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Colorado Real Estate Home Buyers Info
In Colorado, real estate brokers (agents) are able to work exclusively with home buyers as an ExclusiveBuyersAgent. The real estate ExclusiveBuyersAgent agreement allows for the buyer to receive the same kind of priority treatment that real estate home sellers have traditionally enjoyed! New! Colorado Real Estate Home Buyers Closing Gift - Limited Offer - Summit County Real Estate Home Buyers |
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| Colorado Real Estate Exclusive Buyers Agent | top |
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A Colorado Real Estate ExclusiveBuyersAgent works solely on behalf of the real estate home buyer and owes duties to the home buyer which include the utmost good faith, loyalty and fidelity. The agent will negotiate
on behalf of and act as an advocate for the home buyer. The agent must disclose to potential sellers
all adverse material facts concerning the home buyer's financial ability to perform the terms of the
transaction and whether the home buyer intends to occupy the property. A separate written Real Estate ExclusiveBuyersAgent agreement is required which sets forth the duties and obligations of the real estate broker and the
client.
Typical questions to ask when discussing real estate exclusive buyers agent agreements are:
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| Preparing For The Colorado Real Estate Home Search | top |
Get ready for your house hunting expedition by doing some planning ahead of time.
To prepare for your meeting with me to plan your house hunting, it's a good idea to so some planning on your own. Take some time to think about the things that you feel are abolutely necessary to have in your new residence. Although it is never possible to completely describe what you want, there are always things that are uniquely important to you. It's crucial that I understand what these things are. List the features that you want in their order of importance.
| Colorado Real Estate House Hunting Considerations | top |
Type of residence - House, townhome, condo.
Style of residence - Two story, ranch, split-level, contemporary.
Location - Proximity to work, recreation areas and schools.
Schools - Ages of children and any special educational requirements they may have.
Financial - Must sell current residence, amount available for home purchase down-payment, maximum homeowners expense of ownership.
Space Requirements - Bedrooms, square footage, special requirements such as in-home office, space for special hobby, garage space, finished basement, in-law apartment, etc.
Lifestyle - Entertain a lot, want minimum maintenance site for maximum liesure time, great deal of time is spent at home with family activities, retirement community with total recreation package (pool, golf, tennis, jogging, organized children's activities).
Special features - View, fenced yard, pool, horse facilities, handicap access, close to public transportation.
After we have thoroughly discussed all of the things you want in your next residence, I will carefully select properties that could be of interest to you. I promise to show you only those properties that are within the price-range you specify, in the areas you specify, and of the style of your choosing.
As many of your needs and wishes as possible will be considered in finding the right communities and properties for you to see. If you are uncertain about features of neighborhood and residence, I'll show you a variety of each. Continually let me know what you like and don't like.
Keep in mind that in an active market the number of homes for sale at one time that fit your needs may be limited. I will continually monitor the homes currently for sale and new listings that come on the market daily. By doing this I give you the opportunity to be one of the first if not the first to see these new listings.
| Colorado Real Estate House Hunting Tips | top |
Ask Questions - About the neighborhood, the construction of the house, the schools, property values in the neighborhood, how long will it take to get to work, why is this a good place to live, where do I shop, where is the church.
Totally forget properties you didn't like - But tell me first why you didn't like them.
Take notes (and even a camera if you wish) - Looking at a number of properties can lead to confusion about the features of each. After you have seen a property that might be a possiblity, jot down a few things you liked about it to jog your memory later on.
Compare properties you have seen - Keep a ranking on paper or in your head of the three best properites and rank them in order of desirability.
When you find the property you'd like to buy, make your offer as quickly as possible - If you like the property, someone else probably will also. Don't delay in asking me to write your offer.
| Colorado Real Estate Home Buying Needs | top |
Below is a simple checklist that can be useful in starting your home search.
| Home Purchase Contract Earnest Money - Colorado Real Estate | top |
At the time an offer to purchase is written, it must be accompanied by earnest money. This is evidence of the fact that you are in earnest about the purchase of the home. Earnest money is paid in the form of a personal check to be tendered to the listing agent with the home purchase contract offer and deposited in the listing real estate broker's trust account or a title company at listing company's direction, or a home purchase contract earnest money note may be tendered which is usually redeemed in cash or certified funds upon the acceptance of the real estate home purchase contract or upon satisfaction of certian home purchase contract offer clauses.
