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Montrose : Real Estate Advice

  • All23
  • Local Info2
  • Home Buying7
  • Home Selling0
  • Market Conditions2

Activity 18
Fri Oct 27, 2017
Kathy Burgreen answered:
Realtors will make price adjustments when there are no similar properties that have sold within the past 3 months in the same neighborhood. Price adjustments means the realtor will expand the search to nearby towns or zip codes, look at homes that have sold and make price adjustments regarding layout, condition, neighborhood, school district, etc. ... more
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Tue Sep 19, 2017
Kingmullen asked:
My listing does not show up under my rooms for rent. I want to post a open house notice for 1680 Ironton St. Montrose, CO.
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Sat Aug 27, 2016
Sally Grenier answered:
No. The home isn't necessarily for sale. This site is full of bogus "foreclosure" listings. This site is just a database that pulls info from various sources. In this case, the bank has filed an NED (notice of election & demand) with the county and it shows up in their public records (and then gets pulled by search engines such as this one). If you're interested in buying a home, I suggest you hire a local REALTOR as your buyer's agent. He/she can search all available foreclosures, which will be listed in your local MLS. ... more
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Sat Apr 16, 2016
Sally Grenier answered:
Trulia is owned by Zillow....so basically yes. Trulia never offered a FSBO option. You can post it as a FSBO on Zillow, and I think it will show up here. But...if you have to change anything, you can't really access the info here. So, if there's a price reduction, you have to change it on Zillow. And the change may or may not show up on Trulia. It's a big mess. ... more
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Wed Mar 4, 2015
Claudia Williams answered:
Thu Dec 25, 2014
kddunbar asked:
My house is located at 62815 Jeremy Road MOntrose, CO 81401. It has 3 br/2ba, but your site says 3 br/ 1 1/2 ba. Since you would not change the incorrect info, I asked for it to be blocked,…
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Tue Oct 7, 2014
answered:
Hi Erik,

Welcome to Colorado from a native.

The first thing you need to do is speak with a lender like myself to see what programs you qualify for like the No Money Down USDA mortgage since Montrose is eligible.

One of the best things about the USDA program is the monthly mortgage insurance is substantially cheaper than FHA or conventional options.

For example: On an FHA loan of $150,000, the MMI (monthly mortgage insurance) would add $168.75 to your monthly payment but on a USDA mortgage it would only add $62.50!

The other nice thing is USDA will actually allow you to roll in your closing costs as long as the appraised value supports it.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
(877)228-9069
NMLS# 787231
... more
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Mon Jun 30, 2014
RonS answered:
You have to follow the guidelines issued by the servicer. They are under no obligation to consider your request for a deed in lieu.
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Sun Mar 16, 2014
Heather Jackson asked:
This question was asked from http://www.trulia.com/rental-community/9000060026/Sunshine-Peak-Apartment-Homes-748-749-Cedar-Creek-Ave-Montrose-CO-81401/
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Sat Oct 5, 2013
whirledcanyons answered:
Yes, the year-round creek, La Sal Creek has 2 adjacent 5 acres pieces for sale - beautiful!
0 votes 9 answers Share Flag
Mon May 13, 2013
Angie Wilson answered:
Hello Kevin,
Black Bear Road is located at 1.5 miles from Montrose Memorial Hospital. As for "no real estate included" this community of Cimarron Creek rents lots at $355.00/month. This lot rent includes water, sewer and trash pickup. Please call if you have further questions. I will be glad to help. Angie Wilson 970-209-2334. ... more
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Thu Aug 18, 2011
Suz A answered:
Hello Jannakae,
Generally, I suggest you try a few dry runs before you actually bring your financing and start bidding. Go and watch. You can learn from others who attend these auctions. And, you do want to carefully inspect all information as well as the properties.

SuZ
PML
of Longmont, CO
... more
0 votes 8 answers Share Flag
Sat Mar 12, 2011
Suz A answered:
Hello Joey!

You should speak to a local Realtor, someone who has knowledge of the area.

As you know, the real estate market has been in a protracted downturn. There are opinions in the press on when the national market will turn with home values overall and sales trending higher. Usually the press tracks the 25 to 40 largest metropolitan markets. While there is a considerable amount of information available, for practical purposes, the information is not useful from one market to the next. Over here in Boulder County, the local economies offer different and sometimes contrasting stories. And for a host of reasons, the city of Boulder has fared better than most of the nation, including most of Denver.

Timing the market would be extremely difficult in any case. The upshot: You should consult a knowledgeable professional, most likely your local agent.

A sensible approach offered by others here: You should look at whether you are ready to enter the market and act when your situation and "the right house for you" line up.

My advice for buyers who want to get their ducks in a row:

1) Examine your credit. Contact the credit tracking agencies to see if there are any mistakes on your history. And you might want to read up on improving your credit profile. Experian, Trans Union and Equifax are the three reporting agencies.

2) Get your financing lined up beginning with a pre-qualification letter from a lender. This will help save you a lot of time before you begin working with a real estate professional. It is very important to know how much house you can afford before you put in any footwork.

3) Look for a neighborhood that meets your needs. Look at schools, shopping, fire protection and similar considerations. In smaller markets, there may be few choices. But, in metro areas, there are considerable differences.

