Thinking about buying a home in the beautiful Denver to Boulder corridor?
Did you know that the term, 'agent' has special meaning in Colorado? That's one way Colorado's different than many other states when it comes to buying a house. It's an important term to understand, and we're required by law to explain it.
Understanding what 'agent' means in Colorado will protect you. It will keep you from sharing private info with someone you thought was working for you when they're really working for the seller.
In Colorado a person is not your agent - they are not working on your behalf - unless you've signed a written agency agreement.
Here's some examples. You find a house for sale on the internet, call the listor and ask to see it. The friendly listing agent meets you there, and shows the house in its best light. and starts asking you questions. If they're an agent for the seller, their goal at this meeting must be to sell you that house, not to find the best home for you. Be careful not to divulge anything that would put you in a weaker negotiating position should you want to make an offer on that house, as this person would certainly share that with the seller. This does not make them a bad person, in fact they're doing exactly what they're supposed to do when working for the seller.
If that person is an agent for the seller they cannot be your agent too. They could be a transaction broker and treat you and the seller equally, but they're still not YOUR agent.
You might stop in at the sales office of a new development. Remember that the person you meet there is working for the seller (builder), not YOU. In my experience, this is the scenario where people are most likely to end up with bad loans and struggle to keep their home just a few short years later.
Let's say you walk into an open house. Again, the person you meet there could be an agent for the seller or a transaction broker. The thing to remember is that they are not YOUR agent.
Regardless of how or where you meet a real estate agent in Colorado, if you don't sign an agency agreement they're not your agent, no matter how much time you spend riding around in their car. You can see the state-approved contract here.
I prefer representing buyers as their agent. As your agent I work solely on your behalf. Please know that if you work with me, I'll work hard to make your experience as pleasant and smooth as possible.
* * * * * * * * * * * * * * * * * * * * * * * *
See all homes for sale, register to receive daily updates, receive notice of price changes at: DreamHouseHunting.com
How to buy a house Denver to Boulder.
How to Sell a House Denver to Boulder
Read more about life in Arvada, Colorado (shopping, restaurants, things to do, local issues, Olde Town)
I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver. Read what past clients have said about me.
Get monthly updates about neighborhoods, eateries, things to do, and local real estate by signing up for my free newsletter.
Copyright © 2009 Joetta Fort, The DiGiorgio Group
Comments (0)Subscribe to CommentsComment