Local Real Estate Laws/traditions? (short sale, lawyer, buying a home)

[RelaxRevive]

I have been searching from out of state for a new home in the area. I think I have a good handle on values in my main area of focus but there are still a few things I could really use help in finding out possibly from an area agent.

1) What is the standard area commission for real estate?
2) when closing does the state use real estate lawyers for disclosures or do the agents write them up?
3) If a home has not been inhabited by an owner are they not required to file any disclosures about the condition of the property.

I also am not really sure if I can ask this but if anyone knows of a really great agent in the area or even knows of a great brokerage I would love if you could pass their name on to me! probably in a PM. Preferably an agent that focuses on the fountain area. I would really love to know what you liked about the agent.

[froggin4colorado]

The avg commission rate is around 6%. The seller hires the agent and splits that 6 with the buying agent. So if you are buying a home, than your agent splits the commission with the seller agent. So even when you say your agent is free, its not because you are financing him through your mortgage. As a buyer, your agent doesn't have a lot to say about what he/she will get paid because it depends on whatever the listing agent has set for the commission.
A disclosure is still required on the property- lead paint, water damage, foundation cracks, etc.
And someone will have to verify the closing question. I believe the title company creates that paperwork and hence everyone recommends a real estate lawyer to cover your bases. But please read others on what they say.

[bashep]

Ok, I want to clarify on the disclosure part. If it is bank-owned they do not provide a property disclosure because they do not know the condition of the house. So that is when you definitely want to have an inspection done to clarify what exactly is going on w/ the property. They do have to provide a mold and lead paint disclosure.

As far as the closing goes, real estate agents usually do all the disclosures. You can ask for a real estate lawyer to look over all documents. But in the state of Colorado you do not need a lawyer to buy and sell real estate. The agents have gone to alot of schooling and are qualified to do that. But you are more than welcome to use one. I know on the east coast they use them. But like I said you don't have to here. I have yet to see a r.e. lawyer at a closing.

Hope this all helps.

[RelaxRevive]

Thanks guys. My mother was a real estate agent back east quite some time ago so that's why I figured lawyers might be involved. The other bit was because a home I had been watching recently changed from short sale to agent owner and I was just curious if there was something funny going on with it. But now it seems to be under contract so it will likely be off the market by the time I get to the area anyway.

[angelaluzia]

I had a really great Real Estate Agent when I first go here. It was amazing what he did.PM me

[reginhild]

I'd say the HIGH commission rate is 6%. If you shop around just a little bit, you can easily find good agents that will do 5% or give you a kickback. There is an agent that worked with us and also two friends that I recommended him to who did an excellent job in all cases and splits part of his commission with the person he is representing.

[RelaxRevive]

PM'd you both and can't wait to hear back.

Our bank has a referral program and as I learn more about real estate the more the program doesn't seem to be in our best interest. They make it sound like they are trying to protect their investment by setting you up with a good Realtor and offer a cash bonus for using said Realtor. Turns out they get an almost 40% chunk of the agents Commission. So far the agents they referred to us both work the north end of town are we are mainly looking in the fountain/ Widefield area.

Do agents in COS usually cover the entire city or focus on certain areas? As you can see we are very new to real estate and have lots to learn.

[Bideshi]

Most interesting. We've had some peculiar twists and turns in our home buying crusade as well. Thanks for the tip.

[bashep]

Most agents know the whole city and the outskirts. Just let them know areas you are interested in and they will help you. Plus come back on here and ask about areas and there might be some locals to that neighborhood that can help you!