Western Welcome Week

Western Welcome Week is held toward the end of summer, and includes everything from a parade to a craft fair. It is a celebration of the community of Littleton. Some activities include a live trivia challenge, silent auction, and an old fashioned cake contest.

ELKS Car Show

The Littleton Elks, one of the anchors of Downtown Littleton, holds several events open to the public every year. The car show is probably the most fun for kids of all ages. Held in the summer, weather permitting of course, classic cars descend upon Downtown. You’ll see classic cruisers, American muscle, ingenious rat rods, and even some trucks in cherry condition. There is food, drink and music. You will have the chance to vote for your
favorite machine in several classes.

Lighting of the Lights

The holiday season is a special time. Everyone has their favorite childhood memory and preferred family tradition. Consider adding the Lighting of the Lights to your lists of must see events. Main Street in Downtown Littleton shuts down for the evening in early December. The holiday lights are lit in a big ceremony. Even Santa stops by to celebrate! Everyone gets the chance to say hello to Santa and walk down Main Street to gaze at the twinkling lights. Children will be thrilled to actually walk down the center of Main
Street! Be sure to arrive early as parking is limited.

The events listed above are just a taste of what Downtown Littleton has to offer. If you haven’t been there lately, swing by and check it out. If you would like to live within such a community centered town, give us a call. We would love to help you find you own little slice of modern Mayberry.

1. Look for someone that won’t treat you like a commission.

Buying a home is one of the biggest decisions you can make, and if you are a first time
buyer it will be even more important. Realtors, on the other hand, are in the business of making housing dreams reality, so your purchase is something they handle all the time. This can be good and bad. A good Realtor knows how important this purchase is, and will do whatever it takes to find you that perfect home. A not so good Realtor will see you as a commission. These not so good types are easy to spot, because they are the ones who will try to get youto only look at homes that are at the top of your price range or even higher.
Even if there are lower priced homes available, they’ll be hesitant to show them to you.

2. Find a Realtor that listens.

A three bedroom home with a hot tub, pool and no garage can be nice, but not if you
need a five bedroom and a big garage for extra storage. A good Realtor will ask you what you are looking for in your initial meeting. They will even help you prioritize your needs and wants. That way you won’t waste time with condos when you want a house, or look in the wrong part of town.

3. Choose a realtor you’re comfortable with.

Thistrait is a bit harder to explain, because it varies from buyer to buyer. It
doesn’t matter if you find someone who listens to what you want and need, and they are willing to give you the best home buying experience possible if you just don’t jive with them. The Realtor that worked wonders with your aunt might not be right for you. This is the person you should feel comfortable calling to ask any questions you may have, so choose a good match.

4. Patience is a truly a virtue.

This one is especially important for first time buyers. Find a realtor that willing to answer all of your questions. As mentioned before, buying a home is a huge financial and emotional decision, so you’ll have questions along the way. Nothing is more off-putting than a realtor that seems irritated by your questions. Someone who will answer all of your questions, no matter how silly they might seem to you, is invaluable.

Keep this list in mind when you are ready to work with a Realtor, and your home
purchasing process will be much easier. If you would like to speak to one of our realtors, or if you have any questions, we will be happy to help you. Give us a call; we promise we like questions!

Step One – Curb Appeal

When a perspective buyer comes to look at your house, the first thing they see is the front. Overgrown hedges, peeling paint and weeds aren’t going to impress anyone. Improving the curb appeal of your home is simple. If you mow the lawn, spray weed killer, and trim any bushes, trees or hedges that look overgrown, you’ll be ahead of the competition. Place inexpensive flowers in pots near the front door to make the entry feel more cheerful.

Step Two – De-Clutter

Everybody collects something. Whether it’s books, ceramic clowns, or Star Wars action figures. No matter what you collect, you should put it away when you are trying to sell your home.  Knick knacks, extra clothes or unused furniture should be put away somewhere. A storage unit is an ideal place to keep your stuff, but neatly placing things in your garage will also work. Buyers will get a better feel for the size and flow of your house with all the extra stuff cleared away.

Step Three – Clean!

Did you know our sense of smell is our strongest link to memory? When perspective buyers are comparing houses they will always have better memories and better reactions to homes that smell good. Nobody wants to buy a house that smells musty, or smells like cats. The best thing to do is deep clean your house to get any funky smells out. It’s OK if you have outdated carpet as long as it’s clean. Clean windows let in more light which makes your home feel more inviting.

Step Four – Paint

This last step is optional, but is worth it. Paint is the least expensive upgrade you can do to your home and has the fastest payoff. Paint freshens up a home, and, if you have a different color scheme in each room, can unify the house. Pick something neutral with universal appeal. A house painted with one color scheme looks bigger, because the eye is not drawn to places where the color changes.

