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Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically, yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, and this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Passion & Expertise

My goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. I am dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

Making Every Move the Right One

Testimonials

"Alicia helped me buy a house in Three Springs. She is very responsive and good at explaining all the forms I needed during the process. She was always available for any questions and anything I needed!"
"Alicia helped me buy a house in Three Springs. She is very responsive and good at explaining all the forms I needed during the process. She was always available for any questions and anything I needed!"
Johnson K.
"Our family loved working with Alicia. We just closed on our home and couldn't be happier. Her knowledge of Durango and its diverse surrounding areas is exceptional. We always felt confident that our questions and concerns would be addressed quickly and thoroughly. Whether you are looking to live right in town or in the beautiful surrounding valleys and mountains of Durango, Alicia has the necessary skills to find your home, the knowledge of home construction and the unique environment, and the expertise to negotiate a successful closing. Thank you, Alicia!"
"Our family loved working with Alicia. We just closed on our home and couldn't be happier. Her knowledge of Durango and its diverse surrounding areas is exceptional. We always felt confident that our questions and concerns would be addressed quickly and thoroughly. Whether you are looking to live right in town or in the beautiful surrounding valleys and mountains of Durango, Alicia has the necessary skills to find your home, the knowledge of home construction and the unique environment, and the expertise to negotiate a successful closing. Thank you, Alicia!"
Buyer
"Alicia is a valuable resource for all parts of the buying or selling process. She stays true to the unspoken codes of professionalism, especially while managing and facilitating contact between all parties involved. Alicia provided realistic and reasonable advice and provided support as needed. My husband and I highly recommend Alicia to potential clients for these reasons. You won't be disappointed."
"Alicia is a valuable resource for all parts of the buying or selling process. She stays true to the unspoken codes of professionalism, especially while managing and facilitating contact between all parties involved. Alicia provided realistic and reasonable advice and provided support as needed. My husband and I highly recommend Alicia to potential clients for these reasons. You won't be disappointed."
Buyer | Seller
"Alicia did a fantastic job negotiating on our behalf! She is the reason we closed on the house of our dreams. There were several challenging aspects to the closing process that Alicia navigated with ease."
"Alicia did a fantastic job negotiating on our behalf! She is the reason we closed on the house of our dreams. There were several challenging aspects to the closing process that Alicia navigated with ease."
Callie C.
"Alicia is beyond amazing! She really has been a blessing in helping us in purchasing our Colorado Dream home! Look no further if you want a tenacious and knowledgeable realtor! I can not say enough just how grateful we are God led us to her!"
"Alicia is beyond amazing! She really has been a blessing in helping us in purchasing our Colorado Dream home! Look no further if you want a tenacious and knowledgeable realtor! I can not say enough just how grateful we are God led us to her!"
Shana L.
"Ms. Romero is excellent and trustworthy to work with. This was our second experience with her and if the opportunity should come up again we would definitely use her. She helped coordinate inspections and necessary minor repairs."
"Ms. Romero is excellent and trustworthy to work with. This was our second experience with her and if the opportunity should come up again we would definitely use her. She helped coordinate inspections and necessary minor repairs."
Buyer | Seller
"When I was ready to sell my home I knew immediately who to call. Having worked with Alicia when I bought the property I knew she was a real pro. Alicia took on the heavy lifting and I got to sit back and enjoy the ride. She provided a silky smooth deal from the seller's perspective even under challenging circumstances."
"When I was ready to sell my home I knew immediately who to call. Having worked with Alicia when I bought the property I knew she was a real pro. Alicia took on the heavy lifting and I got to sit back and enjoy the ride. She provided a silky smooth deal from the seller's perspective even under challenging circumstances."
Seller
"Alicia was a fantastic partner in finding the right house for us. She was great at pointing out potential negatives that were not obvious, helping steer us away from the wrong properties. She knows the neighborhoods inside and out, and the pros and cons of each. She was on top of everything, very professional, responsive, and a joy to work with. I highly recommend Alicia!"
"Alicia was a fantastic partner in finding the right house for us. She was great at pointing out potential negatives that were not obvious, helping steer us away from the wrong properties. She knows the neighborhoods inside and out, and the pros and cons of each. She was on top of everything, very professional, responsive, and a joy to work with. I highly recommend Alicia!"
Ross G.
"Alicia was extremely knowledgeable and helpful above and beyond our expectations. She was well organized, understood our needs, and was a needed guide and local resource. She made efficient use of our somewhat time to help us through our search while visiting Durango and provided the knowledge, guidance, and organization for us to complete the buying and closing process while living out of state. Alicia was outstanding and we were fortunate to have her working with us."
"Alicia was extremely knowledgeable and helpful above and beyond our expectations. She was well organized, understood our needs, and was a needed guide and local resource. She made efficient use of our somewhat time to help us through our search while visiting Durango and provided the knowledge, guidance, and organization for us to complete the buying and closing process while living out of state. Alicia was outstanding and we were fortunate to have her working with us."
Buyer
"Alicia went above and beyond regarding multi-party communications, problem-solving, and legality knowledge of certain issues we were faced with. Alicia was thorough and regularly covered all bases. Alicia's expertise, professionalism, and grit helped us navigate some questionable HOA practices which was key for the final sale. Alicia is a top-notch broker and human!"
"Alicia went above and beyond regarding multi-party communications, problem-solving, and legality knowledge of certain issues we were faced with. Alicia was thorough and regularly covered all bases. Alicia's expertise, professionalism, and grit helped us navigate some questionable HOA practices which was key for the final sale. Alicia is a top-notch broker and human!"
Seller

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