1. Use a Broker -- Having a real estate broker working for you is FREE! My fee is paid by the seller upon closing. I provide professional advice and guidance in finding and purchasing a home, but I am paid only when you are the successful buyer. Why wouldn't you want to take advantage of this service?

Brokers provide a valuable services. A skilled, experienced broker knows the property available in the marketplace and can guide you to the exact property that meets all of your needs. An advertisement in a newspaper or a listing on the internet does not give the information necessary for you to make a buying decision, but a broker will have "rest of the story" you need to find the ideal home. Brokers know the many neighborhoods that may meet your requirements and can guide you in finding the right place.

By using a broker, you have easy access to homes. We have an electronic lockbox system, so I can show homes when the homeowner is not there. This allows you to examine the home and candidly discuss it, without the scrutiny of the homeowner. I will work to find you a home when you can schedule it, not just after 6 p.m. and on weekends.

Because we have a co-operative "Multiple Listing Service" I can show you every piece of property listed by a Realtor in Summit County, thousands more than are listed in the newspaper and in the magazines. With my computer access to these listings, I can show you pictures and details on dozens of listings, without leaving my office. You do not need to call every broker in town to learn about their listings.

The only thing I ask is that you find a single broker you like and trust. Please don't waste our time by bouncing from broker to broker and, if you are interested in a new construction project, let me help you with that option also.

2. Pre-Qualify -- Before you even look in the newspaper for a home, get pre-qualified with a local mortgage broker! It will help you avoid a lot of frustration. You will be really upset and disappointed if you find the perfect home, then find out you can't qualify for the mortgage.

Why use a local mortgage broker? The mortgage business is VERY competitive and all mortgage companies have access to similar sources of money, therefore they can only offer very similar prices. The only thing different between them is the level of honesty and service that they can provide, and this varies wildly!!! Do NOT pick a mortgage broker based on published or quoted rates. DO pick a mortgage broker based on my short list of recommendations. No, I don't get a commission, but since they are dependent on me for business, I have some leverage to get you top quality service. If a local mortgage company does not provide honest, reliable service, they will soon be out of business. The nationwide, internet mortgage companies have an unlimited supply of suckers coming to their websites daily......

Avoid brokers that are not in Colorado altogether. They don't understand that Colorado is an "over the table" state (you deliver the money, you get the deed), rather than an "escrow closing" state (where th money can come a day late and it is no problem). Having the money arrive late in Colorado can be a disaster!!

3. TOGETHER, we will find you a home. Rather than just a shotgun approach, I will work to understand what you are looking for; and then use my experience and market knowledge to guide you to it.

4. The Internet -- This popular tool is a great place to start doing searches for property. My website www.davebittner.com has a complete listing of every property FOR SALE within the Summit County multiple listing service. There is no reason to look anywhere else! The internet will give you some idea of relative values, but will not give you enough information to make a "buying decision". When you have some ideas on what you might want, call me and let's look at the actual properties.

5. Contract -- We will write up the offer to buy on a "Contract to Buy and Sell Real Estate" form. In Colorado all contracts must be in writing (on the state provided form or on a contract written by a lawyer). Real Estate Brokers are trained and legally authorized to fill out the standard contract form. It is best to review the standard contract with me, well before the time you actually make an offer.

5a. If the home was built before 1978, you will need to sign the "Lead Based Paint Disclosure" in order for the contract to be valid. I will explain about the dangers of lead paint and what you need to aware of.

5b. Attach your "Earnest Money" check (which will be cashed only upon acceptance of your contract). This "earnest money" is your pledge that you will work diligently toward purchasing this property. If you fail to meet your obligations specified in the contract, the Seller and listing company expect to receive the earnest money in compensation for the time the property was off the market. If you meet your obligations by the deadlines specified, there is no risk, and this money will be part of the money used to pay for the property at "closing." If there is a problem with the property that the owner can not or will not correct, then this contract can be terminated and your earnest money will be returned to you.

Buyers always ask "How much earnest money shall I offer?" Sellers would like to see 5% of the purchase price, but may accept less -- especially from 1st time buyers of a primary residence. You won't know what a Seller will accept until you write an offer.

5c. Price -- The other logical question is "How much will they really sell for?" This can only be answered when the Sellers accepts and signs the contract. The price may be fixed in concrete or may vary depending on a wide variety of circumstances. You, the buyer with money, will decide what the home is worth to you. The only way to find out what the seller will accept is to write up an offer.

