FAQ

What is the First Step in looking for a home?
Email Diane Watts or call her at 303-564-9288 with your minimum requirements of bedrooms, bath, condo or single family home. You can guess the price amount you might be comfortable with and keep within a price range of $25,000 to $50,000. A $100,000 loan is approximately $478 a month with a 4% interest rate and 30 year fixed loan + taxes and insurance.
 
How do I prequalify for a loan?
Diane works with several trusted lenders that can quickly prequalify you for a loan. They will ask you how much you make and how many debts do you have. A credit report will be pulled with your permission. Based on this information they can give you several types of loans to choose from.

What can a realtor do for me?
Diane is a licensed broker and has been in the business for over 20 years. She is on your side and will represent your interests. She can show you homes and also do research for you on neighborhoods, cost analysis, financing, trouble shooting, inspections, title review and attend the closing. If you are a buyer Diane is paid by the seller and there is no cost to you.

How do I make an offer?

After you have previewed homes with Diane and found the home you love, Diane will present the offer. A letter from the lender that has prequalifed you and an earnest money check for $1000-$3000 depending on the price of the home will be attached with the offer.

What if I have some bad debt?
Go ahead and talk to the lender about your concerns. Usually if there is a collection it will have to be paid before closing. Lenders are used to working around a lot of issues. Do not be embarrassed as they deal with credit issues on a daily basis and can answer your questions quickly. Worst case scenario you may have to do some credit repair but you can usually buy in 6 months or so.

Should I buy a condo over a home?
Denver has grown to be a large city with high prices. The median priced home is now $185,000. A condo may be a good starter home. It allows a buyer to get in the market, stop paying rent, and down the road move into a home. Empty nesters and singles are buying condos as a choice. They want a leisurely lifestyle without the home maintenance.

What is the difference between a fixed rate and adjustable interest rate on a loan?
A fixed interest rate is set for 30 years. Your payment will not fluctuate. An adjustable can start at a lower interest rate than the fixed and then move up yearly or twice a year. It enables buyers to buy a more expensive home. If you are not going to be in the home for a long period of time and if you know your income will increase in time an adjustable rate is a possibility to choose from.

How long should I keep my house?
I strongly recommend buyers stay in a home for at least 3 years. You will want to make enough money when you sell to pay your realtor and make a profit.

Why do I need title work?
Title work is paid for by the seller. The title company guarantees all loans from the seller will be paid off and your title will be free and clear of encumbrances at your closing.

What is the difference between an inspection and an appraisal?
I advise all buyers to hire a professional inspector to inspect their future home. Remember buyer beware! The inspector works for the buyer looking for any major repairs such as heating, electrical, plumbing and roofing. He will also advise the buyer on upkeep and repairs the buyer may want to make after purchasing the home.

An appraiser is hired by the lender and will confirm to the lender the purchase value of the property but will not do an in depth inspection of the property.
Watts Realty Front Range Real Estate

1368 26th St.
Denver CO 80205

Office:303-564-9288
Fax:855-284-0012
Email: Diane Watts

Watts Realty Front Range Real Estate

Watts Realty - Denver Front Range Real Estate