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Mistakes In Contract Negotiation

by The Colorado Springs Group™

While the contracts we use are standard, and they favor the consumer... what happens when the contract is between the buyer and seller... both of whom are consumers? The truth is that in Colorado, the Contract to Buy and Sell is a standard one created by the Colorado Real Estate Commission (CREC), and it heavily favors the buyer.

If you don't know this from the start, you can understand how the buyer could miss out on easy opportunities and sellers can be taken advantage of. If everything is just straight forward and filled out generically that can be a huge win for the buyer.

There are MANY spots mistakes can be made in this process, and while I'm not going to go over all of them I'm going to point one out to show just how much of a difference one mistake can make. When we advise clients, we simply explain that any part that requires a decision to be made is a negotiation point.

Let's discuss the inspection and appraisal deadlines. You should always have an inspection done, but how soon and how long do you allow for objection & resolution to take place? If you aren't careful, you could end up not getting things cleared up with the seller before you have to spend another $400-$600 on an appraisal. Do you like the thought of spending that kind of money when you aren't sure on the condition of the home? If you're the seller maybe it's a good thing because you can wait to give them your answer on repairs until they've got more skin in the game... in which case they may accept fewer agreed to repairs.

When we represent the seller, we see this happen a lot. Often Realtors notice the mistake later on and ask us to revise the contract for the buyer. Why would we do that or suggest that to the seller? The other Realtor may threaten backing out/cancelling, but often they do so without their client knowing which isn't a great choice. Usually we request that their client is CC'd on the emails and that's the end of it. They do not want the buyer to find out the risks at hand and/or that they could have been prevented in contract negotiation. 

2014 November Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results for November. Single Family & Patio Homes

Black Forest: 14 Sales for a total dollar volume of $5,659,326

Briargate: 44 Sales for a total dollar volume of $12,872,077

Central: 50 Sales for a total dollar volume of $8,517,600

East: 56 Sales for a total dollar volume of $10,719,220

Fountain Valley: 114 Sales for a total dollar volume of $21,969,440

Falcon - Peyton: 47 Sales for a total dollar volume of $12,437,884

Marksheffel: 15 Sales for a total dollar volume of $4,499,129

Northeast: 59 Sales for a total dollar volume of $14,031,122

Northwest: 30 Sales for a total dollar volume of $10,055,655

Northgate: 30 Sales for a total dollar volume of $10,659,985

Old Colorado City: 16 Sales for a total dollar volume of $3,223,000

Powers: 66 Sales for a total dollar volume of $14,441,224

Southeast: 49 Sales for a total dollar volume of $6,802,687

Southwest: 42 Sales for a total dollar volume of $15,327,365

Tri-Lakes: 36 Sales for a total dollar volume of $13,832,358

West: 9 Sales for a total dollar volume of $2,814,600

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 11/1/2014 through 11/30/2014.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

Getting Feedback For The Seller

by The Colorado Springs Group™

When there is a showing on your home, as a seller you really want to know what the buyer and their agent thought about the home. You want to know as soon as possible and understandably so.

As Realtors, we have several options in obtaining that feedback. There are feedback systems, emails, texts, phone calls, etc. to get this information.

The challenge in getting this information can be getting the Realtor who showed the home to respond. There can be a few reasons for this. 

1. There are companies that email a form for agents to fax back. I think it goes without saying that those forms are not returned very often with today's technology.

2. The feedback request gets sent to the agent as soon as the showing begins, and that's the end of the request for feedback. Sometimes it takes awhile for the buyer to decide what they think... that means it wasn't an immediate "NO".

3. The feedback request is more than 10 questions. If your agent needs this much information it's because they are not confident enough in selling the house.

4. The feedback request asks more questions as I answer them. It starts out as 8 questions and then ends up being 20. It might sound good to you as the seller, but try answering 20 questions as to why the buyers didn't like the home without it getting personal.

5. Sometimes Realtors don't feel a need to respond, and then it can seem as though the listing Realtor isn't doing their job. These situations are hard to deal with because an argument can be made that there was an agreement to allow a showing in exchange for feedback on the home if an offer is not made.

It's rare that we end up not getting feedback for a seller, but that's because we are persistent. We keep things simple while getting the most relevant information possible to the seller. Realtors know that if they don't leave feedback on our listings we will keep contacting them. It is our job to do so.

Displaying blog entries 1-3 of 3

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686