Q.  Is it true that the seller pays all the commission?

This a myth.  While the commission for both the Buyer Agent and the Seller Agent come from the proceeds of the sale, those proceeds come from the BUYER!  Without the Buyer, there is no money and no sale.  Sellers set their price knowing that a percentage will be paid to the Realtors.  So you see, the Buyer pays both the Seller Agent and the Buyer Agent.  Since I work for a flat fee, part of that commission will go right back to the Buyer.

Q.  Will I save money if I go directly to the Listing Agent to purchase a home?

Absolutely not. The co-op fee normally paid to the Buyer Agent will just go to the Seller's agent.  So, the Seller's Agent gets double commission!  They collect all of the money and you will not get agency protection.

Q.  Where is your office?

Home Buyers' Realty is located at 1822 London Carriage Grove in Colorado Springs.  But I do the majority of my work out of my home office in Woodland Park.

Q.  Do you work in a specific part of Colorado?

I am licensed in the State of Colorado and so can do business anywhere in the State.  I specialize in Teller and Park county properties.  However, I am very familiar with the entire Pikes Peak region including Ute Pass, Manitou Springs, Colorado Springs, Monument, Palmer Lake, Fountain, Security and Widefield.  That includes El Paso, Douglas, Elbert, Freemont, Lincoln, Teller, and Park counties.

Q.  Can you represent me if I want to purchase vacant land?

Definitely.  I would be happy to help you find vacant land, whether it be for investment, ranching, farming or home building.  Most of the area I serve is more rural than urban.

Q.  Can you help me sell my home?

I can certainly recommend reputable listing agents.  I have worked with some who will do good work for you at reduced rates.  However, I do not ever personally represent sellers in Real Estate transactions.

Q.  Which Multiple Listing Services can you use?

I am a member of the Pikes Peak Multiple Listing Service.  This membership includes access to the Denver Metro and Boulder IRES systems.

Q.  Will I be able to see everything that's on the market?

And then some!  Actually more than you will see with a traditional agent.  Traditional agents will have a tendency to show you their own listings first, listings within their company next, and all other listings last.  I will not hesitate to show you any home you might be interested in, regardless of who lists it.  That includes VA and HUD foreclosures, FSBOs, and all MLS listings (among others).

Q.  Can you email me new listings?

Yes I can. A a matter of fact, I can email you listings as soon as they are posted to the multiple listing service. All I need to know is your email address and what sort of home you're looking for. Contact me

Q.  Can you put new listings on the internet so that I can view them at my convenience?

Yes. I can set up a personalized website for you, which display details about homes that meet your search criteria. It's a great way to become familiar with the local market, and to keep abreast of new listings. Just contact me.

Q.  The listing that I see on the internet does not seem to have all the details about the home. Why is that?

The multiple listing service provides the general public a limited view of the listing details. You must contact a Realtor to gain access to the complete set. That's where I come in! Contact me if you'd like to see more details about any home.

Q.  What's an Exclusive Buyer Agent?

An Exclusive Buyer Agent is a Real Estate Agent who only represents buyers.  They never list properties for sale and they never represent sellers.  And in addition, true EBAs work in offices that never list property for sale and never represent sellers.  EBAs only represent the best interests of the buyer, performing the Fiduciary Duties required of an Agent by common law.  Want a more in-depth explanation of the term Exclusive Buyer Agent?

Q.  How is an Exclusive Buyer Agent different than a traditional Real Estate Agent?

Most traditional agents work at times for sellers and at times for buyers.  And if possible, most would have no problem attempting to work for both buyer and seller in the same transaction.  They wear different hats depending on the situation.  EBAs wear only one hat, the white one!  As an EBA, my duty is to my clients and I place their interests above all other's including my own.

Q.  Are you also a Realtor?

Yes.  I am a member of the National Association of Realtors, the Colorado Association of Realtors and the Pikes Peak Association of Realtors.

Q.  Doesn't any Realtor who shows me a home represent me?

Q.  What is all the fuss about "conflicts of interest"?

Q.  Why do I need an Exclusive Buyer Agent?

For your own protection.  I save you money by working for a flat fee and by negotiating the best price and terms.  My duty is not to sell houses...my duty is to represent you, placing your interests above all others.  I protect your future by helping you avoid costly mistakes when making one of the most important commitments of your life.  I protect your wallet, your interests and your future. 

Q.  Are you a member of any other organizations for Real Estate professionals?

Yes.  I am also a member of NAEBA, (National Association of Exclusive Buyer Agents).  There are over 1 million Realtors in this country, of which less than 1000 are members of NAEBA.  Look at my association memberships for more information.

Q.  Do I need to sign a contract with you?

Yes.  In Colorado, the standard form is an Exclusive Right To Buy Contract.  This contract specifies my fees and the term of my service.  If you're uncomfortable with doing this, I'd suggest we sign the contract with a very short length, perhaps 5 days.  After 5 days, if you're not happy with my service you can look elsewhere.  But once you've worked with me for a few days, you'll understand the value I can add.

