Frequently asked questions

Whether a buyer or seller, we understand that you have questions about the real estate process. Following are some frequently asked questions and answers that may prove beneficial.

About real estate agents

Q:

Can an agent represent both a buyer and seller in a real estate transaction?

A:

No. This presents a conflict of interest. The real estate agent is either a buyer's agent or seller's agent, depending on the transaction.

Q:

What does a buyer's agent do?

A:

The buyer and broker enter into a contract designating the relationship and duties of both parties. In sum, the buyer's agent assesses the buyer's needs, provides advice on market conditions, develops a list of properties to show, determines the fair value of a property, and negotiate for the best price and terms.

Q:

What does a seller's agent do?

A:

The seller's or listing agent represents the interests of the property seller in a transaction, as agreed to by contract.

Q:

How is the real estate broker paid?

A:

Whether a buyer's or seller's agent, the broker's commission, or fee, is figured into the cost of the sale.

About the negotiation process

Q:

I have an agent at Bradford Real Estate. However, I just found a great property listed by another brokerage. What should I do?

A:

No problem. Just tell your broker about the property. He or she can arrange a showing and broker the deal. We have access to available property listings from across the city.

Q:

How long does it take to arrange a showing?

A:

Most often, property showings can be arranged for the same day.

Q:

How do I determine my offer on a property?

A:

Your broker will discuss your options and draw up the formal offer. This includes the proposed purchase price, as well as negotiable items, such as fixtures or appliances, that might be included with sale.

Q:

How long does the property negotiation take?

A:

In a competitive market like Denver, the negotiation is normally resolved quickly, sometimes within hours.

Q:

Once my offer is accepted, what happens?

A:

Your broker will collect "earnest money" to provide to the seller. This is a small sum that is placed in an account as good faith of your interest in the property. If the property passes inspection, the title is found to be clear, and you are approved for financing, the contracts are drawn up for closing.

Q:

How long does it take to close on a property?

A:

Normally, it takes about 30 to 45 days to close on a property once an offer is accepted. The lead time accommodates such actions as the title search, appraisal, and inspection.

Q:

What's the purpose of an appraisal?

A:

Appraisals protect the interest of seller, buyer, and lender by providing an accurate analysis of a property's value.

About mortgages

Q:

What are my mortgage options?

A:

There are many different types of mortgages, from traditional to balloons, to ARMs, and other nonconventional options. Each offers specific advantages and terms based on individual buyer needs. Your Bradford Real Estate agent will recommend a lender who will best meet your goals.

Q:

What is the benefit of refinancing?

A:

Drops in interest rates may offer an opportunity to lower your monthly mortgage payment, as well as the total cost of interest on your loan. If you plan to stay in your home less than 5 years, it is probably not worth refinancing, unless the percentage decrease is significant (more than 1 point). Remember that when you refinance, you often pay many of the same fees and costs as you did at first closing.