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Archive for August 2008
August 31st, 2008
I had a closing Friday (yay!) and I agreed with the mortgage broker who had referred the client to me, that we really needed to blog about this situation - which ended up being a win for everyone involved, because it was such a perfect example of why it’s really important to be fully prepared and pre-qulaified when you find the property you want.
My clients are first-time investors (both accountants) who are, luckily, extremely organized with great credit. Although they weren’t completely sure what type of property they wanted at first, or in what neighborhood, they did know that they wanted a great deal (of course) in a popular Denver area, and they knew they wanted to keep it as a rental property.
We looked at over 50 properties, all over the Denver area, from flipped condos to foreclosed duplexes, and wrote 4 contracts that didn’t go through.
I was out previewing some new listings for them when the client called - a new listing on a great street in Lower Highlands had just come up in the MLS, and the price seemed ridiculously low for a 3 BR 1 BA on an 8000 SF lot - and there was no picture. Assuming that it was too good to be true, I drove by to take a look.
A cute little stuccoed bungalow on a great lot, the house was a bit run-down but had great curb appeal, and the location couldn’t have been better. Right up the street from the new Pasquini’s and Duo Restaurants, as well as all of the little cafes, coffee shops, and charm of the shopping district, and within blocks of the Pedestrian Bridge, this house was a charmer - and a steal. Listed at $129,900, there is nothing that would even try to comp in that area for less than $200,000.
I scheduled a showing and the clients raced over to meet me. They wanted that house. (So did I!)
We wrote an offer after I spoke to the listing agent, who told me that they had a few offers in but that he hadn’t presented them yet. We offered more than the list price, but here is what clinched the deal - we were able to close in two weeks. Because my clients had all of their documentation in, and the mortgage broker had everything they needed for a quick close, the sellers went with our offer, which wasn’t the highest, because they wanted the closest closing date possible.
So, lesson learned - even if you are pre-qualifed, keep in close touch with your lender and make sure that your file is completely up to date as you look for that perfect property - a little organization and diligence might just win you the prize!
Posted in Denver Real Estate, Mortgage News, Real Estate News, What's going on?! | No Comments »
August 30th, 2008
I always like to read some good news - that’s why I like the site http://www.happyrenews.com/ - and why I was psyched to come across this article in the Rocky Mountain News:
Good news for Denver-area housing market By John Rebchook
The Denver area housing market showed the most appreciation of 20 metropolitan areas tracked by the closely watched S&P/Case-Shiller Home Price Indices from May to June.
The Denver area showed a 1.5 percent gain in that period. Boston, with a 1.2 percent increase, was the only other metropolitan area to show an increase.
The average percentage change in that one-month period was a loss of 0.5 percent for all 20 cities, and a loss of 0.6 percent for 10 of them.
Denver and Boston have shown three consecutive months of positive returns. Denver homes showed a 4.7 percent decline from June 2007 to June 2008, the third best of the 20 cities. Read the rest of this entry »
Posted in Arvada Real Estate, Denver Real Estate, Golden Real Estate, Lakewood Real Estate, Real Estate News, Westminster Real Estate, What's going on?!, Wheatridge Real Estate | No Comments »
August 30th, 2008
The Sunnyside Music Fest is back next weekend with great music, shopping and eating, as well as fun stuff for the kiddos and cute new merchandise.
Stop by the LIVE Urban booth and say hi - we will be there throughout the event, from 10 am to 8 pm at Chaffee Park, which is at 44th and Tejon.
Get your Sunnyside groove on!
Posted in Denver Real Estate, What to do in D-Town, What's going on?! | No Comments »
August 23rd, 2008
I love this show. It’s so timely and pertinent for so many homeowners who are faced with the possibility of losing their home due to value depreciation and rising living and mortgage expenses.
From the show’s website…
Hope for Your Home is a new half-hour series that takes on the tough circumstances so many homeowners in this country are facing today. Hosted by real estate expert Kirsten Kemp Becker (TLC’s Property Ladder), Hope for Your Home lends a hand to homeowners in financial need, by giving them critical resources to make improvements to their property. The goal is to add enough value to their home so they can either refinance their mortgage or make the best possible sale. Kirsten advises the homeowners on what improvements will actually increase a home’s value, while a contractor ensures that all projects are done properly and safely. Once the improvements are complete, a real estate agent and a mortgage broker tour the home, examine the upgrades, and determine a market value. In the end, the homeowners are empowered to decide if they should stay in their newly-renovated home, or sell their home and find something more affordable for their family.
