QUESTION: Why would I need to have a Realtor® if I am buying a NEW house from a builder?
ANSWER: For the simple reason that you are not represented as a buyer in the negotiations. Builders will write contracts to their benefit solely which is what they should do. The Devil is in the details. Often in what is NOT in the contract and you should have professional help to comprehend the contract. More often than not, upgrades and amenities are very negotiable.
TIP: ALWAYS call for a home inspection by a reputable Home Inspector BEFORE the Certificate of Occupacy has been issued on a new home.

QUESTION: Why should I use a Realtor® to sell my property? Don't the Title Companies do all the work?
ANSWER: Title Companies simply collect all of the paperwork from all of the parties and the earnest money checks etc. They make sure the papers are there and try and make sure everything is in order for closing. They cannot advocate for you as a seller and they have to accept the paperwork at face-value.
Realtors® have the marketing resources. Realtors® have the professional knowledge reagarding real estate laws, conditions and covenants required to shepherd the property to sale. A Realtor® should make sure that all offers brought to you are made by approved buyers and brought to you in the order they are received. Your Realtor® must review the offer for flaws, illegalities and completeness before they are submitted to you. Anything less than this and you could be wasting a LOT of time.
TIP: When you sell your property yourself, you are bound by the very same laws, rules, regulations and code of ethics that Realtors® are bound by. Unless you pass EVERYTHING by your attorney before contracting, you could be legally liable for anything that goes sour on your sale. Given this, the commission you pay a Realtor® is small compared to the possible liablilities you might be faced with going it alone.

QUESTION: If I see a property I like in the paper or by a yard sign, shouldn't I contact the agent on the sign? I can find the property I want on my own.
ANSWER: There are several answers to this question. If it is a "For Sale By Owner" (see the preceeding paragraph). If you contact the Listing Agent directly, that agent represents the SELLER ONLY (same as buying from a builder - see first Question). You can negotiate on your own with the Listing Agent (not recommended!). You can contact the Listing Agent and ask if he/she would also represent you in the deal. If the Listing Agent agreed, then he/she would need to get permission from the Seller to become a Transaction Broker who represents both sides of the negotiations. Unfortunately, a Transaction Broker CANNOT "advocate" for either side. In this case, the Listing Agent WOULD have an already established relationship with the SELLER.
TIP: By far it is better to be represented by a Buyer's Broker who can advocate for YOU in ANY deal, whether it be a For Sale By Owner or a straight Listing. Your Buyers' Broker has access to everything available in your price range. They will assist you in being pre-approved for a specified loan amount. They will set up showings of homes you would be interested, after previewing them, and based on your needs and wants input to them. They will advocate for YOU in the negotiations and shepherd you through the closing. The BEST part of being represented by a Buyer's Broker is that it costs the Buyer NOTHING!

QUESTION: What does the Multiple Listing Service do for me, the Seller?
ANSWER: Simply put, the Multiple Listing Service (MLS) in your area allows your Realtor® to market your property to the hundreds or thousands of other Realtors® who subscribe to the MLS quickly, efficiently and comprehensively. Buyer Brokers are constantly searching the MLS for their clients and if your property isn't there, you lose the greatest marketing tool of all to sell your property. The MLS also allows the Realtor® to look up properties near yours that have sold recently and, therefore, help establish a reasonable asking price for you. The same applies to Buyer's Brokers in helping buyers make a reasonable offer to you. If your Realtor® is not a member of their MLS, it would be worth interviewing Realtors® in your area who are members.
TIP: The MLS is not the ONLY way a Realtor® markets your property, but is far and away one of the BEST tools available!

QUESTION: How do I know if I am paying too much for the property?
ANSWER: Your Buyer Broker will run a Comparative Market Analysis (CMA) on the subect property to help guide you in selecting a resonable amount to offer based on all other properties of like, or very similar, kind that have sold in the area you have selected. There are many considerations like amenities, location, current condition, a fit with your needs and wants and more. The CMA your Buyer Broker runs on the subject property is ONLY a guideline. Ultimately, the appraisal will determine the ACTUAL value of the subject property and, if it appraises for less, you will know and not be required to pay more.

QUESTION: How is the Selling Price set?
ANSWER: The Seller ultimately decides that. The Realtor® will do a CMA on the subject property and explain that to the Seller. The Seller is entitled to ask whatever he/she wants to ask for the property even if it is way more than the CMA shows it should be. The Listing Agent can list it for that or not. It is a Realtor's® decision whether or not to list a house for a lot more than he/she can justify.
TIP: SELLERS almost ALWAYS think their properties are worth MORE than they are worth while BUYERS almost ALWAYS think it is worth LESS than it is. The Realtor's® job is to level the playing field and bring the two together. Sometimes it is a daunting task!

QUESTION: How do I select a Listing Broker or a Buyer Broker? How do I know I can trust them?
ANSWER: 99% of ALL Licensed Colorado Real Estate Brokers are honorable, ethical and professional people who spend a great deal of time being continually educated. They work hard at what they do. They are folks like you who chose service as a business. They are highly regulated by the Colorado Real Estate Commission, National Association of Realtors®, Colorado Association of Realtors®, their local association of Realtors® and civil law. They tend to cut out the bad ones among them as they refelect on ALL Realtors®.
Most Realtors® are selected by referral just like doctors, dentists etc. Many people you know have worked with a Realtor® at one time or another. You can start by asking them. Neighbors, teachers, anyone. You can always ask the Real Estate Commission if there are any points against any Realtor® you contact. Most have reputations in the areas they deal in so it shouldn't take long to determine who to contact. Interview more than one Realtor® if you wish. They all offer the basics. Some offer more and go above an beyond "the usual". Meeting one-on-one with a prospective Realtor® will give you a quick sense of who and what they are about. It's a fair thing to do. Interviewing 10 Realtors® would be a bit absurd.

QUESTION: What if I have less than perfect credit? Can I still buy a home?
ANSWER: Talk to a Realtor®. Most Realtors® know many different lenders. Today's lenders have tons of different loan programs that take many conditions into account including poor credit, no credit, bankruptcy and foreclosure. If you have less than perfect credit it is vital that you get PRE-APPROVED for a loan PRIOR to shopping for a home. This will let you know where you stand and will assist your Buyer Broker in representing you. Once YOU know what amount you are approved for and your Buyer Broker knows what amount you are approved for your Buyer Broker can get to work on finding property you KNOW you can afford. Otherwise, both you and your Buyer Broker are just spinning your wheels.
TIP: There are hundreds of lenders out there. Consult a Realtor® before shopping lenders. Your Realtor® can recommend several for you to choose from with confidence.

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