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Video instructions and help with filling out and completing colorado contract to buy and sell real estate residential

Instructions and Help about colorado contract to buy and sell real estate residential

Welcome to Vedas real-estate learning videos presented by V the real property sent services offering services to buyers and sellers in the Denver metro area in Colorado my name is Roy Helu Rodriguez you can visit us at V the real properties calm so this video will present reading the residential contract to buy and sell real estate specifically in the state of Colorado major points recovering finding the contract online structure of the contract and reviewing the benefits of understanding the contract alright so first we have to find this contract let's start off with old friend Google what we're looking for is the division of real estate and let's go with Colorado we're gonna discuss so you'll once you arrive at this page you're at the right basically right page these are the different services that are offered through the division real estates website you can see all the different things that they they're able to govern or have a say in now we can go to the real estate contracts and forms look at all these approved forms and you can read here exactly kind of what they say and they take from the state as far as using these forms who can use them and under what section of the Colorado statutes etc what you're looking for is not this listing contract you're looking at sales contracts and you're looking for the contract to buy and sell residential that's CBS one when you click on it you should get the PDF form of the of the contract so that's gonna be sixty pages so let's go all the way down here and you'll see sixteen pages page 16 of 16 so then let's look at the structure of this basically going to see first of all that this is a proof form this is a legal binding contract seek legal counsel etc in the state of Colorado the state has given permission to licensed real estate professionals to basically fill in the blanks anything that's not already listed here that's going to be under additional provisions which we'll see towards the end of the the contract they recommend that an attorney review that or that you kind of you'll see here the following additional provisions have not been approved by law real estate commission okay so you have the introductions and all that you'll see this lines and that's just the line number that just a guide to make things easier to find the other thing that's very useful is to go back into number three where has dates and deadlines you'll see the section and the paragraph will you find the listed item in detail I'd like to say this sort of a it's a table content is sort of an accordion of the the entire contract so if we were to expand all of this you'll get you know the entire contract except for these items that are listed before getting to number.

FAQ

Residential Real Estate: How common is it to renegotiate an agreed selling price on a condo when the lender's evaluation comes in lower than the contract price?
In the current silicon valley market, renegotiations are becoming more and more uncommon.The ability to renegotiate the price will depend on 2 factors:1) The presence of an appraisal contingency - If you have made your offer subject to an appraisal contingency, you have essentially reserved the right to try and renegotiate based on the appraised value of the property. 2) The level of competition / number of offers on the property - If there were multiple offers on the property, and you managed to have your offer accepted with an appraisal contingency in place, you can attempt to renegotiate or break the contract.  However, in a competitive situation, the seller may simply let you walk and take another offer from a buyer willing and able to pay a price higher than the appraised value. In a hot market, the fair market value of properties will typically be higher than the appraisal values, especially in multiple offer situations.  In a softer market, you will see more renegotiating on the price of properties.Specifically, in regards to the person asking the question, 5% is a small variance.  In my market, we see much larger percentages.  If you decide to renegotiate, however, be prepared to have the seller say no.  In an improving market they may be willing to wait it out.
How can I get out of a real estate contract when I priced the property too low and really feel it is a mistake to sell it?
Number one thing is to step back and think objectively talking to your listing agent. Hopefully, you did use an experienced Realtor to help you set the price. If a home is priced correctly, you should expect to have interest and offers early. You may have to wait a while before you get another similar offer. When a home first goes on the market, you get both the people who’ve been looking for possibly weeks or more plus new buyers just starting.If you truly want to get out of the contract talk to a real estate attorney. As a seller contracts really don’t give you much out unless a buyer defaults. If this your homesteaded home, you may be able to avoid being forced to sell but could be held liable for buyers costs and possibly damages. Your home may even be held up from being sold to someone else. If you have a listing agreement, you may be responsible for commissions.Think carefully, then talk to an attorney.
Is it more profitable to buy commercial real estate to rent out or is residential real estate a better option?
The rental yields on commercial real estate is generally higher than the rental yield on residential real estate.But in either case, the rent will not cover the EMI on the loans taken, even if you take only 80% of the value of the property as Loan.However, your yield is a combination of current value of the(a) future rentplus(b) appreciation of the propertyLess(d) Interest and other expenses incurred on the property.The current value of tax benefits should also be factored, to find the actual profit from the transaction. At this stage, it could be either or both or neither the Commercial Real Estate nor the Residential real Estate that can be profitable, depending on the entry and exit level, holding period etc.