I think there are so many families who could benefit from the examples set by the situations on this show. Even if TLC doesn’t come in and hand them 10 grand to make improvements on their place, anyone can declutter, paint, and clean up their home in an effort to recapture its value - if they can then either refinance and lower their monthly mortgage payment or sell without a short, they can also salvage their future, their credit, and their lives.
Posted in Uncategorized | No Comments »
August 9th, 2008
This has been a hard lesson for me to learn - having dealt with a ton of great, ethical, hard-working contractors, I just hate to deal with those that just can’t get the job done right! We recently decided to upgrade our curb appeal a bit by painting our outdated blue trim. In order to brighten up our dingy back patio, which is huge and shady but a bit dark, we also asked the painting team we found on Craigslist to paint the ceiling white and the cement patio a brick red color. Whenever I show a house with painted cement, I always love the look, which is so much fresher and cleaner than bare gray cement.
Anyway, we hired a couple who seemed grateful for the work, and they showed up right on time on Saturday to powerwash and prep so that they could paint on Monday. Monday came and went with no paint crew. Tuesday, one painter showed up in the mid-afternoon and ran out of primer within an hour, he left and didn’t come back. Wednesday, they were here for another hour before the spray gun clogged, which apparently made it necessary to leave for the rest of the day. Thursday, they promised me again that they would have the ceiling and floor finished by Saturday, since my husband’s 30th birthday is Sunday and I have 100 people coming over to enjoy our newly painted patio.
Friday, they finally finished priming the ceiling, no paint yet, plus they have covered the floor in overspray and drips, as well as any nearby plantlife, including Ori’s prized tomotoes and our grape vine!
Saturday, scheduled to show at 8, they rolled in around 12 and painted about 1/3 of the ceiling before leaving. On top of that , I realized that they taped on top of the area that should be painted, so every edge will have to be hand-painted 2 or 3 times.
I am finally through. If they ever answer their phones again (conveniently, they don’t even have VOICE MAIL - who doesn’t have voice mail?!) they are really going to hear it, and I will be asking for a full refund of the labor costs that I paid upfront, as well as for any materials that they don’t have receipts for.
Lesson learned, and I will be up on a ladder until partytime tomorrow, touching up the crappy paint job and trying not to scream!
Posted in Uncategorized | No Comments »
August 4th, 2008
Clients ask me all the time about light rail plans and progress, and I try to stay on top of the news, but I have to admit I was worried when I heard that RTD’s budget for FasTracks wasn’t exactly on the right track.
So, I was relieved to read in The Hub today that the Gold Line is good to go and will be completed in the next few years! Read the rest of this entry »
Posted in Uncategorized | 3 Comments »
August 4th, 2008
Tips on Preventing Fraud and Steps to Take if Your Personal Information is Lost or Stolen
1.
1. Do not sign the back of your credit cards. Instead, put
“PHOTO ID REQUIRED” or “ASK 4 ID.”
2. 2. When writing checks to pay your credit card accounts,
DO NOT put the complete account number on the “For” line. Instead,
Put the last four numbers. The credit card company knows the rest of
the account number. This will prevent anyone who might be handling your
3. check as it passes through all the check processing full account numbers.
3. 3. Put your work phone # on your checks instead of your home phone.
If you have a PO Box use that instead of your home address. Never have your SS#
printed on your checks, anyone can get it.
4. Make 3 sets of photo copies of the contents in your wallet an your passport;
1) Keep 1 copy in a safe place at home. 2) Keep a travel copy when you are on
vacation. 3) Leave a copy with a good friend or family member when you
are traveling. Copy both sides of each license and credit cards. Copy all
personal information from passports. If your wallet is lost or stolen you will
have copies of the account numbers and phone numbers handy.
What to do if your wallet is stolen:
1. Cancel credit cards immediately.
2. File a police report immediately in the jurisdiction where your belongings
were stolen. This proves to credit providers you were diligent. This is also the first
step toward an investigation if one is ever required.
3. Call the 3 national credit reporting organizations immediately and the Social Security
fraud line to place a fraud alert. This should prevent new accouts from being
opened. Companies will also have to contact you directly to open new accounts, and
verify or change information.
Equifax: 1-800-525-6285
Experian: 1-888-397-3742
Trans Union : 1-800-680 7289
Social Security Administration: 1-800-269-0271
Posted in Uncategorized | No Comments »