If you follow these four steps to prepare your house for a sale, it will be more attractive to buyers, and you’ll have a better chance of selling your home quickly. If you have any questions, or would like to get started with the home selling process, give us a call. We will be happy to help you with all of your real estate needs.

A home appraisal is how your lender determines how much money they are willing to loan you for the property you wish to purchase. It is one of the most important steps in the home buying process. An appraisal is typically ordered by your lender; you won’t usually get to choose an Appraiser yourself. The report often costs several hundred dollars, and is paid for upfront by the buyer.

An Appraiser looks at several things to determine the price of the property. They look at the foundation, overall structure, and condition of the property. Don’t confuse condition with finishings. An appraiser doesn’t care about the dated faux-marble countertop in the guest bathroom, but they will care about the crack in the wall of the basement. Of course, it helps for the house to be in the best possible condition it can be in, in both cleanliness and updating, but don’t expect those items to make a huge difference in value.

A home appraisal also includes looking at the neighborhood to help judge the price of
the property. Expect to see several other properties listed in your appraisal report. Not only is the information valuable when deciding how much your perspective house is worth, but it’s interesting to see what other houses in the neighborhood are selling for.

The only major concern with a home appraisal report is whether or not the price will come
in too low. A low appraisal will most likely make closing on the home difficult. Banks don’t want to take on that kind of risk.  As a buyer, you can always ask the seller to lower the price of the home, to be more in line with the appraised value.

Once you get past the home appraisal stage you are in the final stage of purchasing a
home. All you have left to do is go to closing and get your keys! If you have any questions regarding appraisals, or would like to speak with a realtor, call us today. We look forward to working with you.

The main reason to have a home inspection completed is to protect the buyers from a disaster house. A good inspector checks the major functions of the home (i.e. wiring, plumbing, HVAC, etc.) and will point out any issues in their report. They will find anything as simple as a broken light switch to something as major as a furnace on its last legs. Every buyer needs to be aware of any repairs, big or small, that may need to be completed in the property they wish to purchase.

A secondary reason for a home inspection would be to have additional information to negotiate the price of the home if applicable. Let’s say a buyer finds a house they love and enters into a contract, but at the inspection they find out the toilet leaks, the breaker box isn’t up to code and two light switches aren’t working. As long as the property in question isn’t a bank-owned, “as-is” property, the buy could either ask the seller to correct the issues, or they could try to renegotiate the price, so the final price reflects the repairs that need to be made.

A home inspection is also invaluable to buyers who are looking into a bank-owned, “as-is” property. The inspection could very well be the deciding factor between buying the house, and looking for another property. Buyers need to factor in how much time and money may be needed to make the necessary repairs. In the case of some loan programs, an inspection will give a buyer a better idea of whether or not a house will even qualify for the loan.

Overall, the cost of a home inspection is small compared to the problems that may be lurking in a property.  An inspection can save you time, save you money, or even just give you some peace of mind when buying a home. If you have any questions about inspections, or the home purchasing process, please give us a call. We will be happy to meet your needs.

A short sale is the sale of a property that is often listed for less than is owed to the bank. The seller gets agreement from the bank to sell the home at a lower price to avoid foreclosure. This agreement is good for banks and sellers. The bank saves money avoiding foreclosure, because it doesn’t have to pay insurance on the property or any of the upkeep, or realtor fees to get the property re-sold to new owners. Sellers benefit by not having a
foreclosure on their credit report. Buyers may get the biggest benefit of all by getting a home for a deal.

If you choose to go the short sale route, there are a few things to keep in mind.

1. Patience is a virtue.

Short sales are known for being a slower purchasing process, but the wait is usually worth it.

2. The more liens against the home, the harder it is to reach approval.

You already have the task of getting the seller and their bank to agree to your offer. Now, just imagine trying to get a room full of people to agree to your ideas (or deal in this case) as opposed to trying to convince just one or two people.

3. Pick a knowledgeable realtor.

You’re home buying process will be much smoother if you work with a realtor who is very familiar with the ins and outs of short sales.

Buying a short sale isn’t much different than buying a regular home. Once you have bank approval on your offer, the inspection, appraisal, and closing process moves forward just like normal. If you think a short sale might be for you, or you would like some more information call us today. We are experienced with the short sale process and would be happy to answer any questions you may have.

Let’s start with the definition of a HUD home. It is a home offered for sale by the U.S. Department of Housing and Urban Development. They are single family homes that can be up to four units. The homes are usually priced below comparable homes in the neighborhood, so you can often get more bang for your buck by way of more popular neighborhoods, or preferred school districts.

