With so many real estate agencies on the line today, spotting a fraudulent one can often be difficult, especially if you’re dealing with a true conman who knows the industry. In this modern age though, it is becoming easier to stop fakes when it comes to agencies and their representatives. Here are a a few ways to spot a fake and save you your time and money.

No License

Your real estate agent should always be licensed and listed with the appropriate agencies. Check national databases because they should list the broker’s private license. If they work for a large company, the corporation also be licensed.

Always be wary of fake websites! Many scammers and con-artists know that they have internet savvy customers and often set up professional looking websites to keep up their scams. Always dig deep by checking the relator, knowing their name, and the state that they are “licensed” for. If you believe that companies need an even deeper check, you can always call the FTC (Federal Trade Commission) or BBB (Better Business Bureau) to verify their company is legitimate.

Advertising and Referrals

Be wary of ads on sides like Craigslist. These are often posts that sound too good to be true, so more than often, they’re not real. Scammers and con-artists often rely on the deal overriding your good senses.

When asking for referrals, if they either have none or give you too many, you should walk away. A good real estate agent develops a trusted circle of referrals as contacts. If your realtor is using an online ad agency, check for reviews from other users.

Most fake real estate agents often ask for money up front, whether they are selling a house or trying to have you purchase one. Before signing any agreements or handing over any cash, make sure you check licenses and if the intended property is really for sale. Real real estate agents generally work for commission, meaning they will receive a percentage of the house sale. They will generally never ask for money down rather than fake real estate agents who may try to hide it with terms like “initial investment” or “brokerage fees”. If any realtor asks for money down, always check their license.

Deals that sound “Too Good”

That’s because 99.9% of the time, they are. With market prices as they are, you should never take a deal at face value. Always know the market prices for the area and the type of home you’re interested in. Many fake agents will try and hoodwink you with “great deals” with extremely low prices because they’re not selling the property at all.

Skipping Negotiations

Fraudulent real estate agents often don’t want to negotiate because they’re only in it for the money from the security deposit. Don’t be fooled by terms like “one time only”, “best deal”, or by too low prices even in a market filled with foreclosures.

Excessive Eagerness

Many real estate agents often have several bookings for a single listing, you are just one of the many potential customers. If they seem far too eager to close the deal, you may have a fake real estate agent on your hands.

Extreme Pushiness

Scammers and con-artists know that they can be discovered at any given moment, so they will often try and push to close the deal as soon as possible. They often give you deadlines and consistently bug and badger you to close the deal, NOW. A true real estate agent know that clients need time to think and evaluate before they make such a large purchase.

By trusting your instincts and doing research will go a long way when it comes to protecting your money. If you are in the market for a home or selling yours, you need to know your stuff. Always do your research and consider contacting a trusted Highlands Ranch real estate agent today.

Since the beginning of the “Mortgage Meltdown”, to which Highlands Ranch was not immune, there have been programs to help people stay in their homes rather than lose them to foreclosure. Many of these programs were reactionary in nature and offered little help to most troubled homeowners. I personally know of several families that applied to their lenders and the government for help only to be frustrated with the paperwork, guidelines and process of receiving help. Even if they found their way through the maze of bureaucracy and received some sort of help, the programs did not address the root of the problem and people ended up losing their homes anyways. The real issue for most people is a loss of value in the home. The new Homeowner Affordability and Stability Plan could actually lower the loan amount owed by a homeowner.

Do You Qualify for Mortgage Help?

The devil is in the details.  You DO NOT have to be late on your payments to qualify. The new program is for homeowners that are unable to refinance with conventional mortgages because they owe more than the house is worth. The first criteria for the HAMP program is that your mortgage is underwritten by Fannie Mae or Freddie Mac.  You can enter your loan number on their site to see it your loan is with them. ( Fannie Mae ) ( Freddie Mac ) If your mortgage is with either of these agencies and you meet the following requirements, you should apply for assistance.

The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

The current loan-to-value (LTV) ratio must be greater than 80%.

The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Highlands Ranch FHA Loans Underwater

FHA loans that are underwater are handled a little differently than Fannie Mae and Freddie Mac.  They call it a Principal Reduction Alternative Program.  The requirements are as follows:

Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.

You owe more than your home is worth.

You occupy the house as your primary residence.

You obtained your mortgage on or before January 1, 2009.

Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income.

You owe up to $729,750 on your 1st mortgage.

You have a financial hardship and are either delinquent or in danger of falling behind.

You have sufficient, documented income to support the modified payment.

You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

( Information Taken directly from Making Home Affordable website )

Who Do You Contact for Help?

I suggest contacting your current lienholder and Making Home Affordable 1-888-995-4673 at the same time.  Send up the rescue flares and let everybody know that you need help.  I have heard that the mortgage servicers are more receptive when they know you have contacted the government for help as well.  It is a lot of work collecting the information that they request as well as making a case for your particular hardship.  Take it with a grain of salt and push through.  The chances are better than ever that you will get the help that you need.

Is 2012 The Beginning of a  Denver housing recovery?

I can remember back in 2005 when sales began to slow and prices stabilized then began to decrease. I could tell within 60 days that the market had changed and that we were in a downturn. I had no idea how deep and long it would be, but I knew something had changed. I get the distinct feeling that the real estate market is beginning to change again and this time for the better.

Home prices in Denver may increase but not the number of sales.

Our market is as simple as supply and demand. In recent months the number of homes and condos for sale has drastically decreased. One reports shows homes inventory in the Denver area is down 37% from last year for single family homes while condo inventor has decreased 50%. In addition to a decrease in inventory, there has been an increase in pending sales. I have had several clients in multiple-offer situations on homes already this year. Even crazier has been that the clients bid above the asking price on those homes and still came up short compared to other offers.

Interest Rates Remain Low on Denver Mortgages.

Another factor in our housing market has been low mortgage rates. I have seen buyers lock on 30 year loans below 4% on fixed rate mortgages. As rents continue to increase and mortgage rates stay low, it will continue to create demand on housing. For most people it is less expensive to buy a home than rent. I believe that when we begin to see a slight increase in mortgage rates there will be an even larger surge of people wanting to buy before rates get any higher.

Consumer Confidence and Jobs are beginning to help.

When people feel better about their future and the economy as a whole, they are more likely to make large purchases and decisions like buying a home. I think most of us are hesitant to say things are getting better but there is at least a sense that things aren’t getting worse. Even Fox News is optimistic on Denver’s Housing Market.

I understand that many of these reasons for an optimistic outlook are anecdotal. In 2005 I could not prove to anyone what was about to happen but I knew it in my bones. I feel the same way in my gut about 2012 being a turning point for the good. We will not know for sure until 2013.

It’s not a secret what my opinion is when it comes to living in Highlands Ranch; it’s a great move! There are plenty of reasons for my opinion on the matter; great schools, great community, safe and secure environment, open spaces, gorgeous homes, proximity to Denver, proximity to the mountains, and, of course, the best neighbors in the state! While I think that everyone should be OK with simply taking my word for it, I realize that for some, my word alone isn’t enough. That’s why in today’s post I’m going to bring in some third party opinions which I think solidify my belief that if you are thinking about living in Highlands Ranch, well, that’s good thinking!

CNN Money

In 2010 CNN Money rated Highlands Ranch as the 12th best place to live in the nation, and the second best in Colorado! CNN cites the town’s 8,100 acres of undeveloped land, 22 recreational parks, activities such as hiking, biking and golfing, as well as a strong school district and consistent home prices all as reasons for this impressive ranking. According to CNN, one of the World’s most trusted news sources, if you are considering living in Highlands Ranch, there are a ton of good reasons why.

GreatSchools.org

As one of the premier school rating sites on the web, greatschools.org lists over 200,000 public and private schools across the country, and uses reviews from over 800,000 parents, as well as other performance-based indicators (test scores, faculty ratings, etc) to rank each school system in the country. Needless to say, they are a high quality source for finding the nation’s top educational systems, and they rate Highlands Ranch schools a 9 out of 10! If you want the best possible education for your children (and what parent wouldn’t?) you simply can’t go wrong choosing Highlands Ranch.

Bestplaces.net

This site has a lot of great information pertaining to quality of life standards of towns and cities across the United States. They rank Highlands Ranch the “number 3 City on the Edge of Greatness”, citing the relatively low unemployment, the great school system, and the steady population growth as indicators of it’s greatness.

