Having an exclusive agent when you buy a home in The Springs means that you have someone on your side in the transaction. And that’s a good thing!
The State of Colorado defines representation and agency relationships in very specific terms for good reason. In residential real estate the priority is consumer protection. Here is a link to DORA’s website. “Agency” is a many layered topic and please keep in mind that I am not providing legal advise. In my opinion, the takeaway here for your consideration is straightforward; being in the strongest position you can be. The goal is to ensure your sale or purchase is as favorable as it can be – and to many consumers, that means having someone on their side. If you are considering custom building, buying land or buying a new or existing home in Colorado; it just makes sense to have your very own Buyers Agent. An agent who represents you when purchasing any kind of residential real property in the state. So even if you visit new home communities all over or look at a dozen resale homes over, say, a nine month period, you’ll still have the same agent looking out for your best interests through the the entire process. This client service level is what I provide as a Realtor.
A. Plain and simple, I represent you. I enter into an agreement with you – an agreement that allows me to diligently represent you locating, evaluating, negotiating for and closing on residential real estate. As a Realtor, I am held to a set of ethical standards all designed around integrity and consumer protection.
B. Having a Realtor with an up-to-date knowledge of loans is also an important piece of the puzzle. Not all lenders offer the same loan products. There are many examples, but let’s say you were building and wanted a 300 day interest rate lock right now. The vast majority of lenders out there would either not be able to accommodate or would need to charge a substantial sum to get you that lock. However, I know of one highly reputable lender right now capable of offering that 300 day lock for no additional dollars. While this offer could stop tomorrow, the point remains – having an agent who knows a bit about a variety of loan products available right now can be an invaluable tool. And believe it or not, that knowledge can sometimes make the difference between getting into a home and not getting into a home.
C. My commission is paid by the seller in the vast majority of cases. What’s the deal there? These days, real estate sales commissions on listed residential properties are nearly always defined at the time of that property’s listing – well in advance of you ever seeing it. The seller has already agreed to pay for the services of your buyer’s agent (me,) when that agent is exclusively representing you as the buyer. There are very good reasons residential real estate commissions are now structured this way and it has become a win-win for all involved. This applies to virtually all listing-service-marketed properties. So, the seller’s listing agent AND your buyers agent’s commissions are already structured up-front. (Exceptions might include a for-sale-by-owner, which we will discuss and figure out together very early in the process.)
D. Not everyone can offer to represent you as an exclusive agent. In many situations today, some agents have to work with you in a role called a “transaction broker.” An example would if you were buying a home directly from the builder or through the listing agent. That listing agent already has a brokerage relationship with the seller. Since no individual agent can work exclusively for buyer and seller at the same time, you as buyer must be treated as a customer only. In that scenario therefore, you cannot be a client with an exclusive agency relationship with the listing or on-site agent. Which relationship do you prefer? Being a CUSTOMER (with a Transaction Broker.) or CLIENT (with an Exclusive Buyer Agency.)
E. Times and markets change. The current reality of the Colorado Springs real estate market offers opportunities for the savvy buyer/investor. We have all heard, “Now is a Good Time to Buy.” I ask, “buy what, exactly?” In the present climate, even in a recovery, some sellers still need to part with properties that are worth less than the amount owed. But does that make it a good buy? When examining a market for value, ages of homes, styles of homes, depreciation, appreciation, maintenance concerns, and the like, it does not take long to become overwhelmed. Navigating these real-life factors can be a challenge. Expert advice can be very helpful in order to prevent your paying too much or inheriting someone’s underwater real estate asset. How exactly do I help with here?
- Objective evaluation of the many interacting aspects of a particular residential real estate investment.
- Utilization of the latest in technology and methods to examine any property or community you have an interest in.
- Experience counts! 15 years, in fact.
F. Watch for Swelling Soils. Did you know that Colorado’s Front Range has a moderate to high potential for foundation-destroying swelling soils? No, it’s not science fiction, it is true. Even though virtually all building in Colorado is now tightly regulated for soils, swelling soils can still impact aspects of buying your next home. For example, the joy of buying yourself a gorgeous lot with a killer view can quickly turn into a challenge when the soil test results come back showing “high potential for expansive soils.” Your building costs can dramatically escalate, and the builder in most cases is not and probably should not be obligated to absorb the tens of thousands of dollars that it can cost to make the lot buildable. So who pays for that? Let me show you how to avoid this pain!
Above are but some of the examples of why having your own Realtor can be such a powerful solution to the sometimes complex undertaking of finding and buying a home.
Put my experience to work for you today!