver area, and many of them don’t know where to look when it comes to buying a home. You don’t have to buy just in central Denver. There are many options available outside of Denver at attractive price points and still near the interstate. There’s Westminster, Arvada, Aurora, Lakewood, Englewood and more. All of these areas are still along the I25 corridor and make for an easy ride into the city when needed.

A good tip is to drive through potential neighborhoods, at different times of the day, and different times during the week. You can also get out and walk through neighborhoods to help you get a feel for them. Additionally, you can put in an address on WalkScore.com which gives you more information about the area. When you are ready to buy, try looking outside of the Denver city area and you will see more options available at specific price points.

What Do You Do After Your Offer Gets Accepted?

So you’ve found the home of your dreams, but in an offer and it’s accepted. Now what? This is where being pre-approved for your mortgage is going to benefit you the most. Most contracts nowadays have a 30-day closing. The can go longer or shorter, but we mostly see 30 days. In those 30 days, we recommend getting a home inspection. The buyer pays for an inspector to look at every aspect of the house, give their report, and then the buyer can ask the seller to fix any issues or bring a credit to close. Some buyers additionally want a sewer scope and a radon test, which can both be done during those 30 days. Additionally, the lender often will require an appraisal. In Denver especially, there can be a long wait time for appraisals so it is important to order one as quickly as possible and stay on top of them to ensure you close on time. Other aspects that happen during that 30 day closing period are the mortgage company must look at all your documents to make sure there are no issues, and the title company has to look at their documents to make sure there are no problems with the title. Once your closing date arrives, you will sign all the necessary paperwork and become a homeowner!

We know that the home buying process can be daunting for many people and that is why we are here to help. Over the last few weeks, we have brought together some of the main components of buying a home from getting the loan, to actually choosing and closing on a home. If you have any questions, please feel free to reach out to Lisa Souza at the Mortgage Company, or Pamela Primm at Ion Real Estate, and they’d be happy to answer those for you.

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