Late October in Denver is an unpredictable time of the year for the weather.  Recently we had temperatures in the  80′s , then snow and freeze!  Always interesting.

So are you prepared for this winter like change in the weather?  Have you taken care of some of the fall maintenance projects around your house yet? I wrote about some of those fall maintenance tips earlier, so you can review them again if you would like.  But now we have to assume it will begin to freeze again at any time and there are even more things to check on.

Let’s start with the furnace.  It may have been awhile since you ran yours, but it won’t be long until it is running a lot.  First, check the filter and make sure it is clean or just change it for a new one.  If you have the disposable type like most do, go to the local home improvement store and get several for the winter.  They usually run less than a dollar each and try to change them monthly.  Also, if you have a humidifier attached to your furnace, make sure to properly set it up for the season, including checking or changing filters, turn on the water line and make sure the damper is set for winter.

Since you will be running the furnace more with the house closed up for the cold, make sure to have working carbon dioxide detectors in your home within 15 feet from all bedrooms.  It is very important for you and your family’s safety. It is also a great time to check smoke detectors and change batteries.

Outside your home, if you haven’t blown out the sprinkler system yet, it is a good time to do that.  Repairs can get costly next spring if your system gets damaged due to freeze.  Not to mention having a yard all dug up.  Do you have snow shovels, ice melt, and gas for a snow blower if you have one?  While your at the home improvement store picking up those furnace filters you may want to get a bottle of the oil mix for the snow blower gas.  Once the snow starts to fly the supply often sells out.

I hope these few reminders of winter preparation were helpful.  Remember, this time of year is still good to get out and look for a home if you are in the market.  Interest rates are awesome and closing before the end of the year may be helpful for your taxes.  If you would like help finding your next home or selling your current home, please get in touch I would love to help.

I get many questions working with Denver real estate clients or Highlands Ranch homes sellers and buyers that have to do with the real estate contract.  Some issues and questions relate only to Colorado, others are more broad.  This real estate contract series addresses those questions.

Real Estate Transaction Series: Posession

So you have a contract coming in on your home and there will be a lot of details to consider when handling that offer. One of the details will be a possession date and time. Of course there will be the all important closing day but that isn’t always the day the buyer gets possession, at least not here in Colorado.  Here we fund the closing at the table and there is no required escrow period.  Therefore, the buyer could be allowed possession immediately at closing.

The possession date and time is negotiated in the contract and agreed upon by all parties. With that said, let’s give it some food for thought.  Often times the seller would prefer some time after closing to allow possession to the buyer, typically 48 hours or so after closing.  In fact, that is often indicated in the MLS  for other agents to see and know the seller’s preference.  Keep in mind, everything is negotiable depending on which point of view you see the situation.

For the seller, allowing possession after closing can provide some desirable breathing room to finish up the packing and final clean up, not to mention the comfort of knowing that the closing actually took place before completely moving out of the house.  After all, what if something happens, even at the closing table and you still own the home now with all your belongings in a truck?  Yikes!

For the buyer, this is such an exciting time usually and you can’t wait to get into your new home and start making it your own.  Besides, if the seller is still in the house moving out, what if they accidentally damage it or worse?  Not to mention the fact that since closing you’re now paying for it and not living in the house.

So what to do?  There are strong reasons for both sides of the story. Most transactions are flexible with sellers and buyers working out an understanding.  In some cases possession time may be set and required by a third party such as a bank or relocation company.  It’s up to a buyer to agree to that.  In most cases, allowing possession at closing is probably the least troublesome way to go as far as potential liability is concerned.  In any case, if possession will not be at closing a best practice might be to have a written agreement, much like a rental agreement, set forth and agreed to before closing.  Perhaps this agreement may have a deposit made part of it which lends to some level of security.

There is a lot to consider in all parts of a real estate transaction.  After all, our contracts here are now over a dozen pages long, typically with many addenda to accompany it. Possession time is but one small yet very important detail to the whole transaction.

Note: This article is intended to provide general information and is not intended to provide specific advice.

The Real Estate Transaction Series | Posession is one of several posts on the subject of real estate transactions.

You can also read the others as well here:

The Real Estate Transaction Series: The Closing

The Real Estate Transaction Series: Final Walk Through

The Real Estate Transaction Series: Deadlines and Dates

The Real Estate Transaction Series: HOA Matters

The headlines are loud and clear and everywhere, “recession, depression, housing crisis, unemployment, and the national credit rating is devalued”.  With all this great news, how could I possibly suggest this be a time to invest? Especially in real estate?

Yet that is exactly what I’m asking you to consider.  Yes it is true, real estate values have been hit hard in the last several years and many areas have been decimated with foreclosures and distressed properties can be found everywhere.  However, looking at the long, cyclical history of real estate markets in this country, over time real estate is still a powerful investment.

Some argue that real estate is too risky, the bottom hasn’t been hit yet so it would be better to put money into the stock market.  We’ve seen with the recent volatility of the stock market, that can be far more risky. 401k’s and other investment accounts can be wiped out practically overnight.

There is an important point to make here.  That is the difference between investing and speculating.  Real estate investing looks at market trends, demand for rentals, neighborhood values and affordable financing among other things.  I’m not talking about get rich quick, fix and flip (although there can be opportunity here) strategies.  I’m talking about solid investment, buy and hold, long term property investment which historically almost always winds up a winner.

