Low Inventory Isn’t a Lack of Sellers, Just More Buyers

Matt Hudson, CEO CHR WEEKLY, Market Trends

With 30-year fixed interest rates at 2.5% and households demanding more from their at-home work and school environments, buyer activity continues to be unseasonably strong. In this market, sellers have tremendous negotiating power and depending on the situation, can work in extra time to find a replacement home if needed.

Getting Ready for the Appraiser

Team CHR Seller Insights, Selling

An appraiser may be coming to your house in the near future. Most home sale contracts are contingent on the buyer or the buyer’s lender obtaining an appraisal on your property. Here are some things you’ll be interested to know about appraisers and the appraisal process: Occasionally, the appraiser will be doing an “exterior only” appraisal. In those cases, we …

Full Disclosure Minimizes Legal Risk

Team CHR Seller Insights, Selling

Just about everything we do these days exposes us to legal risk. So, it’s no surprise that a real estate transaction has legal risk, too. But, it’s not well known that the risk is disproportionate — it’s much riskier for the seller than for any other party. In a recent study, it was found that the seller was the defendant …

Under Contract … To Continue Or Discontinue Showings

Team CHR Seller Insights, Selling

Now that your property is under contract, you’ll need to decide right away whether you want to continue showing it. There are pros and cons to continued showings. On the positive side, having a backup contract is extremely valuable. If you can get a back-up contract, it puts you in a stronger negotiating position when dealing with inspection issues with …

Getting Ready for the Inspection

Team CHR Seller Insights, Selling

The buyer of your house will be conducting inspections in the near future. The inspection process creates some anxiety for most sellers and understanding the process can help alleviate the worry. Here are three things that will help the process go smoothly:   Your agent will call you with the date and time the buyer has selected for conducting the inspection. …

Plan Ahead for the Closing Date and Possession Date

Team CHR Seller Insights, Selling

Section 2 of the contract lists two very important dates — the Closing Date and the Possession Date/Time. Take a look at these and make sure you are planning accordingly. In most cases, you have to be completely out of the property by the Possession Date and Possession Time listed in the contract. You are subject to monetary penalties and …

Plan B

Team CHR Seller Insights, Selling

Your property is under contract and that is a significant milestone in the home selling process. However, we are not at the finish line yet. There are still a few hoops to jump through before we are ready to close. The home sale contract approved for use by the Colorado Real Estate Commission contains five major contingencies for the buyer …

Lead-Based Paint Disclosures

Team CHR Buyer Insights, Buying

Federal law requires sellers to provide a lead-based paint disclosure to the buyer if the seller’s house was “permitted” prior to January 1, 1978. As part of that disclosure, the buyer acknowledges receipt of the government publication entitled “Protect Your Family from Lead in Your Home”. At this point, your CHR agent won’t know if you will buy a house, …

Radon

Team CHR Buyer Insights, Buying

Radon is a colorless and odorless gas produced by the radioactive decay of uranium. It has been linked to lung cancer. Radioactive materials in the soil decay and give off radon gas and the gas gets into a house through crawl spaces, sump pump pits, joints and cracks in basement slabs or sub-floors. The EPA has set a standard of …

Disclosures Made by Sellers

Team CHR Buyer Insights, Buying

Buyers and sellers are obligated to make accurate disclosures and representations when buying and selling real estate. For buyers, this primarily entails dealing fairly and honestly with the seller and not misrepresenting the buyers ability to obtain a loan. Things are a little more complicated for sellers. Sellers are obligated to disclose latent property defects to buyers. A latent defect …

Earnest Money

Team CHR Buyer Insights, Buying

The quick facts on earnest money When you execute a contract to buy a home, you will offer some earnest money to the seller. The contract specifies when you need to provide the earnest money to the seller or seller’s agent and this is normally within a few days of contract execution. This check will be cashed within 24 to …

Home Inspections

Team CHR Buyer Insights, Buying

You need to schedule inspections on the house you are buying.   2. You have to get your inspections done prior to the Inspection Objection Deadline found in Section 2 of the contract.   3. Read our report HERE re: inspections.   We consider the inspection process to be one of two of the most important steps in a home purchase …