On Wednesday March 25th Multiple Units In The Spire Will Be Available For Brokers To Tour From 11 Am – 1 PM.
- There Will Be Food.
- The Front Door Will Have Somebody To Guide You To The Units.
- Call Or Text 720-449-6622 With Questions.
I added a new house cleaner to my list of house cleaners at http://denverhomesales.info/denver-home-cleaning/. She is willing to travel anywhere in the Denver metro region. Her rates sound reasonable. She is a sole proprietor, small business owner. Try her out.
Moppin Mommas Housecleaning Services
Denver Realtor: I just discovered a new resource for moving and packing for seniors, disabled people, or people who need a little extra help. I added them to my Denver Movers resource page at http://denverhomesales.info/denver-movers/ . It sounds like a very cool option.
I received a Denver Realtor reviews on Zillow about a client whose mother passed away and I helped them sell the home and land that belonged to her mother as part of her estate. It was kind of difficult or unique situation. She was the original owner of the and house and it had 2 different lots with different legal descriptions but had never been owned separately. One lot was just land and the home was on the separate lot . It took some learning to figure out if the properties would in anyway need to be subdivided first which obviously they did not because it was 2 separate legal descriptions. I determined that they would receive more money for the estate if the properties were sold separately as if they were sold together they would hit the ceiling of what homes sell for in the neighborhood which was around $200,000. So separately we ended up selling the properties for around $163,000 for the house and then $50,000 for the land so the made probably at least $13,000 more because we sold the properties separately. I met the woman before she passed away, really, really nice woman and subsequently her daughter wrote a really nice review for me on Zillow. This was in the Westwood neighborhood of Denver.
“Our mother 92 years old, met a young man named Christopher Gibson. She was impressed with him and requested he be her relator when she passes away. In August we lost her and began to use the services of Christopher Gibson as our mother requested. The sale of the house and land was an estate sale and was a bit complicated. The manner in which Christopher Gibson set up listings, showings and had time to answer the many questions we had concerning the estate sale was invaluable and worth his weight in gold. He was able to set appointments for more than 70 showings and secure a sale for both the land and house within 2 months. His diligence and hard work was most appreciated in our time of loss.”
I was cleaning off the desk on a cold and snowy November Denver Saturday and I found this card from some Summer clients. I helped 2 sisters and their families by 2 houses in southwest Denver, close to Harvey Park. It made my morning, thinking of the time they took to write the card.
1. I was not happy that these properties only offer 1% to Buyer’s Agents. We valued this property between $295,000 and $305,000. The Denver auction property was offering a commission of approximately $3,000.00 which would be almost $6,000.00 less than a normal purchase. It did not mean less work, only less money. Many agents would either insist that their clients pick up some of the difference or would refuse to help them with the process.
2. Earnest money required was 3%, approximately $9,000 . Normally Earnest money is about 1%. This required any successful bid to put approximately $9.000 of their cash at risk. In order to bid on the Denver auction property you had to provide your credit card information for them to put a $2,500 hold on. Even though I created the bidding account for my client I had my client put in his own credit card information as this hold was too much for me to personally risk.
3. Earnest money was not refundable. In a normal purchase there are 3 valuable deadlines that if properly exercised by Buyer to terminate the purchase, they will receive their earnest money back. Without this protection a buyer would need full loan approval, an appraisal, and successful inspection before the bidding process begins in order to fully protect themselves from losing their earnest money if unable to complete the purchase.
4. We were unable to determine whether or not there would be unpaid liens on the Denver auction property that would have to be paid by the buyer. Specifically we were concerned that the HOA fees were not current. HOA companies will not divulge if HOA fees are current or how much the unpaid fees are if you are not the owner. Additionally we called the bank, Nationstar, and HomeSearch.com and they were not able to tell us how much the unpaid fees were. The bank would only say that in Colorado that the new buyer would be responsible for any unpaid fees from before Nationstar foreclosed. The HOA said that the new buyer would be responsible for 6 months of fees maximum. We were asking the lender to order a status letter which would have cost the buyer up to $350.
5. How much would the Denver auction property appraise for? My partner and I valued the home between $295,000 and $305,000. You can see our valuation here. If my buyer was getting a loan for 95% of the purchase price, and he won the Denver auction property for $5,000 more than it appraised for, he would have to bring a cash down-payment of 5% + $5,000. Not only did my buyer have rely on my estimation of value but they had to decide how much cash they had to risk.
6. We learned in advance that you would be able to bid more than once, and you would see the current high bid. But there were still surprises in the bidding process. Bidding started in the $100’s but bidding the Denver auction property up was in forced increments of $7,500. We quickly ascertained that we needed to know what spot we wanted to be in the process so that we could land as close to our high bid as possible. For instance, bids were at $276,500, $284,000, $291,500, $299,000, $306,500… and their high bid was close to $300,000 then they needed to start bidding on the $284,000 mark to land on the $299,000 bid. And at the end of the bidding the increment changed to $2,500, but I do not know what triggers that change.
7. What is the buyer’s premium? It sounds like 5% extra cash the buyer has to bring to closing table. They would not be able to finance it unless the Denver auction property financed extremely high.
1. To minimally risk their earnest money a buyer would before bidding have to have full loan approval or cash, invest $300- $700 in an inspection, and have an appraisal done, if getting a loan, for around $450. And it would be good to have a title search done and to get an HOA status letter for up to $350.
2. This Denver auction property sold for $40,000 more than any of the comparable sales and for $30,000 more than what we think it would appraise for.
3. The Buyer overpaid by around $45,000 which would have to be cash if they are getting a loan. If they don’t have the cash they lose their $9,000 of earnest money.
I will list your home for $4,000 + 2.8% to the Buyer’s Agent.
I need more listings in the 80237 zip code because of some investments I have made in some Zillow advertisements in the same zip code.
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