Connect with a licensed Compass Real Estate Agent who is knowledgeable about the neighborhoods you're considering and can help guide your search.
Before Beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). Your Compass agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help you determine the price range for your search
Now is the time to consider your ideal home's location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, your Compass agent will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.
Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter, Not: if your offer is lower than the list price or with terms no acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or mak another counter-offer. Your Compass agent will provide advice throughout
(Lif of an Escrow: 30 & 45 day escrow period)
Day 1 Once offer is accepted,
escrow is officially open and the
clock begins on contingencies*
Day 2 Contact your insurance
agent for homeowners coverage
Day 3 Initial deposit is due per
terms of agreement
Day 1—17 Seller delivers
disclosures to buyer. Buyer
performs inspections (Step 6)
Day 1—21 Loan is in underwriting
and appraisal occurs (Step 7)
Day 7-30 | 21-45 seller signs
grant deed and staging is
removed, if any (Step 7)
End of Escrow Within final week
of escrow period, buyer signs
loan and closing documents and
wires in closing funds (Step IO)
Day 30—45 Loan funds and
escrow closes (recordation)
*This escrow process is based on a standard 30-45 day transaction.
It is the buyer's duty to schedule all desired home inspections and determine the overall condition of the
property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and
preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.
Organize an appraisal with your bank. You're completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of
the fully signed Purchase Agreement. The bank then issues loan approval.
Consequently, the buyer wires the closing funds with the homeowner's insurance in place, and then the loan will be funded with clearance to close.
Congratulations! You are now a Home Owner.
Collections let you compare multiple properties— their size, neighborhood, and amenities—within a central visual workspace. We can monitor market activity in real-time, stay in constant contact, and invite collaborators to join in on our search discussions.
Compass Search can sort by a wide range of features and amenities to pinpoint the perfect home. Plus,
discover exclusive Compass listings you won't find anywhere else and receive real-time notifications of
new homes with Saved Searches!
Compass Bridge Loan Services provides access to competitive rates and support from industry-leading
lenders, with the exclusive option to get up to six months of your payments, fronted when you sell your home with a Compass agent.
Who pays the buyer's agent commission?
My services are paid for by the seller's proceeds. Most often, the seller pays a 6% fee to the listing brokerage which is typically split 3.2% to the seller's agent and 2.8% to the buyer's agent.
If something is discovered during the inspection that is a deal breaker, can I back out of the transaction?
Yes absolutely. The inspection will typically take place within the first 7 days of going under contract. If something major comes up, negotiating is the first step. If the seller doesn't budge, the buyer has the right to terminate the transaction. In our market, "major items" typically include sewer line, roof, foundation and major home system defects.
I don't have 20% to put down. Should I wait until I do?
When you put less than 20% down, an additional fee called PMI (Private Mortgage Insurance) will be added to your monthly payment. The exact amount depends on a variety of factors. In Denver's rapidly appreciating market the cost of waiting will likely end up costing you more. Purchase a home a a year from now means you will pay more for the home if home values continue to appreciate.
Appraisal Assessment Of the property's market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Assessed Value Value placed upon property for property tax purposes by the tax collector.
Closing Costs Expenses incidental to a sale of real estate, such as loan fees, and appraisal fees. title insurance and escrow fees.
Closing Statement The statement that lists the financial settlement between Buyer and Seller, and the costs each must pay.
Contingency Certain criteria that have to be met in order to finalize the sale.
Conventional Mortgage A mortgage or Deed of Trust not obtained under a government-insured program such as FHA or VA.
Credit Money given to a buyer from a seller through escrow at closing.
Escrow A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
Earnest Money Deposit Buyers in California usually deposit 3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
Fixed Rate Mortgage A loan on which the interest rate and monthly payment do not change.
Home Warranty A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year. Preliminary Title Report A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.
Title Insurance Insurance protects the buyer and lender against losses arising from disputes over the ownership of a property.
Recording Fees Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.