So, there you have it. You no longer have to just take my word for it when I say that living in Highlands Ranch is a great decision. If you are interested in finding out what Highlands Ranch has to offer you and your family, please give me a call today, and let The Kuchar Team help you get into the perfect Highlands Ranch home for you.

A Short Sale is the sale of a home where the owner owes the bank more than the property is worth. The bank is forced to either foreclose on the property or take less than is owed on the mortgage creating a “shortage”. Usually a person applying for a short sale has some sort of hardship that is causing them to no longer afford the home that they once qualified for.  The most common reasons for owners to consider a short sale is a loss of income due to unemployment or increase in expenses due to illness.  Another cause of short sales I come across is divorce.  When a divorce happens and the couple can no longer live together the remaining spouse is unable to afford the property with one income and they are forced to sell the home via short sale.

Falling Home Values Cause Short Sales

When I started selling homes in 1991 there weren’t any short sales.  Throughout the 90′s and into the mid 2000′s there weren’t many foreclosures so a short sale wasn’t really considered.  In most cases values were steadily increasing and people that had gotten into a distressed situation had enough equity in the home to sell it and walk away with money in their pocket.  It wasn’t until late 2006 and early 2007 that values began to decline and people were unable to sell them for what was owed creating the mortgage meltdown crisis of 2008.  One of the other contributing factors to the huge increase in short sales was the popularity of second mortgages during the early 2000′s.  Many people saw their home values increasing and pulled that equity out of their home using a second mortgage.  When values began to decrease, there wasn’t any cushion and people became upside down on their mortgage.

Short Sales a Good Buying Opportunity?

You need to know the facts prior to looking at a short sale in Highlands Ranch.  I have found that most short sales do actually close if the buyer is willing to wait for the bank to make a decision.  There are so many factors that can cause delays and frustrate both buyers and agents alike.  Much of the frustration is the result of inexperienced and untrained listing agents that take short sale listings without qualifying the sellers to determine whether they qualify or not.  When I represent buyers on these deals, I do a lot of education regarding the process and set the expectations low.  For the owner occupant that needs a house in 30 days these are not an option to consider unless the bank has pre-approved the short sale listing price.  For the investor that is patient and can wait, there may be some opportunities.  You can realistically expect a discount of some sort because it is a distressed property.  I would not expect drastic price reductions because the bank that holds the mortgage always does an appraisal to determine the value of the property.  If the offer is below their minimum acceptable offer, they will not approve the sale.  Just because an agent listed the property for a ridiculously low price does not obligate the bank to accept it.

If you want more information on selling your home through short sale contact me here.

List of Short Sales in Highlands Ranch

$174,300

MLS# 1079034

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563 Longfellow Ln

Highlands Ranch, CO 80126

3 Bedrooms, 3 Baths

Residential

Domaine Real Estate

 

$314,900

MLS# 1077789

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1170 Thornbury Pl

Highlands Ranch, CO 80129

5 Bedrooms, 4 Baths

Residential

Camelot Brokers Llc

 

$300,000

MLS# 1082623

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2721 High Cliffe Pl

Highlands Ranch, CO 80129

4 Bedrooms, 4 Baths

Residential

Keller Williams Dtc

 

$275,000

MLS# 1088037

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9855 Buckingham Ct

Highlands Ranch, CO 80130

3 Bedrooms, 3 Baths

Residential

Re/max Masters Inc

 

$375,000

MLS# 1088212

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788 Ridgemont Cir

Highlands Ranch, CO 80126

4 Bedrooms, 5 Baths

Residential

Realty World Colorado Homes

 

$450,000

MLS# 1088427

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2347 Wynterbrook Dr

Highlands Ranch, CO 80126

5 Bedrooms, 4 Baths

Residential

Re/max Professionals

 

$319,900

MLS# 1090963

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409 Rose Finch Cir

Highlands Ranch, CO 80129

3 Bedrooms, 3 Baths

Residential

Relogic

 

$255,000

MLS# 1091841

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9204 Montrose Way

Highlands Ranch, CO 80126

4 Bedrooms, 3 Baths

Residential

Innovative Real Estate

 

$330,000

MLS# 1092314

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2236 Thistle Ridge Cir

Highlands Ranch, CO 80126

5 Bedrooms, 4 Baths

Residential

Mb Silverstone Realty

 

$298,900

MLS# 1092451

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498 English Sparrow Trl

Highlands Ranch, CO 80129

4 Bedrooms, 3 Baths

Residential

New Era Realty Inc

 

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Disclaimer and Terms

The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC. Real estate listings held by brokers other than Cherry Creek Properties are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified. See Disclaimer

As a real estate agent in Highlands Ranch I get asked about foreclosures and bank owned properties all of the time.  The perception is that by purchasing a bank repossession you are automatically getting a great deal thousands of dollars below market value.  There are definitely opportunities to be had in buying these homes but much of it depends on what type of buyer that you are ( owner/occupant or investor ) and what type of bank is selling the property.

