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Buying Your Home 2 We Are Corcoran Perry Co Live Who You Are 3 The Corcoran DNA 5 The Home Buying Process 6 Your Wish List Things To Consider 7 Home Features What Is Important To You 9 Metro Denver The Mile High City 10 Denver Metro Counties 11 Denver Metro Neighborhoods 13 The Corcoran Perry Co Website A New Generation Of Search 14 Financing Your New Home 15 Common Closing Costs For Buyers 16 Writing An Offer 17 Contingencies 18 Home Inspection What It Should Cover 19 Final Walk Through 21 Closing 22 Glossary 24 Contact Information 1

We are Corcoran Perry Co Live who you are Four simple words that mean so much To our customers it means imagine the best version of who you are and now imagine home But Live who you are also says something about us It says We care enough to learn about you We care enough to ask a little more to dig a little deeper to listen a little better We care enough to use all that we learn to find you precisely the right home Live who you are says that we have the craft and resources to make a home yours once we find it It says we are experts and consultants and professionals of the highest order It says take a journey with a trusted friend And most of all it says our mission goes beyond selling When we say Live who you are we make a thousand unspoken promises to our customers and a thousand unspoken commitments to ourselves as professionals Live who you are It defines our mission as the best real estate company in the world a mission we are all proud to make our own Corcoran Perry Live who you are 2

The Corcoran DNA Our Live Who You Are philosophy is infused in everything that we do and is embodied by our brand DNA 3

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The Home Buying Process The graphic below illustrates what we ll be doing together to get you from your wish list to moving into your new home Each stage of the process is important and I ll be with you every step of the way Let s get started Walk Through Counterproposal s GETTING ACQUAINTED SELECTING NEIGHBORHOODS VIEWING HOMES Closing WRITING AN OFFER CONTRACT Your Property Wish List Earnest Money Inspection Set up the Game Plan Lender s Pre Approval Letter Title Review Exclusive Right to Buy Appraisal Loan Application Loan Approval MOVE INTO YOUR NEW HOME 5

Your Wish List THINGS TO CONSIDER What does your future home look like Where is it located As you hunt down your dream home consult this list to evaluate properties and keep your priorities top of mind Use my Buyer s Wish List to help you NEIGHBORHOODS What neighborhoods do you prefer SCHOOLS What school systems do you want to be near TRANSPORTATION How close must the home be to these amenities Public transportation Airport Highways Neighborhood shopping Schools Other 6 HOME STYLE What architectural style s of homes do you prefer Do you want to buy a home condominium or townhome Would you like a one story or two story home How many bedrooms must your new home have How many bathrooms must your new home have What other characteristics must your home have HOME CONDITION Do you prefer a newly built home or an existing home If you re looking for an existing home how old of a home would you consider How much repair or renovation would you be willing to do Do you have special needs that your home must meet

Home Features WHAT IS IMPORTANT TO YOU Must have would like willing to compromise or not important Home office s Wall to wall carpet Air conditioning Garden space Close to light rail transportation Walk in closet Close to open space parks Soaking tub Close to restaurants nightlife Double bathroom sinks Dining room En suite bathrooms Eat in kitchen Guest area Solar panels Butler s pantry Family room Sunroom Finished basement Surround sound system Fireplace s Wine storage Formal living room Kitchen island Front yard backyard Balcony Garage attached or detached Tankless water heater Great views Skylights or sky tubes Hardwood floors Built in Shelves Main floor master Home theater Laundry room Heated floors Open floor plan Attic fans Patio deck Dual or triple pane windows Pet friendly Stone or tile surfaces Swimming pool or hot tub Loft 7

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Metro Denver THE MILE HIGH CITY Denver the Mile High City at 5 280 feet of elevation covers 154 square miles and has a current population of over 176 492 000 people From the gorgeous mountains and endless outdoor activities to the rich history and culture of downtown Denver has it all The metro area s neighborhoods are diverse and unique each with its own history architecture parks and shops A quick two hour drive and you arrive at some of Colorado s legendary ski resorts such as Vail and Breckenridge Not to mention 300 days of sunshine per year With so much to offer Denver has something for everyone Here at Corcoran Perry Co we will help you find the neighborhood that best suits you so that you can live who you are 9