4) Determine whether you would be happy living in an HOA neighborhood. If you are unfamiliar with HOA living, you should speak to people who live in these communities to get feedback. Go online and familiarize yourself with the covenants. The financial condition of the HOA is important, too.

5) Start shopping online.

6) Hire a good Realtor who will represent your interests as a buyer. If you are new to buying, you want someone who can give you an assist with everything from locating bargains to negotiating a contract. Notice, I didn't say price. Price is but one aspect of many real estate deals.

If you're considering these questions now and you haven't done your due diligence, you might not even be ready to act for months.

BTW: I like that part of the state. Very rugged in some places, very accessible in others and all quite gorgeous. I wish you the very best.

SuZ
PML of Longmont, CO
720.810.0683
... more
0 votes 14 answers Share Flag
Wed Feb 9, 2011
Judith Copeland answered:
First talk with a mortgage lender to see what you qualify for, because foreclosed home offers often will not be accepted until you have a pre approval letter from your lender. We have several good lenders in Montrose, Wells Fargo Home Mortgage, Major Mortgage, Republic Mortgage, U.S. Bank, etc. You need to choose someone you feel comfortable with and the same with the Realtor you choose. We can all help you find a home and can show you any listing, but again work with someone you feel comfortable with. I would be happy to furnish you names of people to speak with and then you can make your choice. Thank you.

Judy Copeland
Keller Williams Colorado West Realty
2350 South Townsend Avenue
Montrose, CO 81401
(970) 209-1966 Cell
judycopelandrealtor@gmail.com
... more
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Sat Jun 7, 2008
Don Tepper answered:
Your tax assessor's office can explain exactly how yours are calculated.

In general, though, in many parts of the country, property taxes begin with a tax assessment. Note: This is not the same as an appraisal. An assessment is an estimate/calculation of your house's value for tax assessment purposes only. And, as a practical matter, tax assessments often are 10%, 20%, or even more above or below a property's real value.

A tax assessment often originates when a property is bought. Let's say you pay $400,000 for a property. Many jurisdictions, upon the beginning of the new tax year, will adjust whatever assessment there is on your property to $400,000. As the years go by, though, usually the assessment is adjusted up or down based on the rise or fall of house prices in your general area.

So, the first component of property taxes is your tax assessment.

The second component of property taxes is your tax rate. Different types of properties (residential, commercial, industrial) may be taxed at different rates. Let's say that the residential rate is $1 per $100 of assessed value. If your house is assessed at $400,000, then the property taxes would be $4,000 per year.

There generally isn't much you can do about the tax rate. Often, cities or counties arrive at that number through a reverse process. They look at what was collected last year from property taxes. They see whether their spending needs have increased or decreased. Then they'll adjust the tax rate to bring in more, or less, money in order to balance their budget.

What does stir up controversy, though, are the individual tax assessments. Let's say your home is assessed at $400,000. But there are three identical houses in your neighborhood that sold in the past year for $350,000, $360,000, and $370,000. So you might feel that your assessment is too high. And if you can bring down your assessment, then you can reduce the property taxes you pay.

Your local tax assessor can tell you the procedure for appealing your assessment. Many jurisdictions also include an explanation and instructions along with the annual assessment. The very general procedure is that you have a limited period of time in which to appeal. And your appeal must be supported by evidence justifying your argument...such as information on those three recent sales. Your appeal is evaluated and, if it's found to have merit, your assessment may be reduced.

Again, what I've presented is just the very broad outline of how it works. Your tax assessor's office can provide precise information on your exact questions.

Hope that helps.
... more
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Wed May 7, 2008
Charlene Sandoval answered:
In todays real estate market it is often possible to get a owner contract, or possibly a 2nd mortgage, You are then looking for a home that as an owner that is not not in dire straits and perhaps has already moved on and has two house payments. Depending on the sellers financial needs some can be fairly flexible. You should expect a credit ck and to provide proof of employment to show that you can be successful at the purchase. ... more
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Wed Apr 23, 2008
answered:
Hi, Noreen,

Montrose is a fast growing community and enjoyed rather significant increases in home values from about 2003 through 2007, until the market started flattening out. Values have remained fairly static since 2007, the good news for home owners being that there hasn't been any depreciation in values. The average sale price last year was about $217,000. Right now the "magic number" is $200,000, meaning homes in that price range or under are still moving fairly well, even though we're down in sales volume by about 34% since last year.

It's actually a great time to buy in Montrose right now, because there is a lot of inventory, from brand new construction to very old homes, and interest rates are still quite low. A new or newer 3 bedroom, 2-bath home can still be had for under $200,000, but most are running in the low $200,000's. What I see happening in this market is that buyers are too optimistic about getting great deals and are making very lowball offers, which are rejected, and sellers still think we're in the hey-day of 2 or 3 years ago and price their homes too high. But there is definitely some room to negotiate. You are right not to believe that an asking price actually reflects true market value or what a seller might be willing to take.

Most real estate brokers and offices have what is called IDX (information data exchange) on their websites (such as mine), which will allow you to search the entire local MLS. You can also sign up to be sent automatically new or changed listings that meet your criteria. That's a good way to get a feel for the market, especially, for homes that suit your needs and price range. I hope you find what you're looking for.
... more
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