Buying a home is one of the biggest financial decisions you'll make. Here's a step-by-step look at what to expect.
Before you start looking at homes, talk to a lender and get pre-approved for a mortgage. This tells you exactly how much you can afford and shows sellers you're a serious buyer. You'll need to provide income documentation, credit history, and employment verification.
A buyer's agent represents your interests throughout the process. Your Realtor will help you find homes that match your criteria, schedule showings, negotiate offers, and guide you through every step. In Colorado, buyer representation is outlined in a Buyer Agency Agreement.
With your budget set and your Realtor by your side, it's time to search. Use tools like this site to filter by monthly payment or purchase price, visit open houses, and schedule private showings. Take notes and don't rush the process.
When you find the right home, your Realtor will help you write a competitive offer. This includes the purchase price, earnest money deposit, contingencies (inspection, appraisal, financing), and your preferred closing timeline. The seller may accept, counter, or decline.
Once your offer is accepted, you're officially under contract. Your earnest money is deposited, and the clock starts on your contingency deadlines. This is when the real work begins behind the scenes.
Hire a licensed home inspector to evaluate the property's condition. They'll check the roof, foundation, plumbing, electrical, HVAC, and more. Based on the findings, you can negotiate repairs, request credits, or walk away if major issues surface.
Your lender will order an appraisal to confirm the home's market value supports the loan amount. If the appraisal comes in low, you may need to renegotiate the price, cover the difference, or explore other options with your Realtor.
Your lender completes underwriting, verifies all documentation, and issues a "clear to close." Avoid making large purchases, changing jobs, or opening new credit lines during this period — anything that changes your financial picture can delay or derail your loan.
A day or two before closing, you'll do a final walkthrough to verify the home is in the agreed-upon condition, any negotiated repairs are complete, and the property is ready for you to move in.
At closing, you'll sign the final paperwork, wire your closing costs and down payment, and receive the keys to your new home. Your Realtor and title company will walk you through every document. Congratulations — you're a homeowner!
Read more about buying a home on my blog. Want to understand the current market? Check out Grok The Market for data-driven analysis of Colorado Springs real estate trends. Ready to search? Find homes by monthly payment.
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