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Morrison : Real Estate Advice

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  • Home Buying2
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Activity 9
Mon May 9, 2016
Betsy Hartje asked:
Wed Jan 28, 2015
Sally Grenier answered:
All depends on where you're commuting from! You posted under "Rentals in Morrison" so I assume you're looking for a place in Morrison?? Morrison is right next to Littleton. However, Littleton is kind of a big suburb. And parts of Morrision are up in the mountains. Depends on where in Morrison you're coming from and where in Littleton you're going!

I've found it really helpful to use the "Get Directions" feature on Mapqest or Google maps. Gives you a good idea of how long it takes by car, and even gives you alternate routes.
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Tue Jun 11, 2013
Robert McGuire answered:
Marthas Daughter,

Good question. I don't think there is a way to do that here but it would be easy through the MLS system we use. I guarantee you there are not as many as you would think during this time of low inventory and quick sales.

Robert McGuire
Your Castle Realestate
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Thu Apr 11, 2013
dcorym answered:
This is the OP "answering" my own question with additional details - I don't see another way to post a general response. Please let me know if there's a better way.


Wow, thanks for the thoughtful answers! The consensus seems to be we should keep the rental.

I was probably too brief in my OP - especially as I did leave out the reasons we are looking to buy our new house soon. We are currently living in a very small cabin I jointly own with my siblings - need to get out of here! We also want to relocate to the Western Slope as our permanent/long-term home. We have two girls just beginning elem. school and want to get them "rooted", as we've moved twice in the last few years. So, we would like to buy/move sometime in the June/July timeframe - August at the latest.

I was originally almost certain I wanted to sell the rental house, but now am almost as certain I want to do the opposite. I did talk to a financial planner (through USAA), who started out encouraging us to hold onto the rental, but ended up saying either choice was a reasonable one. He was not a "mortgage guy", so he couldn't/didn't answer the distinction between 1 and 2 in my original post.

So, it sounds like if we can swing the deal on the new house without selling the rental, we should do that, even if we have to pay PMI. I really HATE being in debt, and would like to pay off the student loans ASAP, but I guess I can suck it up and pay that high-interest debt for a few years if it works out better in the long run.

Again, thanks for the responses, and let me know if the additional data makes any difference in your opinions.
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Tue Dec 4, 2012
Robert McGuire answered:

Sorry to hear of your disability and how it affected your credit. A good place to start would be a good, caring and compassionate lender to go over you current credit and options. They can also help you in the rebuilding process for better credit. Sometimes a credit counselor is a good route as well. The lender can help you with that if it helps expedite improving your credit scores.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
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Wed Feb 1, 2012
Ed Quinn answered:
Lenders are in the business of making loans. 20-30% of the want-to-be borrowers/homeowners like yourself, now and in the near future will be making loan applications. I've been in the business over 31 years and am always amazed how quickly banks adjust after an economic downturns to make loans again. Believe me they will not be turning their backs on 20-30% of their market share. Instead they will create new lending products to fit the public's needs caused by past financial challenges.

I know several very skilled lenders who can quickly assess your situation and answer your questions very quickly. Give me a call and let's help you get started finding your new home. Ed Quinn 303-807-7688
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Fri Apr 11, 2008
Kathryn Carlson answered:
Scott: Thinking of Selling? Homes are on the market longer these days. Strong Buyer's Market-- Buyers are being selective-- and moving slower to their purchase. Days on market in Morrison: 90-200.
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Tue Jan 1, 2008
Jim Welden answered:
Scott, you have probably moved into your new home already but I felt compelled to respond because others might look at this question and I get asked the same question frequently by Buyers these days. Others have already responded that "it depends" and I would agree with that answer. What does it depend upon?

1) The Seller's motivation - as a Buyer you probably will not know the true extent of the Seller's motivation without submitting an offer but the listing history and the condition of the home may guide you - a truly motivated Seller will be adjusting the price regularly, keeping the home in immaculate condition, and not having extensive showing restrictions.

2) Recent price change - a recent (within the past 2 weeks) price change will probably reduce the flexibility of the Seller.

3) Volume of showings in the past week or so - again, this may be difficult to determine but if the Selelr is seeing lots of activity, then they arer probably less likely to reduce the selling price - activity is a signal that the Buyers and Buyers Agents think the home is reasonably priced.

4) Financial flexibility/Net amount of offer to Seller - as I go from listing appointment to listing appointment, I see how many homes are mortgaged to the maximum - so although a Seller may love to sell, unless they have a large savings account to tap into, it is unlikely that a heavily mortgaged Seller is going to move much off of a list price if it means having to bring a large amount to the closing table (even if they are highly motivated to sell) simply because they have no way to make the closing occur. If the home is in poor condition, then you may also correctly surmise that the Seller probably does not have the financial means to update or repair it so they probably do not have the means to accept a much lower offer.

5) The competition - if a home is fairly priced relative to the competition, then there is no reason for a Seller to discount the list price by much - just because the home has been on the market for a period of time is not the reason to discount heavily - if you and your agent are unable to find any homes in the same neighborhood in similar condition for less, then it is probably attractively priced and if you want the home, then offer close to list price. In this analysis, the lot and the condition needs to be comparable. As an example, I have a listing that currently is more than $100,000 more expensive than another home in the same neighborhood with the exact same floor plan - I am confident that my listing will sell faster than the other home because the condition, upgrades, location, views, etc provide better value to a buyer than the other home even though it is more expensive.

So, time by itself is not a reason to provide a much lower offer - my experieince is that most sellers in today's market will continue to reduce the price by smaller increments (1-2%) over time before accepting an offer that is 10% or larger off of list price.

Scott - I hope you got the home you were looking for and thanks for asking the question.
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