Denver Metro COUNTIES Whether you are interested in living in Central Denver or one of the many surrounding suburb neighborhoods I would be happy to share my thoughts about how a specific area might meet your needs BOULDER BOULDER GILPIN BROOMFIELD GOLDEN BROOMFIELD BRIGHTON ADAMS DENVER DENVER ARAPAHOE LITTLETON CLEAR CREEK JEFFERSON CASTLE ROCK DOUGLAS PARK EL PASO TELLER 10 ELBERT

Denver County NEIGHBORHOODS 11

Open house search by Today Tomorrow and This Weekend Mobile optimized with GPS based Near Me search 12

Our Website corcoranperry com A NEW GENERATION OF SEARCH According to the National Association of Realtors Annual Survey of Buyers 9 out of 10 buyers go to the Internet as an information source in the home search process As a buyer you can find your home by searching in traditional ways by using an address or a map search and in new ways by using our Near Me mobile function to help them find homes within a mile of where they are standing Plus our website has options other websites don t offer like MLS updates every 15 minutes search criteria for Under Contract Sold properties and Open Houses Buyers can easily search for Open Houses happening today tomorrow or this weekend We also provide home sellers the opportunity to contribute content to our website through the This is My Home and This is My Neighborhood comment buttons To our knowledge no other company has this SEO friendly function Testimonials and agent reviews We ve got those too Other unique features include a Seller s Net Proceeds Calculator a more precise Mortgage Calculator and our site is uniquely optimized for mobile device voice searches When you list with us you can be assured that your home whatever its unique and special features will be showcased and easy to find on corcoranperry com 13

Financing YOUR NEW HOME SOME GENERAL TOPICS TO DISCUSS WITH YOUR LENDER There are numerous mortgage loan programs available and a lender can tailor one to fit your needs Here are a few general topics to discuss with your lender Income and credit history Desired monthly payment Type of loan Conventional FHA VA Jumbo non conforming Term of loan 15 or 30 years Variable or fixed interest rate Closing costs LOAN APPLICATION CHECKLIST To help you be prepared here are some of the documents the lender will be asking you for during the loan process Pay stubs Bank investment accounts credit card statements Most recent tax returns and or W 2 s Outstanding loans i e existing home auto student loans HELOCs 14 LENDER SELECTION More than ever it is important that you use a credible lender In the state of Colorado all Mortgage Loan Originators are required to be registered on the Nationwide Mortgage Licensing System Registry NMLS and licensed with the Division of Real Estate For your protection it is highly recommended to use a local licensed lender who understands Colorado real estate practices and how the contract is structured Using out of state lenders and online lenders can place you at great risk in the transaction Please let me know if you would like referrals to lenders LENDER S PRE APPROVAL LETTER LOAN APPROVAL Once you have chosen your lender they will request permission to pull a credit report and get verification of income and assets in order to help you better determine the price of home you can afford and how to structure the financing conditions in your purchase contract From that information the lender will provide you with a pre approval letter to be submitted with an offer Once a property has been contracted and you have made a formal loan application the lender is required to provide you with a Loan Estimate within three 3 days of application The accepted contract full credit report employment income asset verification and other documents requested by the lender will be submitted to underwriting for review along with the appraisal to obtain full loan approval

