Buying Real Estate in Steamboat Springs? 5 Deal Breakers to Avoid

December 12th, 2010

Buying Real Estate in Steamboat Springs? 5 Deal Breakers to Avoid

Buying real estate in Steamboat Springs, Colorado? Purchasing real estate can be a complex endeavor for even the most well prepared buyers. You’ve followed the market, identified some properties, saved for a down payment, and now you are ready to make an offer on that Steamboat Springs dream home. Don’t let these 5 “Deal Breakers” come between you and your new home.

1. Buy home before furnishings. It is tempting to buy the furniture for your new home or a new car for the garage before the sale closes. Take care if you are making these purchases on credit. Large purchases on credit can have a major impact on your credit profile which effects your mortgage application. It’s a better plan to wait until after closing or pay cash for these transactions or you may be putting that furniture in a different living room than you originally picked them out for.

2. Overpaying. Before your bank will approve your mortgage they will appraise the home you are wanting to purchase. If they feel you are overpaying they are likely to decline your mortgage application. If you find yourself in this situation consult with your agent on renegotiating your offer to be more in line with the bank’s appraised value.

3. Purchasing too close to Foreclosure. If you are making an offer on a house which is facing foreclosure or are engaged in a short-sale, be sure to have a closing date set before the foreclosure date. Have your agent work with the lender to structure closing before the house goes back to the bank and into foreclosure.

4. IRS liens. Back taxes and liens can derail your attempts to get financing for a mortgage so be sure to have your books in order before filing your loan application.

5. Comprehensive Loss Underwriting Exchange (CLUE). CLUE is a data base of insurance claims for both people and property. Your home insurance rates are determined by the information about you and the Steamboat Springs property you plan to purchase which is contained in this report. Past claims for water damage, freezing pipes, or falling trees from present and past owners can multiply your insurance rates. Consult your agent about the CLUE report for your future home as soon as possible once your home purchase offer is accepted.
Educating yourself as a consumer and choosing a well trained real estate agent can help you avoid many of the pitfalls of buying Steamboat Springs real estate.
———
—For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.

Share and Enjoy:
  • Facebook
  • Twitter
  • LinkedIn
  • Digg
  • del.icio.us
  • Google Bookmarks
  • Google Buzz
  • Print

Leave a Reply