The Denver Post reports that Colorado is currently experiencing one of the best real estate markets in the country. At least that is the case for sellers. Homes in the Denver metro area are among the fastest selling in the nation. Joining Denver with the fastest moving sales in the nation are Oakland, San Jose, San Francisco, Seattle, Los Angeles, Sacramento, and Boston.
Realtors outside the Denver metro area, including northern Colorado, are similarly experiencing a seller’s market and many are having trouble finding enough listings to satisfy the current demand from qualified buyers. Many potential buyers are frustrated due to the lack of inventory available in the market which is resulting in houses being immediately placed under contract once listed and is also putting upward pressure on pricing.
Conversely, sellers of properly maintained homes are benefitting from the current market. In fact, in this current market we are experiencing an increasing number of individuals who are selling their residential properties without even placing the property up for sale. Some of these sellers are landlords in situations whereby their renters have approached them and offered to purchase the property. Others have received unsolicited offers to purchase their property from individuals looking to buy in their specific neighborhood. In many of these cases, no brokers are involved and the parties are looking for assistance putting a sales contract together. In such circumstances, an attorney can assist by providing the following services:
- Preparing and negotiating the initial purchase agreement
- Providing recommendations for other needed service providers for the transaction such as the appraiser, title company, lender, etc.
- Assisting in the preparation and review of disclosure and closing documents
- Reviewing the title commitment
- Answering questions about the process and/or the documents
Most importantly, an attorney can act as your advocate in the transaction to ensure that you understand the transaction and are comfortable with its terms. If you have questions concerning your pending real estate transaction, please contact our Business Law Group partner, David A. Closson at [email protected].