Boulder For Sale by Owner Attorney | Boulder FSBO Lawyer
In my experience as a Boulder real estate attorney who routinely helps buyers and sellers handle real estate transactions, it has become clear an acute understanding of the law, an eye for detail, a strong work ethic, and broad experience are necessary to identify and resolve the wide variety of complex legal and practical issues that may come up in any given real estate transaction.
With extremely high demand for residential real estate by home buyers and investors, and very low housing stock throughout the Denver-Boulder area, prices have continued to climb. At the same time, interests rates remain historically low and are only anticipated to rise over time. People all along the Front Range understand the propriety of selling and buying right now.
If you are thinking about selling your home, you are likely weighing your options. Should I hire a real estate broker? Should I hire a lawyer to help me keep everything going smoothly? Should I sell my house myself? The answer is not always simple, but there are a number of factors to keep in mind when making your decision.
If your property is in a high demand area the answer to whether you should sell your house without the help of a real estate broker may very well be ‘yes’ but some areas are experiencing higher demand than others. For instance, in Boulder County it is not unusual for a lower to mid-range house that hits the market to receive multiple offers immediately, in cash, sight unseen, and for well above asking price. Not every area is in as high of demand as Boulder County, but if the comparable houses around you are under contract within 24 hours, it is likely that you would not need to pay a commission of 5-7% for a real estate agent to sell your house when all it may take to get offers is a ‘for sale’ sign in your front yard and minimal advertising.
What range of prices have comparable properties been selling for? Very high priced properties ($1,000,000+) are generally going to take longer to sell simply because not as many people have that kind of cash on hand or careers that pay enough to take out such a substantial loan and still live comfortably. At the same time, the amount you will pay to sell your house through a real estate broker may be astronomical (e.g., $1,000,000 x .6 = $60,000). If your house is in the low to mid price range there is a good chance there will be many people who will want to buy your house even if it is for sale by owner. The same may be true for high priced properties depending on the location and desirability of the home.
As opposed to real estate brokers, most real estate law firms charge at an hourly rate to assist clients with purchases and sales of real estate. Under almost all circumstances the fees that clients pay for us to help facilitate a real estate sale end up being thousands or tens of thousands of dollars less than what they would have had to pay if they had hired a real estate agent.
If you have thought it over and are confident you can sell your property without a real estate broker, in almost all cases it is ill-advised to handle the transaction and closing without the assistance of an attorney. Too much can go wrong if you do not have an experienced real estate attorney making sure everything is done properly and on schedule. If you want to sell your house yourself but want to make sure you are covering your bases, give us a call. We can help.
If you are thinking about selling a house, condominium, or plot of vacant land on your own or are considering purchasing off-market real estate, and are looking for a Real Estate Attorney in Boulder with a results oriented, cost-effective approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to help your real estate deal go as smoothly as possible.