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"Over a year was spent searching for the right property, at the right price, and we are quite pleased with the results! It was also enjoyable, fun and relaxed working with you, particularly since you really listened and absorbed what we were trying to accomplish."

Steve & Cassandra M, Highlands Ranch, CO



"You are a true professional that has a passion for your work as well as your clients. We recommend you to anyone seeking property in Steamboat Springs and surrounding areas. You really made our dreams come true."

Garrett & Suzi M, Steamboat Springs

Avoid the 8 Biggest Mistakes Steamboat Buyers Make

1. Hire the Right Broker
Real estate law is dictated in Colorado by the Real Estate Commission, a division of the Department of Regulatory Agencies. Colorado real estate laws require an agent to disclose the type of agency relationship that exists between a real estate salesperson and a buyer. Unfortunately, this disclosure is usually presented only after a buyer is sitting down in a salesperson’s office, or they have already begun discussing a property the salesperson has listed. To protect themselves, buyers should first seek a broker who can unconditionally advocate their interests, including helping them negotiate the lowest price and best terms. This can only be accomplished by seeking the services of an Exclusive Buyer’s Broker.
2. Get Pre-Approved for Financing
Many naive buyers cost themselves time and money by locating a property first, then applying for a loan. Savvy buyers get pre-approved by a lender before the search begins. Going to the bargaining table pre-approved is like having cash in hand, and sellers may be more amenable to a lower offer if they know the buyer is already qualified. And part of the negotiation could include a quicker closing period, which is also desirable to many sellers. Furthermore, if there are competing offers, sellers will most likely take the one that has financing in place. Buyers should also know what they can (and can’t) afford beforehand, as looking for a property in too high of a price range is a waste of time, while looking for a property too low in price may eliminate the perfect match.
3. Review HOA Documents
Nearly every property is subject to some type of homeowners association (HOA), dictating how the property can be used and enjoyed via a set of HOA documents. These need to be carefully reviewed, as they could be in direct conflict with the very reason a buyer would want to purchase the property. Furthermore, if the association has annual meetings, request and review the HOA meeting minutes from the last two years, as well as the HOA budget. This gives the buyer a good idea of the pulse of the association, points of contention, and what potential capital improvements (additional costs) there could be in the near future.
4. Professionally Inspect the Property
Overzealous buyers may want to skip the property inspection to save a few dollars in acquisition fees, but getting a qualified inspector to inspect the property before closing is good insurance that there will be no hidden surprises after closing.
5. Negotiate Everything
Most buyers think the only thing to negotiate is price. Although that is an important aspect of the purchase, it is not the only one. Earnest money, financing costs, closing costs, possession, upgrade allowances and many other items can be negotiated. Your broker should discuss these with you.
6. Don’t Hesitate to Make an Offer When Finding the Right Property
In a seller’s market, it is important to make an offer as soon as you pinpoint your property. Waiting a few days to find out some answers may give other buyers time to step in ahead of you. An offer can be made contingent upon giving time to conduct additional research until you become more knowledgeable with what you are buying, and if what you find out is unacceptable, will allow you to cancel the contract without penalty.
7. Hire a Steamboat Lender
Buyers may initially want to go to a lender they have used before, only to find out at the eleventh hour they cannot make the loan because the property type is out of their specialty. Whether buying a condominium, single family home, vacant land or ranch, you’ll want to work with a lender who specializes in Steamboat properties.
8. Openly Communicate with Your Broker
Depending upon the type of agency relationship you have with your broker, this may be difficult. But the fact is, the more you can openly discuss your needs, desires, motivations and personal circumstances, the better your broker will be able to help you locate the right property and craft the right offer. To do this means you first engage a broker who can guarantee they will act as your fiduciary at all times. You certainly don’t want to disclose your personal situation to someone who could possibly have the property of your dreams listed and represents the seller. The only way to ensure your interests will be protected at all times, is by working with an Exclusive Buyer’s Broker.
Whether you are a long-time Steamboat Springs resident, a seasoned out-of-town real estate investor, or a first time homebuyer, there are many aspects to consider when making a real estate purchase. Many mistakes can be made when buying real estate that can cost a buyer time and money; or worst of all, a buyer ends up buying a property that doesn't fit their needs! As an experienced team committed to only serve buyers, the Exclusive Buyer Brokers at Buyer's Resource Real Estate of Steamboat will be pleased to provide our client dedication, market knowledge, negotiation prowess to get you the property you want, within the timeframe you desire and the ease you will appreciate.