Private Sales and FSBO | Boulder Real Estate Attorney
As a Boulder real estate attorney, James Newell routinely helps clients with private sale transactions, including ‘for sale by owner’ (FSBO) transactions, both on the buying and selling side.
With high demand for residential real estate by home buyers, and relatively low housing stock throughout the Boulder and Denver area, and throughout Colorado, prices have continued to climb. At the same time, interest rates have remained relatively low. People all along the Front Range understand that now can still be a good time to buy and sell real estate.
If you are thinking about selling your home, condo, townhouse, or other real estate, you are likely weighing your options. You may be asking yourself: should I hire a real estate broker? Should I sell ‘for sale by owner’ but hire a lawyer to help make sure everything goes smoothly? Should I just wing it and hope everything works out fine in the end? The answer is not always simple (except for the last question, the answer to which is a resounding ‘no’). There are numerous factors to keep in mind when making your decision.
If your property is in a high demand area with plenty of passersby, 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, during peak season in Boulder it is not unusual for a lower to mid-range house to receive multiple offers the same day it goes on the market, in cash, sometimes sight unseen, and for well above asking price. Not every area is in as high of demand as Boulder, but if you live in a neighborhood with a considerable amount of pedestrian or vehicle traffic and the comparable houses around you are typically under contract within 24 hours, you may not need to pay a commission to a real estate agent to sell your house when some prep work, a ‘for sale’ sign in your front yard, and a minimal advertising may be enough to receive offers. Whether to sell your home for sale by owner is rarely that simple of an equation, though. There are many times in which listing your property on the local Multiple Listing Service (MLS) makes the most sense. Listing your house on the local MLS can be very tricky when selling FSBO so professional advice from an experienced practitioner can be very helpful. There are a number of factors that should be considered and it’s always best to talk over your options with a knowledgeable and experienced Colorado for sale by owner lawyer.
If you have thought it over and believe you can sell your property without a real estate broker, whether it is because you believe you will receive offers from the public or because you personally know the buyer (e.g., if the buyer is a tenant, family member or friend), it is ill-advised to handle the transaction and closing process without the assistance of an attorney. Too much can go wrong if you don’t have an experienced real estate attorney making sure everything is done properly and on schedule. If you want to sell your house yourself but still want to make sure you are doing everything properly, give us a call. We have handled innumerable transactions and can help guide you through the process.
Buying For Sale by Owner Real Estate
The process of buying a property that is listed for sale by owner, or from a friend, landlord, neighbor, parent or other relative should also be guided by the hand of an expert. The standard form Colorado residential real estate contract, title insurance commitments, due diligence and closing documents are extremely complex and are universally baffling for those who are not already well acquainted. Buyers often find it invaluable to have an expert to rely on when they have questions and to draft legal documents for them. Buyers always feel more confident and less stressed knowing their wishes are being accurately represented in the documents they sign and that they will face less risk of legal liability due to having an experienced Colorado real estate attorney on their side.
If you are thinking about selling a house, condominium, or plot of vacant land without the assistance of a real estate broker or are considering purchasing off-market or ‘for sale by owner’ real estate, and are looking for a Boulder Real Estate Attorney with a results-oriented approach tailored to your matter’s specific needs, contact Newell Law. We have the expertise and knowledge to help your real estate deal go as smoothly as possible.