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.

No Money Down Loans in Littleton???

No Money Down Financing

I received a mail from local mortgage broker in Littleton the other day.  She works for KeyBank as a loan officer. She was telling me about a loan program that allows borrowers to get up to 100% loan to value. This is an amazing loan program because most loans today require at least 3.5 percent down just to go FHA.  On top of 3.5% down the FHA loan also requires PMI insurance and an up front funding fee of 2.25%.  The loan from KeyBank involves conventional financing with no private mortgage insurance required.

Making Littleton Home Ownership Easy

This program can work for first-time homebuyers because it allows for lower down payment options, so it takes a lot less cash to get started and qualifying for this program with all of its benefits is easier than you might think.  this is the next interest rate loan and it allows a maximum of 3% seller contribution towards buyers closing costs and prepaid items. It does require one-month reserve toward principle, interest, taxes and insurance ( PITI ).

If you are interested in this loan program, fill out the contact form below and I’ll get you in touch with my local loan consultant.

Here are a few homes currently for sale in Littleton, CO.

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What did your neighbor really pay and how big is their house?

Douglas County keeps all of the information about your home and mine public on their website.  The website is actually pretty advanced as far as county websites go.  Just compare it to Adams County and you will get an idea of what I mean.  The Douglas County Assessor website is where I spend much of my investigative time when looking for real estate information that Metrolist does not offer.  ( Metrolist is the Denver MLS service where realtor’s get most of their information ) The website offers Geographic mapping where you can find a parcel from a satellite view and get the full information on the property.

Public Information on Highlands Ranch Homes

You can find out square footage, year built, amount of real estate taxes and assessed value on homes in Highlands Ranch, Lone Tree, Parker, Castle Rock and more.  I made a video that shows you exactly how to access the website and find properties based on the address and the owner’s last name.  You can access the video on How To Access Douglas County Assessor Information by clicking here. I hope that you find the video helpful.  The Douglas County Assessor site also has information on neighborhood sales so you can get an idea of what values are in your neighborhood.  Most appraisers use sales that have taken place within the past 6 months for comparables.

Click here to view the embedded video.

Douglas County Foreclosure Information

If you are looking for information like a list of properties being foreclosed in Douglas County or the sale date on a specific property, you will not find that information on the county website without paying for it.  Douglas County charges to get full access to foreclosure sale information.  If you want information on just one or two properties you can call them directly at The Douglas County Clerk and Recorder’s Office at 303.660.7446.  Here is a link to foreclosure information for Douglas County. I also have access to a weekly list that I can email to you if you send me your information and request that list specifically.

Leave me your information below if you want foreclosure information.  Specify in comments section.

Bank of America Short Sale Negotiator

Ask any agent who has had to deal with Bank of America on a short sale during the past few years and they will have war stories of hours, weeks and months spent in vain trying to get a short sale approved. There is nothing worse than investing hours, advertising dollars and more for months on end only to never make a dime when it goes to foreclosure. I can tell you that I would tell my home buyers to avoid them if I found out they were the lien holder. I am assuming that most of America now knows that a short sale is an attempted sale of a property where the loan is greater than the value of the house. The seller wants to / has to sell and the bank needs to take less than what is owed on the loan. This last week Bank of America took me by surprise and they seem to have finally gotten their act together.

Bank of America now using the equator.com platform for Short Sales

equator.com is a website where banks process thousands of foreclosed properties every month through real estate agents. This website is where the banks gather information from agents and post documents and REO assignments. During the past few months Bank of America has had a button on the site that allows a real estate agent to initiate a short sale. For an agent to begin this process, they need to have a listing agreement, seller authorization and know the loan number. It certainly helps to have the sellers full financial information as well, but that is about to change with the new system. I have a Highlands Ranch Short Sale where the seller is dealing direct with Bank of America with their financial info.

Equator agents have a new 800# for Bank of America

Once an agent has initiated the short sale on equator, they can call a special division of Bank of America dedicated to equator.com agents. That phone number is 866-677-2516 and they are just the nicest people in the world. Only somewhat helpful, but really really pleasant to talk with. I was surprised at how friendly they actually were with me when I called. They even asked me to take a survey afterwords where I could rate the service I received. I didn’t have to wait on hold for more than a minute. The property that I was calling on that day was getting close to foreclosure and we had an offer on it that I was calling to get an approval on. She asked me the offer price and buyer name and within a minute gave me an approval. I asked for a postponement of the foreclosure and she assured me that they would delay the sale and give me 30 days to close the deal. I was super excited and called the other agent and my seller to tell them of our good fortune. ( Unfortunately it was sold at auction a few days later and the sellers now have a foreclosure on their credit ) Obviously all the kinks are not worked out of the system.

Matt Kuchar Working Short Sales

Denver sellers jump through hoops on short sales

If you are a seller considering a short sale, most of the lenders like Bank of America are going to require you to disclose all of your financial information. The process is very similar to what you went through when you applied for a loan. They ask for the last two months bank statements, last two pay stubs from both borrowers, tax returns, a hardship letter and financial worksheet. In most cases if you are unwilling to provide these documents, they will not do a short sale. Why do the banks ask for this info? They want to verify that you are actually in a distressed situation and also want to know what assets and resources you have to go after in case they want to pursue a deficiency after foreclosure or short sale. The Bank of America sellers also have to call 1-866-677-2516 and give them their email. They will then need to log into the Bank of America website for short sales at www.BankofAmerica.com/ShortSale Once inside they will receive information that they need to provide to keep the process going.

