Zack Hewlett

Great question! The answer is no. When the closing takes place, the portion of funds you deposit for your earnest money can be used towards your down payment portion of closing costs. One way around the closing costs is to negotiate a Seller Concession in your purchase contract. This is funds you can use to cover your closing costs and more (typically these are spelled out in the contract).

This is a loaded question. If you intend on financing a purchase outside of the state you're living in, you should find a lender that is licensed to lend in the state you are looking to buy. Receiving a referral for a lender can also be helpful from a local real estate agent that can represent you in the purchase as well. Most title companies offer a remote closing option where you can sign documents to purchase a property from anywhere today. This process happens more frequently than you might think.

Great question! There are states in the USA that allow for Dual Agency. However, you have to consider that working with your own buyers agent separate from the sellers agent is the best way to avoid conflicts of interest in the real estate transaction. In Colorado, dual agency is not allowed. If this were to occur, the seller's agent would only be able to represent one party as an agent. In the event that the sellers are willing to let you represent the buyer, your agency agreement with the Seller would be forfeited and you would become a Transaction Broker. The best way to describe this relationship is through a sports analogy: an Agent is on your team and can Coach you through the transaction. A Transaction Broker is no longer an agent to either party and becomes the referee for the parties to negotiate with one another.

This is a common occurrence in Colorado. After closing, a separate agreement called a "Post-Occupancy Agreement" can be negotiated where the person selling the home can become a tenant for no more than 60 days after the closing. If the Seller is determined to rent-back the house, your agent must make certain to get the Seller to cover the house with a short-term rental policy, and you can collect a fee to cover the costs of the time you are no able to move into your new house. Also be sure to collect a deposit to hold until the home is returned to you in the condition you last saw it.

Simply put, it is a prepayment of interest to the bank reducing the payment of the loan for a short period of time.