Jim Welden

RG - the cash at closing refers to the down payment amount less the earnest money being provided - if 100% financing is being used, then the cash at closing would be a refund of the earnest money - good luck with the contract! - Wed Feb 27 2008, 11:00

Max - I am currently am living in a home that had a "high" radon reading when the test was completed during the inspection - a remediation system was installed, a new test was completed, and results were below the desired level - this is the second home I have lived in that had a "high" reading prior to remediation. How high was the reading for the home you are looking to buy? The result may impact how easy it is to resolve.

In the Denver metro area, this is a common issue (high readings tend to be above 4.0 but below 15.0) and at least in this area, seems to be resolved easily - the remediation systems tend to be in the $700 (for a smaller home with an unfinished basement) to $1300 (for a larger home with a finished basement). A finished basement complicates the resolution because it may be more difficult to attractively get the ducting from the basement floor to the outside of the home. It may be more expensive if the measurement is significantly above the numbers I am used to seeing.

The web site below provides radon mitigation companies by state - your inspector and your agent can probably provide additional names of radon mitigation companies. Warranties from the companies I have used are for many years - 5 years minimum. Again, assuming high readings in the range I mentioned above, the work can be done in 2-4 hours by one or two people so it typically could be completed and retested prior to closing assuming a radon mitigation company was able to schedule the job quickly.

Unless the reading was unusually high for your area, I would not have any hesitation in purchasing a home with a high radon result. Good luck with your decision. - Wed Feb 20 2008, 09:04

Markey - I just checked and the age of listings currently available in the "Whittier" neighborhood range from 1880 to 2007 - I will come back to that in a second - logic says average price per square foot would be a very helpful indicator on the home buying process - however, my experience is that it is less helpful than it might seem.

Why do I say that? An example may be helpful. I recently had a listing in the suburbs sell and it sold for $120/sq ft - a home close by but on a different street from my listing has the exact same floor plan, same age, same size, same builder and is currently available (and was available to the Buyer that purchased my listing) - the list price on the home still available generates a price per square foot of $87/sq ft - so, why would the Buyer purchase a home at $120/sq ft when a home just down the street with the same floor plan and size was available for only $87/sq ft? Typically the answer is in location, condition, and finishes - in my example, my listing had nicer finishes (more hardwood, more tile, newer and better carpeting, solid surface countertops, etc) and had a much better location with views. So, the finishes, condition, and location can make a fairly large difference in the price per square foot.

In a neighborhood like Whittier, where the age of the homes can vary significantly, and therefore the:
1) condition,
2) modernization (heating, electrical, plumbing, roof, windows, insulation, etc),
3) type of basement (none, cellar, crawl space, stand up, etc),
4) parking (garage, no garage, on street, off street, garage falling down, etc),
5) size of yard,
6) location (busy street, quiet street, adjacent buildings, etc),
7) finishes (countertops, flooring, light fixtures, bath fixtures, etc)
can also vary tremendously, the price per square foot becomes less meaningful because all of the items I just listed have a significant bearing on the price a Buyer might pay for a home but do not factor in the calculation of "price per square foot". In the older neighborhoods of Denver, I have seen Buyers pay significantly more on a price per square foot basis than the lowest price per square foot, or even the average price per square foot because the location, condition, and finishes provided the best value to the Buyer.

So, the "average price per square foot" could be for the entire neighborhood, or it could be for the homes that are similar in construction, location, finishes, age, parking, etc - my experience is that those numbers could be very different, especially for a neighborhood like Whittier that is undergoing a transition and you just want to be careful in how you use the number. Best of luck in your search. - Wed Feb 13 2008, 08:13

RMS - I would agree with Jason - I don't think you need to do much homework before beginning your search for a new home - are there questions you will have after finding a condo that might work for you? Absolutely, but no need to do a lot of research in advance of finding a home that works for you (price, location, size, floor plan, condition, etc) - otherwise, you may spend a lot of time researching info that will be a waste of time.

Once you do find a condo that you are excited about, you can either do the research on that condo in advance of making an offer or you could get it under contract before someone else purchases it. The Colorado Real Estate Commission contract to Buy and Sell gives you provisions that enable you to have time to inspect the home, do research on the HOA, examine the title, etc before closing so you will have time to do these items - especially with a condo or town home, you do want to research the HOA to make sure you understand the financial condition so that hopefully there will not be any surprises after closing (for example, a special assessment to paint the entire complex or to re-roof all of the buildings).

I would recommend visiting with a mortgage loan officer and getting pre-qualified before you begin your search so you know whether you can obtain any financing that might be needed and to see how much you can qualify for - no point in looking at homes that are more expensive than you can comfortably afford.

Also, find a Buyer's Agent that you are comfortable with - a buyer's agent will reduce the amount of time you will spend, increase your knowledge about the home buying process, and in just about all instances, you will not have to pay for the agent's services (because for homes that are in the MLS, the Seller has agreed to pay a fee for the Buyer's Agent - most For Sale By Owner's will also pay the fee for a Buyer's Agent). The agent can assist with the research, negotiate and be an advocate for you, and help you better understand whether pricing for a particular condo is reasonable. The agent can also provide names of reputable mortgage loan officer's, inspectors, and other professionals you may need as you go through the process of acquiring a new home. Buying a home is a major purchase and there are plenty of ways a Buyer can gt tripped up - if you are a first time home buyer, then I would more strongly recommend finding an agent to help you as that person will be able to reduce the liklihood of stepping on a mine as you navigate through the minefield. Best of luck with your search. - Wed Feb 13 2008, 07:09

Dan, hopefully you have not had an "acceptance" of the counteroffer - if not, then I would immediately withdraw your counteroffer in writing - my sense, and I am not an attorney, is that the critical issue here is whether the counteroffer has been accepted and communicated back to you (or your agent if you are using one). The response date is only a date that causes your counteroffer to terminate if not accepted.

My observation and experience is that it is very difficult in Colorado for a Seller to terminate a contract unless the Buyer requests something new (for example during the inspection process - even then, the Buyer still has a right to move forward with the purchase even if the Seller does not repair the item)...so, if you do not want to sell under the terms you proposed, I would move quickly to withdraw (in writing) your counteroffer.

Let us know how it turns out - good luck. - Sun Feb 10 2008, 15:16