Q.  How do you get paid?

Technically speaking, I am paid by you the buyer.  Most property listed in the local Multiple Listing Services offer an amount to the Buyer Agent called a co-op fee.  My agreement to work for you specifies a flat fee or hourly rate, which is almost always less than the typical 3% offered as co-op.  The excess is refunded to you.  If you decide to purchase a For Sale By Owner home, I am again paid by you the buyer.  If FSBO sellers do not offer a co-op fee you would still be responsible for my fee.  Remember, it's quite common for a FSBO price to be less than comparable homes since Realtor commissions are not necessarily included.  Even considering my fee you'd still be saving money in the long run.

Q.  Can a Real Estate Agent represent both the Buyer and the Seller in the same transaction?

According to the Common Law of Agency, this is not possible.  If an agent represents the best interests of a buyer, how in the world can that same agent represent the best interests of the seller?  Take a look at the Fiduciary Duties to get more information.  In some state, "disclosed" dual agency is legal.  In Colorado, a similar "dual" agency level is called Transaction Broker.  Be sure you have 100% loyalty from your agent!  Be sure you hire an Exclusive Buyer Agent!

Q.  How much does it cost for me to use an Exclusive Buyer Agent?

Much less than you would normally pay a traditional agent for two major reasons.  1) I work for a flat fee, which is ALWAYS less than the 3% commission paid to the Buyer Agent from the sale proceeds (which really comes from the BUYER!).  I refund the difference to you.  2) By eliminating conflicts of interest and by concentrating on performing the Fiduciary Duties of an Agent, EBAs are truly committed to finding the home you want at the best possible price and terms.

Q.  Since you only work with buyers, don't you have an adversarial realtionship with sellers and listing brokers?

maybe

Q.  Can you recommend a good Lender?

I can certainly recommend a lender, but what I prefer to do is provide you with a short list of reputable lenders.  We will then ask each for a good-faith estimate for your loan, then we can compare and select the best for you.  Shopping for your loan helps protect your wallet!

Q.  Do I have to be pre-approved for a loan?

Yes.  Being pre-approved helps you find out how much home you can afford.  I helps me focus on homes only within your price range.  And when you decide to make an offer on a home, it helps to show the seller that your offer is serious.  It's a very simple process to have a lender give you a pre-approval.

Q.  How much home can I afford?

First, determine how much you want to pay as a down payment.  Then determine how much of a monthly payment you can afford. Lenders generally want your monthly payments (which include principal plus interest, property taxes and home insurance premiums) to equal no more than 28% of your gross income. They also figure you can handle total debt (mortgage payments plus car payments, credit card payments, etc.) up to a maximum of 36% of your gross income.  There are several online calculators on the internet which can help you come up with your price range.  Try one of these: Bankrate.com  Ginniemae.gov

Q.  How much of a down payment do I need?

The down payment requirement can vary depending on several factors.  The lender you use, whether you qualify for one of many subsidized loan programs, and your credit standing are just a few.  I will be happy to help you search for programs to reduce your down payment if you wish.

Q.  If I make an offer on a house then can't get a loan, can I lose a lot of money?

As long as you make a good faith effort to acquire the loan, you will not be obligated to buy the home and you will not lose earnest money.  I will help you structure your offer so that this is the case.  However, depending on how far into the purchase process you are, you might lose the appraisal fee, inspection fee and/or survey fee.  So, it is important to have your funding in place as early as possible.

Q.  If I find a home I like, am I required to have it inspected by a professional Inspector?

You are not required to, but I strongly recommend a home inspection by a competent Inspector.  It's extremely important for you to know as much as possible about the physical condition of the home before you purchase.  Investing approximately $300 for an inspection may allow you to legally back out of a purchase and buy a different home, rather than being stuck with a home needing costly repairs.

Q.  Can you recommend a good Inspector?

Yes, I can help.  There are many professional organizations for Home Inspectors.  Unfortunately, the industry is not all that it's cracked up to be.  There is no uniform licensing authority for Home Inspectors, and just about anyone can take a few classes then start calling themselves a Home Inspector.  Check out the page on Inspectors for details.

Q.  Does the Seller have to fix everything the Inspector finds?

No.  As the buyer, you have the flexibility to negotiate repairs or compensation for items found by the Inspector.  If they are not addressed to your satisfaction, you can refuse to purchase the home at no cost to you.  That's because I will be certain to include an inspection contingency in the offer you present to the Seller.

Q.  Can you help me build a new home?

Yep

Q.  Can I go look at model homes without having a buyer agent?

Nope

Q.  Does the agent who works in the model home represent me or the builder?

Not you!

Q.  Can you help me find a good builder?

There are a number of builders that I can recommend, and some that I will not.