Tag Archives: The ranch

You are Invited!

The beautiful house, with incredible views, is having an open house Sunday, May 22 from 11:00 am to 2:00 pm!  You are invited to come and take a look in person (slide show below)!  I hope to see you there!

2662 W 118th Ave, Westminster CO  80234

house straight on, hi def

2662 W 118th Ave, Westminster CO 80234         Click Here for more Info and Photos!

Home Buying After Foreclosure or Bankruptcy- How Long Until I Am Eligible?

Only a few short years ago, the Denver Market was flooded with short sales and foreclosure properties for sale. The bankruptcy rate in Colorado was still fairly high then. Many people lost their homes during that time and have been renting since then. With the current tight rental market and rising rental rates, they may now be wondering, “How long until I can buy again”?

The answer is “it depends…”. Bankruptcy, Foreclosure, Short Sales and Deeds-in-Lieu are all called, “derogatory credit events” in the lending world. The waiting period before you are eligible for a new home loan will vary depending on: which type of “event” you had, the circumstances that lead to it, and the type of loan you want to get for your next house (VA, FHA or Conventional).

The lending world breaks down these events types even further: Foreclosure, Deed-in-Lieu, Short Sale, Multiple Bankruptcies, Chapter 7 Bankruptcies, and Chapter 13 Bankruptcies.

VA seems to be the most forgiving of these derogatory credit events. With VA financing, the buyer is eligible for a new loan only one year after a Chapter 13 bankruptcy. The wait period for the other types of events is only two years.

For FHA, the wait period for Chapter 13 bankruptcies is also after one year of on-time payments and approval from the bankruptcy court. It is 2 years for a person having a Chapter 7 or multiple bankruptcies, and 3 years for a Foreclosure, Deed-in-Lieu, or Short Sale.

Conventional Loans tend to be less forgiving. Wait periods range from 2-7 years depending on the type of event. After the wait period is up, the buyer may also be required to come with a higher down payment amount for their new loan.

The following chart, provided by the Wynn Team with Citywide Loans, provides a “short and sweet” visual summary of the waiting periods required for each circumstance and loan type.  Here is the link to the chart:

Derog Waitng Period for mortgages

Buyers should keep in mind that even if the waiting period has elapsed, lenders still make loan approval decisions based on credit scores and debt-to-income ratios. The waiting period is an added requirement.

If you are ready to buy or sell a home, please contact me!  I would love to help you make that move!  Or, if you have any questions, also please fill out the form below.

 

How to Automatically be Notified of Home Sales Activity in Your Neighborhood!

*** THE PROBLEM ***

We’ve all done it.  You see a “For Sale” sign in the neighbor’s yard and rather than directly asking the neighbor what they want for their home, we reach for the flyer instead (and hope they are not watching us from the front window).  Why not just ask?  Well, I think most people find it a little awkward to talk about anything related to money.  Either that, or they are afraid they will look like the nosey neighbor, Mrs. Kravitz, from the old “Bewitched” TV show (maybe you are too young to remember that).

Anyway- the next thing you know, you see the “sold” sign and the moving van in the driveway.  Is that the right time to knock on the door and ask what it sold for?  Or do you just “stake out” their front yard to casually run into them when they come out to pick up their mail or put the next box in the van.  That may be even more awkward…  as sellers rarely want to tell people if they didn’t get their full asking price.

Then, you wake up one morning and the moving van and the For Sale sign are gone- and so is your chance of getting all the details on the house.  Sound familiar?  If you are like most people, you may know what your neighbor originally asked for the house- but what did they actually get for it?  Did they drop the price a few times after you took that first peek at the flyer?

When I interview sellers about listing their homes, this seems to be the experience most people have.  They know the asking price, but not the final sold price.  They do not know whether the seller gave any concessions to the buyer.  And, unless they were friends with the seller or attended an open house, most of the time they do not know what the neighbor’s house even looked like inside.

That makes it hard to get a good feel for what your own home may be worth at any given time.  Home values rise and fall like stock price values.  Your home’s value is based on what your neighbors’ homes sold for- and only those sales that closed in the most recent 3-6 months count in that valuation.  Moreover,  “value adjustments” are usually made for any significant differences when comparing  sold homes to yours (like square footage, the number and configuration of bedrooms & bathrooms, views, finishes, updates, recent maintenance items replaced, energy efficiency features, etc).  That is why it is important to know more than what the sold property looked like from the front yard.   If you have never seen the inside of comparable homes in your neighborhood, and don’t know what they ultimately sold for, how are you to know how your home compares?

*** THE SOLUTION ***

The obvious answer would be to ask a real estate agent (like me) when you are ready to sell.  But assuming you are not ready for that yet, and you just want to keep an eye on property values, maybe I can still help you out.   I have a quick and easy way for you to be automatically notified when a home in your neighborhood goes up for sale, when it gets sold, what’s its asking price is, and what it ultimately sells for.  The notification also sends you website links to see any interior photos and virtual tours available for the property.  No need to ask the awkward questions of your neighbor, and no need to hope a realtor will send out a postcard to tell you what’s going on in your neighborhood.  Best of all, the service is FREE!

HERE IS HOW TO SIGN UP TO GET THE NOTIFICATION!

Use the contact form below to let me know which area you would like to monitor (by neighborhood name and city, or street boundaries).  Or, leave your street address and I will look up your neighborhood for you.  Let me know if you would like to be more specific about the kinds of homes you want to be notified about (like- “I only want to be notified of detached homes that are 2,000 sqft or larger and that have at least 4 bedrooms, in The Ranch Reserve neighborhood”, etc).   Once set up, you will receive an email each time a home in your area of interest is listed in the MLS, has a price change, goes under contract, comes back on the market or is sold or withdrawn.  You can view the photos & virtual tours and read the descriptions of the properties’ features for as long as the properties remain on the market!   This is a great tool for staying informed on the market in your neighborhood!  It is easy to sign up and the service is FREE-  no strings attached!  This service works for any home along the front range in the Denver Metro area and Northern Colorado!

