Know Your Credit Rating

Most homeowners purchase their home with some type of home loan or mortgage. The kind of home loan or mortgage you get is heavily dependent on your credit history since all lenders will review your credit report to determine the type of loan you qualify for.

Your entire credit history will calculate to an overall credit score, which ranges from 340 to 820, with 340 being the worse and 820 being the best score. Where you are on the spectrum will determine what kinds of offers you’ll get. If you have poor credit standing, you should expect few or less-than-stellar home loans or mortgage offers. Conversely, if you have excellent credit standing, you will receive very good offers. Be sure to get a copy of your credit report and check it out before they do. You want to scan for errors and report them if they are evident - you’d be surprised at how common mistakes are.

We see people often bypass this step, deciding to just jump into their real estate search. We can’t emphasize how important getting your mortgage pre-approved is. Imagine that you’re selling a home and you receive two offers. One person submits you a great offer. The other person quotes you a similar number and hands you a piece of paper from a lender, guaranteeing that the funds are actually available. Who will you sell your house to? That’s why it’s important to get pre-approved for a mortgage.

We recommend that you investigate potential lenders after you have your credit check. The lender (banks, brokers, wholesale lenders) can check out your credit history, and give you an official letter stating how much of a mortgage you qualify for. Having this number in writing will make you more attractive to sellers since it shows that you’re serious. Also, this is a require step for when you are ready to submit an offer anyway, so why not find out how much of a loan or mortgage you qualify for now.

Now that you’ve done your credit check, have a pre-approved mortgage, and identified what you want in your property, the next logical step is to go on the search. Although this is not always the case, the vast majority of people utilize the services and representation of a realtor or real estate agent in their quest to buy real estate. These professionals are trained to help you with your search. Listings.com agents have insider access to real estate listings, bank owned foreclosures that are soon to be on market, and other ‘off market’ Sellers looking to sell within your price range and area of interest in additional to giving you full access to all the active property listings from the same database used by real estate brokers in the Denver area.

More importantly, they are intimately familiar with the whole real estate buying process and can advise you through the various steps and the multitude of legally required disclosure and contract forms. Also of the utmost importance is your Listings.com Realtor can represent you and act as an advocate for you, NOT the Seller, in your negotiation for your new home.

Finding the right real estate agent or Realtor is a very important part of making your real estate purchase easier that you thought. Agents and Brokers available through Listings.com are at the top of their game with most having negotiated at least 1,000% more deals than the average Realtor. And when it comes to the most valuable purchase you will likely make (until your next home), shouldn’t you have an agent in your corner that has seen and negotiated just about everything? Make no mistake, it does make a big difference!

We invite you to contact us to discuss our experience and check out our references before making a decision. Rely on your gut instinct in your evaluation of our agents – because it is imperative that you can trust your agent and feel that your agent is honest, loyal, and has your best interests in mind. Take a step to find out why Listings.com’s focus is “All about You!” and where you want to be.

SO LET’S GET GOING! CONTACT US TO DISCUSS ‘WHERE YOU WANT TO BE… IN THE DENVER AREA!’ And the best part is there is no cost to YOU for our services.

(1) “Must-have features” – this may include the size of property you want, number of rooms, location, etc. Be as broad as possible – the point is to identify what must be on that property in order for you to be interested.

(2) “Absolutely Not” – this is the opposite of your “must-have features”, and represents features that you will not tolerate. This may include listing any “fixer-uppers”, some locations you don't want to live in, etc.

(3) Knowing what you want and what you don’t want can greatly narrow down your search when the time comes to actually go out and hunt out some real estate. Think about the property’s desirable features, and weigh it against its undesirable features. Another important consideration is resale potential, especially if you buying real estate strictly for investment purposes.

This is usually the most exciting time – when you actually get to go out on your quest for the property you desire. Maybe you’re determined to live in a particular neighborhood; maybe you’re looking for a particular type of home, and are flexible about the location as long as it has all the features you want. In any case, the best source to find leads about the property you want include the Multiple Listing Service (MLS), Internet sites, and newspaper classifieds. Another way that has been extremely fruitful to many people is to go out and explore neighborhoods, and be on the lookout for any For Sale signs.

It is important and perhaps informative to research real estate buying processes in your area of interest. If you’re from Wisconsin and you want to buy a house in California, you may find that real estate laws in the two states may differ, which will inevitably affect the buying process. Get as local as possible when researching real estate customs – this is where the services of a local real estate agent can become critical! Finding properties will be discussed in further detail in “Real Estate Listings”.

After viewing many properties, you have hopefully found something that you would like to consider more seriously. Before you make an offer, be sure to be critical of the property – its structure, features, contract contingency basis, deed restrictions, how much renovations may be needed – everything! The input of your real estate agent is paramount here, as they possess the know-how and experience to properly advise you with your best interests in mind. When you both feel that this is the piece of real estate you want to pursue, then you can make an offer.

Making an offer involves a lot of strategy. You don’t want to turn of the seller by low-balling him, and at the same time you don’t want to pay too much for the property. Your real estate agent should be involved in brokering the offer, as they can advise you on a realistic offer that maximizes your chances of buying that property. The seller will most likely have their own real estate agent, and they will want to maximize the sale price. So don’t get into any negotiations with that agent without the presence of your own agent. More comprehensive information on this delicate subject matter can be ascertained in “Making An Offer”.

Once you and the seller have agreed to the deal, there is plenty of paperwork to be done in order to finalize the deal. Although this may be tedious, it is important to avoid any mistakes that could prolong the process. It is absolutely important not to irritate you lenders, since you are dependant on them to operate in an expedient manner. DO NOT make any major purchase that could affect your mortgage payments and don’t switch jobs. This is just added hassle that will prolong the process. Also be sure to obtain hazard insurance, and switch utility providers, and don’t forget to cancel any services at your old home!