 For those of you who have questions in regard to Colorado Real Estate, we are providing this page to try to help. If you do not find your question, please email us and we'll respond within 24 hours!
Who pays the commission?
Most listing agreements include the commission for both the listing agent and the buyer agent. However, with the changing market and bank-owned properties, many Buyer Agents are requesting the buyer agree to pay a portion of the commission up front, to be reimbursed to the buyer at closing.
What do I need to do before submitting an offer?
It is in your best interest to have a conversation with a qualified lender prior to looking for a new home. You will need to know if you must sell a property to purchase another, know your credit score and how it will affect your ability to get a loan, and know the lending products available to you. Next, we strongly recommend you hire a Realtor to help with the offer and the contract process.
- How do I prepare my house for sale?
- There are many things you can do:
- Fresh paint inside and out.
- Fix anything that is broken and attached to the house.
- Clean carpets.
- Knock down spider webs outside the entrance of the house.
- Mow your lawn and place flower pots outside.
- Clean all the doors and light fixtures.
- Purge any unnecessary items out of the house.
- Give the entire house, including tub and toilets, a very good cleaning.
- First impressions are very important!
What is a Buyer Agency?
A buyer agency is a signed agreement between the broker and the buyer. In Colorado, the broker is obligated to fiduciary duties including watching out for the best interests of the buyer. The broker can not reveal confidential information such as how much the buyer is willing to pay for a property. The Buyer is obligated to be loyal and to go through their buyer agent when negotiating a purchase on a property. More information is available on the Colorado Real Estate Commission website.
What is the standard commission rate?
There is no standard rate. Anti-trust laws prevent Realtors from charging the same rate, commissions are negotiable.
Where should I start looking for homes?
On KatePowellHomes.com, Denver MLS, or Realtor.com. Call a Realtor and let us help you - we know the market and the areas you may be interested in by your description. This is what we do for a living and we're here to help!
What kind of closing costs should I expect?
Normally, Title companies have nominal fees for their services. However, if you are a seller in Colorado, you will buy a title policy to insure the time you lived in the home - price ranges are based on the selling price of the house. If you are a buyer, you will have lender closing costs that your lender should review on a good faith estimate. The lender may require endorsements in addition to the title policy that will be charged to the buyer. For a seller, closing costs are lower; for the buyer, the costs are usually $2500 or more, depending on the sale price and condition of the house.
How do I choose a Realtor?
Interview at least 3 Realtors who are members of the local and national Realtor Associations. Get a feel for their personality and make sure they listen to your goals. Is the Realtor professional, does she have experience for the type of property you are seeking, and does she have references and education to draw from? Mostly, it is the personal and professional qualities that are important to you - after all, you most likely will be spending a minimum of one month with the Realtor you hire
|