I will provide you with market information that will help you make an informed choice of initial offering price and will discuss strategies that you can use to obtain the best possible price and terms.

One of the factors influencing your offering price is whether there is a Transfer Tax. The sale of property located within certain towns or developments in Summit County are subject to the payment of a real estate transfer tax, based on the sales price. As of June 2008, the following jurisdictions impose a Transfer Tax:

            Town of Breckenridge 1%

            Town of Frisco 1%

            River Run at Keystone 2%

            Copper Mtn projects built after 1999 1.5%

I will help you figure out which properties are subject to this tax.

6. One of the key tasks of the broker is presenting your offer to purchase and helping you negotiate the price, dates, terms and conditions. Upon receiving your offer, the Seller has 3 choices: Accept the contract, reject the contract, or write a "counter-offer." Once the contract has been signed and accepted by both parties, it is in full force. CONGRATULATIONS!

7. As a Buyer, you have obligations under the contract which must be met or you will lose your earnest money. The first is to apply for a loan -- BY THE LOAN APPLICATION DEADLINE!

Remember, one loan application is all that is required to meet the requirement, but it must be done completely, and on time! Once application has been made, make sure you get a "Good Faith Estimate" that spells out exactly what charges you will be paying.

Then, you must wait for an appraisal. The lender typically arranges for the appraisal, but I will double check to ensure they have done so. The appraisal will be sent to the lender and you can get a copy from them. I will be notified only if there is a problem with the appraisal and will not be sent a copy unless you send it to me. If there is a problem getting it before the APPRAISAL DEADLINE, make sure that you obtain an Amendment to the contract, accepted by the seller, allowing for additional time!

8. Inspection -- The next step is to do a formal inspection of the property (if you desire). Just remember that a notice of any problem to be corrected must be given, in writing, to the Sellers before the "INSPECTION OBJECTION DEADLINE" date.

The Seller will give you formal notice of their knowledge of the condition of the property in the "Seller's Property Disclosure". Read this carefully.

You may inspect the property yourself or hire a "home inspector" to do this for you. There are many professional inspectors in the marketplace, with varied skills and prices. Chose someone with certifications, experience, and insurance, who will serve you well. I know these companies and will help you select a skilled inspector.

The inspection of the home may include:

a) Inspection of the physical building from the roof to the foundation, plus plumbing, electrical, appliances, heating systems, and many other things. The inspection is not to discover nicks in the wall, just substantial defects.

b) You may also be concerned with radon, insects, lead-based paint, air quality, mold, wells, septic systems, and other special circumstances. You may contract with specialists to do these specific inspections. I will help you find these skilled specialists. Also review "Important Disclosures", included with this document.

c) If you are buying a home where there is a "Home Owner's Association" (Common Interest Community), you will be furnished with a stack of documents about this association, including the declarations, bylaws, rules and regulations, party wall agreements, financial documents (including annual balance sheet, income/expense statement, and budget). Read these carefully, especially the "Rules and Regulations". You will be a part of this association and must comply with all of their rules! If you find a problem, you must request correction of the problem by the GOVERNING DOCUMENTS AND TITLE OBJECTION DEADLINE. It is also a good idea to request copies of the minutes of the association meetings for the past year and talk to the president and the manager of the association.

d) Survey -- If you are buying a single family home or a vacant property, it is important to know exactly what land you are buying and if there are any encroachments (anything on the land built or used by others). A survey is a formal measurement and inspection of the property and is very important. Lenders will usually require a minimal survey, called an "Improvement Location Certificate" (ILC). A more thorough survey should be strongly considered and I can guide you to the appropriate type. See "Surveying". If there is a problem getting the survey before the SURVEY DEADLINE, be sure to get an amendment to the contract allowing you more time.

9. Homeowner Insurance -- If you are buying a single family residence, you will need Homeowner's Insurance. Arranging for this well before closing will avoid a crisis. Insurance can be denied for a residence even though the new buyer has never filed a claim! When you request a policy, any problems will be revealed or you can request a C.L.U.E report from the seller of the property.

If you are buying a multi-family residence, the homeowner's association normally provides the insurance on the building itself, but this insurance does not cover your furniture or clothing, (and possibly inner walls, carpet, and appliances), so "Contents Insurance" should be investigated. You should also have liability insurance. If you are buying a "second home", consult the insurance company that provides insurance on your primary home. If you intend to rent your new purchase, you will need insurance appropriate for this type of activity, possibly including coverage for loss of revenue if the building should burn.