Investor vs. Owner Occupant

In recent years with the government involvement with Freddie Mac and Fannie Mae, the selling of these bank assets has changed.  Very similar to HUD Homes ( HUD Homes are FHA loans that have been foreclosed upon ) both Fannie Mae and Freddie Mac only allow owner occupant offers to be presented during the first 13 days.  If a property is in good condition and priced well, then most likely an owner occupant will purchase it during that time.  It is the governments attempt to offer these bargains first to people that are going to live in the property rather than an investor that would fix it up and re-sell the property for a profit.  HUD homes are offered to owner occupants during the first 10 days and investors can bid on them afterwards.  I often get calls from investors to go look at some property that was just listed for sale at a great value only to be disappointed because the bank will not consider their offer until they are past the owner/occupant first look deadline.

Financing for Foreclosures

The next thing to consider when buying a foreclosure is what type of financing that you will use during the purchase.  Many people that buy homes in Highlands Ranch use FHA financing because they only require 3.5% down payment.  This is a good option as long as the property is in good condition.  FHA loans require an FHA appraisal/inspection and has to meet or exceed certain conditional guidelines. If the property needs a new roof or the carpet is destroyed etc. then FHA will not give you a loan on the property.  Their reasoning is that they do not want to set people up for failure.  For many people just scraping up the 3.5% down payment is tough.  They do not have extra money for costly repairs.  There would be an even higher foreclosure rate among FHA loans if they allowed loans to be given on properties that they knew beforehand had problems.  Conventional loans require 5% or more down payment and are a little more lenient on inspection issues.  But you need to be realistic and ask yourself, ” Do I have the money to replace the carpet and roof if I buy this home?”  There are rehab loans available called an FHA 203K loan that allows a buyer to finance in repairs to the home.  I will get into the pros and cons of those loans in future blogs.

Is a Foreclosure a good deal?

The answer is: Maybe.  In Highlands Ranch and Lone Tree the average sale price is around $375,000.  If you can find a good bank foreclosure with very little work needed and with average square footage for 15-20% discount then yes it is probably a “good deal”.  If that property is outdated and needs carpet, paint a new roof and windows then I would say no it is not a good deal.  The investors understand that every project costs more than you budget for and usually takes more time and trouble to complete than anticipated.  To calculate the real costs to fix up a property, get three estimates for every job that needs to be done.  Average out those estimates and add 25% to the total and you most likely will have a realistic idea of the cost to complete.

I have experience helping people find foreclosures, short sales and regular sales in Highlands Ranch and would love the opportunity to discuss your needs and how we can meet them.

List of Highlands Ranch Foreclosures

$224,000

MLS# 1073811

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843 Homestead Dr

Highlands Ranch, CO 80126

3 Bedrooms, 2 Baths

Residential

Westfall & Company Marketing

 

$519,900

MLS# 1079640

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10072 Briargrove Way

Highlands Ranch, CO 80126

5 Bedrooms, 4 Baths

Residential

Benchmark Realty, Llc

 

$309,900

MLS# 1086787

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9932 Gwendelyn Pl

Highlands Ranch, CO 80129

3 Bedrooms, 3 Baths

Residential

Westfall & Company Marketing

 

$314,900

MLS# 1090717

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10011 Gwendelyn Ln

Highlands Ranch, CO 80129

3 Bedrooms, 3 Baths

Residential

Mb Denver Colorado Realty

 

$249,900

MLS# 1088269

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3197 Green Haven Cir

Highlands Ranch, CO 80126

3 Bedrooms, 3 Baths

Residential

Keller Williams Realty Llc

 

$301,000

MLS# 1091993

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9713 Laredo St

Highlands Ranch, CO 80130

4 Bedrooms, 3 Baths

Residential

Realhome Services & Solutions

 

