9. What about earnest money? Your offer to purchase is normally presented with a 5% to 10% deposit, often wired-transferred to a local title company within two days of agreement. This "earnest money" is commonly put in an interest-bearing account for your benefit, then turned over to the seller at closing.

10. When can we close? If the seller accepts your offer, you can expect the closing to take place within 30-60 days, depending on your due diligence requirements and financing.

11. Can we negotiate?
Of course, but if the seller rejects your offer, don't be discouraged—we will help you figure out the next step to take, whether to pursue the original property or to move on.

12. Any flexibility on those prices? Some sticker shock is normal. Prices are high compared to the rest of the country, but so is the value. Prices for Roaring Fork Valley real estate are generally firm, with most properties selling within 5% or less, of their list price. While there are always exceptions, it's unrealistic to expect to find many "steals." Demand continues to be strong, giving sellers a fair amount of leverage.

13. How do we get the best price? Make offers as clean as possible, with minimal contingencies. Seek diamonds in the rough. Many buyers can't visualize "potential"...if you can, that's an opportunity. If you want to finance your purchase, get pre-qualified with a local lender and submit that approval with your offer. Compose a letter to the sellers telling them about you and your family, explaining why you love their property. We'll submit it along with the offer to purchase. Making yourself real to the sellers can have enormous impact.

14. How do we arrange financing? The majority of Aspen and Snowmass buyers secure financing through valley-based mortgage brokers. Most homes and condominiums valued under $1 million can be financed up to 75% of the purchase price. Terms for loans over $1 million are negotiated individually, as are loans for vacant land and construction. Processing takes about 30 to 45 days. Be prepared to provide three years of tax returns and thorough financial information.

15. What about closing costs?
In Aspen and Snowmass, buyers pay a transfer tax at closing. In Snowmass, the tax is 1% of the purchase price, and these revenues help fund the free shuttle bus system. Aspen has two transfer taxes, one which funds the Wheeler Opera House (1/2% of the purchase price) and a second affordable housing tax (which is 1% of the purchase price over $100,000). Upon sale, Colorado requires that 2% of the proceeds be withheld from non-resident sellers by the closing agent in order to be certain the seller files a tax return in Colorado reporting the gain next year. Any excess withheld is returned.

16. Settlement fees?
In Colorado, surveys and title insurance (your guarantee the seller will convey clear title to you) are typically paid by the seller. Settlement fees usually amount to less than $250. Your lender will review financing costs (points, appraisal and credit report fees, tax reserves, etc) with you.

17. Can we do this long distance? These days, we handle most closings long distance, thanks to FedEx and the wire-transfer system. BJAC will handle all the details of the transaction.

18. What will you do for us? Besides helping you track and find your dream home? We handle the big picture and these countless little details:

order the appropriate inspections

work with your lender and the appraiser to be certain your loan is approved in time

confer with the title company about hundreds of closing details and the preparation of your settlement statement

transfer utilities into your name

make sure you receive a recorded deed and title policy

remain your primary source of information and assistance, months and years after closing.

19. How can we be sure this is right?
The bottom line is that we won't sell you any property that we're not comfortable with or don't believe in. The reason? We want you to do business with us again and refer us to your friends.

20. When do we start?
How about now? Explore these pages and see what fires your imagination. Then grab that map (page XX) and contact us to begin tracking down your dreams. The bottom line is that we won't sell you any property that we're not comfortable with or don't believe in. The reason? We want you to do business with us again and refer us to your friends.


Here's to a successful search, and to the joy of owning some of the most precious property in the world.
 

We’re thinking of…
your dream home. Go ahead, quiz us on how to find your own special place in the Roaring Fork Valley.

1. Where do we start?
With a map, then a daydream, then a quick get-together with one of our brokers who’ll listen to your plans and interests. We’ll ask whether you’re looking for a home, condominium, building site. We’ll want to know your vision: a house in a town, a country escape, a ski-in retreat. We’ll talk some rough numbers.

2. How do we find what we want?
Let BJAC do the homework. We’ll preview all the properties that fit your criteria and select the best. We won't waste your time looking at homes that just won't suit you. We can arrange a showing of anything on the market, thanks to the Multiple Listing Service (MLS) of the Aspen Board of Realtors®. We make sure you see all appropriate properties, no matter who has them listed.

3. How long does it take?
Our schedule is your schedule. Some of our clients have found homes they love in a couple of days, or even less. Others take a more leisurely approach. Our objective, always, is to direct you to property you'll fall in love with relatively quickly. But if it takes days and miles, that's not a problem. Our cars are comfortable and a well-stocked picnic basket is always in the trunk.

4. What if we're located elsewhere? If you’re still searching and have to leave the valley, we’ll bird-dog the project for you, pursuing every possible avenue. In the meantime, if you see an ad or a sign for a property that looks interesting, call us, and we'll secure further information and photos.

5. What's the market going to do? Our crystal ball is loaded with first-hand, up-to-date research on the local market. Here are a few of our current predictions:

Appreciation will continue in any higher quality properties in Aspen and Snowmass. Prices will remain more stable in lesser quality properties or developments that are dated, due to the increased inventory. Some of the best buys lie in properties that need work.

Luxurious new real estate developments are still generating tremendous interest among high-end buyers. The upper valley market has strengthened in the last few months. As Snowmass develops and matures in an easterly direction toward Owl Creek, expect the distinction between Aspen and Snowmass to be less pronounced.

The midvalley area still offers the greatest number of opportunities for buyers, especially with activity and prices weakening over the last 2 years. With fine restaurants and retail shops, plus three new golf courses, Basalt and Carbondale have become increasingly attractive to second-home buyers.

6. Who does the real estate agent work for?
In the past, most real estate agents worked for the seller. Today, there's a wider variety of brokerage relationships.

TRANSACTION BROKER
This is the most common form of brokerage relationship. As a transaction broker, we assist you through the transaction without being an agent or advocate for you or the seller. You are not legally responsible for our actions and a written contract with us is not required.

As a transaction broker, we disclose to you, among other things, any adverse material facts we know about the property. In addition, we will not disclose to the seller that you may be willing to pay more than what you offered.

BUYER'S AGENT
Occasionally buyers ask us to represent them exclusively. This requires a separate buyer agency agreement that identifies the kind of property you want, with an expiration date for the relationship.

SELLER'S AGENT
This is the relationship BJAC has with the owners of our listings. A seller's agent works solely on behalf of the seller. Almost all of our listing agreements have a Transaction-Broker Addendum that allows us to "default" to that form of relationship with both Seller and Buyer when one of our agents shows you an "in-house" listing.

7. Which brokerage relationship do we choose?
When you come in to meet us, we'll talk it over and mutually select the alliance that makes the most sense. Then we'll sign a statement acknowledging our discussion and your choice. This is not a contract. This disclosure statement does not bind you to BJAC in any way -- it just acknowledges the particular relationship we've established. We keep it on file as required by the Colorado Real Estate Commission.

8. What happens when we fall in love with a particular property? Smile. BJAC will help you prepare an offer. We use approved Colorado Real Estate Commission forms with modifications and addenda specific to this area, with additional provisions tailored for you.