For Buyers
FAQs
Q: HOW CAN I EVEN COMPETE IN A MARKET SO COMPETITIVE?
A: In a competitive market, there are many factors besides offer price that can motivate and influence sellers to accept one offer over another. We have a few tricks up our sleeve to sweeten our offers. Call us today to discuss strategy! We have won offers when our buyer wasn't necessarily the highest purchase price. Ask us how!
Q: WHY DOES EVERY AGENT ASK IF I HAVE TALKED TO A LENDER? DO THEY GET A KICKBACK FROM THEIR LENDERS?
A: In a competitive market, we need to be prepared to move quickly when a buyer is interested in a property. Sellers also prefer pre-approved buyers. Agents ask so they don't waste your time looking at properties for which you may not qualify and to put you in the best position to get an offer accepted.
Licensed Realtors ARE NOT allowed to receive any type of kickback from lenders. Instead, we tend to recommend lenders that demonstrate a proven track record with previous buyers. Many lenders have specialties that may be useful for particular buyers or properties. We are all on the same side and want to work to get you the perfect home.
Q: WHY DO AGENTS OFTEN ASK ME TO SIGN AN AGREEMENT OR OTHER DOCUMENTS BEFORE SHOWING PROPERTIES? I'VE BEEN WARNED NOT TO SIGN ANYTHING.
A: There are typically TWO documents discussed early on when meeting with an agent. Let's cover both in more detail.
One is referred to as either "Definitions of Working Relationships" or "Brokerage Disclosure to Buyer." These forms serve basically the same purpose and are REQUIRED by the Colorado Division of Real Estate to PROTECT BUYERS. This document is to make sure buyers are informed on the different types of agency relationships available and the responsibilities of the agent for each type of relationship. Remember, you are discussing confidential information with your Realtor and often relying on their professional expertise to guide you through the buying process. It is important that you understand what to expect from each type of relationship. This is not a contract, rather acknowledgement of receipt.
The other document often discussed is an Agreement referred to as an Exclusive Right to Buy Listing Contract. The name is confusing, but it's simply a buyer's commitment to work with one Agent and the Agent's commitment to act as a "ficudiary" for the buyer. This is the highest legal duty of one party to another. Being a fiduciary requires being bound ethically to act in the other's best interests. We often refer to it as a "Loyalty Agreement"
Q: DO I REALLY NEED A REAL ESTATE AGENT?
A: Some homebuyers, especially first-time homebuyers, are wary of real estate agents. They think that real estate agents care only about closing the deal and not about them. A small percentage of real estate agents are like that, but the larger percentage care deeply about providing quality service and treating clients honestly and ethically. Remember, it doesn't cost a buyer to use an agent! Many people think they can negotiate a better deal contacting a listing agent directly. Remember, any home in the MLS has already agreed to pay agent fees. They will either pay it to a buyer's and seller's agent or they will pay it all to the Listing (Seller's) Agent. A listing agent can't legally represent both a seller and a buyer. They will either represent the seller and act in his/her best interest or they act as a "referee" and don't act in anyone's interest. Statistically, buyers represented by their own agent can negotiate better pricing and terms than unrepresented buyers.
If you opt to BUY a home without an agent:
You'll have to do your own negotiation and write your own contracts. Negotiating an offer is very different than, say, buying a car, because the risks in buying a home far exceed price considerations. Simply checking the wrong box on a form can dramatically alter the terms of a contract.
You won't have a neighborhood specialist on which to rely. Agents who sell in certain areas know facts about that neighborhood that a seller might not disclose.
You might not receive all of the seller disclosures to which you are legally entitled. Sellers might not purposely withhold a disclosure, but you likely will not know what to request.
You might pay more for closing costs than is customary in your area. Sellers might make you pay for everything, and you won't know the difference.
You'll be left to decipher piles of paperwork filled with contract language. An agent can explain the difference between a disclosure and an agreement, and help you to understand what you sign and what each checkbox and clause really means.
You'll find your own mortgage. You won't know if your lender has a reputation for closing on time or whether you're getting the best rate and terms. We can recommend several qualified lenders skilled in your area of need.
You'll be on your own to determine the types of inspections you should perform. Most buyers don't know how to spot potential problems such as dry rot or wet basements or know how to determine if a sewer inspection is necessary. Should you ask for the septic to be inspected and pumped? Is it required in your area? What about sewer scopes, home inspections, ILC's, Surveys? What inspectors or contractors in the area are respected? Who generally pays for what? These are all questions we help you navigate as a Licensed Agent. We have saved our clients thousands of dollars by simply recommending certain inspections that our buyer would otherwise not have ordered.
According to the National Association of Realtors, 89% of buyers recently purchased their home through a real estate agent or broker, and 5% purchased directly from a builder or builder’s agent.
Statistically, buying WITHOUT and agent may cost your much MORE, particularly since it costs buyers ZERO to have their own representation.
If you opt to SELL without an agent:
89% of homes sellers use a Realtor. For Sale By Owner sales are on the decline and at an all time low. FSBO sales take longer to sell on average and most FSBO sales still have to pay commission to buyers agents. Being a Real Estate Agent is a full time job. A good listing agent does a lot more than simply put you home on the MLS. From, pricing to marketing and contracts to negotiations, you want an experienced partner to navigate what is likely the largest sale of your life.
testimonials
Julie J. via Google.com
Dawn & Greg make a great team that helped me sell my Woodland Park home very quickly. Under the pressure of multiple offers they helped to review all options with both a professional and business point of view. Couldn’t of made it through without them and highly recommend as a real estate team of choice.
Bill C. via Google.com
The Ripley Home Team is who you want helping you find your new home. Greg and Dawn show you how to narrow your search criteria, so you zero in on your dream home in the shortest timeframe possible.
Scott R. via Realtor.com
Greg has been great to work with in our home search. No pressure, very service oriented and lightening fast searches and availability for showings. We highly recommend him.
Linda H via Realtor.com
Greg was very knowledgeable about the properties offered in the Woodland Park area of Colorado. I was looking for a home to spend my retirement in . He was able to pull properties that he thought would be good for me and they were definitely what I was looking for. He was able to explain property tax compared to Texas where I live presently and how much lower Colorado’s property taxes are meaning I could afford more house than I have budgeted for. Greg was friendly polite and very knowledgeable. I will definitely continue working with him to find my dream home and will refer friends and family to him.