$194,500

MLS# 1080898

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1045 Cobblestone Dr

Highlands Ranch, CO 80126

4 Bedrooms, 4 Baths

Residential

Signature Brokers

 

$252,900

MLS# 1093082

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8452 S Willow Creek St

Highlands Ranch, CO 80126

3 Bedrooms, 3 Baths

Residential

Re/max Alliance

 

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Disclaimer and Terms

The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC. Real estate listings held by brokers other than Cherry Creek Properties are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified. See Disclaimer

Many people want to see the mountains from their home

When my wife and I began our home search here in Highlands Ranch, we began as most people do with a wish list.  There were the criteria that the property had to have and then the list of what would be nice to have.  With our size family, we had to have at least four bedrooms and 2,400 square feet.  We wanted a large basement as a place for the kids to enjoy when we entertained guests. The other must have was a view of the mountains.  When we moved to Highlands Ranch, we rented for the first year to give us time to find the house that we really wanted and the rental was backing to open space with a wide open view of the front range.  Waking up to see the mountains every day was enough to get us hooked and mountain views were added to the must have list when we bought our home.

Mountain Views add value in Highlands Ranch

We quickly realized as most people do that we would have to pay extra to get a decent view of the mountains.  The builders and developers know that people will pay extra to have views and that those who can pay extra may prefer a larger home.  How much more does it cost to get mountain views?  I did a little calculation for Highlands Ranch where I compared 5 months of sales between 300K and 500K.  The difference was not as great as you might think.  There were a total of 159 sales without mountain views and 80 sales with mountain views.  Both samples sold close to 98% of the list price.  The best way to measure the difference is in psf ( price per square foot ).  Without a mountain view, the homes averaged $150 per square foot.  The properties with mountain views sold for $153 per square foot. So according to the math, a property with 2,500 square feet will cost about $7,500 more to have a mountain view.  There wasn’t much difference in days it took to sell them either.  They took 64 to 66 days to sell.

Not all mountain views are the same.

On last word of caution.  Many real estate agents will place homes in the MLS ( Multiple Listing Service ) and check the box that says mountain views.  There is a world of difference between an unobstructed mountain view and a mountain view over a house through one bedroom window.  Technically they are correct, but there isn’t any real value in a view that can’t be enjoyed from most of the house.  A view from the front porch of a house may be less desirable than from the back porch.  It depends on where you like to spend your time.

Homes With Mountain Views in Highlands Ranch

$1,495,000

MLS# 1012159

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10815 Wintersong Way

Highlands Ranch, CO 80126

4 Bedrooms, 5 Baths

Residential

Fuller Sotheby's Int'l Realty

 

$844,900

MLS# 1039020

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1411 Meyerwood Cir

Highlands Ranch, CO 80129

5 Bedrooms, 5 Baths

Residential

Fidelity Realty

 

$645,500

MLS# 1056479

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9419 Viaggio Way

Highlands Ranch, CO 80126

3 Bedrooms, 4 Baths

Condo - Loft - Townhouse

Mb Alborz Real Estate

 

$659,000

MLS# 1056682

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3860 Fairbrook Pt

Highlands Ranch, CO 80130

6 Bedrooms, 5 Baths

Residential

Lori Corken & Company

 

$325,000

MLS# 1062412

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9304 Burgundy Cir

Highlands Ranch, CO 80126

3 Bedrooms, 3 Baths

Residential

Coldwell Banker Residential 26

 

$425,000

MLS# 1068113

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9253 Ironwood Way

Highlands Ranch, CO 80129

4 Bedrooms, 3 Baths

Residential

Watts Enterprises, Inc

 

$299,900

MLS# 1068580

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311 Florence Ct

Highlands Ranch, CO 80126

5 Bedrooms, 4 Baths

Residential

Re/max Professionals

 

$329,950

MLS# 1069195

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8841 Blue Mountain Pl

Highlands Ranch, CO 80126

4 Bedrooms, 4 Baths

Residential

Mb Big Sky Realty Llc

 

$329,950

MLS# 1070911

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8841 Blue Mountain Pl

Highlands Ranch, CO 80126

4 Bedrooms, 4 Baths

Condo - Loft - Townhouse

Mb Big Sky Realty Llc

 

