Sandra Potter, CRS, GRI

I have looked into this incentive and it is actually really great! It is for first time home buyers and is paid back over 15 years with zero interest and claimed on your tax return. When you sell the property, in whatever time frame you wish, the buyer only has to pay back the remainder to the IRS IF you have no appreciation.

Check with a mortgage broker to see which types of loans apply. FHA is the best at the moment. You can even get up to $35,000 to fix up a home you buy now. That is financed into your mortgage amount. You have to purchase the property as a primary residence.

Best regards,
Sandra Potter, CRS, GRI
Prudential Colorado Real Estate
360 S. Monroe St., Suite 500
Denver, CO 80209
spotter1997@msn.com - Tue Aug 19 2008, 23:23

Hi Jack,
Compensation is negotiable and not a set rate. However, it depends on what type of property you are looking for and what the price range may be when the agent decides if doing business is worth their time. For example, If you are looking at a $20,000 dollar lot, a buyer's agent may get $560.00 (at a 2.8% co op from the listing agent). One percent of $20,000 is $200.00 and with the price of gas these days, the compensation is reduced depending on driving time and additionally, the broker may owe 30% of that to the company they are working for. If you are working with FSBOs, that could be another reason for charging more, maybe the agent is splitting the commission costs between yourself and the seller. Just ask the agent if that is the case, communication is always the best way of understanding any part of a real estate transaction.

Best of luck.
Sandra Potter, CRS, GRI
Prudential Colorado Real Estate
Cherry Creek
360 S. Monroe St., Suite 500
Denver, CO 80209
spotter1997@msn.com - Tue Aug 19 2008, 23:08

Actually, there is more to an offer than the price. The contract is made up by price, terms and conditions. The short answer is have your agent do a market analysis using comparables from the MLS. Those are statistics that can't be changed. Several closed sales can affect the current market value. The terms: are you asking for seller consessions? Points, repairs, closing costs? Conditions: Is the property in good condition or does it need lots of repairs or updating or does it have any stuctural issues? Any contract written will only be an offer until all parties agree to all of the above. Good luck! - Mon Aug 4 2008, 14:10