Hiring a Realtor in Lafayette, CO. So, you've made the decision to buy a home. Whether you are a first-time home buyer, buying up or downsizing it is often an unfamiliar process and you know you need help. How and where do you start when hiring a Realtor in Colorado? Often a good place to start is by asking friends or neighbors or maybe the Realtor holding the Open House at your neighbors'.
Once you've made contact with a Realtor the real confusion begins as they start telling you about brokerage relationships and long before the actual closing, the paperwork starts flowing. This paperwork, approved by the Colorado Real Estate Commission, describes the types of brokerage relationship buyers can choose when purchasing a home. In Colorado, when hiring a Realtor to represent you you have a choice of either a Buyer's Agent or as a Transaction Broker. Just what is the difference?
When hiring a Realtor you choose to be represented by a Buyer's Agent you are getting the highest form of representation. This Realtor will work fully on your behalf as an advocate to negotiate the best deal possible for you in your home purchase. They are loyal to you and working solely for your best interest in the deal.
When hiring a Realtor you choose to be represented by a Transaction Broker you are hiring a professional to assist you throughout the transaction. This is a perfectly acceptable form of representation and the Broker will perform all the terms of your agreement and assist you with the contract through closing.
I like to make reference to baseball when describing the difference between hiring an Agent vs. a Transaction Broker. A Buyer's Agent is like the coach of the baseball team. S/he will strategize with you to come up with the best game plan to win the game. If the seller has a Seller's Agent, they also are developing strategies to get their best deal. A transaction broker is like the referee. The referee does not create strategies with either team but is there to ensure you play by the rules and that it is a fair game.
Hiring a Realtoris not your only choice, however. In Colorado one may choose to be a 'customer' in a transaction. This is a party to the deal, either a buyer or seller who has not hired a Realtor as either a Seller's Agent, a Buyer's Agent or a Transaction brokerage. This might be a do it yourself person or investor.
For the average person buying a home in Lafayette, or elsewhere in Colorado, hiring a Realtor whether an Agent or Transaction Broker is the best way to ensure a smooth transaction. Probably the best news for the buyer is that hiring an agent does not cost you one penny. The Realtor's fees are all paid as part of the seller's closing costs for the home being purchased.
If you are looking to buy or sell a home in Lafayette or Boulder County Colorado call Mary Kay at the Irving Team at (720) 217-6450. You can start your property search now by clicking here; hiring a Realtor in Lafayette, CO. Happy Home Hunting!
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