$292,900

MLS# 1070978

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6422 Silver Mesa Dr, Unit D

Highlands Ranch, CO 80130

3 Bedrooms, 3 Baths

Condo - Loft - Townhouse

Keller Williams Dtc

 

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Disclaimer and Terms

The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC. Real estate listings held by brokers other than Cherry Creek Properties are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified. See Disclaimer

Best Websites To Get Real Estate Information in Highlands Ranch

I am not afraid to share some of the best places on the web to get real estate information with you.  Some of these sites you probably already know about and others will be a surprise. I will share with you where the sites are at and what  each of them does well.  Ultimately you will need to contact a Real Estate Agent in order to see them and write and offer.  Hopefully my willingness to share with you some great research tools will create enough interest to warrant and interview for the job of representing you in the purchase of your next home.

When it comes to Home Prices and Home Values in Highlands Ranch as well as Real Estate trends, Zillow.com is probably the best site to look at.  It is best to look at the data over a two year time frame so that you can compare for adjusted seasonality.  For example it is important to know that home sales slow down in the winter here in Colorado.  That way when there is a 6% drop in sales from November to December, you understand that it happens every year and is normal.

Home Foreclosure Information in Highlands Ranch

The best site to find information about home foreclosures and foreclosure trends would be Realtytrac.com.  They have this really great tool called a heat map. The site requires a membership to get all of the information that is available.  I used to subscribe to the site but found the information was sometimes unreliable.  For example they would show a foreclosure for sale at a ridiculously low price and people would call me all excited thinking that they were going to buy it for that price.  What was happening was the lienholder placed a notice of election and demand ( NED ) prior to foreclosure for the amount that they were owed.  Realtytrac recorded that on their site.  The property wasn’t actually for sale, it was in pre-foreclosure.  If you want to go to the courthouse step and try to buy it for that amount, you have to have cash and really know what you are doing.  Believe me, there will be plenty of competition down at the county courthouse bidding the price up to just below market value.  If You want information on Highlands Ranch Foreclosures that are listed for sale, send me an email or text me and I’ll send you an up to date list.

Want To Know What Agent Sells The Most Homes in Highlands Ranch?

The only way to know that actual information is to subscribe to Metrolist as a Realtor and do the research from the source.  Zillow again does the best job of giving you and idea of who is carrying the most homes for sale in the area. In highlands Ranch you can go to the Zillow Page and scroll to the bottom.  There you will find many of the agents with the most listings.  I personally carry between 8 and 15 listings at a given time.  The Real Estate Industry judges agents by how many sales they had in a given year and what was the dollar volume in millions that they sold along with who made the most commission.  Really?  Is that the best way to judge a Real Estate Agent?  I wish we could be judged on experience, customer satisfaction and sales volume.

Public Information on Highlands Ranch Homes

The Douglas County Assessor website is the best place to find information about any home in Douglas County.  The assessor website has home information such as year built, square footage, last sale price and date, size of the lot and owner names.  You will not find information on homes owned by law enforcement employees and other sensitive professions.  There is also a really great mapping tool showing property boundaries on the assessor website.

Highlands Ranch School Information

There are a couple of different places that offer good information. The Colorado State Education Website is the most reliable source.  Their link is set up in my website by clicking here.  Another great resource can be found on Trulia. The Trulia site feeds information on schools from a slightly different source. I also have a page that offers the direct links to all Colorado School Accountability Reports and many of the School District websites.

Denver Bank Takes 20K Less Than Highest Offer To Get Cash

I couldn’t believe my ears this morning when I received the call.  In fact the agent who was calling me was surprised that the asset manager at the bank took our offer even though it was 20K less than the “highest and best” offer.  The ironic thing is that the bank reps accepting offers on bank owned properties would rather not deal with their own lending institutions.  Has lending gotten that difficult lately? Wouldn’t you think that the bank who owned the property would prefer that their own company get the loan???

