Seriously. 

People always ask me why bank owned listings are on the market for so long.  I’m happy to tell them that it is not for lack of able, willing, and qualified buyers - it’s because the BANK takes FOREVER to process the offers!

My latest and greatest example:   I have been working with a young couple to find their first home.  They are flexible, well-qualified, and looking for a starter home within their means.  They have written SEVEN offers on SEVEN bank-owned properties and have patiently waited for a response from Mr. Bank on each one, only to get out-bid by multiple offers during the WEEKS that it takes for Mr. Bank to review their offers.

Seriously. 

Finally, they wrote their best and highest offer on a house that had been on the market for one day.  They love this house.  The listing agent called and countered the offer, which my buyers happily accepted.  I told them they were under contract.  They celebrated, showed the house to their families, and started packing up their stuff.

The next day, the listing agent called me back and said that the bank now had multiple offers and wanted new, higher offers from everyone.  WHAT?!

Mr. Bank, you sort of suck.

I recently listed a Short Sale for a woman who was no longer physically able to live in her cute little house.  I received several GREAT offers in the first few weeks, but couldn’t get past the call center people at Countrywide to anyone who could actually review and respond to the offers.  The buyers got bored, or frustrated, or mad, and walked away by the time their offers were actually looked at.  In the meantime, the seller was forced to miss several payments on the house while she lived in a rental, because that is the only way a short sale will even be considered by a lender, no doubt damaging her credit and future purchasing power. 

What is wrong with this picture?  It really does sort of suck.

The bright side?  If you have time, and patience, you will get a great deal on a bank-owned property.  Just write the offers and hang in there, eventually Mr. Bank will actually look at them. 

Traditionally, Spring in Denver is when the crocus and daffodils are in bloom, you open the windows, and FOR SALE signs start popping up all over the neighborhood.  Spring may be traditional for those daffodils, but is it the best time for those signs?  Is it the best time to buy or sell a home?

We think it is…especially when you’re prepared.  Preparation is totally different for buyers and sellers, but they’re equally important.  For sellers, there is great advice and holdpful tips about getting your home ready to sell in the downloadable pdf library at www.liveurbandenver.com.  Live Urban brokers are experts at knowing what are the must do items, and what are the extra things you can do to give you the edge in the crowded Spring market.

If you’re a buyer in this market, it’s really critical that you be prepared.  There will be a lot of houses on the market this spring.  However, there won’;t be a lot of GREAT houses on the market.  Whey you and your agent find the perfect home, you need to be ready to move quickly, chances are somebody else has spotted it too!

Getting ready as a buyer involves knowing what you want AND making sure that your financial house is in order.  Financing is no longer as simple as picking up the phone or shopping for the lowest rate on the Internet.  It’s never been more important that you use a local lender.  Someone who knows you, and knows the market, can make the difference in whether you close the deal on your dream home.  You’re simply not going to get the knowledge and service that you’ll need from loanmesomemoney.com!  Check out our website.  The BUY A HOME tab has a great Home Buying Guide and tips on what your lender will need from you to get started.

Spring IS the best time to buy and sell, only if you’ve done the work to get yourself, or your house, ready.  Opening the windows is just the beginning!

I recently asked one of my favorite mortgage brokers, Scott Mulvany of Cherry Creek Mortgage, for a behind-the-scenes look at the mortgage application process from his point of view - and he delivered!  I think this is a great way for first-time buyers to understand the system - and they can even use it as a checklist as they wait for closing!

How Purchase Loans Are Made

A Step-By-Step Walkthrough

Still have questions, or ready to jump in?  Give Scott a call! 

Traditionally spring in Denver is the time that crocus and daffodils are in bloom, you’ve opened the windows, and for sale signs are popping up at houses all over the neighborhood. Traditional for the daffodils, but is spring the best time for those signs? Is it the best time to buy or sell your home?

