Imagine it’s 1979. The average single family home in metro Denver carries a price tag of $66,051. Don’t you wish we could go back to those days when housing was so affordable?
Home price appreciation rates have moved from double digits to single digits, which is both expected and signs of a healthy market.
Climb a mountain and your experienced euphoria is not when you get back to the bottom. IT is in the planning, coordinating, hiking, summiting and planning the next one. You get to the top of the mountain and what happens? You sit for 10 minutes, eat a sandwich and say, what’s the next one?
Metro Denver residential real estate prices continued to climb in May 2017 and yet houses are more affordable today than they were for most of the last 25 years.
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The cash required for closing needs to be in a readily accessible account. You’ll need to bring a cashier’s check to closing or have your money wired to the title company prior to closing. If you need to move money around or liquidate any assets to get all the cash in a readily accessible account, you need to do this far enough in advance so that any hold on the funds has been cleared.
It’s important to get a full and final loan commitment from your lender by the Loan Objection Deadline date. Double check with your lender to make sure you have a complete loan approval prior to that deadline.
You need to arrange for home owner's insurance on the property you are buying before the Property Insurance Objection Deadline date in the contract. Make sure you are doing an "apples-to-apples" comparison between programs offered by different agents.
Buyers and sellers are obligated to make accurate disclosures / representations when buying and selling real estate. For buyers, this primarily entails dealing fairly and honestly with the seller and not misrepresenting the buyers ability to obtain a loan. Things are a little more complicated for sellers.
Legally, you are obligated to turn your property over to the buyer in the same condition it was in on the day the offer was made. Additionally, some contracts require the property to be "broom clean". Even if the contract does not require it, cleaning your house before turning it over to the buyer has some benefits for you.
An appraiser may be coming to your house in the near future. Most home sale contracts are contingent on the buyer or the buyer's lender obtaining an appraisal on your property. Here are some things you'll be interested to know about appraisers and the appraisal process.
You are under contract but not yet closed on the sale of your property. While fairly rare, the contract to sell your home could terminate without a closing as a result of contingencies granted to the buyer. When selling your primary residence, it is especially important to have a “Plan B” in case this happens.
Take a look at these dates and make sure you are planning accordingly.
Congratulations! Your property is under contract.