Jon GoodmanMy seller wants me to consider selling a property through an auction. What are some of the considerations? Last month’s article identified some of the major issues associated with an auction and defined some auction terminology. Among those issues are whether the auction is “absolute,” “subject to seller confirmation,” or “hybrid” with a minimum bid. … Continue Reading
My seller wants me to consider selling a property through an auction. What are some of the considerations? Auctions used to be associated with the sale of distressed property, yet there is a growing sense among the Colorado real estate community that auctions are a means to sell property in any market circumstances. Among the … Continue Reading
A construction lender lends funds to an owner. The owner acts as its own general contractor and hires subcontractors to build a building on the owner’s property. For whatever reason (e.g. mismanagement, embezzlement, bad luck), the owner does not pay the subs. The subs stop work and file mechanic’s liens. Neither the lender nor … Continue Reading
Owner purchased Black Acre in 1987 for $60,000 from Seller. Seller conveyed Black Acre to Owner through a general warranty deed. Seller paid for a title policy. The title company which issued Owner’s policy did not find a recorded mineral reservation against Black Acre and therefore failed to show the mineral reservation as an exception … Continue Reading
Why is it so risky for Sellers to allow a buyer to rent the subject property prior to closing? What are the general risks for listing brokers when sellers carry financing in residential transactions? QUESTION #1 Why is it so risky for Sellers to allow a buyer to rent the subject property prior to closing? … Continue Reading
I would like to buy a property I have listed for a seller/client for my own use, or for future resale. I do not want to buy the property to facilitate the seller’s purchase of another property. I want to own the property and do not wish to continue to market it after I … Continue Reading
I am a listing broker who often lists property for small builders. I understand that I might use the Real Estate Commission approved contract form for the sale of completed, or nearly completed speculation houses. But why shouldn’t I use the Commission’s Sales Contract for the sale of a home yet to be built? … Continue Reading
Pickle in the Middle or Gladiator on One Side? Brokers may sell their own listings while remaining a seller’s agent. This is a specific example of the general phenomenon that brokers may work on a transaction as an agent of one party and assist the other unrepresented party with the ministerial tasks identified in Real … Continue Reading
Question: Did I have a responsibility to ask the buyer about a home sale contingency? I listed a property as a Seller’s agent. During an open house, a buyer, who is not working with any broker, fell in love with the property. Prior to any serious discussion with the buyer, I disclosed to the … Continue Reading
QUESTION #1: If the property does not appraise for the purchase price, may the seller terminate the contract if the buyer still wishes to proceed? My seller no longer wants to sell and is looking for a way to get out of the contract. If the property does not appraise for the purchase price, may … Continue Reading