The amount of money varies from $500.00 up to $10,000 or more depending upon the price of the property and seller's requirements. Your Realtor will advise you in this matter.
| Real Estate Title Insurance - Property Title Insurance - Colorado Real Estate | top |
Real Estate title insurance or Property Title Insurance is issued in almost all real esate transactions in Colorado. Property Title insurance protects against loss or damage resulting from defects that may have occured in the past.
The process starts with a search of the public records to determine the facts relating directly toward the property. Such as:
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Property Easements and Restrictions,
Ownership,
Judgements or property liens against the property,
Any other
recorded
interest in the property.
The real estate title insurance policy is a one-time fee that includes the cost of the property title search, examination, production and risk. The property title commitment is issued stating conditions under which the property title will be insured.
The new home mortgage lender must be satisfied with the quality of the property title because the property is security for the new new home mortgage loan. The property mortgage lender requires assurance that they will have a suitable position if they have to foreclose on the loan and take possession of the subject property.
| Mortgage Finance Discount Points - What They Are About - Colorado Real Estate | top |
Whether called 'Mortgage Finance Discount Points', 'Points', 'Discounts', 'Loan Brokerage Fees', or 'New Loan Fees', they are all the same. Points provide the 'magic' in over half the home sales made in this area. Without Mortgage Finance Discount Points, most new loans and sales with low down payments would not be possible. Since Mortgage Finance Discount Points are a vital part of selling a home, a clear understanding is important.
What are Points? Through the use of Points, money is paid to lending institutions (banks, savings and loans, real estate mortgage companies, real estate insurance companies, etc.), so lenders will be able to make loans on property under the existing money market conditions. Points result in "increasing the yield or rate of return" of lenders.
How are Points figured? Very simply - one point is just one percent of the new loan, NOT the selling price of the property.
| Buyer's FHA Loan Costs - Colorado Real Estate | top |
| 1. Mortgagee's Title Policy & Endorsements (varies w/loan amount) |
| 2. Record Warranty Deed ($6.00 1st page / $5 thereafter) |
| 3. Record Deed of Trust ($6.00 1st page / $5 thereafter) |
| 4. Tax Certificate ($25.00) |
| 5. State Document Fee (1% of sales price) |
| 6. Real Estate Loan Closing Fee ($180.00) |
| 7. Real Estate Closing Fee |
| 8. First Year's Homeowner's Insurance Premium |
| 9. Hazard Insurance Reserve (per date closed) |
| 10. Loan Origination and Discount Fee |
| 11. Survey (lender option) |
| 12. Real Estate Appraisal |
| 13. Home Buyers Credit Report |
| 14. Home Mortgage Interest on New Loan (per # of days on date closed) |
| 15. Tax Reserve (per date closed) |
| 16. Mortgage Insurance Reserve |
| 17. Document Preparation |
| 18. Flood Certifications |
| Buyer's Conventional Loan Costs - Colorado Real Estate | top |
| 1. Mortgagee's Title Policy & Endorsements (varies w/loan amount) |
| 2. Record Warranty Deed ($6.00 1st page / $5 thereafter) |
| 3. Record Deed of Trust ($6.00 1st page / $5 thereafter) |
| 4. Tax Certification ($25.00) |
| 5. State Document Fee (1% of sales price) |
| 6. Real Estate Loan Closing Fee ($180.00) |
| 7. Real Estate Closing Fee ($180.00) |
| 8. Fed Ex Overnight Fee ($20.00) |
| 9. Tax Service Fee (per lender) |
| 10. First Year's Homeowner's Insurance Premium |
| 11. Hazard Insurance Reserve (per date closed) |
| 12. Loan Origination and Discount Fee |
| 13. Property Appraisal - Home Appraisal |
| 14. Home Buyers Credit Report |
| 15. Home Mortgage Interest on New Loan (per # of days on date closed) |
| 16. Tax Reserve (per date closed) |
| 17. Mortgage Insurance Reserve |
| 18. Water & Sewer Escrows |
| 19. Home Mortgage Underwriting Fee |
| 20. Lender Document Preparation |
| 21. Misc. Loan Fees (per lender) |
| Colorado Real Estate Home Warranty | top |
A growing trend in home sales today is the use of a home warranty.
This one year home warranty covers the component parts of a home, such as the appliances, central heating and cooling systems, plumbing system, electrical system, water heater, and garage door openers. It does not cover the structure itself such as a roof, walls, foundation, etc. The cost range is around $295 to $350 which may be paid by the Seller or Buyer.
