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Avoid These Common Mistakes When Making an Offer on Lowry Real Estate

May 24, 2017

Have you found your dream home on the Lowry real estate market? Before you can pack your belongings and move in, you have to make an attractive offer to the seller. But, this is where many buyers go wrong. If you want to make sure you score your dream home, avoid these common mistakes when making an offer:

Making an offer without knowing your budget.

Before you make an offer on a home, you need to determine your budget. If you plan on financing the home, you will need to meet with a lender and get pre-approved for a mortgage so you know exactly how much you can spend. If you don’t do this, you’re really just pulling numbers out of the air and taking a chance that you’ll be able to secure the loan if your offer is accepted. Serious buyers always meet with lenders prior to searching for a home so they have their pre-approval documents ready for the seller and seller’s agent to review. Read mortgage preapproval: understanding the process.

Maxing out your budget.

If you plan on spending between $200,000 and $250,000 on a new home, you should never make an initial offer of $250,000. Why? It’s a sellers’ market right now, which means sellers will most likely make a counter offer after they have received your initial offer. If you start off by offering $250,000, you aren’t leaving yourself any wiggle room. This means you won’t have any room in your budget to compete with other buyers or negotiate with the seller.

Waiting too long.

Once you find the home of your dreams, don’t wait too long to make a move and submit an offer. Talk to your agent about putting together a contract as soon as possible. You never know when another buyer will swoop in and submit an offer to the seller, so it’s important to act fast if you know you’ve found the one.

Not listening to your real estate agent.

Real estate agents are experts in helping people buying and selling homes, so it’s important to listen to their advice if you plan on making an offer on a home. If an agent tells you that the offer you want to submit is far too low to be taken seriously, don’t insist on submitting it anyways. This is a waste of time for everyone involved, and gives the seller the impression that you’re not serious about actually buying a home. If an agent suggests that you compromise on the closing date to make the offer more attractive to the buyer, consider doing so if you can. Agents deal with buyers and sellers on a daily basis, so they know best. If you’re serious about making an offer, listen to their advice.

Now that you know how to craft the perfect offer, are you ready to buy a new home in Lowry? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

How to Buy A House in Observatory Park in Denver With Bad Credit

May 17, 2017

Many people are under the impression that if they have bad credit, there is no way they will be approved for a loan to buy a new home. Fortunately, that is not always the case. Here are a few of the ways you may be able to buy a new home when you don’t have perfect credit:

Pay more upfront.

Banks may be hesitant to trust you if you have bad credit, so it’s up to you to show the lender how serious you are about buying and paying for a new home. One way to do this is by offering to pay a larger down payment when you purchase the home. If you have a poor or fair credit score, paying more upfront will ensure you are seen as less of a risk to the lender. Plus, the more you pay upfront, the more equity you will own in the home, which is always a good thing.

Check your credit report.

You should always pull a credit report on yourself prior to meeting with a lender to see where you stand. If you have a surprisingly low score, it’s important to review the report to make sure there are no errors. Believe it or not, credit report errors are fairly common. In 2013, the Federal Trade Commission reported that one in four Americans found an error on their report that affected their score. If you do spot any errors, you will need to immediately contact the company that provided the incorrect information and ask them to fix the issue right away.

Show your stability.

Potential buyers who have low credit scores need to figure out how to make themselves look more attractive to lenders. For example, do you have a steady job that pays you a sizable income? Bring in your paystubs and show that you have earned a consistent income over the last year. If you are currently renting a home, ask your landlord to write a letter of recommendation that states you have never missed a payment or turned in a payment late. Even though you have a low credit score, the lender may be able to approve your application if you can show that you are an attractive candidate in other ways.

Search for a FHA loan.

It’s possible for a buyer with a credit score of 580 to get approved for a loan that is backed by the Federal Housing Administration (FHA). As long as you are able to put down a downpayment of at least 3.5%, you should qualify for one of these loans. It’s important to note that these loans typically come with higher fees, so be prepared to pay more in the long run with a FHA loan. Read 7 crucial facts about FHA loans.

Now that you know how to secure a mortgage with less than perfect credit, are you ready to buy a new home in Observatory Park in Denver? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

What Are Pocket Listings on the Goldsmith Real Estate Market?

May 10, 2017

Homeowners are ready to sell their homes typically contact a Goldsmith real estate agent who will take photos, write up a detailed description of the property, and post the listing on the Multiple Listing Service (MLS). But, not every home will be listed on the MLS. Some agents will sell homes as pocket listings instead of following the standard procedure. What is a pocket listing? How can it benefit the seller? Here’s what you need to know:

What is a pocket listing?

Pocket listings are homes that are up for sale but not listed publicly on the MLS. This means that other agents and potential buyers will not be able to view information on your home online. In addition, most pocket listings will not have “For Sale” signs in their yards either.

How does an agent sell a pocket listing?

You may be wondering how pocket listings are ever sold if the homes are never advertised to buyers and other agents. If an agent is selling a pocket listing, he will still take photos of the property and get to know the features of the home. Instead of sharing this information with the world, he will keep it in his pocket (hence the name) and only share it with other agents and buyers that he trusts.

