Eight Home Closing Essentials
August 29th, 2008 categories: Real Estate News, Relocation Tips
Real estate purchases can entail hours searching online for possible homes, days in the car with your real estate broker looking at those homes. Discovering that sometimes the pictures don’t exactly match up with the reality, and then finally pulling the trigger and preparing an offer.
Now what?
The period of time we call “under contract” in Colorado Real Estate, sometimes known as “in escrow” in other states, can stretch out for weeks and make time feel like it’s moving at a snail’s pace. There is much to be done, though, and these eight real estate closing fundamentals are important to know:
Property Inspection – The home should be inspected, and you should definitely accompany the inspector while he or she is there. This is a great time to ask questions, and get a sense of whether the property is truly the right one for you, as well as whether there are any material defects you will want to ask the seller to clarify or repair.
Underwriting Period - We build time into our Colorado Real Estate contracts for appraisal, underwriter review of your financial situation and final loan commitment. Each step is essential to getting your loan finalized for the closing day. In Colorado, we schedule a pre-determined closing date. This means that the loan must fund and the documents finalized and delivered to the Title Company by the date you’ve chosen as your closing date. Make sure your lender knows the procedures in Colorado.
Title Review – The Listing Agent will order the title commitment from the closing company. You and your agent will have time to review the document to ensure that you’ll be receiving clear title to the property. You can also choose to have an attorney review any and all documents throughout the closing period. In Colorado, we typically don’t use attorneys to close residential real estate, but you may certainly choose to do so. Especially if it’s a somewhat complicated transaction.
Scheduling Moving Day – Another customary practice in Denver Real Estate transactions is for the buyer to take possession of the property a couple of days after the closing. With a vacant property, possession is typically granted the day of closing. Make sure to check the dates and deadlines in your contract before you schedule the movers.
Walk Through – Most buyers choose to have a walk through the day or so before closing. In the real estate contract, it states that the buyer has a right to walk through and verify the condition of the property prior to closing. Some buyers who are buying a vacant house and have been through it a few times state that they don’t need to have a walk through, but it’s really a good idea to do so. This is your time to check that all of your requested repairs during the inspection negotiations have been completed.
Utility Transfer – The water departments here in Colorado have lien rights on properties, so the Title Company will transfer that utility for you on the day of the closing. They’ll arrange to have the final reading done and the final payment withheld from the Seller’s proceeds. Other utilities such as gas and electricity, satellite or cable and phones should be contacted a couple of weeks prior and you’ll need to arrange to have them transfered the day of closing. The Seller should also call and give permission for the utilities to be removed from their name and put into yours.
Final Closing Documents – As I said, the Colorado real estate contract calls for a pre-scheduled closing date. Everyone comes to the title company on the designated closing date and signs the closing documents, then the deed is transferred and the keys handed over to the buyer. We like to say that there are “two closings”. The usual order of the two closings is to close the real estate portion of the transaction first, then close the loan portion. There are many documents to sign and there will be little time to review them word for word. It’s important to look at the key fundamentals, and always feel free to ask questions if you aren’t sure what the document means. It’s certainly appropriate to request a full packet of the closing documents ahead of time to review before you come to the closing. This isn’t typically supplied by the Title Company, so you’ll need to have your agent request it at least a few days prior to the closing.
Pack and Move! – Many buyers say that they have more stuff than they thought. You’ll save money with the moving company if you have all of your boxes packed up ahead of time and moved to a central location. The movers will be slowed down if you’re still packing boxes while they’re moving you out, so plan on being super organized for the moving day.
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Denver’s Top 10 Secrets – Gretchen Faber’s too
August 24th, 2008 categories: Life In Denver, Real Estate News
Secret 1. We’re proud to host the Democratic National Convention here this week. The city is shiny, spiffed up and ready to go. Conservative and Liberal friends alike want Denver to shine and our fair city to dump the “cow town” rep. (If you like cow towns, come back in January for the Stock Show.) We even welcome the protesters, and acknowledge their right to protest their cause. Let’s hope they stay civil, though. We’re generally a friendly place, and there’s no room for hate or defamation here.
Secret 2. Denver Real Estate sales are clipping along at a steady pace. Yesterday, one of the agents in my office said an investment buyer she was working with decided not to buy in Denver because the market is, “too good.” While that might be a stretch, there are segments of the market that are faring very well. Other segments are still a little slow and we should continue to shake out a bit more inventory before the market is truly balanced.
