Column: Real estate questions always crop up
Everywhere I go, most conversations involve a question or two about real estate. It may not even have to do with what has sold, or what is available, or what their house may be worth (even though I haven’t seen it). It may be a question about a transactional situation, a hypothetical question or simply how something in the real estate world works.
Oftentimes it is a question about what they should or could do to increase the value of their home, or what people are looking for these days in homes. It could be a question about a development in our area — it could be anything, but there is always something.
There are two sides in every transaction, and both have extremely opposite goals. While every transaction is unique in its own right, every real estate transaction has one thing in common; the buyer wants to purchase a property for as little as possible, and the sellers want to get every penny they can out of the deal.
Of course, anyone can purchase or sell a property on their own from their neighbor, family member or friend. They can go seek out an attorney to draw up the paperwork, contact a title company to close the transaction and record the new title. That is one way to do it. The other is to hire a real estate professional.
When you are looking for a real estate professional, it is important to work with a member of the National Association of Realtors. Members are committed to standards of professionalism. Interview your agent and ask for references. Make sure that your goals are in line with theirs and that you are comfortable working closely with this person for the next several months.
Once you get involved with your Realtor, you will soon realize that they are there for much more than just selling your property for you or helping you buy a property. They will become your adviser, a counselor or even a handyman at times. Let’s just say they tend to wear many hats.
Selling real estate is a complex procedure. There has to be attention to detail and an understanding of real estate law, an understanding of how a deal works, how to coordinate dates, how to protect parties from each other and how to protect themselves when comes what may be the largest financial decision in one’s life.
The Colorado Real Estate Commission has created and approved contracts to be used. But what does it all mean? What is the difference between a general warranty deed and a special warranty deed, or even a bargain and sale deed? What is earnest money and how does it apply to a transaction? What is a title policy and what does all that stuff really mean?
A Realtor has gone through an extensive education to help buyers and sellers answer these questions and assist in the process and ultimately accomplish their goals.
In addition to helping you better understand the ins and outs of a real estate transaction, I am looking forward to sharing with you trends, tips and ideas to make your home more attractive.
Sean de Moraes’ column will appear on the first Friday of each month. He is a local real estate agent with Roaring Fork Sotheby’s.
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