What are the benefits of a pocket listing?

If a seller is a very private person, he may not want photos of the inside of his home plastered across the internet, which is one reason why many sellers choose to list their homes as pocket listings. Sellers may also want to limit the number of people who visit their home in person. If the home is listed publicly, it may draw some people who are only interested in looking and not buying. Because the public will not see a pocket listing, sellers find that the only people who see the home are those that are very interested in making a purchase.

Listing your home as a pocket listing can also help you test the market before you go public. For example, if you and your agent do not agree on a listing price for your home, you can test the higher price with a pocket listing and see if any buyers respond. If you test the market as a pocket listing, you won’t have to repeatedly lower your price once your listing is made public.

What are the drawbacks of a pocket listing?

Sellers who are in a hurry to sell their homes should not choose to list their homes as a pocket listing. It takes much longer to find buyers if your home is not listed publicly, so be prepared to wait if you want to list your home privately. Should you sell your house as a pocket listing?

Now that you know what a pocket listing is, are you ready to list your home on the Goldsmith real estate market? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

How to Find An Observatory Park Real Estate Agent

May 3, 2017

There are probably dozens of real estate agents in your area, so if you’re trying to buy or sell a home, how do you know which one you should work with? To find the ideal Observatory Park real estate agent, follow these tips:

Look locally.

You will need a real estate agent who is familiar with the area. Someone who calls himself a Denver real estate agent may not know the Observatory Park area, even though it’s within Denver. Look online for an agent that specializes in Observatory Park instead of one who has never worked with a client in Observatory Park before.

Find out their schedule.

Some real estate agents only work part-time or work in real estate on the side. If you want an agent who is fully committed to helping you buy or sell a home, make sure you choose an agent who works in real estate full-time. You should also ask each agent you talk to about his current workload. How many buyers is he representing? How many homes is he currently trying to sell? The answers to these questions will help you determine how much time the agent will have to devote to you. Learn how to interview a real estate agent.

Talk about strategy.

Find out what sets each real estate agent apart from the rest. If you’re selling your home, ask each agent how he will market the home to the community. Will he host open houses? How will he market the home online? Ask if you can see examples of how he’s marketed homes in the past. For example, if he has created informational brochures about a home to hand out at open houses, ask for a sample so you can look at the quality of his work. If you’re buying a home, talk to the agent about how often he will look for new homes, how many times he will take you to see listings, and whether he has relationships with other agents in the neighborhood.

Ask for references.

Once you have narrowed your list down to a few finalists, ask each of the agents to provide you with references. Contact the references to discuss their experience working with the agent. Was it difficult to get in touch with him? How are his negotiation skills? Did he conduct himself in a professional manner? No one can answer these questions better than people who have worked with the agent in the past, so get as much information as possible.

Read reviews.

Of course, you can always head online if you want to see what people are saying about a certain agent but don’t want to ask for references. Simply type in the real estate agent’s name and look on websites such as Yelp, Facebook, and LinkedIn to see what clients have to say.

If you’re looking for a real estate agent, look no further than Elevation Realty. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

How to Spot Motivated Sellers in Observatory Park

April 26, 2017

If you are eager to move into a new home, you don’t want to waste your time on sellers who are still unsure of whether they even want to sell their home or not. Instead, it’s important that you look for motivated sellers who are ready and willing to make a deal. How can you find a motivated seller in Observatory Park? Look for these signs:

Clues in the listing.

The listing will provide you with clues to help you determine if the seller is motivated to get rid of his home. As you read through the listing, look for anything that signals he is anxious to do a deal. For example, if the listing says the seller is accepting cash offers only, this means he doesn’t want to take a chance that a buyer’s financing will fall through because he is eager to sell. You should also look for listings that say the owner is willing to close quickly, or is selling the house as is. Both of these clues indicate that the seller would like to make a deal as soon as possible.

Motivated sellers may also include popular terms and phrases that are known to draw in buyers. Look for these home listing phrases that will help you sell faster.

The home is being listed by an estate.

Ask your agent to find out who is selling the home. If an estate has listed the home, this means that it is being sold by people who have inherited the home from someone who has passed away. Typically, this means that the sellers will be more motivated to sell because they are attempting to liquidate the assets of the estate. But, you may want to find out more information before making this assumption. For example, if a lot of family members are involved in the estate, this could lead to disagreements over how much the house is worth and what they should sell it for.

The seller has a legitimate reason to move.

To help you determine if a seller is motivated or not, try to find out why he is moving out of the home. If he has simply grown out of the house and is moving into a different home within the same area, he may not be motivated to close the deal. However, if he is moving to a different city or state because of a new job, he may be very eager to start the next chapter of his life. Sellers who are listing their homes as part of a divorce settlement are usually fairly motivated to sell as well. This is because they want the divorce to be over as quickly as possible, which won’t happen until the house has been sold.

Are you ready to find a motivated seller who will sell you the house of your dreams? Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.