Purchasing a HUD home is a different process than buying a house through other programs. HUD uses a bidding process, and bidding is only open to owner-occupants (people who are going to live in the home) at first. Bids are placed with the help of a registered agent. If the home doesn’t sell, then bidding is opened up to investors. This is great news if you are shopping for a home and don’t want to compete with investors. Some of the available homes also qualify for the “hundred dollar down program,” so you may find a home to buy with fairly small out of pocket expenses. 

If you are interested in a HUD home, be forewarned, many of these houses are not the perfect house, and all properties are sold in as-is condition. You have to keep an open mind when looking at them. A lot of the available homes are going to need some work. Look for a house with good structural “bones.” This can be a great opportunity if you are looking for a property to roll up your sleeves, invest some sweat equity, and make it reflect your personality and personal taste. Most HUD homes are eligible for the 203k program, so you’ll have the funds to make any repairs that may be needed.

If you have questions regarding HUD homes, want more information, or want someone to walk you through the bidding process, give us a call today. We would love to help you achieve your home ownership goals!

The 203K loan is a FHA loan that provides financing for a home that needs to be rehabilitated that traditional banks won’t finance. The home price and cost of fixing the home are rolled into one loan.

How does it work?

A 203K loan helps home owners by making repair costs of a home part of the mortgage payment. The repair part of the loan is put into an escrow account and pays for repairs and contractors.

How is the repair escrow price decided?

The repair escrow of a 203K loan is decided by estimates from contractors. If you have a home that needs plumbing repairs, roofing repairs, electrical repairs, and a dangerous front porch replaced, and contractor (or several!) will come out and give estimates on the required repairs. Those estimates, along with an appraisal help decide how much money is needed for the repair escrow.

Can I do my own repairs?

Yes, but you will still need estimates from contractors to determine the repair escrow. Keep in mind all repairs will have to meet FHA housing requirements, so if you aren’t familiar with home repair, you should probably leave the heavy lifting to the professionals.

Can I get a 203K loan and use the escrow on something besides repairs?

No. The escrow is for the cost of rehabilitating the property only.

Is there a time limit on completing the repairs?

Yes. All repairs must be completed within six months.

Is there a limit to how much money can go into the repair escrow?

Yes. The repair escrow and mortgage cannot be more than the appraised value of the property once it is repaired. If you find a house with an asking price of 50k that, once repaired, would appraise for 90k, then your repair escrow could not be larger than 40k.

Check out this great video for detailed information on how the process works:

What is a FHA 203K loan?

If you think a 203K loan might be for you, give us a call. We will be happy to walk you through the process of securing your dream home!

The steps to
obtaining a CHFA loan are fairly simple. First, you will be required to take a
homebuyer education course. They are available both online and in classes
around the Denver-metro area. The course is free, and helps buyers learn about
all the terminology and steps associated with purchasing real estate.

Next, you’ll
need to find a lender that is familiar with the CHFA loan process to get pre-approved
for a loan. The lender will run your credit report, verify your income, and
decide how much you can afford. They will let you know how much you can spend
and should give you a copy of your pre-approval letter.

Now, here
comes the fun part. Once you are pre-approved, it’s time to find a realtor and
start shopping! It helps to work with a realtor that is well versed with CHFA
loans, so they will be able to help you find the perfect house that falls
within CHFA’s housing requirements.

Once you put
an offer on a house, and it’s accepted, you will follow the same basic steps to
closing the deal on any other type of loan. You’ll get an inspection, finalize
financing, set a closing date, and so on. The biggest bonus of using a CHFA
loan is they will pay up to 3% of the price of the loan, and that money can be
put toward your down payment. You have to contribute at least $1000.00 toward
the home yourself.

After
closing, you will make your monthly mortgage payments to CHFA. The 3% they paid
at closing will have to be paid back to them over the life of the loan. You can
make your mortgage payment several ways: mail in a check, over the phone,
online, automatically deduct the balance from your bank account, or they even
offer biweekly payments.

Overall, the
CHFA loan program is a good choice for lower income families that want to
fulfill their dream of owning a home of their own.

Denver-Aurora-Broomfield, CO Metropolitan Statistical Area

Forecast change: second quarter, 2011 – second quarter, 2012    -4%

Forecast change: second quarter, 2012 – second quarter, 2013
+2.8%

Market fundamentals Median Family Income (2010) $74,000

Median Home Price (Second quarter 2011) $254,000

Change in Home Prices (From second quarter 2010 thru second
quarter 2011) -2.7%

Worst 1-Year Home Price Change (1980-2011) -6.2% (2006:Q1)