Strategic Default versus Short Sale

Some clients are not really candidates for a short sale even though they want out of their house.  For example, a seller in Highlands Ranch paid $500,000 for their house in 2006 at the height of the real estate market and now it is worth $350,000.  ( It is just an example, values did not drop that much )  Lets say the seller doesn’t think they will ever be worth $500,000 again and wants out of the property.  The seller may make plenty of money to pay the payments and isn’t really in a hardship but wants out because the property lost so much value.  That is called a strategic default.  The seller may be better served by foreclosure since giving the bank all their financial information in a short sales may give the bank information where the bank can collect money after the foreclosure.  I am not a lawyer and am not giving any advice.  You just need to really think about these things prior to attempting a short sale.

Bank of America Short Sale Guide

One of the cool things that I did get from the recent updates is a guide that Bank of America emailed to me showing me how to improve the chances that a short sale will be approved.  Most of the information I already knew, but now I have it in writing exactly what they are looking for.  You can find a link to Bank of America Short Sale Package for equator.com Agents here.  The main Bank of America Short Sale Phone number is 866-880-1232 and their fax number the last I checked was 866-680-1232.  If you are trying to do a short sale on a Bank of America line if credit, try 866-413-3757 as a phone number.  I’ll try to keep these updated for everyone to use as I can.  If a number changes, leave me a comment at the bottom of the page and I’ll update the post.  If you have a property that you need to sell and want to talk about a potential short sale, leave me your information in the contact information below.

Existing Home Sales In Highlands Ranch Increase 50% Over First Two Months of 2009

Great news for Real Estate in Highlands Ranch and Lone Tree so far this year.  In 2009 there were 110 closed sales from January to February. So far in January and February we have had 167 closed sales in the same time frame according to information in Metrolist. ( A Multiple Listing Service – MLS in the Denver Metro Area )  There are several factors that have contributed to the rapid increase in closed sales. The historically low interest rates combined with government incentives for first time home buyers and move up buyers has helped people get off the fence and into a home.  We have also had a relatively mild winter as far as snow goes which makes it easy for us to get out and look at homes.

The Average Sale Price Increased 8.9% over February 2009

Not only were there more sales in the area, but the average sale price also had an upward trend.  In 2010 the average sale price was $334,635 compared to  $307,185 in February of 2009.  One month does not make up a whole year but I for one hope that the trend continues in this direction.

Highlands Ranch and Lone Tree Condos and Townhome Sales Increase while Values Drop

The condo and townhome market is also beginning to rebound in the local market.  The number of sales Year to date through February 2010 was up 22% over the same period in 2009.  I believe that the condo and townhome market will continue to gain strength overall through the next decade.  Some national companies that follow these trends see a shift away from large homes in suburbs to smaller efficient housing closer to transportation and other conveniences.  I have personally noticed increased interest in properties close to RTD Light Rail and Bus Routes.  People are paying more attention to things like walk scores and ease of maintenance.

Unfortunately the values of condos and townhomes in Highlands Ranch and Lone Tree dropped from $251,730 in February 2009 to $222,006 in February 2010.  That is a decrease of 11.8% in value.  Hopefully this trend will reverse itself over the rest of the year.

Here is the full report from my friend Jim Renshaw at Land Title.

Highlands Ranch and Lone Tree Market Statistics February 2010

Will all the medical marijuana media attention effect Highlands Ranch property values?

First of all, why would a marijuana grower in a residential neighborhood with tons of covenants go on television and brag about making 400K a year growing pot in his basement?  Was he high? Really?  Now that I have that off my chest, how will this effect real estate values? The media hype and flash will subside and I doubt there will be any lasting effect on home values except for the homes really close to the property.  The house will be labeled ” The Pot House” and it will stigmatize the house and possibly those next door to it.  Some people aren’t going to care but believe me there are some who will.  If I were the neighbor, I’d be pretty upset at Bartkowicz.

NIMBY is a term that most of us are familiar with. ( Not In My Back Yard )

Highlands Ranch Community Association sent me the following email

Reported Marijuana Growing Operation in Highlands Ranch

9News is reporting that there is a medical marijuana growing operation in Highlands Ranch. We understand that this may not be an allowed land use in Higlands Ranch.

If members know where this or other operations of this type are located please contact the HRCA at 303-471-8821 (covenants@hrcaonline.org) or the Douglas County Zoning office at 303-660-7497 (www.douglas.co.us).

There are guidelines that regulate home businesses in Highlands Ranch.  Home businesses are allowed under our covenants if they are professional in nature (they don’t create excess traffic or parking issues to be noticeable on the exterior, etc.).

Section 2.13 of the RIG’s deals with Business Activity from a Residence and refers to

Section 4.2 of the Supplemental Declaration. Residential Use. An Owner of a Residential Site in annexed property may use his Dwelling Unit for professional of other home occupations as long as there is no external evidence thereof and no unreasonable inconvenience to the neighbors is created.

All businesses in Highlands Ranch should be licensed and follow the necessary requirements by Douglas County Zoning. Douglas County Zoning Department – Home based Businesses can be reached at 303-660-7497.

Looks like they got a bunch of complaints from the concerned residents of Highlands Ranch

Medical Dispensary Set to Open in Highlands Ranch?

According to 7 News a local chiropractor in Highlands Ranch has applied for a dispensary permit for his location in Highlands Ranch. It would be the first medical marijuana dispensary in Douglas County. This will be interesting to see how it plays out in both the media and legally.  I personally would not like to see this in my back yard. The whole argument that it is a matter of convenience is a sham.  From what I have heard, a card carrying member can get their medicine delivered straight to their door and never leave the sofa. Kind of like ordering pizza when you get the munchies right?

Tell Me What You Think

This blog allows you to make comments for or against my opinion.  I welcome feedback and healthy discussion on the topic so please leave your comments.