Closing Costs COMMON CLOSING COSTS FOR BUYERS There are a variety of fees and expenses that you will have to pay at the time of closing Prior to closing after the lender has final loan figures those will be given to the title company Not less than three 3 days prior to closing the title company will provide you and the lender with a copy of the Settlement Statement so that you can compare your actual closing numbers with the Loan Estimate TYPICAL COSTS INCLUDE Additional commission of 200 500 Appraisal typically paid for up front will be included on the HUD statement as POC paid outside of closing Credit report Deed recording and notary fees HOA fee escrow prorated ILC Improvement Location Certificate or survey Insurance escrow for homeowner s insurance if paid as part of the mortgage You will typically pay for a professional home inspection however this is paid up front to the home inspection company and not part of your actual closing costs Cash at closing is the total amount you must bring to the closing which consists of all closing costs and down payment due less your earnest money and any credits given by seller PRORATION Various costs are usually paid on either a monthly or yearly basis Proration is a way for you or the seller to properly pay and or get credit for a bill that is outstanding Example The water company usually sends a bill each month for the water used during the previous month Assume you buy the home on the 6th of the month you would owe the water company for only the days from the 6th to the end for the month the seller would owe for the first five days The bill would be prorated for the number of days in the month and then each person would be responsible for the days of his or her ownership Loan origination fee Points or loan discount fees which you pay to receive a lower interest rate Private mortgage insurance premium PMI Property tax escrow prorated if paid as part of the mortgage Title insurance policy premiums Water Sewer escrow prorated 15

Writing an Offer In Colorado real estate purchase contracts have to be in writing Verbal contracts are not enforceable and properties cannot orally be put on hold Corcoran Perry Co uses the standard contract approved by the Colorado Real Estate Comission EARNEST MONEY At the time an offer is written and presented or at a date determined in the contract Alternative Earnest Money Deadline you will be required to provide earnest money The form of earnest money is typically a personal check or wire transfer Your earnest money will be deposited and held in a trust account of either the Listing Brokerage or Title Company Earnest money represents your intent to purchase the property and is typically based on the value of the property or length of time until closing Think of earnest like a deposit At closing your earnest money will be applied to your cash due at closing Cash due at closing consists of your closing costs down payment for a loan and or the remainder due of the purchase price In the event you terminate the contract subject to your rights in the contract your earnest money may be refunded to you If you fail to provide written notice under the terms of the contract or you fail to complete the purchase after all contingencies have been met you may forfeit your earnest money deposit to the seller as liquidated damages COUNTERPROPOSAL When an offer is presented the seller may want to change one or more terms of the contract i e the price dates or other items that may not meet the seller s expectations The seller will then write a counterproposal with their preferred changes If these changes are acceptable you will sign the counterproposal and will be considered under contract If these changes are not acceptable you may have the option of further negotiating the offer until contract terms are reached which are agreeable to both you and the seller 16

Contingencies Contingencies are conditions or safety valves written into real estate offers and contracts to prevent a buyer from being forced to buy a house that is unsatisfactory either structurally or financially TITLE INSURANCE Unlike casualty insurance auto and health for example which protects against future events title insurance protects against losses arising from unknown or undisclosed defects in the past ownership chain of title A title insurance premium is a one time flat fee normally paid by the seller at the time of closing Generally the title insurance company will provide legal defense against any challenges to an insured s ownership and will reimburse the insured financially for losses as a result of hidden defects in or encroachments to ownership rights TITLE REVIEW The title search will check to determine if there are liens encroachments or easements on the property In addition this review will check for restrictive covenants and if applicable restrictions from a Home Owner s Association HOA HOMEOWNER ASSOCIATION HOA COMMON INTEREST COMMUNITY CIC DOCUMENT REVIEW If in an HOA community the seller will be required to provide you with copies of all CIC Documents outlining all restrictive covenants I advise you to read these carefully to make sure you are comfortable with any conditions or restrictions imposed on homeowners by their governing HOA HOME INSPECTION Most buyers hire a professional home inspector who is paid a nonrefundable fee at the time of service to assess the condition of the property Home inspectors typically examine the components of a house from roof to basement and alert you to any major problems Please let me know if you would like referrals for inspection companies such as sewer scope lead based paint structural or roof inspectors for example APPRAISAL The appraisal which is required by the lender mortgage company and paid for by the buyer is an estimated value of a property by a licensed real estate appraiser LOAN CONDITIONS Following the appraisal and assuming the appraised value is equal to or exceeds the contract price the lender submits the loan to their underwriter for final loan approval WALK THROUGH By terms of the contract you have the right to a walk through of your new home prior to closing This is the time to ensure that the property is in the same condition that it was at the time the contract was accepted and to insure the seller has completed any items that were agreed to in an inspection settlement resolution DUE DILIGENCE REVIEW Documents such as prior existing surveys soils report architectural plans and leases are provided by the seller as requested and should be reviewed by you prior to the deadlines in the contract 17

