My Promise to You
As a REALTOR®, I strive to make the home buying and selling experience as smooth and as fun as possible for my clients. I believe that real estate should be fully cooperative, and for that reason, we will work together as a team on every transaction. Every day, I choose to work with honesty, integrity, and at a very high level of accountability so that I never miss a step. Whenever possible, I prefer to work with my clients under a Buyer Agency or Seller Agency Agreement, rather than as a Transaction Broker. That is because I believe every person needs and deserves an advocate while party to a real estate transaction. As my client you can rest assured, knowing that your interests are protected and that you will always honest, experienced, and receive well-informed information and advice. As a REALTOR® I abide by a strict Code of Ethics which influences my every action in the practice of real estate. Having more than a decade of experience, coupled with my commitment to honesty and teamwork, I can confidently promise you that my service will go above and beyond your expectations.
Home Buying FAQ’s
What is a Buyer’s Agent and why do I need one? A Buyer’s Agent is a Real Estate Broker who will represent and protect you before and during the transaction, walking you through every aspect of your home purchase. As your agent I have your best interests in mind, keeping you informed on all of your rights, options, and responsibilities during your home purchase and beyond. As your Buyer’s Agent, I provide you with knowledge of market conditions, neighborhood expertise, advocacy and advice based on more than ten years of experience in the Denver real estate market. I will coach you through every step of your transaction and answer all of your questions, empowering you to make informed decisions about your home purchase.
What will it cost me to hire a Buyer’s Agent? In a standard real estate transaction, the commission earned by your Buyer’s Agent is typically paid by the Sellers of the home you purchase through the listing brokerage firm. As a home buyer, in most cases, you are NOT responsible for paying commission to your Agent. Rarely, an uncommon scenario may arise where a Buyer’s Agent’s commission is not paid for by the sellers, and must be paid by the buyer. One example would be if you were purchasing a home listed “For Sale by Owner” and the seller was not paying the buyer broker co-op. We’ll discuss all of your options before we would ever enter into a situation where you are financially responsible for agency services. Most Real Estate firms will charge a transaction or Admin fee for brokerage services. The Madison & Company Properties admin fee is $295 and is only paid upon a successful closing.
What is a REALTOR®, and what makes them different from a Real Estate Broker? Not all Real Estate Brokers are created equally! There is a significant and valuable difference between a REALTOR® and a licensed Real Estate Broker. All REALTORS® are Real Estate Brokers, but not vice versa. The actions of a REALTOR® are regulated by the National Association of REALTORS®, who provide a strict Code of Ethics for practicing real estate. This is a standard which REALTORS® are held to while representing clients, while a Real Estate Broker is not. When choosing representation in your home purchase, the choice of working with a REALTOR® over working with a Real Estate Agent may save you a lot of frustration down the road.
What credit score and down payment requirements do I need to buy a house? A credit score of roughly 620 or above is required for purchasing a home, though some lenders will provide home loan assistance with credit scores as low as 580. Depending on your loan type, a 3%-5% down payment is typically required, and there are often down payment assistance options available for those who qualify. The type of loan you use- Conventional, FHA or VA- may have an impact on getting offers accepted, so it is very important to understand your options. A valuable benefit to working with me is access to a fantastic group of trusted lenders who will provide you with many financing options and help you find the one that best suits your needs. My goal in this competitive market, is to work with you and the lender to put you in the best possible position while negotiating your purchase.
What is earnest money and what is its purpose? Earnest money is a deposit paid by the buyer within one to three days of the offer being accepted. Typically it will be 1% – 3% of the purchase price and will be used toward your down payment or costs to close. Earnest money shows the sellers that you are a qualified buyer with the funds to purchase a home, and is held safely in escrow by the Title Company chosen to conduct your closing. As your REALTOR® I will help to protect your earnest money through every step of the transaction. As long as you are acting in good faith as a buyer, if you need to terminate your real estate contract within the terms, dates and deadline of the agreement, you have an excellent chance of getting your earnest money returned to you in full.
What if I need to back out of my contract? Sometimes, the home you put under contract isn’t quite what you’d hoped for. Luckily, the Colorado Contract to Buy and Sell Real Estate is extremely buyer-friendly. There are several opportunities for buyers who act in good faith to terminate their contracts with protection from losing their earnest money deposit. I will keep you informed about your rights per the contract, as well as what it means to act in good faith so that your earnest money is best protected.
What other costs are associated with buying a home? Each transaction is a little different, but typically you will have both real estate and loan closing costs which total to roughly 2% – 5% of your home purchase price. Some other common upfront costs during the transaction include the cost for inspection ($300-$800) and the cost for appraisal ($400-$600). These costs range depending on service provider and options you choose.
How long does it take to buy a home and when can I move in? From the time your offer is accepted, it will typically take 30-45 days to move through the home buying process. As for possession, there are many options available to the buyer and seller. Most often immediate possession takes place after the loan has funded and the deed has been signed and delivered, meaning you can move in right after your successful closing. If previously negotiated, possession can be extended past closing with a Seller Rent-Back agreement where the Seller retains possession for a specific period of time. This would most likely be required if the seller needs to find or close on a replacement property and as your agent I will help negotiate the scenario that works best for you.