Additional coverage for roof, swimming pools, wells, etc. are available at an additional cost.
| Lead Based Paint - Colorado Real Estate | top |
If the home you intend to purchase was built before 1978, it may contain lead-based paint. Approximately three out of every four pre-1978 buildings have lead-based paint.
Lead poisoning means having high concentrations of lead in the body.
Lead Can ...
-
Cause major health problems, especially in children 7 years of age.
Damage a child's brain, nervous system, kidney's, hearing or coordination.
Affect learning,
Cause behavior problems, blindness and even death,
Cause problems in pregnancy and affect a baby's normal development.
The lead hazards that children most often touch are lead dust, leaded soil, loose chips and chewable surfaces painted with lead-based paint. A child may be harmed when it puts into it's mouth toys, pacifiers or hands that have leaded soil or dust on them.
If your home contains lead-based paint, contact a company that specializes in lead-based abatement. Have professionals do the job correctly and safely.
| Colorado Real Estate Home Inspections | top |
A home inspection is basically a thorough examination of the systems of a home. These are:
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Foundations,
Roof,
Structure,
Heating and Cooling,
Electrical and Plumbing,
Appliances,
Overall Condition,
A home inspection should not include cosmetic ratings such as carpet and paint. These are obvious and visible and should be noted by the purchasers prior to making an offer.
After you examine the report, it is time to negotiate on those items which you believe the seller should fix. The inspector will not tell you who should fix what; this is a negotiation process. An experienced real estate agent will know the proper steps to take.
| Radon Gas - Colorado Real Estate | top |
Radon is a radioactive gas. It comes from the natural decay of uranium that is found in nearly all soils. It typically moves up through the ground to the air above and into your home through cracks and other holes in the foundation. Your home traps radon inside, where it can build up. Any home may have a radon problem. This means new homes, well-sealed and drafty homes, and homes with or without basements.
Radon is estimated to cause many thousands of deaths each year. That's because when you breathe air-containing radon, you can get lung cancer. In fact, the Surgeon General has warned that radon is the second leading cause of lung cancer in the United States today. Only smoking causes more lung cancer deaths. If you smoke and your home has high radon levels, your risk of lung cancer is especially high.
Testing is the only way to know if you and your family are at risk from radon. The Surgeon General and EPA recommend testing all homes below the third level for radon. Testing is inexpensive and easy - it should only take a few minutes of your time. There are also professional inspection companies that can do the testing.
If a radon problem exists, there are simple and inexpensive ways to fix the problem. Even high levels of radon can be reduced to acceptable levels.
The average indoor radon level is estimated to be about 1.3 pCi/L and about 0.4 pCi/L of radon is normally found in the outside air. The U.S. Congress has set a long term goal that indoor radon levels be no more than outdoor levels. While this goal is not yet technologically achievable in all cases, most homes today can be reduced to 2 pCi/L or below.
Like other environmental pollutants, there is some uncertainty about the magnitude of radon health risks. However, there is more known about radon risks from most other cancer causing substances. This is because estimates of radon risks are based on studies of cancer in humans (underground miners). Additional studies on more typical populations are under way.
| The Closing - Colorado Real Estate | top |
When all the necessary documents have been obtained and title problems, if any, cleared, a closing is held. Although some sales agents perform this function in their own offices, this service is most often provided by the property real estate title insurance company.
At this time, settlement sheets covering costs and pro-rations are reviewed, documents are signed to be recorded, and funds are disbursed. In Colorado, in most new home closings, disbursements of funds ocurrs simultaneously with the providing and signing of all required documents, and prior to recording. It is possible, however, that disbursement of funds may be held until actual recording has been done.
Cash or certified funds from the buyer are required to cover the down-payment and buyer new home closing costs. This figure will be determined one or two days prior to new home closing, during review of the settlement sheet. Certified checks should be made out in the buyers' name, who will then endorse the check over to the Title Company at new home closing. A picture identification (drivers license) is also required for proof of identity.
| Questions To Ask At A Colorado Real Estate Home Closing | top |
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Has the seller notified utility company, trash removal, post office, newspaper and etc. for change
of service and forwarding address?
Has the purchaser notified the above of beginning service dates?
Have the purchaser and seller agreed on possession date and time if the seller is occupying
the property following new home closing?
Did the seller leave warranty and operating instructions for appliances?
How will the buyer obtain keys to the property?
| Colorado Home Buyers Real Estate Moving Checklist | top |
Listed below is a checklist of items that you will want to accomplish before the closing of your new home, as well as information on the new home closing.
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