Dan Polimino is bringing you a Dream Home Spotlight for a beautiful home in Castle Rock, CO. 

Today’s Show:

✔️ Best practices for making a good offer. ✔️ Listening to your listing agent.✔️ The types of rebates that your agent can offer you.✔️ Can a seller include their personal property in a sale?

Full Transcript

00:01                                     Hello everyone and welcome to Ask the Colorado Dreamhouse Team, I’m your host Dan Polimino – happy Tuesday coming to you live from Denver Colorado talking about everything that is real estate. So listen if you are in Denver great if you’re in Iowa if you’re in Nebraska if you’re in Florida all of the information that we get out here every week works anywhere in the country to help you buy sell or invest in real estate. It comes from many many years of experience and thousands of transactions so use it and it’s all on us. All right. If you have a question at any time go ahead and e-mail us at team at Colorado Dreamhouse dot com or give us a call at 7 2 0 4 4 6 6 3 2 5. If we can help you buy sell or invest in real estate.

00:48                                     We’d love to talk with you. Two things we always like to do in the show. Number one give you some market information that you can use and answer your questions. So let’s get to today’s topic of market information. We’re going to talk about listening to your agent and making a good offer and getting the negotiations started on the right foot. Here’s what I mean. Recently we’ve run up a couple of transactions where I was representing the seller and we got some offers that weren’t very good. They were incredibly low. And in fact they were insulting to the seller and I understand that a buyer wants to get a good deal. I understand they want to try to get a good deal but when you make too low of an offer you really risk for lack of a better term pissing off the seller and starting negotiations really off on a bad note and it can really only go downhill from there.

01:41                                     So I would encourage you not to do that. You know if you’re thinking about making an offer on a home turn to your agent and say to them what do you think we should offer. And if he throws out a number that’s too high for you then say to your agent will you have any data that would support that. Do you have any comparables that would help me get to that number and let the agent do some homework for you. And if the numbers support a higher offer. Again you don’t have to offer it but at least you know that the seller is not out of whack on what they’re asking. So listen to your agent about what it’s going to take to purchase that home.

02:21                                     What is that price that you need to be at void making too low of an offer or an insulting offer where you’re going to get the negotiations started off on a really bad no. And maybe not able to recover. OK. So that’s the market information and advice for this week. Let’s get to the questions. Dear Colorada Dream House team can my agent that is help me buy a home. Give me a rebate or money back from his commission. Yes in fact they can. It’s not a problem. It will be written into the buyer’s agency agreement. But two scenarios and I want to give you if you’re making a cash offer there’s absolutely no problem with the buyer giving buyer’s agent giving you a rebate. If you’re getting a loan. There may be a problem.

03:06                                     Not all lenders allow the buyer’s agent to give the buyer a rebate. They don’t like it. And if they do allow it they’re going to want it all documented. And on the settlement statement they don’t want any money is being transferred from a seller or a buyer’s agent to a buyer that the lender doesn’t know about. And again a lot of lenders don’t allow it. So if you’re a lender says no we’re not going to allow that then you can’t get the money back from your agent. All right just know that ahead of time year Colorado Dream House team how much or how do I know how much home I can afford. Well the best way to do that is just start thinking about what you feel comfortable at in a monthly payment. Now what’s your maximum monthly payment but what do you feel comfortable that that’s not going to stress you then go to your phone.

03:56                                     Open up your apps and type in the word mortgage calculator. There are a ton of mortgage calculators and you can kind of work backwards right. You can say I want to pay this much a month. How much home can I buy. With principal interest taxes insurance H-2A fees interest rate excuse me. All of that. So use one of those mortgage calculators on your phone. It’ll help you figure out how much you can afford. Really really simple. You don’t have one. Give us a call we’ll help you dear Colorada Dreamhouse team can I include the seller’s personal property in the purchase of a home. So you’re walking through a home you decide you like the kitchen table or you decide you like the family room furniture and you want to write it into the contract or into the offer.

04:42                                     You can do that. However two scenarios again if you’re paying cash no problem. Write it into the contract doesn’t mean the seller is going to give it to you. If you’re getting a loan write it in two you cannot write it into the contract. Look the lender is not going to want to see a seller’s personal property in the contract. They don’t want personal property affecting the purchase price of the home. They want to know what their real purchase price of a home is without the seller’s personal property. So most likely a lender is going to ask you to pull out the seller’s personal property out of the contract put it on a bill of sale and then assign a value to the bill of sale.

05:28                                     Now you could put a dollar with the lender is going to want to see a reasonable amount on the bill of sale and that’s the way you’re going to do it with a loan. Hope that answers your question. Great questions keep them coming. Couple of weeks ago we told you about a home we put on the market in Castle Rock it’s in the Redhawk subdivision. It’s 1767 rose petal lane. Great House for bad for Baff. About 50 300 square feet 3500 on the main and upper on a quiet cul de sac. Q. yard really well kept well maintained. So go to our Web site go to Colorado Dreamhouse dot com forward slash rose petal. And check it out. I think you’re really going to like it. This is one that’s going to go relatively quickly it’s not going to be on the market much longer because it’s a great house and it’s an area house of rock where a lot of people want to live.

06:20                                     Well as always keep the comments and questions coming. Love to answer them for you if we can help you in any way please contact us here at the Colorado Dream House team until Thursday. Everybody have a great week.