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.

Don't Burn Money, Get Paid to Buy a Home

Buy a Home, and GET PAID.

Lease Termination Fee? No Problem!

Own a Home & Want to Move? You get Paid to Buy too!

The home buyer tax credit offers you a chance to get cash from the government for buying your dream home...but you need to be under contract no later than 04/30/2010. Time to Act! It is EZ! Not to mention, rates and home prices are LOW. Don’t plan on the tax credit being extended again. We can help you with the four easy steps below:

1. Qualify with a Lender.
2. Negotiate your Current Lease.  Early termination fee?  There is a potential solution.
3. Find your Dream Home.
4. Collect your Money from the Governement($6,500-8,000 is typical).

Why wait? Call today and receive an informational free Homebuyer Tax Credit Guide.

Stefan Geyer                          Tom Turnquist
303-766-4663                         720-407-8100 x217
Realtor® | Eco Broker             Senior Loan Officer
Home Real Estate                    American Summit Mortgage
http://www.stefanmax.com/     tturnquist@americansummitmortgage.net

Colorado: $8,000 reasons to buy a new home.

$8,000 REASONS
FOR YOU TO GET OFF THE FENCE!

Dear Future Homeowner,

There’s never been a better time to buy a home. Really!!

That’s because Congress is offering the $8,000 tax credit to help first-time homebuyers, like yourself, purchase a home. If you qualify and buy a principal residence before April 30, 2010, then you’re eligible for the credit—allowing you to subtract 10% of the purchase price of your home up to $8,000 from your tax bill.

Also, the FHA at the urging of NAR has changed the rules to make this money available to you at closing! Visit www.HousingMarketFacts.com for more information.

So, why wait? Please contact me for more information about this can’t-miss opportunity.


STEFAN GEYER

Realtor®, Home Real Estate
C: 303.766.4663 , F: 303.534.5508
http://www.stefanmax.com/

"A Modern Realtor® for Modern Times"

Obama Signs Extended Tax Credit into Law

Obama Signs Extended Tax Credit into Law: http://bit.ly/oFMH9

Call me if buying or selling a home in the Denver Metropolitan area.

(see previous post for very detailed information regarding the tax credit for homebuyers)


Stefan Geyer
Colorado Realtor
http://www.stefanmax.com/

Denver > Buy Homes with your Credit Card?

Have you considered investing in a rental property, or two, or three?  Adding them to your investment portfolio?  How about properties so cheap that you could likely buy them using your credit card?  Of course, a credit card is not a recommended purchase method, but it gives you an idea of just how cheap some deals are.  I dove into the MLS this morning, searching for cheap properties in Colorado, specifically in Denver and the Greater Denver area.  Below is a summary of my findings:

-260 Single Family homes priced at 50K or less.
-28 Single Family homes priced at 25K or less.
-18 Condominiums priced at 25K or less.

You can expect every one of these properties need work, but there is a great deal of equity to be had in many cases.  Are you interested?  Contact me for additional information.


Stefan Geyer
Colorado Realtor
http://www.stefanmax.com/

Colorado Update: Homebuyer Tax Credit Extended & Expanded

For homebuyers, and home sellers, in Colorado, there is more good news! 

The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. The President is expected to sign the legislation, perhaps as early as today.

More information on the tax credit and what it means to you:

Changes to the Homebuyer Tax Credit Law
Frequently Asked Questions About the New Bill
See How the House Voted
In Depth: 2009 First-Time Homebuyer Tax Credit

Now REALLY is the time to get your home listed or to begin your home search.  Contact me and let's get started.


Stefan Geyer
Denver Metropolitan Realtor®
Home Real Estate, 303-858-8100
Automate your home search.  Property alerts sent to you via e-mail >> http://www.stefanmax.com/

Tentative Agreement to Extend & EXPAND Homebuyer Tax Credit

Colorado / Denver home buyers and home sellers, GREAT NEWS!  The homebuyer tax credit appears it will be extended and expanded.  To take advantage of the $8,000 tax credit, first-time home buyers would need to be under contract by 04/30/2010, and close before 07/01/2010. 

Are you a homeowner?  You may qualify for a credit too!  Have you lived in your current residence for a consecutive five-year period in the past eight years?  Then you would be eligible for a new $6,500 credit.  You also must be under contract by act by April 30, 2010 and close before 07/01/2010.

Contact me for more information.  The time to buy and sell is now, as it is unlikely this type of opportunity for Colroado homebuyers and sellers will appear again or be extended anytime soon.


Stefan Geyer
303-766-4663
Colorado Realtor
Home Real Estate
http://www.stefanmax.com/

Not Selling Your Colorado Home? Just In Case, Follow These Tips

Not selling your home right now? Chances are you will in the future, so I have a few recommendations for you, ones which will give you an advantage over your competition if you do decide to sell.

1. If you get work done to your home, get any required permits, and any required approval signatures. Many homeowners avoid getting permits, due to the expense, but this could later come back to bite you. Keep the permits in a file and make them available to potential buyers.

2. Keep all warranty information for relevant items such as appliances, roof, water heater, furnace, and garage door opener. When getting warranties, seek out ones that are transferable. Buyers appreciate this; it gives them more confidence in the home.

3. Take before and after photos of any remodeling done to your home. Buyers like to see these, and it could also help justify a higher asking price. Appraisers and lenders also like to see these pictures, even in the case of a refinance.

4. Hire a photographer to take professional pictures of your home when it looks the best, particularly the landscaping. If you list your home during the fall and winter months, these pictures will help buyers visualize the home when it looks its best. For my Colorado home sellers, this one is important (we have two feet of snow on the ground right now, and it is only October!).  This will not cost as much as you think, and I can refer you to photographers that I use when listing my client's homes.

Happy selling!

Stefan Geyer
Colorado Realtor
http://www.stefanmax.com/