In residential real estate wholesaling, where and how is the best way to learn about contracts?
This is not legal advice. Seek local counsel.This is just my take on what your objective is as wholesaler: find great deals off market for folks that want to flip houses. Therefore I am going to clue you into most of what you need to know about contacts:Offer plus acceptance supported by consideration ($10.00?)=ContractContracts for real estate must be in writing.Your welcome.Marketing, marketing and marketing is all you need to work on. Go to The Real Estate Investing Social Network for much more in-depth information from successful investors.
I'm 19 and thinking of getting into real estate. How much would I need to save to start up, both for buy to let and residential options?
This is how I started in Real Estate and you are at a good age to do it. There is a great deal more to remember than just saving enough to buy and let a property. That’s easy. The harder part is buying the right property because success in real estate is often about location, location, location and once you own a property, even it it doesn’t perform, even if it depreciates, you still have to pay taxes and maintain it. So with that in mind remember that a poor or mediocre house in a good or up and coming neighborhood is almost always better than a great house in a bad or declining neighborhood. Do your research and find out where you want to buy before you even start looking for a property. Make connections with a realtor ‡ and not the first one you meet, actually go an interview them ‡ and then work with them based on your chemistry, their understanding of what you want and how well you get along. If you make the right partnership, a good realtor can help you make a great deal of money and it’s something that could last years and years and as the realtor becomes more successful, he or she will help propel you to success as well. They will also work to help you find tenants for your apartments. This is much more challenging than it sounds and it is time consuming and worrisome. A bad tenant is a disaster and you want to avoid that if at all possible. It doesn’t hurt to take a real estate course either. There are different kinds of courses such as a course that helps you get your real estate license or one that focuses on valuation of properties. If real estate development and accrual is your goal, either or both of these courses will be valuable.Now you have to think about the money. If you have a steady income from a regular job you can purchase a property with as little as 5 percent down plus closing costs, but you will have to pay PMI. PMI is a total rip-off and you need to keep an eye on it. Make sure you always know what your building is worth because once you hit 20 percent loan-to-value you can have PMI removed. But if you don’t pay attention the bank WILL NEVER TELL YOU when you no longer need PMI and will let you pay forever. That’s good money thrown down the sewer.One of the best strategies I have found is to buy a multi-family property because the bank assumes the rental income as part of your income and it allows you to purchase a much bigger building. For example, when I started I could only afford a house in the 100,000 range, but by purchasing a multi-family, I was able to get a house in the 200,000 dollar range. Not only did I have a place to live, but I was getting income from the apartments that reduced the amount I had to use to pay the mortgage.When you are starting out and money is tight you have to seriously consider your strategy. Are you purchasing to hold? Purchasing to re-sell for appreciation? Flipping fast? Or what? Each will determine the kind of mortgage you want to get. For couples starting out in life I always recommend a 30 year fixed mortgage because it’s safest mortgage with the easiest monthly payments. Although an ARM may have a lower rate, it’s for a short time and at the end, the monthly payment could skyrocket and you could lose the house if you can’t make the payment. But if your goal is to get in, fix up the house on the cheap and get out, then a short term ARM with a low rate is a good idea. But you really have to get out before the ARM expires and the rate goes up. If you plan to hold and let the property appreciate and it’s a multi-family that makes good income then get that 30 year fixed mortgage and let your money work for you instead of you working for your money. Keep an eye on mortgage rates and don’t be afraid to refinance as rates go down. The name of the game is maximizing the money in your pocket today and in the long run and the lower the rate, the more money you get to keep in your pocket month after month instead of paying to the mortgage company. When you’ve had enough and the building has appreciated enough, then you can sell it and take profits.You will want to make connections with certain people if you are going to collect properties. You want a good tax accountant, you want a good contractor who can repair the buildings fast and cheaply (good is desirable too, but it depends on your strategy ‡ if you are flipping, “good” is a relative thing - “good enough” is the more likely strategy because time is money and YOU WANT TO GET OUT FAST when you are flipping.). You will need a landscaper or someone who can take care of the property and a manager who the tenants can call at 3AM to fix their clogged toilet. At the beginning, you will be all these things yourself but as you acquire property it will become too onerous to do it yourself. Taxation, in particular, is complicated. There are depreciation schedules and write-offs and if this is your real business, then there are even more complications and write-offs, but usually a tax professional knows how to handle them. You will need the numbers of a plumber, a locksmith, an electrician, your insurance agent and eventually a lawyer, especially if you decide to incorporate to limit liability.People think they can find cheap properties in foreclosures and short sales and often you can ‡ but you usually have to be capable of putting up 10,000 dollars in a certified check immediately and then you have to be capable of getting a mortgage for the rest in a reasonable time frame. This requires either saving enough for the check, a big down payment and the ability to make the mortgage or a partner with deep pockets who can finance you for a piece of the pie.If you start to accrue properties there will come an inflection point when the income from the rents will be enough to sustain you and allow you to live a better life but that will not be right away. You will have to work at another, secure job for awhile to keep income coming in. You can refinance, consolidate loans and use property for leverage to purchase more properties but you must maintain a fine balance and not over-leverage yourself. Too much debt can bring the entire thing down like a house of cards. You have to reduce costs through re-fis and consolidation but you also have to work to maximize revenues through rents, appreciation and sales.Real estate has been a tried-and-true mechanism for generating wealth throughout the centuries and you can do it, too, if you are careful.
