Frequently asked questions about Denver real estate
1. We are new to the Denver area. What kind of housing can we
expect?
2. It sounds as though we will have many choices, how do we decide
where we want to live.
3. I have
heard that many REALTORS will not work with anyone until they have
signed a buyer broker agreement, how does that benefit me?
4. If I sign a
buyer broker agreement how long does it bind me to the broker?
5. We plan to purchase a new home. We love to visit models and can
do so without a broker. Do you still suggest we take a our broker?
6. If I find a For
Sale By Owner why would I want to have a buyer's agent involved, I'm
trying to save money?
7.
I am a first time buyer, there are so
many things to learn, can you suggest a good book?
8. How
long should it take for me to find the right home?
9. What specific things should I look for in a home?
11. Is it
possible to find our dream home?
12. I want a home like
my parents, but there is no way I can ever afford it, should I wait?
1. We are new to the Denver area. What kind of housing can we
expect?
In the Denver area, housing is varied and unique for different
neighborhoods. Bear in mind, Denver was not settled until the turn
of the century. In the older areas, you will find many brick
bungalows that are charming and quaint. Larger two story homes,
called Denver Square's are just that, square! In the historic areas,
the neighborhoods have a feeling of community, tree lined streets,
convenient transportation and shopping nearby. Amenities such as
large yards, spacious closets and huge master bedrooms are seldom
found. For those you must go to the suburbs.
Lower Downtown, more commonly known as Lodo is attracting the urban
dwellers who want to live where the action is. This area is just
bursting with lofts and hi rises. The lofts in this area are a
combination of new and old. The
new are being built to look like old. In a loft, you will see high
ceilings with visible pipes, hardwood floors, very few separating
walls, views of city, mountains parks and rooftops. Loft living is
for every age Lodo parking is at a premium, it's best if you can
survive without a car, but many offer reserved and/or deeded
parking. Purchasing a loft is a definition of your
Upper Downtown, is experiencing a re-growth and is becoming
extremely popular. Many of the older homes have that wonderful
Victoria architecture that folks just love. These older homes are
selling rapidly, due to the rebirth of city living popularity.
Suburban housing can be found in the surrounding areas of Denver.
Newer construction from single family residences to attached condos,
townhomes and patio homes can be found in just about any price range
you desire. Newer housing allows for more square footage in the
living areas, larger kitchens, bathroom suites and closets that
accommodate our lifestyles. Some communities have amenities such as
recreation centers with pools, tennis, work out areas. Of course
there are community interest dues associated with these amenities.
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2. It sounds as though we will have many choices, how do we decide
where we want to live.
Many people first determine how much money they want to spend on a
home, or how much money a lending institution will lend to them. By
determining how much you can afford, you will eliminate many areas.
You probably know what part of town you will be working, from there
decide within reason how much time you are willing
to travel to work each day. On a map draw a circle around your
workplace. With these two factors you can then determine where you
can afford to purchase and how far from work that will be. Many
families with children research the area schools, choose one that
best suites their children's needs then search for a home in that
area.
3. I have
heard that many REALTORS will not work with anyone until they have
signed a buyer broker agreement How does that benefit me?
I have heard that many REALTORS will not work with anyone until they
have signed a buyer broker agreement; How does that benefit me?
That is a very good question. The Buyer Broker agreement is a
contract that mutually binds a broker and a buyer to each other. The
broker acts as the buyers agent in finding a home of the buyers
choice. The broker is responsible to the buyer in representing his
best interests by that I mean:
A
buyer broker can show you a property in a manner that gives you the
positives and negatives of each property. By doing this the broker
you so that you can formulate your own opinion of the property.
A
buyer broker will provide you with comparable sales, analyze them
and give you his/her opinion or interpretation of the findings. Once
again this assists you in formulating your opinion on the property.
A
buyer broker can find properties that are not currently on the
market.
A
buyer broker will inform you of everything they know about the
property or the seller of the property (that is not prohibited by
law).
A
buyer broker can prepare an offer to purchase and assist you in
determining what price to offer and how to posture the offer to your
greatest advantage.
A
buyer broker is your advocate and will negotiate for you.
It is not necessary for you to sign a buyer broker agreement. You
can have an agent represent you as a transaction broker& However, as
a transaction broker the agent is not an agent, merely a broker
writing a contract. They will have no responsibility to you in
pricing, negotiating, or searching for other properties for sale.