So, if you wonder where to put your extra retirement income and not just place it in another mutual fund or money market, then consider real estate investment.  Take advantage of the all time, incredibly low interest rates we have now along with the low cycle of the market with value opportunities in every area and buy some rental property now with an eye on the longer term gain and the shorter term tax advantage.  You may already have the bulk of your investment money in a retirement account.  That’s ok, there are vehicles like self directed IRA’s that if done correctly, maintain the tax advantage and allow for real estate investment through the account. I can’t provide legal and tax advice, but I can provide guidance to help you make real estate investment a very successful strategy.

They say, buy a rental for each of your children, if you have any, when they are young and use it to fund their college education when the time comes.  Who knows, depending on where you buy, maybe they’ll even live in it while at school.  If I can help you or someone you know make real estate investing a tool in your arsenal, please get in touch and I’m happy to help.

720-849-6101

I get many questions working with Denver real estate clients or Highlands Ranch homes sellers and buyers that have to do with the real estate contract.  Some issues and questions relate only to Colorado, others are more broad.  This real estate contract series addresses those questions.

Real Estate Transaction Series: Full Disclosure

Have you ever had a small leak, burst pipe, stained carpet or some other incident happen at your home? These things do happen and most of the time we just fix them and move on.  Sometimes we may need to make a claim with our insurance company to fix the issue, but we do and move forward.

Homeowners may encounter many different problems that come up in the course of owning their home. But what happens when they go to sell this house?  If the problem has been fixed, in some cases years ago, then why even bother bringing it up?  Full disclosure, that’s why.  If a problem was fixed and is no longer an issue, then it shouldn’t be an issue to disclose it either.  For most buyers, if it isn’t an issue anymore, then it probably won’t be for them. Sellers often fear that these disclosures will kill the deal.  They usually don’t.   However, these buyers have a right to know about these things and the seller’s have an obligation to disclose them.

Maybe the sink overflowed and leaked through when the kids were little.  We fixed that a long time ago and there hasn’t been any other issue.  Should we disclose something like that too? Sounds innocent enough.  If you’re a seller and you know about it, best policy is to disclose.  Does this mean you should go around hunting for problems or racking your brain about every maintenance item that has come up?  Probably not.  If you don’t know of an issue, then you don’t need to look for them.  It’s just if you do know, especially if you had work done to correct it, then disclose.  In writing.

A buyer should get their own home inspection done for their own protection. That’s fine and hopefully the inspector was pretty thorough in the house.  But what if you had a problem fixed, maybe behind the walls and the inspector just wouldn’t be able to see that?  You decided not to mention it and later the repair fails and causes big problems.  It is traced back to this repair that you didn’t mention and now the buyers decide that maybe you should be responsible since they feel that if they knew about it maybe they would have had further inspection done or just ended the transaction.  Who’s to say how this would turn out, but can you see where full written disclosure up front would have been your best policy?  If you’re a seller and you have something to disclose, it is your obligation to do so and it is the buyers right to know about it.  This really comes down to being honest, ethical and doing the right thing in the first place.  Everyone will appreciate it and a lot of potential problems can be avoided.

Note: This article is intended to provide general information and is not intended to provide specific advice.

Real Estate Transactions: Full Disclosure is the 6th post in my Real Estate Transaction Series.

You can also read the others as well here:

The Real Estate Transaction Series: Inclusions & Exclusions

The Real Estate Transaction Series: The Closing

The Real Estate Transaction Series: Final Walk Through

The Real Estate Transaction Series: Deadlines and Dates

The Real Estate Transaction Series: HOA Matters

I get many questions working with Denver real estate clients or Highlands Ranch homes sellers and buyers that have to do with the real estate contract.  Some issues and questions relate only to Colorado, others are more broad.  This real estate contract series addresses those questions.

The Real Estate Transaction Series: Inclusions and Exclusions

You’ve decided that it is time to sell your house.  The asking price is all worked out as well as other details.  But what about the inclusions and exclusions?  Will the fridge stay with the house?  How about the curtains in the family room and the ceiling fan in the master bedroom, the hot tub?  There are plenty of items to consider when selling your home.

These are things that come up all the time. Seller’s may think, well we can just negotiate a price for them with the buyer.  But maybe the buyer thought they were already included in the price of the home.   Some things are considered attached and part of the property, therefore part of the purchase.  Maybe you were going to swap out that nice Pottery Barn curtain rod for the original basic model.  Was it attached to the wall when the buyer wrote the contract?  If so, did you identify it as an exclusion?

So what do you do? Best practice is to get familiar with the real estate contract and see what really is considered attachments and go with the property.  Then decide, before going on the market, what you are willing to include in the sale and what you don’t want to include.  Some things fall in grey areas, like the refrigerator or washer and dryer.  Are they attached or just plugged in?  When in doubt, just exclude them on the listing if you don’t want any misinterpretation.  No real need to itemize your inventory here, personal belongings don’t all need to be identified.   But if you were planning to replace the kitchen light with the original that came with the house, then either do it before showings or exclude it in the listing.

The list of exclusions and inclusions usually isn’t that long, but it’s best to consider these before you find yourself arguing with the other party about if it stays or goes.

Note: This article is intended to provide general information and is not intended to provide specific advice.

Real Estate Transactions: Inclusions & Exclusions is the 4th post in my Real Estate Transaction Series.

You can also read the others as well here:

The Real Estate Transaction Series: The Closing

The Real Estate Transaction Series: Final Walk Through

The Real Estate Transaction Series: Deadlines and Dates

The Real Estate Transaction Series: HOA Matters