AboutJay Denit Expertise I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
Question QUESTION: I seem to have entered into a bad contract which gives the agent more rights than it does me, especially in the event of default. This is in regard to acreage in CO. Is there a way to break the contract or modify it before its expiration date?
ANSWER: Hi Linda,
Which contract are you referring to? The Buy/Sell contract on a piece of property or the contract you have with your Broker to represent you?
Thanks!
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QUESTION: That wasn't very clear, was it? Sorry. The contract is the listing contract with the broker. Is it correct that he would get half of the earnest money (as stated), but no selling fee in the event of buyer's defaulting? If so that's what I didn't understand when I asked the question of you. Also, could you answer whether or not it's legal to word a contract, for financing a portion of the selling price, to guarantee a set amount in interest, no matter when the payoff. The seller would do the financing, not a financial institution. Thank you for your help.
Linda
Answer Hi Linda,
Legally speaking, yes, your agent can retain half of the earnest money that you are due. I personally don't due it because our business is one of personal referrals, so I feel like it's a little jab to my seller if I were to take that money.
With regards to the seller carry financing, you can write the financing statement any way you like as long as it is agreed to and signed by both parties. If you are doing private party financing and not having a broker assist you, I would strongly recommend having an attorney draw it up. It will cost you a few hundred in attorney's fees, but well worth it when you think about the mess that can potentially happen.