For the most part, when you hire a ; you hire someone to find you a
home. The simple fact that you have shows your intent and
loyalty. Loyalty in it self is incentive for a broker to work for
you. As a broker, I appreciate loyalty more than anything. I know I
will have a sale if I do my part. It is this sort of teamwork that
motivates a broker to work hard, give good service and go the extra
mile!
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4. If I sign a
buyer broker agreement how long does it bind me to the broker?
The buyer broker agreement is for no set period of time. You can
make it for 1 day, 1 property or as long as you mutually decide is
necessary. As in most contracts the duration is negotiable.
5. We plan to purchase a new home. We love to visit models and can
do so without a broker. Do you still suggest we take a our broker?
You should have your own broker. When you visit a builder's model
and purchase a home from the on site agent you are not receiving
representation. The on site agent works directly for the builder and is
obligated to work in the builder's best interest. This leaves you
in a very unfavorable position. I suggest you always take your
broker along when shopping for a new home. It is the best way to
prevent getting into a situation that you may regret.
6. If I find a For
Sale By Owner why would I want to have a buyer's agent involved, I'm
trying to save money?
Many people are under the opinion that they will save money by
purchasing directly from the owner. Actually, if you think about it,
why do you think the owner is selling by himself? My bet would be he
is trying to save money! Another good reason to reconsider when
thinking this way, the owner usually picks a price that they like,
or need to get in order to get into the next home.& This price more
often than not has nothing to do with recent sold comparables in the
neighborhood.& Bottom line, beware when purchasing a for sale by
owner, you just don't know what you are getting into!
If you truly want to protect your investment, than let your buyer
broker assist with the sale. The broker can perform the normal
pricing and negotiating tasks for you, and most likely the for sale
by owner will pay your broker's fee. That way you can have the best
of both worlds.
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7. I am a first time buyer,
there are so many things to learn, can you suggest a good book?"
Yes, I can understand how you feel. There are many books on the
market about how to buy a home. I might suggest that you talk to an
agent who specializes in helping first time homebuyers. Most agents
have tools and information to help people like yourself. I have
developed a manual to give to my First-time buyers. Actually, I give it to
all my buyers. I understand the fact that you may only purchase a
few homes in your lifetime. As an agent I help people buy and sell
homes everyday, therefore I realize the importance of a manual that
will walk you through the important steps of buying a home. Every
state and region has different local customs, what is done here in
Denver may not be the case in some other state. Just
understand the differences and be prepared to adapt to them. A good
professional, full time REALTOR, should be able to recognize the
differences and explain them to you.
8. How long should it take for me to find the right home?
It is my job to consider your needs when looking for a home. Once we
have discussed your needs, financial considerations, location of
work, school needs, I can run the computer and see what is
available. If you are not familiar with the neighborhoods, I can
provide you with a of the area. After we have toured, I ask
you which you prefer. Your answers will help guide me in our
search. Relocation buyers can find a home in 3 days. In my
experience, the first day is a learning day, the second is a focus
day and the third is a decision day. Most of the time
transferees are comfortable with this schedule.
If by chance we are not able to locate a home the first time out,
most likely we can designate an area that you wish to live in. If so,
then I can go to work, marketing directly to that area. A home will
come available soon that will suite your needs! They always do.
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9.
What specific things should I look for in a home?
Think about the way you live and look for features that you enjoy.
Consider the furniture that you own, and what you plan to purchase.
When you are in a home, look beyond the decorations currently there
and visualize what it will look like with your possessions. You may
want to consider driving time to work, school and shopping. If
you are an active outdoor person, you may want to consider
location/proximity to bike/hike /jogging trails. A home is a
lifestyle. Make sure yours is as compatible with your lifestyle as
possible.
10. Is it possible to find our dream home?
Yes, however no house is perfect in every way. There will always be
something that is not exactly right or in accordance with your
criteria. If you are able to find a home with 75% of the features
you need most, this may be the house for you.
11. I want a home like
my parents, but there is no way I can ever afford it, should I wait?
Waiting will only widen the gap of affordability. My suggestion is
to carefully review your needs and to settle into a home that you
can sell in a few years. Once you are in a home, it should
appreciate, helping you build equity and bringing you closer to your
dream home. Many people who have wonderful homes did not get there
with the first try. They purchased and rolled over their equity
every few years, until they accumulated enough to go for the perfect
home. All this takes some planning and of course, patience.
