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7 tips to be a good Real Estate buyer
How To Be A Good Real Estate Buyer
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Real Estate buyers in Colorado Springs come in many varieties, each with their own special requests and their wish lists. Some want a home
for their retirement, others their first home, some are looking to relocate, some want to downsize, and yet others are looking for a second home It’s important for all buyers to understand how to be a good real estate buyer. Here’s my tips:
(1) Do your research. The more you understand the housing market, real estate terms, and the buying process; the better you can make an informed decision. Remember, not everything you read on the internet is correct and the real estate process is very different on a state by state basis. Research, research, and then research some more.
(2) Be Realistic. Yes, it is a Buyer’s market and yes prices are down, but that doesn’t mean every seller will accept an offer of 20 to 30% less than their asking price. Your Realtor can provide you comps for most any neighborhood you are interested in which will help you access the asking price and what you would like to offer. Also, it’s important to be realistic about bank-owned properties, banks will not give away their properties.
(3) Get pre-qualified by a reputable lender. If you are really serious about looking at homes; make sure and know what you are qualified for. If you are a cash buyer, be prepared to have access to your funds. If you are only qualified for a $200,000 house; don’t look at $300,000 homes.
(4) Be prepared for other costs. Once you get under contract, be prepared for inspection costs. Never ever scrimp on inspections.
(5) Be Honest. If you are not prepared to buy for 6 months or a year, tell your agent. If you don’t have the down payment yet, tell your agent. If you are going to use multiple Realtors, be honest, tell all the agents you are working with that you haven’t committed to one agent yet.
(6) Know what type of property you want. If you want a bank-owned property, ask your agent to explain the process and the good and the bad. If you want to buy a short sale, understand the process.
(7) Remember real estate is local. It doesn’t make any difference what the national news says or what the national web sites say; conditions vary locally and also vary neighborhood by neighborhood.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Inspections involve more negotiations
What happens after a home inspection?
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In Colorado (according to Colorado Real Estate Law) a potential home buyer has several options after an inspection. First of all, there is a specific form to use in Colorado, called an 
Inspection Notice. Per the information on this form, a buyer has 2 options after the inspection.
- Terminate the contract – the Colorado home buyer can terminate the contract because of unsatisfactory physical condition
- Notice to correct - the Colorado Springs buyer can ask the seller to correct or resolve unsatisfactory physical conditions of the property
- This can include one item, or as many items as the buyer wants to ask the seller to correct. (But it’s very important to note that this often becomes another negotiation process — as the seller may not want to correct all of them items the buyer has asked for.)
If the buyer and seller don’t come to terms on the inspection items, the contract terminates.
According to Colorado real estate contracts, “Pursuant to § 10.3 of the Contract, if Buyer and Seller have not agreed in writing to a settlement of the above matters on or before the Inspection Resolution Deadline, the Contract will terminate unless Seller receives written notice from Buyer withdrawing this Notice to Correct no later than before expiration of the Inspection Resolution Deadline.”
After the seller receives the inspection notice, the seller then has options on how to respond. The majority of times, the seller counters with items they are willing to get corrected.
The buyer has the option of whether to accept the counter on the inspection items or to reject it. Or the buyer can withdraw their request and proceed with the contract.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
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134 questions for sellers to disclose
Sellers Should Disclosure all defects
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When listing a home for sale in Colorado Springs, Realtor ask their sellers to complete a Sellers Disclosure sheet. Whether the Seller provides the disclosures or not, the seller is still liable for any undisclosed defects. (Some sellers mistakenly think if they don’t fill out the disclosure form, they aren’t liable for defects. Wrong!)
The Seller’s Property Disclosure is a standard Colorado Real Estate Form. There are 6 pages of questions pertaining to the environment. structure and condition of the property and the mechanicals. A total of 134 questions
Some of the questions sellers are asked to disclose include:
- Structural Condition of the property
- Environmental conditions
- Are there special assessments due by the Home Owners Association?
- Condition of appliances
- Roof problems
The Colorado Seller’s Property Disclosure is filled out by the seller (not the Colorado Springs Realtor), signed by the seller and dated. This indicates that at the time of the signing, all the information is complete and true.
When a buyer is purchasing a property, the buyer is required to sign and date the Seller’s disclosure. The buyer is notified that the disclosure is in no way intended to discourage an inspection or is it in any way a warranty for the property. The specific language on the disclosure says: “Even though the seller has answered the above questions to the best of the Seller’s actual knowledge, buyer should thoroughly inspect the property and obtain expert assistance to fully evaluate the Property ……….”
I always tell Sellers, when in doubt disclose, disclose, disclose
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Kathy (719-287-1049) KTorline@msn.com
Relaunch of a blog site about Home Inspections
Resources for Home Inspection issues
Related Article: Appraisals and Inspections, 2 important steps for home buyers - Tips #11-15
I’m always on the lookout for new web sites that I can forward on to my Colorado home owners, and at the suggestion of Justin Smith, I checked out a site 
for US Inspect, which seems to be comprehensive resource on home inspections, by US Inspect . I read through a couple of the articles, and I especially liked the one on GFI’s; as this seems to come up in almost every inspection I attend. It was nice to see a comprehensive easy to understand blog on the topic.
One of the other things I really like about the site is the Basic Component and Systems of the Home Section. As an example, I loved the detailed description is had about Septic Systems, complete with pictures, links to Septic Terms, types of systems, and care of the system.
I also really liked the Radon Article, as it expands on some of the Radon articles I’ve posted on my blog site.
Go check it out, let me know what you think about the site. It seems like a good resource.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
Appraisals and Inspections, 2 important steps for home buyers
The following information is the fifth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #11 through 15.
For a FREE Buyer’s Guide, Email KTorline@msn.com
11. When making an offer to purchase a home, consider any minor repairs or defects when determining your offer 
price. If there are items you wish to be resolved at the time of purchase, include those items on the Purchase Contract.
12. Understand that the appraiser and the inspector are two different people. The appraiser is hired by the lender to determine whether sufficient market value in the property warrants making the requested loan. The home inspector is hired by the homebuyer to conduct a general home inspection, or a more specific inspection for environmental issues, such as lead-based paint, radon, asbestos, mold, etc.
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Home inspectors are NOT licensed in Colorado. and you should choose a home inspector who is a member of the American Society of Home Inspectors (ASHI). (See my previous post: One way to find a good home inspector)
13. Attend the property inspections. A good inspector will show you problems and potential problems with a property, but will also give you tips on how to care for a house.
Radon poses a threat to Colorado Springs Homes
Radon in Colorado Springs
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Living in Colorado Springs brings some unique challenges, with one of them being the presence of Radon Gas which comes from soil or rock that contains radioactive uranium. It seeps into ground water and homes and can be thought of as a kind of natural pollution that comes from the earth itself. If your home is at or near ground level (basements), its a good idea to check the radon gas levels in your home. In a poorly ventilated house, radon can build to high levels without anyone suspecting.
Why be worried about this? The American Cancer Society estimates Read the rest of this entry »
