Home Buying in Longmont>Question Details

Jacquie Vaux, Both Buyer and Seller in Denver, CO

I will be selling my Park hill home in Denver in Spring 2009. With an income of 40K a year, and good credit

Asked by Jacquie Vaux, Denver, CO Tue Oct 7, 2008

can we purchase a home 200k or under in Longmont with 20% down? We are both seniors age 65 and 72, an artist and a retired physican. Our income is social security and some income from my art sales that is documented. I also wonder if we could refinance our current home in Denver from an adjustible interest only on both 1st and 2nd mortgage $335k and $30k to a 30year fixed rate FHA loan? We are not deliquent on our mortgage but will not be able to afford this combined payment of $1600 much longer. We paid $385k for this home in 2005, a brick Tudor on a very block in Park hill. It is a 3 BR ,2 bath , 1680 sq ft. I think that we should be able to get 455k for it in 2009, based on comps and the current trend of sales. Our address in Park hill is 2570 Albion st.

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You should be able to purchase a home in Longmont with 20% down. If you would like to talk with a lender you can call Michael Hibler with Coldwell Banker Home loans at 970-419-6596 and he can give you a good faith estimate so you can see if you are comfortable with the estimated payments. If you are planning on selling your home in the near future, I wouldn't suggest refinancing as the cost to refinance most likely won't be worth the reduction in payments for such a short term. If you would like to find out what your home would sell for in today's market please don't hesitate to email me at carrie.holmes@coloradohomes.com or call me at 970-988-0242.

Kindly, Carrie Holmes, REALTOR
970-988-0242
1 vote Thank Flag Link Tue Oct 7, 2008
Jacquie,

First of all you need to contact a mortgage broker or your favorite bank loan officer who can advise you of your options concerning your mortgages. They can give you a better idea of whether you can actually refinance your 2 mortgages to lower your payments, or keep your current mortgage and simply sell your existing home and find a replacement home in Longmont with a new mortgage. I can provide you with the names of several local lending institutions to choose from if you do not know of any.

Secondly, you need a real estate agent who is familiar with the area you live now. You need to have a specific Comparative Market Anaylsys done on your current home to give you a specific price range based on recent sales and current active listings of comparable houses in your neighborhood. This can then give you a better idea what range will get you the best market price in a reasonable time. You need a real estate agent who can advise you on how to prepare your house for sale. This may include a pre-inspection to help identify any problems physically with the house. Then you may need to speak with a stagging consultant who can help you de-clutter your house and help you arrange the interior so your house show its best features to potential buyers.

Finally, you need an agent who knows the area you wish to relocate to, Longmont. As one who grew up in Longmont and has lived in and around the North Denver Metro area for over 40 years, I know there are quite a few houses available in Longmont under 200K. A good agent should help you sell your existing home, help you buy a replacement home in Longmont and make the transactions and moving as painless as possible for the two of you. I understand your plight and would love to listen further to your questions and concerns about this real estate market. Please feel free to contact me via phone or email to find out what myself as an agent and my company can provide to you in assisting you to relocate.

Ron Pearce
Broker Associate
Real Estate of the Rockies
303-666-9000
Web Reference: http://www.ronaldpearce.com
1 vote Thank Flag Link Tue Oct 7, 2008
Jacquie
Thank you for your post.

I have a couple of suggestions for your case:
First, talk with a few Realtors about your present home and situation. Compare their proposals and then decide which Realtor is best able to meet your needs. You should know that in most cases sellers OVER-estimate the value of their home. This may not be the case for you, but it might.

Second, I would suggest discussing your target in Longmont. When sellers are selling once residence and moving to another the Realtor's main job is to facilitate a smooth transition. Particularly because you are both retired, the margin for error is very small, so you need to have BOTH ends of your move thoroughly planned, along with some contingency plans if things do not go as first expected.

Third, based on the current state of the economy I strongly encourage you to be flexible with your timetable. I do not work in either market that you mention, however I can share that I am having very frank conversations regarding home values with my sellers, and the question I ask is this: If you knew that THIS was the best time to sell, and this might be the best market you will see in the coming months, would you have to wait until spring?

As a courtesy I would be honored to provide you with a referral of a top Realtor in your area that can sit down and analyze your situation objectively. Then they can provide you and your husband with the facts, discuss alternatives, then you decide what makes the best sense for your future. You can contact me via my Trulia profile.

Good luck!
1 vote Thank Flag Link Tue Oct 7, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Jacquie,

You should definitely be able to purchase a home in Longmont with 20% down and there are a lot of homes to choose from (166 Longmont homes -- all under $200K -- that are currently listed on the MLS for sale).

You might also want to consider Erie which is great community and has some homes in the under $200K range that you are looking for.

Have you considered a condo or townhome? There are a lot of nice options that you may want to consider. Particularly if you can get into a ground floor, end unit which still offers a lot of privacy, without the worry or added burdon of having to maintain a yard or scoop snow in the winter.

Please let me know if I can offer any assistance to you or answer any additional questions and best of luck to you!

Vickie Slade
Real Estate of The Rockies
303-589-2663
Web Reference: http://vickieslade.com
1 vote Thank Flag Link Tue Oct 7, 2008
Jacquie,

You should be able to buy for that amount in Longmont. I have a long standing relationship with an agent in that area that has over 20 years of real estate experience and have put in a call to verify that is doable.

About your home in Park Hill, it is wise to have a market analysis of your home comparing other homes that have recently sold and homes currently on the market to give you a value range for your home.

Feel free to contact me if you have questions about home value or want the name of the person in Longmont that can also help you there.


Bill
Web Reference: http://www.homesellteam.com
1 vote Thank Flag Link Tue Oct 7, 2008
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