A Tale of Two Offers

I will give you the quick scenario on the cash offer.  The property was a 4 BR tri-level with a basement built in 1998 located in Southeast Aurora. ( Sterling Hills to be exact )  The property was in very good condition for a bank owned property with minor cosmetics needed.  Our highest and best offer was 4K less than the asking price and the listing agent advised me there was a lot of action on the property.  By the number of real estate agent business cards left over a 3 day period, I knew she was not lying.  By the time we submitted our offer ( within 24 hours of viewing the property ) they had several offers and wanted our highest and best by 5 PM the next day.  We submitted a strong offer from a paperwork standpoint.  I had proof of funds that actually showed 200K in the account rather than some letter from a bank stating there was enough funds.  Hint Hint ( When making cash offers, use a snapshot of an account with enough money in it rather than a letter from the bank stating that you have the money.  It is more believable )  Our offer had 5 days for inspections and 5K earnest money plus a 21 day closing timeframe.  I found that closing before the end of the month gets me an extra deal or two a year because the asset manager needs to close their quota to get their bonus. Sure enough, we received a call the next day saying we got the deal.  The agent told me there were offers 20K higher but they liked our cash.

The Bank Decided to take Another Offer

Please Take My Offer

More often than not I am on the losing side of multi-offer transactions.  ( You would be too when going up against 4 or more offers and advising your client to make offers based on true value rather than hype )  Some people are willing to pay more than a property is worth just because it is bank owned.  I am all for offering more than the asking price if the value is there to support it.  In fact I had a young couple make an offer 10K over list price with 4K in closing costs.  The property was in really good shape and could go FHA no problem.  We had a full blown loan approval ( just needed an address ) rather than a pre-approval.  We placed offers on 5 properties and went over asking price on each one but did not get a single property.  I even knew most of the listing agents and followed up on our offers etc.  In the end they got frustrated and quit searching for their Denver home.

The Moral of The Story

Life is not fair and that is especially true when dealing with bank owned properties in Denver.  More often than not, people have to submit offers on several properties in order to get accepted on one.  And good agents advise their clients on the real value of a property rather than over-bidding in order to make a commission.

There will be more Open House signs than Garage Sale signs in Highlands Ranch this weekend.  I plan on holding my listing at 9215 Mountain Brush Ct. in Highland Ranch Open on Saturday from 10 am to 2pm. ( Come by and See Me ) This is an effort by the National Association of Realtors to get the message out that there are some great deals out there for home buyers.  There will be thousands of homes in Colorado being held open by Realtors on Saturday and Sunday.  More than anything we hope to create some awareness that there is still a few weeks to take advantage of the First Time Home Buyer Credit.  With the low interest rate, low prices and tax credits it is a great opportunity for many to make the plunge into home ownership.

How To Hold a Good Open House

Signs, signs and more signs.  The number one key to having a good open house is to put out so many signs that people stop by to see the crazy Realtor that put out 12 signs pointing to the property for sale.  It is also worth it to put the Open House on Craigslist, realtor.com, zillow.com and other local online places.  If you do not generate traffic to the property, what good are the cookies and juice?  Having the house or condo prepared well for sale is also key to getting interest in the property.  I want the front entry to be freshly painted and yard trimmed etc.  Once inside the home being held open, all the lights need to be on and every window shade open.  Lots of light makes a house seem bigger and brighter.  Make sure that it smells good as well.  Bake the cookies in the oven prior to the open house and people will love it.

Marketing Tips for Open Houses in Highlands Ranch

I always have a sign in sheet with name, phone and email.  Who uses a physical address anymore?  One tip is to already have a name, email and phone filled out on the form so that they don’t feel like they are the first ones to get suckered into giving you their info.  Most people are cool with giving their real information as long as you aren’t going to spam them with canned email messages.  A nice property flyer with good information is also helpful.  Do not try to hold an open house during a Bronco’s game or some other major event.  It will be a huge waste of time.  Nationally less than 1% of all home sales are the result of an “Open House” In my 13 years of selling homes and assisting in over 500 transactions, I have sold two homes holding a house open.  There isn’t anything wrong with trying this approach, just have realistic expectations.

When all is said and done, consider the price.

All of the marketing and showings in the world will not sell a house that is over priced.  Most homes sell in the first 30 to 90 days of being listed.  If a property is getting a lot of traffic but not getting offers then you need to consider the condition of the home.   After doing any necessary repairs or updates if you do not get offers then the only thing that can be wrong is the price.   Some will argue that the location is the problem.  Since you cannot change the location, you must adjust the price. Wish me luck this weekend at the Open House in Highlands Ranch.  I’d like to make it three homes sold during Open Houses.