We think it is…especially when you’re prepared. Preparation is totally different for buyers and sellers, but they’re equally important. For sellers there are some great TIPS on our website about getting your home ready to sell! The agents at LIVE are experts at knowing what are the “must do” items and what are those “extra” things that you can do to give you the edge in the crowded spring market.

If you’re a buyer in this market it is really critical that you be prepared. There will be a lot of houses on the market this spring. There will not be a lot of GREAT houses on the market. When you and your agent find the perfect home you need to be ready to move quickly, chances are somebody else has spotted it too!

Getting ready as a buyer involves knowing what you want AND making sure your financial house is in order. Financing is no longer as simple as picking up the phone or shopping for the lowest rate on the web. It’s never been more important that you use a local lender. Someone who knows you, and knows the market, can make the difference in whether you close the deal on your dream home. You’re not going to get the knowledge and service you’ll need from loanmesomemoney.com! Check out www.liveurbandenver.com. The Buy a Home tab has a great Home Buying Guide and tips on what your lender will need from you to get started.

Spring IS the best time to buy and sell, only if you’ve done the work to get yourself and your house ready. Opening the windows is just the beginning!

Ah, Multiple Offers. It’s a phrase I haven’t heard used in a while…and one that I have missed deeply, from the bottom of my heart.

Now that Spring is here, the birds are chirping, daylight savings time starts tomorrow, and Multiple Offers are back!!!

I feel like I have been showing the same sad foreclosed on, vacant, lonely homes for months now - buyer after buyer walking through and pondering the obvious questions - why hasn’t anyone bought this place (it’s been on the market for a year) - and why should I (when there are 4 more just like it within 100 yards)?

But now, in the last week, I have had buyers write offers on 3 different properties that have been on the market for months only to learn that they already have Multiple Offers.

Explanation please, Robin.

Here’s my take:

1. The market is finally picking up. People are figuring out that they CAN get a mortgage that will work for them - and that prices really ARE as unbelievable as they seem.

2. Banks are taking FOREVER to process offers, so the offers on foreclosed homes pile up while lenders crunch the numbers and take their sweet time responding.

3. Life is good.

It really is starting to look up in the DM (Denver Metro) - but learn a lesson from my disappointed buyers - if you are interested in a home, make an offer before it’s gone!

Why do they call it a short sale if it takes so long?!

It’s true - the short sale process can get you the deal of a lifetime, but you have to have the time and patience to wait out the process. 

In a traditional home sale, the buyer makes an offer to the seller.  The seller might counter-offer, the buyer and seller might go back and forth for a couple of days negotiating the terms and arguing over the basketball hoop, but the entire process really only involves the buyer and the seller, along with their respective agents.

A short sale is a whole different game.  There is no face to the negotiation - only a frustrated buyer and a person, or team of persons, sitting in an office somewhere, crunching numbers and apparently taking very long lunch breaks. 

The buyer is hoping to move in, make the house their home, and live happily ever after.  The seller is hoping to get out of a mortgage they can’t handle, for whatever reason.  The lender has to figure out how much of the orignal loan(s) to swallow.  This situation is even further complicated when there are second and third mortgages with different lenders, each of whom wants their piece of the pie.

It’s a mess, but I do have to admit that I have seen short sales get approved with increasing speed lately.  Some lenders have figured out ways to expedite the short sale approval process, and some are letting properties go for unbelievable prices, and even offering concessions including down payment and closing cost assistance!  Every situation is different, and when you make an offer you will have no idea how long you will have to wait for an answer to your offer, be it a counter, an approval, or even a rejection.

I had one listing agent tell me the other day that I should avoid all short sales, including her listing, which I had called to submit an offer on!  This doesn’t make sense, even in today’s mortgage meltdown aftermath!

So, go ahead, shop the short sales - there is certainly no shortage of them in the Denver Metro area - but be prepared for a lengthy, sometimes frustrating process.  It’s the process that could lead to your next home.

Welcome to Live Urban’s shiny new blog!

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