Home Inspection WHAT IT SHOULD COVER The following are the basic health and safety elements that a home inspector will check You can also use this list to help you evaluate a property you might purchase STRUCTURE A home s skeleton impacts how the property stands up to weather gravity and the earth Structural components including the foundation and the framing should be inspected EXTERIOR The inspector should look at sidewalks driveways steps windows and doors A home s siding trim and surface drainage also are part of an exterior inspection ROOFING A well maintained roof protects you from rain snow and other forces of nature Take note of the roof s age conditions of flashing roof draining systems pooling water buckled shingles loose gutters and downspouts skylights and chimneys PLUMBING Thoroughly examine the water supply and drainage systems water heating equipment and fuel storage systems Drainage pumps and sump pumps also fall under this category Poor water pressure banging pipes rust spots or corrosion can indicate problems ELECTRICAL Safe electrical wiring is essential Look for the condition of service entrance wires service panels breakers and fuses and disconnects Also take note of the number of outlets in each room HEATING The home s heating system vent system flues and chimneys should be inspected Look for age of water heater whether the size is adequate for the house speed of recovery and energy rating AIR CONDITIONING Your inspector should describe your home cooling system its energy source and inspect the central and through wall cooling equipment Consider the age and energy rating of the system INTERIORS An inspection of the inside of the home can reveal plumbing leaks insect damage rot construction defects and other issues An inspector should take a close look at Walls ceilings and floors Steps stairways and railings Countertops and cabinets Garage doors and garage door systems VENTIL ATION INSUL ATION To prevent energy loss check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces Also look for proper secured insulation in walls Insulation should be appropriate for the climate Excess moisture in the home can lead to mold and water damage HAZARDOUS MATERIALS Asses for any asbestos lead based paint radon and mold on the property FIREPL ACES They re charming but they could be dangerous if not properly installed Inspectors should examine the system including the vent and flue and describe solid fuel burning appliances Recent flue cleaning should be verified Source American Society of Home Inspectors www AHSI org Go to their website to try a virtual home inspection 18

Final Walk Through WHAT NOT TO OVERLOOK It s guaranteed to be hectic right before closing but you should always make time for a final walk through Your goal is to make sure that your home is in the same condition as it was at the time of contract Ideally the sellers already have moved out This is your last chance to check that appliances are in working condition and that agreed upon repairs have been made MAKE SURE THAT Repairs you ve requested have been made Obtain copies of paid bills and warranties There are no major changes to the property at time of contract Carbon monoxide detectors are installed per Colorado law All items that were included in the contract draperies lighting fixtures etc are still there All appliances and fixtures included in the contract i e range oven refrigerator dishwasher washer and dryer are operating properly Water heater heating A C system are working properly Screens and storm windows if included in the contract are in place or stored Doorbell alarm system intercom if included in the contract are operational Garage door opener and other remotes are available No plants or shrubs have been removed from the yard Instruction books and warranties on appliances and fixtures are available All personal items of the sellers and all debris have been properly removed Check the basement attic and every room closet and crawlspace 19

