Q: We are looking at a home for sale by owner in Julesburg CO. How do we make an offer? What legal papers do we need?
How do we set up an appraisal?
A: Dear Purchaser of FSBO Residential Property: In order to competently (and safely) get through a purchase transaction with a Seller whom is representing themselves (no Agent/Broker) you should be advised to make sure the following minimal steps are taken: (1) a formal Purchase Contract (in your question you ask "how to make offer" and the answer to that is: "with a thorough and industry compliant Purchase Contract that serves as the Offer until the Seller accepts it and then it serves as your Purchase Contract); (2) taking care in the drafting of your Purchase Contract to identify all the cut-offs required for you to perform due diligence, loan work-up, appraisal work, and the like and to identify your expectations and entitlement for receipt of the proper disclosures from the Seller; then (3) selection of a competent title company whereby you will receive from title, acting as fiduciary, the preliminary Title Report, tax assessments, and notification of issues with title ; and (4) procure title insurance. The appraisal, to answer that secondary question, is procured by your lender (expect anywhere between 10 to 30 days for appraisals to be completed). There are several and many other "nuances" that arise in the purchase and sale of property that are too lengthy to mention here but prudent buyers should be aware that they will most likely (always, in my estimation and experience) need to employ competent legal counsel admitted to practice in CO and experienced in real estate transactions. JIM GREER is an attorney licensed to practice in CO and CA and has specialized in real estate transactions for the past 30 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party.
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