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Mountain Living Real EstateMountain Living Real Estate

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First Time Home Buyers

Excited first time home buyersBy keeping first time home buyers informed about what to expect in their real estate transaction, The Mountain Living Team helps to keep the stress out of their home buying experience.  If you’re wondering what you can expect when buying your first home, you’ve come to the right place.  Here’s an overview of how the process works.  Many more specific questions will be answered in our Buyer Frequently Asked Questions.  You can always contact us for more information.  We’re happy to help!

The first step

One of your first priorities is to talk to a local lender.  Determine the best way for you to purchase your first home and how much you can comfortably afford to pay.  With the help of your agent you will find the property you want to purchase.  Then you need to talk price.  Not just the price you are willing to pay for the house but the amount of earnest money to put down as well.  Your agent can supply you with information like comparable properties that have sold recently and a market overview so you can make a good decision on the price to pay.  Your agent will prepare the offer and submit it to the listing agent.  The seller can either accept the offer, reject the offer or prepare a counter offer.  If the offer is accepted your earnest money will be deposited.  If the offer is countered, your agent will work to negotiate a favorable outcome for you.  If all parties can come to an agreement, you are under contract!

Under contract!

Once you are under contract you will receive several documents regarding the property.  You will receive disclosures from the seller disclosing any physical defects of the property that they know of and the source of the square footage measurements .  You will receive information about any documents that have been recorded on the property including easements and liens and any documents that may hinder the sale of the property.  If the property belongs to a home owners association you will receive the bylaws and financial statement for that association.  If any of these documents are unsatisfactory to you, you have the opportunity to terminate the contract and have your earnest money returned to you.

Home InspectionYou have the option to inspect the property before you buy it.  We always recommend having a property inspection.  They help protect you by letting you know what you are getting into.  Some inspections worth considering are a general property inspection, radon testing, lead base paint, well and septic inspections, and mold inspections.  Any inspections must be paid for by you at the time of service.  All of these inspections may not be necessary for your particular property.  Once the inspection(s) have been completed you have the opportunity to ask the seller to correct issues or problems that have been brought to your attention.  The seller is not required to do anything additional and you, once again, have the opportunity to terminate the contract and have your earnest money returned to you.

If you are financing your purchase your lender will probably order an appraisal on your behalf.  By this time you should have received a Good Faith Estimate from your lender informing you of the amount of charges you will be incurring to get your loan and if any of those charges are due prior to closing.  If the terms of your loan are not favorable you can try other lenders and if you are unable to secure a favorable loan you can terminate the contract and, if it is before the deadline, you can have your earnest money returned to you.

A couple of other things to consider; appraisal and insurance.  You may want to get an appraisal even if you are paying cash for your new property.  Talk to an insurance company and find out how much your homeowner’s insurance will cost for this property.  You don’t want to find out after closing that this home location requires a very expensive policy.

Closing!

Closing day is here!  Once all the documents are signed and the money has changed hands the property is yours!  In a typical transaction closing will take place approximately 45 days after going under contract but it is flexible and agreed to in the contract.

This overview assumes your real estate transaction is handled on the Colorado Real Estate Commission approved forms.  These forms may not always be used and therefore the overview of the process may be slightly different and your option to terminate the contract and get your earnest money back may not be an option.

This is just a brief overview designed for first time home buyers. It does not go deep into the process so if you have more questions, just ask.

 

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

Jason used amazing strategy for pricing, selling and acquisition of our next property. In this market this strategy is critical for success – especially with the buying process. Summit County real estate is a challenging market. We have bought and sold two properties and just bought our third. Jason and Meredith have been there for Continue Reading

Ben from Centennial February 2, 2022

You were very knowledgeable and supportive during this transaction. I was most impressed with your calmness and smart decision making during a chaotic process. Thank you again for your calmness during all of this.

Barbara from Centennial January 24, 2022

home in Breckenridge

We were very impressed with your professional skills, timely communication, and excellent listening skills. We felt you cared about us and our success.

Frederick from Colorado January 24, 2022

Living room in Dillon condo

(I was most impressed that they) Kept us informed through it all and helped navigate the things that needed to get down in a timely fashion. Also really appreciated help getting people to do some of the things done around the house.

Kate from Ft Collins November 4, 2021

House in Hamilton Creek

You guys did an exceptional job for us and went the “second mile” in many ways. We were most impressed with Pro-active and involved interaction with us and everyone in the process. Your team was exceptional. Recommended many things for us to do, and then helped us do them. Followed up,, checked in, and helped Continue Reading

Warren & Sue from TX August 12, 2021

Treehouse condo

Over the years we have bought and sold over 30 pieces of property and this was one of the most efficient and painless processes. Service and attention was A-perfect!

Jack from FL August 9, 2021

Gateway condo in Keystone

I very much enjoyed working with both Meredith and Jason, they really focused on our needs and questions. Their knowledge of the Summit County Area was worth its weight in Gold. Thank you guys!

Glen from GA July 27, 2021

sale of house

We were most impressed with your good judgement and advice on everything. Thank you for navigating us through the sale of our house.

David & Cecile from Boulder July 14, 2021

Copper Mountain Ski Resort

Great service- more forward leaning than previous realtors Most impressed with follow up, knowledge of local market, going the extra mile on document review and getting HOA questions answered. Good advice on price point, patience, and negotiations. Understandably you aren’t always available to look at properties, but in the crazy COIVD market there was one Continue Reading

Holly from Colorado Springs June 14, 2021

Most impressed with the dedication to getting the best deal for us! Exceptional service, skilled negotiators, truly worthy! I wouldn’t consider hiring anyone else. Thank you Meredith and Jason.

Lloyd from Salida June 4, 2021

Contact Us


Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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