10. Title Insurance -- Within a couple days of contract acceptance you will receive a "Title Commitment" from a local title company. This is their promise to provide title insurance for the property, but only subject to the terms and listed exceptions. Read this carefully!

a. Ensure that your name is spelled properly and the Seller is the same as shown on the contract.

b. Verify that the property legal description matches that on the contract. The description on the title policy may be more complete and will be used on the Deed.

c. Read over the "Requirements" and "Exclusions." They can be confusing! When in doubt, call the title company and ask them to explain every word. If you have any problem accepting title with the requirements and exclusions shown, you must give the Seller written notice by the GOVERNING DOCUMENTS AND TITLE OBJECTION DEADLINE.

d. You may receive one or more additional documents from the title company as changes occur (for instance, when your mortgage company's name is established). If you don't understand what has changed, please ask!

e. You will also see a list of title company fees. Typically the Seller agrees to pay for the title insurance policy issued to the Buyer (you). However there are a variety of other charges that the Buyer typically pays for, including title insurance to cover the mortgage company and miscellaneous "endorsements". The title company can clarify exactly what your fees will be.

11. Deadlines -- These are in the contract to ensure that both sides meet their obligations. If you miss the Loan Application Deadline or the Loan Commitment Deadline you can lose all of your earnest money. If you miss one of the other deadlines, you may miss your chance to object to major problems with the property!

12. Utilities -- Arrange for the necessary utilities to be put into your name. Telephone service can take weeks of advance notice, so plan ahead. Think about: electricity and gas, telephone, snowplowing, and cable TV. If you are buying a condo, many of these may be taken care of by the homeowners' association. Ask me. I will be happy to clarify this for you.

13. Moving Trucks -- Arrange for a moving company or rental of a truck/trailer well in advance. Especially at the end of a month, there may be a waiting line!

14. LOAN COMMITMENT DEADLINE -- This is another critical date. You must have a written commitment for a loan by this date. This commitment date was established to keep the lender from arriving at the closing without the money (which sometime happens). If you don't have a written commitment, give written notice to the Seller and ask for an extension to the contract.

15. Closing -- This is where the contract is completed and money changes hands, in exchange for the Deed to the property. You may sign all of the documents and deliver the money to the title company in person, or you may have everything sent to you for signing (anywhere in the world) and then send the documents and money back to the title company for closing.

The paperwork consists of:

a) Multiple forms required by the federal and county governments

b) The closing statement, which is a financial record of who is paying money (you and the mortgage company) and who is receiving money (the seller and everyone else). This is where things like taxes and HOA fees get prorated in an exact manner so that it is fair to you and the seller.

c) The mortgage documents (if you are not paying cash):

      i) the "Note", which is your legal promise to pay the mortgage company

      ii) a "Deed of Trust" which puts the title to the property into the name of the "Public Trustee", rather than your name.

      iii) a copy of the loan application (neatly typed up)

      iv) more government forms created by bureaucrats

d) Your money. You must bring a "cashier's check", made payable to the title company for the amount due from you. Call the title company for an exact amount before going to the bank to get the check. Also, since it is not unusual for there to be minor last minute changes to the exact amount needed, bring your personal checkbook to the closing. You can also arrange for a "wire transfer" from your bank to the title company. It is best to plan on these funds to be sent the day before closing. Your mortgage company will also arrange for the loan amount to be wired to the title company.

e) In the event that one or more of the buyers can not conveniently come to closing, by notifying the title company several days in advance, a "Power Of Attorney" (utilizing the title company's form) may be used to overcome this problem, or the closing can be done by "mail out."

f) Notarizing the documents will be done by the title company. Since you will need to be able to identify yourself to the title company, be sure to bring a driver's license or other government issued picture ID.

16. After closing -- Okay, you've signed a ton of paper and paid your money. You have received the keys to your new home and are ready to move in. I strongly urge you to call a locksmith and get your doors rekeyed. You have no idea who may have a key to your new home.

Warning: if you bought a condo or townhome, call the manager and ask about rekeying. They may have a master key system in place for emergency access.

17. Go knock on the doors of some of your neighbors. Introduce yourselves. This is a friendly town!