Just when you get lulled into the secure feeling of having all the time in the world,something happens to whack you over the head!
Yes, it’s still technically winter. Yes, there is snow on the ground. Yes we have about 29,000+ properties for sale in Denver. Yes, the media keeps raggin’ on how bad the real estate market is…
BUT
Today I had another client LOSE out on a house because somebody else snatched it up before we could write an offer.
This isn’t a big pretty property, this home was a nasty, dirty, extremely smelly REO! As far as a deal goes this one had potential, if and only if the buyer was brave enough to accept the property in “as is” condition.
In this case “as is”meant removing all the floor and baseboards to get rid of the cat pee smell. Yuck!
Nasty, smelly properties like this aren’t appealing to everyone. The buyer/investors who are willing to take them on are usually rewarded $’s for their efforts.
Are you an investor who is sitting on the fence?
If the answer is yes, and you want to win, you need to show up armed and ready!
- Have a pre-approval letter in hand
- House looks like a good deal? Don’t hesitate, write it now.
- Know the market.
- Be familiar with rehab pricing.
- Bring your checkbook.
Colorado contracts have an “inspection” clause written into them. The buyer has enough time to inspect the property; if the property is unsatisfactory in any way the buyer can decline the purchase.
There has never been a better time to be prepared. Denver real estate is Moving!
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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Kristal Kraft
5 Comments
Same thing out here with the East Bay REOs. 2008 has been crazy so far. The problem that we’re running into is that the banks are having a hard time keeping up and closing the deals that we put together.
Andy, I think we are going to have a problem with the lenders for awhile. Even my trusted, seasoned lenders are finding it difficult to keep up with the changes in underwriting. Just when you think you “got it”…”it” changes!
This too shall pass.
What’s crazy is that a couple of our clients are pushing back closings to 45-60 days after acceptance and sometimes taking weeks to even get the ratified contract over to escrow.
It’s a little frustrating when those deals that you worked hard to put together come unraveling.
I agree about the frustration; same issue here, people competing for the homes my clients want when hundreds are on the market …. go figure lol. The lender issues have made agents skittish about my buyers (I have two going zero down…they are legit but yes the underwriting is scary now). Nice cow, Angus would be proud !
Good to hear there are places like Denver where the market is brisk. We are suffering here in Mass. Eventually things will improve…they always do