Just fill out the form below to sign up today, or to contact me with any questions you may have about the real estate market.

June 2013: Sales in The Ranch & Ranch Reserve

Attached Dwelling Listings

Type Price Status SqFt Style Beds Address Office
ATD $233,000 S 2178 2 Story 3 2367 RANCH Dr CBR54
 

Total Number of Attached Dwelling   Listings: 1

Residential-Detached Listings

Type Price Status SqFt Style Beds Address Office  
RES      $320,000 S 3542 2 Story 4 11240 QUIVAS Loop BC001  
RES      $325,000 S 5312 1 Story/Ranch 4 11482 Quivas Way MBD2X  
RES      $765,000 S 5807 2 Story 5 2877 W 115TH Cir REM12  
 

Total Number of   Residential-Detached Listings: 3

 

Total Listings Reported (All Types): 4

 

Source:  IRES data 06/01/13- 06/30/13.  Properties above were listed or sold by the real estate brokerage offices shown.  Information is deemed reliable but not guaranteed.

May 2013: Sales in The Ranch & Ranch Reserve

Attached Dwelling Listings

  Type Price Status SqFt Style Beds   Address Office
  ATD $90,000 S 856 1 Story/Ranch 2   2978 W 119TH Ave MBGOL
  ATD $150,700 S 1275 1 Story/Ranch 2   2927 W 119th Ave 102 0RWST
  ATD $171,000 S 2031 1 Story/Ranch 2   11585 DECATUR St D 1HOME
  ATD $177,000 S 1396 1 Story/Ranch 2   2883 W 119th Ave 204 0153B
  ATD $213,000 S 2178 2 Story 2   2229 RANCH Dr CC123
  ATD $228,000 S 2178 2 Story 3   2285 RANCH Dr MBN61

Total Number of Attached Dwelling Listings: 6

Residential-Detached Listings

  Type Price Status SqFt Style Beds   Address Office
  RES $320,000 S 3616 Tri-Level 4   11224 QUIVAS Loop MBN17
  RES $332,000 S 2757 Tri-Level 4   2336 W 118TH Ave M1558
  RES $356,250 S 3670 2 Story 6   2657 W 118TH Ave KWR30
  RES $445,000 S 5520 2 Story 5   11420 QUIVAS Way MBN41
  RES $690,000 S 4529 1 Story/Ranch 5   2184 W 116TH Ave M1842

Total Number of Residential-Detached Listings: 5

 

Total Listings Reported (All Types): 11

Source:  IRES data 05/01/13- 05/31/13.  Properties above were listed or sold by the real estate brokerage offices shown.  Information is deemed reliable but not guaranteed.

April 2013: Sales in The Ranch & Ranch Reserve

Attached Dwelling Listings

    Type    Price     Status    SqFt     Style      Beds    Address                 Office
      ATD    $325,500    S       2302     2 Story     3      11276 RANCH Pl      MBN41

 

    Total Number of Attached Dwelling Listings: 1

Residential-Detached Listings

Type    Price     Status     SqFt      Style              Beds    Address                                     Office
RES      $330,000    S       3457      Four-Level      5        11261 Quivas Loop                 0CDRL
RES      $491,000    S       4949      2 Story            5        2256 COUNTRY CLUB Loop   CBR18
Total Number of Residential-Detached Listings: 2

Total Listings Reported (All Types): 3

Source: IRES data 04/01/13- 04/30/13. Properties above were listed or sold by the real estate brokerage offices shown. Information is deemed reliable but not guaranteed.

The Ranch Reserve: March 2013 Sales Activity

The Ranch Reserve:  Attached Dwelling Listings

Price Status Address Office
$88,900 A 2978   W 119TH Ave MBGOL
$139,900 A 2882   W 119TH Ave WURR1
$167,000 A 2927   W 119th Ave 102 0RWST
$179,900 A   / B 2883   W 119th Ave 204 0153B
$173,500 S 2971   W 119TH Ave 101 REM36
$178,500 S 2883   W 119th Ave 12-201 0RITZ
$206,000 S 2877   W 119th Ave 102 0INTV
Total   Number of Attached Dwelling Listings: 7

The Ranch Reserve: Residential-Detached Listings

Price Status Address Office
$625,000 A 2751   W 114TH Ct RMW10
$675,000 A 2593   Country Club Ct FRON
$997,500 A 11550   N Decatur St LLEG
$1,395,000 A 2788   W 115th Dr 0CRSS
$2,490,000 A 2391   Ranch Reserve Rdg LLEG
$750,000 A   / B 2811   W 114TH Ct CBR56
$785,000 A   / B 2877   W 115TH Cir REM12
$750,000 P 2811   W 114th Ct FRON
$337,500 S 11655   Decatur Dr 0KWPR
$500,000 S 11403   DECATUR Ct NEW06
$675,000 W 2593   COUNTRY CLUB Ct CBR56
$785,000 W 2877   W 115TH Cir REM12
$1,099,500 X 11235   Clay Ct AFPB
Total   Number of Residential-Detached Listings: 13

Total Listings Reported (All Types): 20

Source:  IRES data 03/01/13- 03/31/13.  Properties above were listed or sold by the real estate brokerage offices shown .  Information is deemed reliable but not guaranteed.