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Closing THE CLOSING IS THE FINALE OF THE HOME BUYING PROCESS On the day of closing ownership of the home is transferred from seller to buyer and you become the new homeowner A closing specialist with the title company conducts the closing In addition to organizing numerous documents the closer collects and disburses funds for both the seller and the buyer and ensures that documents are correctly signed and recorded with the county clerk Certain monies are credited to you i e your earnest money deposit and seller paid closing costs per the contract terms and others are debited Some expenses such as the property tax are prorated between you and the seller Example If you close on July 1st the seller credits you with one half of the annual property tax for the six months the seller owned the property When the tax bill comes due you will be responsible for paying the entire amount If this amount has been paid with your monthly mortgage payment and held in an escrow account the mortgage company will pay this direct to the county tax assessor on your behalf The closer prepares a ledger of debits and credits showing the exact amount of money you will owe at closing You will need a cashier s check or wire transfer for that net amount In addition it is important for everyone listed on the contract to bring photo identification to the closing After all parties have signed the closing documents and funds have been collected and distributed you take title to your new home You will take possession of the property according to the terms specified in the contract Keys garage remote controls miscellaneous information and forwarding addresses are given at this time Congratulations The closer prepares a ledger of debits and credits showing the exact amount of money you will owe at closing You will need a cashier s check or wire transfer for that net amount If you choose to wire your funds for the closing please call me directly for instructions to avoid wire fraud The real estate industry and all parties to an active real estate transaction are targets of cyber criminals The safest way to insure you have the correct wiring instructions is to physically pickup a copy of the wiring instructions from the title company If this is not convenient please contact me to facilitate an easier way to confirm the correct wiring instructions 21

Glossary REAL ESTATE TERMS YOU MAY HEAR AS YOU RE BUYING YOUR NEW HOME HOME WARRANTY SHORT SALE LIEN ZONING Service contract that may vary but typically covers the repair and or replacement cost of appliances i e refrigerator range water heater etc as well as selected items i e heating and plumbing systems They are optional in re sale homes and can be paid for by the seller or the buyer New home construction typically provides for a builder home warranty on specific items A property being sold by a real estate agent and advertised in the MLS Process of planning for land use by a city county and or state agency to allocate certain kinds of structures in certain areas It may include restrictions to such areas as height of buildings use of green space density use of lots and types of business Example an area may be zoned for single family residential condominiums commercial or retail or a mix of two or more uses MLS MULTIPLE LISTING SERVICE AMORTIZATION Legal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation LISTING Online service enabling brokers to provide maintain a searchable database for information of available and sold properties in a geographical area It is the proprietary information of the brokerage firm who has obtained a listing agreement with the property seller PMI PRIVATE MORTGAGE INSURANCE Required on most conventional loans with less than 20 down payment The payments for PMI are included in your mortgage payment and protect the lender should you default on the loan On FHA loans you will pay an MIP Mortgage Insurance Premium which accomplishes the same purpose 22 Sale of real estate in which sale proceeds fall short of the balance owed on the property s loan Occurs when a borrower is behind in payments and cannot pay the mortgage on the property but the lien holder agrees to allow the owner to sell the property at a moderate loss amount less than the outstanding balance of the loan to avoid foreclosure Schedule of loan payments that establishes the amount of payment to be applied to the principal and amount to be applied to interest usually on a monthly basis for the full term of the loan BANK OWNED REO PROPERTY Property owned by a lender typically a bank government agency or government loan insurer after an unsuccessful sale at a foreclosure action

CIC A common interest community COVENANTS A promise to engage in or refrain from a specified action including restrictive covenant a restriction on the use of property DEED Document that when recorded with your local government demonstrates ownership of a property Transferred from seller to buyer at closing EASEMENT A right held by a property owner or governmental entity to make use of the land of another for a limited purpose such as a right of passage for utilities ENCROACHMENT Building or structure which is in whole or in part on a neighboring property ESCROW Funds held in reserve both prior to closing for example the earnest money deposit by a third party and after closing by the mortgage company to pay future taxes and homeowners insurance In some areas escrow also refers to the closing process FSBO FOR SALE BY OWNER Real estate that is sold without the assistance of a real estate agent FSBO can refer to both the individual selling the property or to the property itself HOME OWNER S ASSOCIATION HOA An owner s group whether in a condominium townhouse or singlefamily subdivision that establishes general guidelines for the operation of the community as well as its standards 23

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