Real Estate Investing: What should I and my buddy know before we buy a multi-family residential building to successfully renovate and rent it out at a profit?
I’ll approach this from the return on investment angle.  Of course, there are lots of other responses along the lines of remodeling knowledge, local market knowledge, finance knowledge, etc.  One of the axioms of real estate investing is that you make your money when you buy the property.  To do so, you need understand your exit strategy, knowing when you plan to sell and the expected value at that time.  From there, you back into what you can pay for the property today. It’s simple math really:  final value less sale commissions, costs for design, permits, renovation, carry, and financing, and desired profit equals what you can pay for the property.  Of course, the devil is in the details.The tricky part is establishing a credible eof those costs.  If you are not in the construction or development world today, get to know someone who is and would be willing to mentor you along in this.  Items to consider include:  architect and engineering, permits (including how long it will take to get them), renovation costs, potential off-site costs (cities love new sidewalks), tenant improvements, commissions, financing, administrative costs, etc.Now if your plan is to keep the investment for cash flow, you would target what the stabilized proforma, or projected income stream will look like once your renovation is complete and you’ve leased up the property.  Once you know that, you can project what the value will be and amount of debt it will support.  Lenders will look at this from three perspectives:  cash flow to debt service, loan to value, and loan to cost.  Trust me, the almost always take the lower of the three. Knowing the amount financing your stabilized property will obtain will tell you how much equity you must come up with to pay for the property and renovation costs (hard and soft). You can raise this from your personal reserves or if it’s your first project, friends and family. Some other pieces of advice:Work with competent experts.  Hire a good real estate attorney to work for you.  Find a smart real estate broker who knows the market you’re interested in.Don’t be embarrassed to seek out experienced developers and investors for advice.Always include an appropriate contingency reserve (5% of hard costs and 3-5% of soft costs)Getting permits almost always takes longer than what the municipality tells you it will take.Don’t allow your earnest money deposit to become non-refundable until you have all of your ducks in a row: Solid proforma, funding nailed down, completed understanding of the permit process (try to not be required to close until you have obtained the necessary permits)
Residential Real Estate: What do you look for in a realtor to help you sell and/or buy a home in this competitive Silicon Valley market?
I'm going to give you a different answer then just about everyone else, i think.Id look for ambition, experience and industry contacts.  My story selling a house in Santa Clara:Because I work in high tech startups, I have friends in high tech startups.  I decided to use the services of one.  The idiot who ended up as  my broker spent $15K of my money in  "repairs", left the house looking worse then when he started, and tied it up for almost 18 months without a single offer.When  his contract was up I gave it to a guy I know in Santa Cruz who is really a land expert but is a full broker with his own brokerage and at the time had been in the business about 30 years.  He didn't WANT to tie me to any sort of contract, and had it sold in 3 months.I will take experience and industry contacts over "web marketing" or any other gimmick any day of the year.
How can I use social media to find residential real estate buyers and sellers that want to work with me?
Be yourself? Again‡ just be yourself?Social Media is just one way to build relationships and real estate is also all about building relationships. I always suggest that you make sure you are hanging out with people just like you. Those that share same or very similar goals in life, moral values, hobbies, interests, etc. That is the group of people most likely to want to work with you because they like being around you and learn to trust you. There is no secret sauce. Social Media reflects what is happening “in real life”. Good luck?