What Not to Overlook on a Final Walk-through

It’s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook for on your final walk-through.

 

Make sure that:

• Repairs you’ve requested have been made. Obtain copies of paid bills and warranties.
• There are no major changes to the property since you last viewed it.
• All items that were included in the sale price — draperies, lighting fixtures, etc. — are still there.
• Screens and storm windows are in place or stored.
• All appliances are operating, such as the dishwasher, washer and dryer, oven, etc.
• Intercom, doorbell, and alarm are operational.
• Hot water heater is working.
• No plants or shrubs have been removed from the yard.
• Heating and air conditioning system is working
• Garage door opener and other remotes are available.
• Instruction books and warranties on appliances and fixtures are available.
• All personal items of the sellers and all debris have been removed. Check the basement, attic, and every room, closet, and crawlspace.

Tips For Pricing Your Home

• Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities? 
• Consider competition. How many other houses are for sale in your area? Are you competing against new homes? 
• Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?
• Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute or ask your REALTOR® for some recommendations. 
• Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value. 
• Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell. 
• Know what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer. 

Buying a Condo in Colorado? 10 Questions to Ask the Condo Board

Buying a condo in Colorado?  10 Questions you Need to Ask the Condo Board

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

Need a Realtor?  You can trust me to protect your interests and negotiate the best price for your home. 

Stefan Geyer
303-858-8100
Realtor, Home Real Estate

Have listings sent directly to your e-mail:  http://www.stefanmax.com/

Colorado Home Buyers: 10 Ways to Prepare for Homeownership

10 Ways to Prepare for Homeownership


1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact me, a Colorado REALTOR® serving the Denver Metropolitan Area.  I can help guide you through home buying process.

Stefan Geyer
303-858-8100
Home Real Estate
"A Modern Realtor® for Modern Times"

Have home listings sent directly to your e-mail:  http://www.stefanmax.com/

5 Common First Time Home Buyer Mistakes

5 Common First Time Home Buyer Mistakes


1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems, http://www.realestatechecklists.com/.

Colorado Home Buyers: Top 7 Reasons to Buy Your First Home Today

Top 7 Reasons to Buy Your First Home Today


1. Free Money. The $8,000 tax credit for first time home buyers is valid before April 30, 2010(under contract deadline). This is a special tax credit from the government that you don't have to pay back, as long as you stay in the home for at least 36 months. Contact me today for a free and informative a tax credit packet.
2. Affordability. Based on recent property declines and current interest rates, home affordability has not been higher since it was first tracked over 40 years ago. Your grandparents couldn't have received a better interest rate than you can today.
3. Tax Breaks. The IRS allows you to deduct the interest you pay on your mortgage, your property taxes and, in many cases for those who qualify, some of the costs to buy your home and mortgage insurance. Owning a home is a great way to lower your tax bill.
4. Build Wealth. Unlike paying rent, with each mortgage payment you make, you build equity and you decrease your income tax liability. Owning a home is still the best long-term investment.
5. Appreciation. As home prices have fallen precipitously in today's tough economy, the basis for realizing appreciation in future years is very strong. Historically, even with other periods of declining value, home prices have exceeded consumer inflation. From 1972 through 2005, home prices increased on average 6.5%, according to the National Association of Realtors®.
6. Stability. Knowing you can establish roots and raise a family in one location, free of the desires or needs of your landlord to sell the property you are living in. This is something no other investment provides. You can't live in a stock, and you can't raise your kids in a bond.
7. Independence. Enjoy the freedom to do what you want to your home. After all, it's yours to do what you wish. And, with any improvements you make, you have the ability to benefit from your investment. Try that with an apartment!

Call me today to get started!

Stefan Geyer
Home Real Estate
303-766-4663
www.StefanMax.com

Reprinted courtesy of:
Mandy Hammer
Loan Officer
Pinnacle Mortgage
Phone: 877-716-9006 ext 885
mhammer@pinnacle-mortgage.com
www.mytoplender.com

Colorado: Real Estate Questions? I Have Answers. No Pressure.