Wondering What to Expect From Your Northern Colorado Real Estate Agent When Buying a Home?

One of the first things a buyer should do when deciding whether to work with a Northern Colorado Real Estate Agent is to review the Colorado Exclusive Right to Buy Listing Contract.

Doing this will help the buyer more clearly understand what they should expect from an agent. A conscientious agent will have one in hand when the buyer contemplates the decision to have the real estate agent represent them in the search for and ultimate purchase of a home. The document will explain the way the agent is required to function and what his responsibilities are to you. It will also contain information as to what a buyer’s obligations are as well, but that will be the topic of another blog.

Two Ways a Northern Colorado Real Estate Agent Can Represent a Buyer

Buyer's Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity.

Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties.

Here is the specific language found in the Colorado Real Estate Exclusive Right to Buy Listing Contract:

BROKERAGE DUTIES: Brokerage Firm, acting through Broker, as either a Transaction-Broker or a Buyer's Agent, shall perform the following Uniform Duties when working with Buyer: 

• 5.1. Broker shall exercise reasonable skill and care for Buyer, including but not limited to the following: 
• 5.1.1. Performing the terms of any written or oral agreement with Buyer; 
• 5.1.2. Presenting all offers to and from Buyer in a timely manner regardless of whether Buyer is already a party to a contract to Purchase the Property;
• 5.1.3. Disclosing to Buyer adverse material facts actually known by Broker; 
• 5.1.4. Advising Buyer regarding the transaction and advising Buyer to obtain expert advice as to material matters about which Broker knows but the specifics of which are beyond the expertise of Broker; 
• 5.1.5. Accounting in a timely manner for all money and property received; and 
• 5.1.6. Keeping Buyer fully informed regarding the transaction. 
• 5.2. Broker shall not disclose the following information without the informed consent of Buyer: 
• 5.2.1. That Buyer is willing to pay more than the purchase price offered for the Property; 
• 5.2.2. What Buyer's motivating factors are; 
• 5.2.3. That Buyer will agree to financing terms other than those offered; 
• 5.2.4. Any material information about Buyer unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing; or 
• 5.2.5. Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property.

Knowledge is power and purchasing a home can be a daunting task – one of the most important financial and personal things you will do in your life time. Having the above information that I have laid out here gives you a head start as you begin to interview Northern Colorado Real Estate Agents to help you purchase your next home.

Finally, I have a post on the Dos and Don’ts of Buying a Home in Northern Colorado that you should read even before you begin the process of looking for a home — I guarantee the information in this article will be helpful.

I would be glad to answer any questions you might have regarding getting started on the treasure hunt for your new home. There are many wonderful homes for sale in Loveland, Fort Collins, Timnath, Berthoud and Windsor that are great buys right now. With interest rates the way they are it is the time to buy. Please give us call at 970-412-1657 or contact us below and we will introduce you to the wonderful real estate market in Northern Colorado.