At Corcoran Perry & Co. we know that buying your first home or property can be a stressful experience and that is why we make it as easy as possible for you. We are there with you every step of the way. We are also home owners and investors so can relate to you as a buyer on a personal level. We believe that the most important thing in the buying process is good communication and we are always on top of every aspect of the process alongside you.
Getting You Pre-Qualified
If you require financing for your purchase, the first step is to get you pre-qualified before you can start viewing properties. This way we will know how much you can afford to spend and will find you properties according to your budget. You will need to contact a loan officer at a bank or a mortgage broker who will get you the best financing options. We can assist you with this and get you pre-qualified with our mortgage broker or lender. If you don’t require financing and are buying in cash you can start viewing properties immediately.
Property Search
We will then search for the best condo, house or investment property that suits your specific needs according to your price range and areas of choice. We will then set up appointments to go view the properties with you.
Making an Offer | Writing the Contract
Once we’ve found the property that you want to purchase we will write the offer (Contract to Buy and Sell) for you to sign and present it to the Seller. If you and the Seller agree on the terms and a contract is executed by both parties, you will need to make a deposit with a Title Company to hold in escrow and the buying process begins.
Title Company | Escrow
It is customary for the Seller to choose the title company and they pay for the Owner’s Title Policy. You will wire or deposit the escrow funds with the title company the Seller chooses and they will hold your deposit in escrow until the day of closing. They will perform title services for you the Buyer and the Seller such as making sure the title is valid and free of liens. They will also perform the closing and any related items.
Home Inspection
If you choose to do a Home Inspection, which we always recommend, we will set it up and have the inspector visit the property for the inspection. We will arrange for the inspection with our preferred inspection company which will perform the inspection and send you the report (if you have an inspection company you prefer to use that is also an option). If there is something major that requires repairs or replacement such as the AC or roof, or items that are Health and Safety related, we send the Seller an Inspection Objection and the items are negotiated between you and the Seller. If you don’t reach an agreement you can cancel the contract and get your deposit back. All Colorado contracts allow you to have an inspection and to get out of the contract if there are major repairs needed and the buyer and seller cannot come to terms.
Working With Lender | Title Company
The financing process takes about 30-45 days until the bank is ready to close. During this period of time there is a lot of documents and paperwork required by the bank and title co which we can assist in getting such as condo questionnaires and estoppel letters. Good communication between the lender, the buyer and all parties involved is essential during this process in order to achieve a smooth and timely closing. We are always in contact with your lender and the title company and assist in every way possible. If you’re paying cash for a property the process is much quicker and a closing can sometimes be done in a couple weeks depending on the title company.
Closing
Once the lender is ready with all required paperwork and the loan is “approved” or you have received the “commitment” from the bank, they issue a “clear to close”, and you can close. The title co. will send you and all parties involved the closing statement for review and if everything is approved you are ready to close. The final balance to close must be wired to the title co at least one day prior to the closing date and the title co. will advise on the exact amounts. If it’s a cash transaction all you will need to do is wire the funds and sign the closing statement which will take less than twenty minutes. If it is a financed transaction there is a lot of paperwork involved from the bank and a typical closing will take at least an hour. The closing manager or escrow officer will do the closing and guide you through the signing of documents. We are always present at our closings to answer any questions you might have about the documents you’re signing or if any issues might arise. Once the closing is done you will get a copy of the title to the property and will be the proud owner of your new home or investment property!
Title | Warranty Deed
The original title to the property, the General or Special Warranty Deed, will be sent to you via mail to the address you give the title co. They will give you a copy at closing. We will remain in constant communication with the title company until you receive your original title.
