Can you tell me about Neighborhoods in Colorado Springs?

As a REALTOR®, there are rules about steering a home buyer into a specific neighborhoods or areas. What we can do is show you where you can find neighborhood information, crime statistics, economic information, and more. Just ask!

How are the Schools?

Again, real estate professionals cannot recommend specific schools. We can tell you where to get that information, though. One place to read school reviews, see test scores, and compare schools is a website called GreatSchools.

How much do Utilities cost?

This all depends on the home you wish to purchase. Buying a 100-year-old Victorian home downtown that has had few renovations will have a much higher utility bill than a similarly sized new-build. This is because newer building materials provide for better insulation. The same can be said for water bills when seeing home with a yard full of grass and gardens versus one that has been xeroscaped.

The best way to determine utility costs for a property is to either obtain is from the homeowner, or from the local utility company who can provide averages over the last 12 months. In Colorado Springs, most properties use Colorado Springs Utilities for gas, electric, and water services.

How many homes should I look at before making an offer?

Don’t feel obligated to buy the first home you see. On the flip side of that coin, if you fall in love with the first home there’s no rule that says you need to continue your search. It’s all about your comfort level, and your gut feeling.

How much should I offer for the house I want?

You are the only person who can determine how much to offer for a house. It is always a good idea to ask your REALTOR® for advice, but in the end it is ultimately the buyer’s decision how much to offer.

What is Earnest Money?

In short, earnest money is when the buyer puts a good faith deposit on the home they are buying. This shows the seller that they are serious about buying the home. In general, these funds are held until closing and applied to the purchase of the home.

Do I need a Home Warranty?

While a Home Warranty is usually optional, it’s not a bad idea. By purchasing a home warranty, you are basically insuring your home against any unexpected surprises in the first year of home ownership. If the furnace breaks or your refrigerator stops working, the warranty will cover replacement of those items. Different warranties can cover different items in the home, and warranties are usually renewable year-to-year.

Some buyers ask that the Seller purchase a home warranty on the home as a contingency of the sale. Ask your REALTOR® about the pros and cons of asking the Seller for a home warranty, and for more information on what warranties can cover.

How long do I have to wait for the owners to respond to my offer?

Each purchase offer has a time limit within which the seller has to respond to the offer. The “life of the offer” usually lasts anywhere from 12 hours to a few days. If you are making an offer on a newly listed home, it can be smart to put in a shorter offer life so that your offer gets approved before any new offers can roll in.

What if my offer is rejected?

When your offer is rejected, the seller generally either submits a counter offer, or simply rejects the offer with no further communication, or just ignores the offer. Don’t dismay! You can either accept the counter-offer, or just submit another offer that the seller may be more amenable to.

Can I require an inspection before I commit to buy a home?

Absolutely! In fact, we recommend it. The purchase offer you write when making an offer on the home can be contingent upon a home inspection, pest inspection, radon tests, chimney inspections, and more. While it’s ultimately up to you, we recommend that buyers require a general home inspection at the minimum to protect themselves from unexpected costs.

My offer was accepted…now what?

Once your offer is accepted, the wheels start turning to get everything completed before closing. Now is the time for the inspections to begin; financing to get locked in; and title, abstract, survey, and various miscellaneous paperwork to get submitted. You will be asked to provide information to the bank to complete the loan process, and your REALTOR® will ask for any signatures needed by you before closing.

If at any time you have questions about the closing process, your REALTOR® should be able to answer them, let you know where we are in the process. They will also communicate with you in a timely manner should there be any problems or hiccups along the way.

When is the closing date?

Typically, the transaction can be completed in about 30 days, but this is a target, not a guarantee. Sometimes unexpected issues arise, so it’s smart to keep yourself open to the idea that the closing date may change. We know you are eager to move, and do everything in our power to get the deal closed in a timely manner!

When do I get my keys?

The answer to this question is different depending on what state you are in. In Colorado, you can expect to get the keys to your new home at the closing table!