FAQs

We know buying and selling can be confusing. Here are a few of our most frequently asked questions & answers (FAQs). If you have a question that wasn’t answered, please click here to contact us & we will get back to you promptly!   Q.    Why Do I Have To Be Pre Approved for a Loan?

A.    In today’s market, it’s helpful to know your price range to save time, for flexibility and it makes purchasing a property easier by showing the seller/buyer you are serious and can afford the purchase. For more information please read more.

Q.    What Is My Property Worth Now?

A.    It depends on the current market. A licensed real estate agent can give you a more accurate answer by doing a market analysis based on the market at the time.

Q.    What Is The Market Like?

A.    The real estate market depends on many factors and can change from day to day, and week to week. Contacting a real estate agent can help give you a more accurate answer based on the current events at that time. Click here to contact us for a Market Analysis!

Q.    What Is A Normal Time Frame from Contract to Closing?

A.    This is a tricky one. It really depends on several different factors including:

  •     Lenders: Normal lenders take 30-45 days
  •     Payment: The type of loan you’re using can take anywhere from 6 weeks to 23 weeks. If you have cash you can typically close much faster.
  •     Appraisals: Lenders require appraisals. There are many factors that can affect an appraisal.
Q.    How do I get in contact with a lender?

A.    We have some preferred vendors on our website under “Resources” OR you can always visit your local bank/credit union and talk with a professional there.

Q.    What is Title Policy Insurance?

A.    A title policy shows a property’s chain of ownership and verifies the seller’s interest in the property.  It also shows any exceptions to that ownership such as easements or leases and is intended to protect the owner’s interest in property against title defects and liens.

Q.     As a seller, what are my costs at closing?

A.    Closing costs differ depending on the type of property and the title company. But here’s a general idea of what you can expect:

Visit Link to Land Title Guarantee Company

Q.    Where do you advertise my property?

A.    It depends on the property. But typically on our Orr Land Company website, Facebook, Twitter, Homes & Land, *FencePost, etc. Through this type of media your property can be displayed on up to 30 additional sites. (*Farms/Land/Ranch Properties)

Q.    Should I get the boundary line pins located and marked on the property I am purchasing?

A.     Yes, it is a good idea to have the boundary line pins marked by a licensed surveyor. Often times what you think is the property you are purchasing is actually not part of it, as fences and other boundaries can often be misleading.

Q.    How deep is the well?

A.    The depth and completion information of the well is all recorded at the state of Colorado Division of Water Resources and can and should be looked up and examined. Each well is different.

Q.    Should I have the well tested during my inspection period?

A.    Yes, it is a good idea to have the well tested by a licensed well driller to test the pressure,pump, etc. on the well. Also it is a good idea to take a sample from the well to the county health department and have the water itself tested.

Q.    Should I have a soils test done during my due diligence period?

A.    Yes, it is a good idea to have a soils test done during your due diligence period. It may seem like an additional cost but is required before you can build  and if the soils are bad this can increase your building costs tremendously. For this reason it is good to know what you are dealing with before you start your project and end up over budget.

Q.    What will the utilities (water and electric) cost to put in?

A.    This cost can vary greatly depending on where the property is located, company, size of service needed, water district or well, etc. These companies, for a small fee, can perform a study and give you an estimated cost to provide their services to your property. This is a good thing to have done during your due diligence period to make sure it is feasible to get utilities to what it is you are wanting to build prior to closing.


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