Real Estate help FSBO

[gretch6364]

Hello Mags.

The wife and I started a search for a loft and at the very preliminary part of our search found one for sale by owner. They are not listing it through MLS and knocked 6% off the list price if we are willing to do the sale without a real estate agent. They have seem to own several properties and just sold another one without an agent. The risk seems lower since it is a loft, and the HOA is very healthy. The build date was 2006 or 2007. This is our first purchase, and the bank seems to have no issue with leaving out agents.

We want to make an offer, but I know it has to be in writting, but I can't find a good template online. Do I just describe offer price, contingencies for bank approval and home inspection? Is move in date different then closing date? Should I mention about utilities and the cutoff date?

We really like the place and are ok with some of the risk due to the nature of the property. Everyone else we have talked to has made 5 or 6 offers on places and lost out due to how the market is with very low inventory and low interet rates. We don't want to miss out on it and would really like to get it done tonight.

Lastly, we talked to a "friend" who is an agent and he claimed he could not help us with just the offer and review of the contract due to state law in CO. Is this true? Any real estate mags willing to help for $500?

Thank you.

[mcsquared]

There is a standard Colorado real estate contract you can use. You can download from the .gov page.

I am sure you could find a Real Estate attorney who could help you out as well. This kind of thing happens quite often. I don't know if $500 would do it but sounds about right.

[gretch6364]

Thanks. I will look there. It just seems hard to justify paying $10K to an agent for this kind of sale, and I read that 20% of all US sales are done without agents so it seems like there should be some boiler plate templates out there for offers and contracts.

[iceman]

Well the way you offer to buy real estate is by presenting a sales contract. The state of Colrado has them online at: http://www.colorado.gov/cs/Satellite.../1251627670428

This one is for residential real estate, it's probably the right one: http://www.colorado.gov/cs/Satellite...&ssbinary=true

Find somebody to get advice from though, there may be more stuff involved.

[Flyoverland Captive]

Close date and move-in date don't have to match; you can close on the 15th, then "rent back" the property to the current owners until the 30th, if they need time to move. Everything is negotiable, just be sure to put it in the contract.

I don't know Colorado law, but I've bought and sold in MN and WI without agents. A real estate lawyer (or even a title company, or even an agent looking for a quick buck) should be able to help for a set fee.

[TitanneeNC]

You will need a closing attorney(would think, not sure of CO closing procedures though) for the settlement they can review docs for you as well

[concretejungle]

I am sure you could find a Real Estate attorney who could help you out as well.

I was going to suggest this as we had one for a previous house sale and purchase and IMO they provided much more value than a realtor. I could shoot you a name but he's up here in MT although he is licensed in CO.

[gretch6364]

Thanks Concrete. Could you send me his info? Do I need to engage him before we put in the offer? I would just like to get it off the market ASAP and agree that we are going to purchase it. Things are selling in sometimes less then 24 hrs in Denver with multiple bids.

[MakersTeleMark]

PM Sent.

[concretejungle]

PM sent as well.

[Danno]

PM sent.

ok, not really, just seemed like all the cool kids were doing it.

[jfost]

One time I said that an attorney was involved in some way in every RE transaction, but many people told me that in CO, that just isn't true. You have to get a guy at 7-11 to notarize your papers and then you can just magically put them through without a lawyer EVER being even remotely involved! CO must be great!!! Land of the FREE!!!

[gretch6364]

Thanks for all the info. Makers, I left you a message. Thanks again.

CO does have some loose laws. For example...you can marry yourself. No judge or licensed individual.

[RootSkier]

One time I said that an attorney was involved in some way in every RE transaction, but many people told me that in CO, that just isn't true. !

Not sure what you're all jazzed up about, bro. Nothing in this thread indicates you need a lawyer...but old boy is trying to avoid a real estate agent so THEREFORE others have suggested that an attorney might be prudent.

[Danno]

Thanks for all the info. Makers, I left you a message. Thanks again.

CO does have some loose laws. For example...you can marry yourself. No judge or licensed individual.

almost every wedding I've been to in CO has had an officiant who is not licensed/clergy/etc. A maggot was actually the officiant at my wedding.

[jfost]

Not sure what you're all jazzed up about, bro. Nothing in this thread indicates you need a lawyer...but old boy is trying to avoid a real estate agent so THEREFORE others have suggested that an attorney might be prudent.

I know. In fact, I think it may even have been you who educated me on the CO (lack of) laws in RE transactions!

was supposed to be a joke about lax laws (7-11 notary guy...) ? anyone? anyone???

[4matic]

How do they know they knocked 6% off? It's just a number.

[iceman]

Wait, you can marry yourself? What happens if it doesn't work out?

[Vt-Freeheel]

Wait, you can marry yourself? What happens if it doesn't work out?

Cheat, get caught, get divorced

[brice618]

Ive been married to my left hand for 26 years now. Things seems to be going fine.

[Danno]

Ive been married to my left hand for 26 years now. Things seems to be going fine.

[H0G]

Here is almost every contract you will ever need for a residential real estate transaction in Colorado. You do not need an attorney for a real estate transaction here. We have boilerplate contracts that you can just fill in.

http://www.colorado.gov/cs/Satellite.../1251627670428

I am an agent here in Denver and can help. You can have a title company do the closing and they will take care of the paperwork.

[BFD]

sounds like you have plenty of advice. I am in the process now of buying a house from the owner. I am just going through a mortgage company. So far so good. All I have with the owner is a Purchase and sale agreement with earnest money deposit form. Than s checklist the mortgage company had with who pays what checked off. Maybe CO is different.

[irul&ublo]

A maggot was actually the officiant at my wedding.

Did he require naked pics of the bride?

[gretch6364]

Thanks for all the advice and H0G thank you for the PM and reply. We went and looked at it again last night, and I think we are on. He is filling in the boiler plate contract and getting it to us this weekend. We are pretty excited. Maybe could of haggled for anopther $2k off or something, but didn't want to deal with it and are happy with the price.

H0G, if you don't mind, maybe you could just read over the boiler plate language after he fills it in and see if anything crazy is missing. I can pay you for your time, and meet for beers and discuss so it is not in writting or something. We currently live downtown and the place is in LODO.

Thanks again. Just wish we were moving in at the start of summer instead of the middle for BBQ on the balcony and Rockies games!