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May 2006

HUD Homes

We get lots of calls from buyers wanting to know about HUD homes.  Sometimes these are good deals and sometimes they are not. Some HUD homes are in good condition and some are not.  All bids must be submitted on specific forms and must have exact information.  If not, HUD will reject your bid!

Only brokers who have registered as HUD vendors can show HUD homes and can submit bids on your behalf.  We are registered HUD vendors.

One of our favorite brokers, Fran Flynn Thorsen, has written an e-book about the HUD home process.  If you have an interest in bidding on a HUD home, we urge you to check out Fran's book.  It's an excellent guide.

3:14 PM - May. 31, 2006 - comments {0} - post comment

Bubble, bubble toil and trouble

Lots and lots of talk about a real estate bubble these days.  Is there a bubble?  Was there a bubble?  Has the bubble burst?

Here in Denver there never was a bubble.  We have had a steady market for the past 3-4 years unlike the coasts and some other areas (like Phoenix) which have seen double digit increases in home sale prices for the past 4-5 years. Although good for home sellers, history tells us that those kinds of increases can't last.

Now they have a slower market - a "regular" market if you will.  That means that homes take longer to sell and the price increases are no longer in the double digits.

That's what we experience in the metro area and we think it's better.  Since most home sellers become home buyers, they were trying to purchase a new home in that super heated environment.  Now they can sell for a reasonable price with a reasonable profit.  AND they can purchase their new home after examining several homes that might meet their needs after considering options.

If the bubble has burst, it's probably a good thing.

6:42 PM - May. 30, 2006 - comments {0} - post comment

Memorial Day Thoughts

Happy Memorial Day!  Today we remember those who served our country in time of war - and those who lost their lives in those wars.

Our family is probably typical.  We have several members who have served.  My maternal grandfather was in WWI.  My father and my husband were both in WWII  (yeah, I was a child bride).  My  mother's brother was killed in France during WWII. And now Mack's grandson is serving in Iraq.  We think of him and pray for his safe return every single day.

Memorial Day has also evolved into a day where all those who have gone before are remembered.  There is a steady stream of visitors to local cemeteries. It's a time for people to honor their departed loved ones.

We live very close to Ft. Logan National Cemetery - a military cemetery here in the southern part of Denver.  Every Memorial Day there is a program of remembrance to which the public is invited. There is a fly over by military aircraft.  Local Boy Scouts decorate each grave with a US flag.  It's all very moving and patriotic.

I read today that 1500-1800 WWII vets are dying each day in this country and all their memories of that time are going with them.  I know I have asked both my father and my husband countless questions about their time of service.  Although both will answer direct questions, neither volunteers very much.  I suspect most veterans don't.

I continue to ask and try to write down the answers.  I think Mack's grandson in Iraq may one day want to know about how it was when his grandfather was in the service.  I hope I can have some answers for him.

1:10 PM - May. 29, 2006 - comments {0} - post comment

How many of us do you need?

Some recent stats:

There are currently 2,636,783 licensed real estate agents in the United States.

The current population of the US is 298,823,815.

The average number of people per household in the US is 4.

By doing the math, there is currently 1 real estate agent per 28 households in the US.

So you're saying, that's good.  Competition is good, right?

We say competition between experienced agents is good.  Competition between agents who maybe do 4 transactions a year is maybe not so good.

Think of it this way.  Would you want your brain surgeon to do 4 surgeries a week or 4 surgeries a year or less?  While real estate agents are certainly not brain surgeons, it only stands to reason that those who do more transactions per year have a better chance of making sure your transaction goes smoothly.

2:15 PM - May. 27, 2006 - comments {1} - post comment

Holiday weekends

Many times Sellers ask if holiday weekends are good for open houses or showings.  The answer is - it depends.

There have been some holiday weekends where we couldn't keep up with the showings and then there have been some where the phone didn't ring at all.  Open houses can also be hit or miss.

If you as a Seller feel like vacating your house for several hours on a holiday weekend, and your Broker agrees that it is time well spent, there is always a possibility that the perfect buyer will come through.

In the buyer's market that we are experiencing, the more times you expose your home, the better chance you have at selling.  Buyers out looking on a holiday weekend are usually pretty serious.

So, take a picnic to the park for a few hours and continue your celebration at home later in the day.

6:55 PM - May. 26, 2006 - comments {0} - post comment

Foreclosure properties

We closed two foreclosure or REO (stands for Real Estate Owned) properties today.  We list properties that have been foreclosed on and sell them for the lending institutions that hold the mortgage.

Buying foreclosure properties is a little different because the seller is a bank and is usually out of state.  It takes time to get responses from the bank and they are usually not big negotiators. 

Both of the houses today were in very bad condition and the bank did not want to fix them up.  They did make some price concessions because of condition, but the buyers understood that they were purchasing the property in "as-is" condition.  That is usually the case with foreclosure properties.  A buyer can still have an inspection, but the seller is not going to fix anything.

Because the banks are out of state, they are typically unfamiliar with our closing practices and can be very unsympathetic if problems arise that call for the closing to be delayed.  We have seen them void the contract rather than sign an extension of the closing date.  On the other hand, we have also seen them extend the closing for several days to a couple of weeks if they thought the deal was worth the wait.

We are thankful that both of these homes closed and they have two new families to fix them up.

5:45 PM - May. 25, 2006 - comments {0} - post comment

Here we go!

Although we blogged our trip to England on the QM2 last year, this is our first attempt at an ongoing informational blog. We hope you enjoy it!

The intent is to provide real estate information and tips that we have gathered in our over 30 years of experience in this crazy business.  But we'll also include our ideas, musings and opinions on lots of other stuff along the way.

Let us know what you think.

9:24 AM - May. 24, 2006 - comments {0} - post comment

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