EARNEST MONEY DEPOSIT
So you will not be placed in an uncomfortable position when you purchase a property, an understanding of the earnest money deposit is of the upmost importance. At the time a written offer is initiated, you will be required by the seller to include a personal check or cashier's check. The amount is deposited into the listing broker's escrow account upon acceptance and will remain in escrow until the time of closing. This amount is credited to the buyer as partial down payment and represents your intent to purchase the property. If the offer is not accepted, the amount is returned to you. Depending on the price of the property, you should anticipate a minimum of $2,000.00. Also, in the event that you do not qualify with the lender for a new loan, the earnest money is refunded to you provided the sellers are given notice regarding the lender's disapproval.
STRUCTURAL INSPECTION OR ENGINEER'S REPORT
If you are purchasing a resale property, you may consider having a structural and/or engineer's inspection. There are several companies from which to choose and I will be able to suggest one. This inspection will determine the condition of the structure and foundation and any defects that may need to be corrected. The cost of this service generally runs from $175.00 and $250.00 depending on the size of the home. You may also wish to obtain a radon test which runs $75.00 to $125.00. Radon is a radioactive gas present in soils and bedrock.
HOME INSPECTION
Another type of inspection is a "home inspection". Included in this type of inspection are: applications, water or plumbing lines, electrical, heating and ventilating, bath and kitchen fixtures, crawl space, basements, garages, roofs, attics, and general maintenance of the home. The cost of a home inspection is comparable to the structural engineer's inspections. Most home inspectors are also quite knowledgeable about structures and foundations.
POSSIBLE INSPECTORS TO USE
- Bud Glass / 303.347.2078 (office)
- Lenny Inspectec / 303.617.1626 (office)
TITLE INSURANCE
When property is being sold or refinanced, the lender and the buyer need a preliminary title commitment that will indicate exactly what recorded liens and encumbrances and recorded easements are currently in effect on the property. The title will also indicate the vested owner of record and any restrictions on use of the subject property.
WARRANTY SERVICE
Either the purchasers or sellers may buy a home warranty policy that will protect against any repairs or replacement of certain appliances, heating, plumbing, or electrical items. As with most insurance companies, the coverage can vary and you may want to consult with warranty services company to determine exactly what is covered and the cost of the policy. Normal costs are approximately $300.00 to $365.00.
TYPES OF PROPERTIES
FOR SALE BY OWNER
A homeowner trying to sell his home himself usually doing so in hopes of saving the commission. Coincidentally, this is the reason a buyer wants to deal directly with a homeowner.
Many Times a homeowner will work with an agent, even though his home is not listed, if the agent introduces the buyer to the property.
If you should see a FSBO (for sale by owner) and want the advantages of our services, please let us contact the owner and set up the appointment.
NEW HOMES
We can work with most builders and can get all the information you need to make any decisions, but we will need to accompany you to the property on the initial visit.
By letting us help you with builders, you get all the services offered in this presentation and those offered by the builder as well.
You'll get more, but you wont pay more for it.
POSSIBLE LENDERS
- Dave Gruen / 303.752.1470 (office) / 303.790.5555 (pager) / 303.671.5020 (Res)
CHERRY CREEK MORTGAGE
- Michael G. Landis / 303.969.7800 (office) / 303.969.7805 (direct)
WATER FIELD FINANCIAL
POSSIBLE HOMEOWNER'S INSURANCE PEOPLE
- Jon Pifer / 303.761.3710
STATE FARM
- Todd Pancratz / 303.920.0030 (office) / 303.920.0031 (fax)
FARMERS INSURANCE
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