Colorado Springs Home Buyer Information

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Top Home Buyer Information Posts:

• Top 5 Ways to Sabotage Your Chance to Buy a Colorado Springs Home
• Colorado Springs Mortgages for First Time Home Buyers
• Buying a Colorado Springs Foreclosure or Bank Owned Home
• Writing an Offer on a Bank Owned or REO Property in Colorado Springs
• Colorado Springs Short Sale Scam is Mortgage Fraud
• Colorado Springs Homeowners Insurance Questions and Answers
• Top 5 Ways to Choose the BEST Real Estate Agent When Buying a Home in Colorado Springs
• 3 Easy Ways to Find a Buyers Agent to Represent You
• Top 7 Questions to Ask Your Buyer’s Agent

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Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

As a Colorado Springs real estate agent, our job is to help you find the best home for the best price and terms possible for your current situation. We are here to help guide you on your journey to home ownership.

However, by law, there are some things that we just cannot discuss with you, as it falls more into the realm of “opinion” than fact. These topics include:

• Anything that violates fair housing laws. We cannot talk about nor engage in any activity that discriminates against another person based on race, color, national origin, religion, sex, familial status or handicap. Read More: http://www.hud.gov/offices/fheo/FHLaws/yourrights.cfm
• How “good or bad” a school district is. Every school district offers things that may be beneficial to one person and not to another. (For more information on schools and school districts, check out GreatSchools.net)
• How “good or bad” a neighborhood is. Consider checking out http://www.city-data.com/city/Colorado-Springs-Colorado.html for crime statistics. But, for you to get the most accurate impression of a specific neighborhood, drive through it during 3 different times:
  - Weekday
  – Weeknight
  – Weekend
• By Colorado Law, a listing agent cannot disclose if there was a murder, suicide or haunting in a home (unless ok’d by home owner). If you suspect something like this, we recommend talking with a couple neighbors about the home.

If any other questions arise that we cannot answer, we will direct you to a resource that can help you. Just call 719.434.8346

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

How much home you can afford is determined by BOTH the purchase price and the interest rate you are getting on your loan.

Did You Know … a 1% jump in interest rate nullifies a 10% drop in home price.

Take advantage of today’s historically LOW interest rates to buy a BETTER Colorado Springs home for LESS money!

Read Also:  The Importance of Getting Pre-Qualified When Looking to Buy a Colorado Springs Home

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

Unless you are paying cash for your Colorado Springs home, getting pre-approved with a reputable lender is one of the most important parts of the home buying process.

Getting pre-qualified allows you to know exactly how much home you can afford and how much your monthly payments will be. It also allows you to find and fix any errors on your credit report before those errors stand in the way of you buying your next home.

Additionally, in the current economy, home Sellers are very hesitant to take their home off the market unless they know that the home buyer can, in fact, qualify for a loan to buy the home. Sellers do not want to risk valuable time off the market for an unqualified buyer.

Furthermore, in a Colorado Springs real estate market where there are a lot more foreclosures, short sales and bank owned homes, being pre-qualified is a MUST. Most banks will not even look at an offer, unless it is accompanied by a pre-approval letter from your lender.

For a of local and reputable lenders that we trust and recommend, please contact the Wagner iTeam: 719.434.8346

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

Looking for a home in Colorado Springs can be an exciting experience! However, in order to make sure that the home you choose is truly the home for you, you will want to check out a few things before you close on the home you are wanting to buy.

Things you can research BEFORE writing an offer:

METH – The health dangers of living in a home that was a meth lab are tremendous. Make sure the home you are buying is not a former meth lab. Visit: springsgov.com/Page.aspx?NavID=702

MEGAN’S LAW – To find the locations of registered sex offenders in your area, please visit sor.state.co.us

FLOOD PLAINS- You will want to make sure that you buy additional flood insurance if your home is located in a flood plain. This may or may not affect your decision to buy a home, so find out how much additional insurance will cost. Find out more here: http://www.pprbd.org/flood_files

LEAD BASED PAINT – “Lead based paint was used in Many houses and apartments built before 1978 have paint that contains high levels of lead (called lead based paint). Lead from paint, chips, and dust can pose serious health hazards if not taken care of properly.” – EPA.gov/lead There are many ways to mitigate this issue. However, you must have certain documentation provided to you, the home buyer, before you can buy a home that was built before 1978.

Things you can research during the Inspection period:

MOLD – Toxic mold can be found in any home, regardless of the climate. Mold can be extremely harmful, and even deadly to people of all ages. The most common areas mold can be found are crawlspaces, attics, bathrooms and near plumbing fixtures. If you suspect mold, hire a specialist to get it tested. If there IS a presence of toxic mold in the home, you will have the opportunity to get it removed or cancel the contract under the inspection deadline. But please note: Removing ALL the mold may not be possible, so you will want to talk to an expert about the implications and possible lingering effects. Learn More: mold-help.org

RADON – Radon is a radioactive gas formed by the disintegration of radium, usually found in basements. This can be tested at time of the home inspection, by request, and you can always ask the Seller to the the radon mitigated (removed) before closing. For more information on radon, visit: www.epa.gov/radon

In most cases, you will be able to get out of a contract during the inspection period, if any of the following items are unsatisfactory to you.

For more resources on things to look out for when buying a home in Colorado Springs, contact the Wagner iTeam: 719.434.8346

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

When you are looking to buy a home for sale in the Colorado Springs real estate market, there are costs that you will want to be aware of, in addition to the actual mortgage. These costs are minimal, but they do need to be taken care of either at or before closing.

• Earnest Money – In order to go under contract on a home for sale in Colorado Springs, you will need to supply Earnest Money. This is usually about 1% of the purchase price and must be paid at time of signing the contract. Depending on the circumstances, you will usually be able to get your earnest money BACK if you do not wind up buying/closing on the home.
• Loan Fees and Closing Costs – It costs money to get a mortgage. Usually the costs are about 1% of the loan amount. These will need to be paid at time of closing. However, in most cases, the Wagner iTeam is able to get the Seller to pay some of these costs FOR you.
• Appraisal – Your lender will order a home appraisal to make sure that the home is actually worth what you are buying it for. A home appraisal is about $350 and it is recommended that you pay this to the lender at time of loan application. However, in many cases, the Wagner iTeam can get the Seller to pay you back for this fee.
• Home Inspection – You will want to get a home inspection by the Inspection Deadline listed in your contract. A typical home inspection can cost between $300 and $400, but can be more or less, depending on the size of the property. You will need to pay the home inspector at the time of the inspection.
• Moving – Make sure you budget in moving costs, to include movers and/or a moving truck, packing supplies, cleaners and any meals that you may have to buy in the process of moving.
• Window Coverings – Depending on the details of the contract, you may be responsible for hanging window coverings (blinds and/or curtains) when you move into your new home. This is particularly true when buying a brand new Colorado Springs home. Blinds can start from $30 a window and run up to hundreds of dollars.
• Short Term Renting – Sometimes the contract-to-close process takes a little longer than outlined in the contract. In cases like these, you will need to be prepared to (possibly) spend a couple nights with family or friends, or a short term rental, or even a hotel. Make sure you budget enough money just in case this situation arises.

Knowing these costs ahead of time will only make your home buying experience better.

For more information on buying a Colorado Springs home, please call the Wagner iTeam: 719.434.7525

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525