Here at Robinson & Henry, P.C. we’ve seen plenty of bad deals when it comes to real estate. This is why we’ve devoted one of our practice areas to help people who are struggling with legal issues related to real estate. Whether it be not including something in the disclosures or providing false information in the deed, there are plenty of ways you can get burned when buying a home. That being said, we wanted to do our part in helping people avoid these kinds of situations when buying a home, so we teamed up with a few of Colorado’s top real estate agents to see what tips they have for prospective buyers when buying a home. Here’s what they had to say.
My best advice to a prospective client encompasses a few points. First, understand the market conditions you’re entering. The last two years in Denver metro has seen exceptionally high demand with little inventory, leading to many multiple offer situations. In order to compete and be the Buyer selected, there’s a myriad of contract elements that have to be considered to give them a competitive edge. Often times, this can put a risk on the Buyer should they waive contingencies, bring additional money to the table, or cater to the Seller in order to be placed at the top of the offer pool. Knowing the contract elements and speaking with a real estate attorney when a purchaser has a more complicated situation is invaluable to creating a successful strategy at the offer stage. For Sellers, having succinct market data ensures listing at fair market value and getting a solid offer quickly.
Secondly, being prepared about what the process entails once under contract ensures timely meeting of deadlines throughout the transaction and better protection of a Buyer’s earnest money.
Lastly, having a knowledgeable, reputable, ethical, and experienced real estate agent, lending, legal, and accounting resource ensures that a purchaser will be well informed from beginning to end of any transaction and therefore make the best decision on their sale/purchase.
Selecting the right real estate broker can be one of the most important decisions in your home buying journey. After you find a handful of brokers you like, I’d recommend taking the time to conduct ‘interviews’ over a cup of coffee. This will help narrow your search and allow you to pick a broker with the expertise and demeanor that fits your needs. Once you have selected your real estate broker, make sure to meet with a financial planner or lender to have all your documents in order. With the velocity of sales that we are seeing in this market, getting pre-approved right off the bat will help you get under contract faster when you find the home of your dreams. After meeting with a lender, you and your broker will sit down and make a list of what features you want and need in your next home. As you start to take tours, this list of priorities and preferences will help guide you through the process and keep you focused on the end goal. This document should include the preferred age of a property, number of beds and baths, square footage, architectural style, type of home (e.g. single-family, condo or townhome) and condition of the home. It’s our job to help you find a home that you will love for years to come!
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We want to give special thanks to Joseph Berry at Colorado’s Finest Real Estate and Jenny Usaj at Usaj Realty for their contributions. If you are in need of a real estate agent, please reach out to them for help on your home buying adventure. If you believe you need the assistance of a Colorado real estate lawyer, please contact us today!