Buying a Home in Colorado
The first step to buying a home anywhere in Colorado is to understand the State 'Law of Agency'. Click here to see the Colorado Real Estate Agency descriptions.
Listing (selling) brokers have an Agency (fiduciary) responsibility to negotiate on behalf of the seller only and to get the highest price for the property listed. Thus, they are paid directly by the seller to do just that.
Buyers have the opportunity to be represented by a 'buyers agent'. This creates an even playing field where the buyer has an agent on their side to negotiate all the terms of the contract. Even though the buyers agent commission is paid by the property owner, the buyers agent has the fiduciary responsibility to get the best price and terms for the buyer. In the complexities of negotiating the sale contract the buyers agent can identify the areas where price and terms can be effectively negotiated. Click here to see the Colorado Buyers Agency Agreement.
The same Realtor can represent the same customer as a 'seller' on one transaction (selling their old home) and at the same represent them as a 'buyer' on a different transaction (buying a new home) This is done by having 2 separate agency agreements - one for each transaction. Often, a skilled Realtor will negotiate a reduced commission to handle both transactions.
When you are ready to buy or sell a home give me a call. We can discuss the various options available to negotiate the best possible price and terms the market will allow.
Bob Costello, Realtor
(303) 791 - 7817
|