Home buying consultation through offer and acceptance
A face to face meeting is always the best, but if it’s not possible the telephone is the next best way to communicate. You will want to tell us about your needs, how much home do you want to buy. Size, number of bedrooms, location, price, style of home, type of neighborhood and commute time to work. If you have special activities you like to participate in, it is always helpful to the agent to know about that. Many things make up a home, only you can determine what is important to you.
Your needs are very important
Discuss your time frame during your consultation. There is a definite time frame for buying a house. Your timing is important to consider if you want to maintain your best negotiation strategy.During your consultation your agent will review all the paperwork you will be expected to sign when you find your home. You will be given copies of this paperwork, so you can review it and direct any questions you might have to your agent or attorney. It’s always best to have a good understanding of what is necessary, before it becomes necessary!
Agency – protecting your privacy
At your consultation you will have the various forms of Colorado agency explained to you. Laws in Colorado are different than many parts of the country, so it is important you are aware of Colorado agency practice. Having an agency agreement with your Broker, protects you from having to deal with multiple agents knowing your personal finances and business.With a Buyer Broker agreement, the broker is required by law to represent you and keep your matters private. Having a Buyer Broker agreement, outlining the broker’s duties and fees will also give you a higher priority with the Broker. The Broker, confident and satisfied knowing that he will be paid will be willing to provide you with a higher level of service.
The long awaited touring of homes
Once there is an understanding of your needs, the Broker will set forth to show you properties. Initially, this is done at the office on the computer system, reviewing the many choices online. Typically, you may have a need to see a variety of neighborhoods and houses so we hop in the car. Upon visiting areas you will be able to narrow your search down, progressively smaller until you are able to focus on one area or house. This process can take a day or two, maybe more if you feel the need to cover a lot of ground.As you are touring homes, your Broker will be discussing the amenities of the neighborhood, distance you will need to travel to work, schools and any other questions you may have.
After viewing properties, you will begin to get a feel for what the Denver Metro area has to offer. Since our housing and lots are unique to the area, it may take some getting used too. Just remember, “it is what it is”. If you find you are not finding what you like, perhaps adjustments will need to be made; size, price, location changes are very typically done when buyers learn more about the market and what their money will buy. It this happens, be sure to tell your Broker, otherwise you may end up wasting your time, looking at more properties that won’t work for you.
How long does it take to find a home?
For relocation buyers, it is very possible to do an area tour and find a house in a neighborhood in as little time as 3 days. Of course much work is done up front, prior to the buyer arriving. Thanks to the internet and the resources we now have at our disposal we have shortened the house hunting time significantly.Many buyers are uncomfortable with that time-frame, that’s perfectly ok. We are always sensitive to your “comfort zone”. If it’s not feeling right for you, let us know. Our goal is for you to be comfortable with the process and be prepared to progress through each step with confidence.
Researching Home Values
Once a home or neighborhood is targeted as “The One”, we can do more in-depth research as to property values, time on market and anything else we want to know. This will entail using the Metrolist and Property Data Center to research what is happening in the current market. Typically, by the time you find a house you like, you will have seen enough properties to have a good “feel” for the value of the home you like. Of course, we set feelings aside and crunch the actual numbers. Negotiating strategies
Number crunching done, you then decide if this is truly “The One” and we discuss a negotiation strategy. There are many strategies to choose from, all based on your needs and common practice. Discussing them online is not in your best interest, since our competition also reads our websites! Submitting an Offer
Offers are written and signed by you and your buyer broker, then taken (or faxed) the the listing broker. It is the listing broker who presents your offer to the home owner. Your offer should be submitted with your earnest money check, a lender letter of approval (best case) and any required addendums. We should hear back from the listing agent within a stated amount of time, written on the offer.Time normally is at least 24 hours, perhaps more depending on the day of the week and the availability of the home owner and his listing agent. As a relocation buyer, it is not unusual to request a speedy response, since your time is short. However, the seller is in the driver’s seat here, so we are at his mercy. If he likes your offer he may respond immediately. If your offer isn’t up to his satisfaction he could sit on it and ignore it. If the deadline passes without word, then we are free to move onto Plan B.
Counter proposals, acceptance or rejection
A serious seller will consider all offers, no matter what. A good listing agent will respect our time deadlines and communicate in a timely manner. If the seller likes your offer in general, but has an issue with a small item or two, he may request a change verbally. At this point we may have conversations on minor details to get all parties to agree, then write them in a counterproposal. Or we could get the counterproposal and in reverse talk to the listing agent about your minor adjustments. In any event, nothing verbal is legal. Colorado Law mandates all real estate transactions must be in writing. So, when all is said and done, be sure all that was said and done is in writing! Once in writing we have a formal acceptance.Your offer could also be rejected, meaning no counter, no nothing. If this is the case we are either dealing with a poor offer or an unrealistic seller. Rejected offers usually mean someone has changed their mind or has been offended. Time for Plan B.
Offer acceptance Assuming your offer is accepted, you now have more on your “to do list”. Hiring a home inspector and doing all the necessary and desired “due diligence” will be up to you. The deadline dates for getting all inspections completed are addressed in the contract. Typically that time is 10 days, so you don’t have time to waste. Your Buyer broker will assist you in coordinating inspection times. You should if at all possible attend inspections, after all it’s your future home. You need to know every crack and cranny of it!Information offered here is for resource purposes. We are not attorneys, nor giving real estate advice. We would like your business, so if you appreciate our resources, please call!