The first step is to just have a look around at properties in different areas. The internet is an ideal tool to do this search from wherever you are in the world. Search the MLS to see what house prices are and find out which area you might be considering. Nothing is set in stone at this stage. Your REALTORŪ will later on be able to give you a lot of input in the pros and cons of different areas. If possible sign up to receive listing alerts on a regular basis. this will enable you to see new listings in the Aspen area before most real estate agent.

Finding a knowledgeable and competent REALTORŪ will be you next step. You want to choose an estate agent with in-depth market knowledge, you are about to entrust that person with assisting you in one of the largest financial transaction of your life. Don’t be hesitant to ask a lot of questions, the answers will give a a good idea about that person. It does not matter if you are meeting over the phone for the first time or in person, important is that you can build rapport and trust with your future agent.

Get pre-approved with a local Aspen lender if you are not a cash buyer. You might ask why restrict myself to a local lender when there is the whole universe full of lenders that might offer better deals. Aspen lenders are accustomed to Aspen real estate. They know market prices for real estate in this area and are well used to the valuations they will have to lend on. Many a deal has been sidetracked for a lender not understanding that you can pay $1000 per square-foot of aspen real estate.

If you are in town, schedule some time to look at homes or land that you and your REALTORŪ have selected out of the offerings the market supplies. A good estate agent will have had extensive conversations about your needs and want as well as the financial commitment you are willing to make. That will narrow the suitable properties down dramatically. Expect to look at no more than 4-5 properties in a day. Things can get blurry after that and you will not benefit from further showings.

So you are pre-qualified for a mortgage or have a letter from your financial institution proving your financials. You have looked as several properties when you find exactly what you wanted. It is time to prepare and offer. This is when the financial expertise of your REALTORŪ will guide you through the process of determining an offer price. Real estate contracts have far reaching consequences and even though a real estate agent can explain the contract he is not allowed to interpret the meaning of the clauses. Now would be the right time to run the contract by your chosen real estate attorney. I am happy to offer you a list of local resources.

The offer then gets presented to the listing agent who in turn will discuss the offer with his client, the owner of the property. There are several outcomes to the next step. The offer can be rejected which is seldom the case. It can be accepted as it is, which also does not happen too often. The most likely outcome is that the seller counters your original offer. Once one party accepts the offer of the other party the property goes UNDER CONTRACT (earnest money has to be received to be Under Contract).

Under normal circumstance you will now deposit a certain percentage of the purchase price in an escrow account at the title company as earnest money. There are certain deadlines stipulated in the contract. Inspection deadlines, loan commitment deadlines and a hole range of other dates that were negotiated as part of the contract. This will give you time to have the property inspected and appraised. 

On the closing date the transaction will be consumed. The seller will relinquish ownership of the property in return for consideration, the purchase price. You will get the keys to your new home and will be rightful owner of a piece of Aspen or Snowmass.