Secret 3. Fall is the loveliest season all year, it’s still warm and comfortable, but not too hot. We have a crisp smell in the air every morning, and it’s the perfect time to go for a run or a walk. Washington Park is one of my favorite neighborhoods and parks to hang out in. I’m more of a walker than a runner, but not a wogger!
Secret 4. Denver is crazy for sports. We’re all glued to the Olympics right now, and the Denver Broncos are about to enter their regular season. We love to be outdoors, and it doesn’t matter if it’s the summer Olympics or the winter Olympics, we love sports! (Although I wouldn’t jump off a cliff on a snowboard.) The other night, my husband and kids were flipping between the Olympics and Mixed Martial Arts because the network wasn’t airing Olympic Twae Kwan Do (hubby is a black belt, kids are working on it), so I guess that’s our only sports beef right now – not enough martial arts! P.S. We certainly don’t condone kicking the ref in the head.
Secret 5. People in Denver love to eat out, and we have terrific restaurants. Our kids have very sophisticated palates and really like L’Asie. My husband and I love to walk to Washington Park Grille and 730 South (where we met). One of our high-end favorites is the Barolo Grille – perfect for a celebration. Our local Denver chefs and cuisine are as wonderful as any big city.
Secret 6. The Kentwood Companies. We have three locations (actually, it’s three distinct companies in a sense, I’m in the Cherry Creek office), and the marketing department we each share is cutting edge. We’re a locally owned and operated residential real estate brokerage with not only an in-house marketing department, but also a relocation department and professional sales associates. Actually, let me also say that there are many other esteemed real estate brokerages in metro-Denver, and I have friends and colleagues in nearly every company. That’s the beauty of our business, we work together, we cooperate, and we each hope to be better and better at what we do every single day.
Secret 7. Denver is the home to the best mascot on the planet. Rocky rocks! Need I say more?
Secret 8. Denver’s weather is CRAZY! We can be in shorts one minute and in a snow storm the same afternoon. It takes awhile to get used to – I moved here from California and truly thought the weather was schizophrenic. Now I kind of like it 
(some days…)
Secret 9. Green is in. Green housing, that is. I don’t know too many Brussels Sprouts fans. Most builders I know and talk to are very up to speed on green building, energy efficient housing, low VOC paints, and alternative energy. We may be getting slack for having the “greenest” political convention ever – but that just illustrates our local commitment to the environment.
Secret 10. Life is more enjoyable with a smile and a kind word for those less fortunate. Or as Roseanne Rosanna Danna used to say, “Be nice!”
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Denver Real Estate Stats – July ‘08
August 19th, 2008 categories: Market Trends, Real Estate News
I obtain the market statistics from Metrolist, Denver’s MLS system. They publish monthly statistics based on their data of properties that are entered into the Denver MLS, and provide their statistics to help brokers and consumers understand the market.
In July, Denver’s market saw a bit of a pop over previous months – as you can see by the reduction in number of homes on the market. This could be a typical seasonal increase in activity, but I think that it’s combined with increased positive feelings about the state of Denver’s market.
We’re seeing many more visitors to our open houses and days on the market hasn’t increased by much lately. In fact, in the price range from $300,000 to about $800,000, homes seem to be selling rather quickly. Actual sales of single family homes and condos are up 2.87% over last year and are up 5.74% over June, another positive marker for Denver real estate.
Prices have come down year-over-year, bringing some buyers off the fence. If sales stay consistent through the winter, we’ll be through the bottom and stabilizing for the future.
Sellers – it’s very important to remember than when you’re getting ready for the market and pricing your home you want to move to the front of the line.
What does that mean? Move to the front of the line? It means that unless you’re competitively priced and the home is in show home condition you are only providing rationale for buyers to buy the house down the block. If you’re not at the front of the line – the next house to be purchased – you aren’t going to sell any time soon.
If you’re interested in Denver area real estate, send me a line through the contact button. You can also subscribe to this blog by clicking on the email subscription button or by RSS.
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Colorado Spa Treatment You Can’t Miss!
August 17th, 2008 categories: Life In Denver
One of my smartest friends, Donna, proved to be even smarter than I thought when she recommended we take an entire day to go to Tall Grass Spa in Evergreen.
We’ve been having a brutal streak of days above 90 degrees, and all of a sudden a cold front blew through with two solid days of rain and cold temperatures. I’m talkin’ 40 degrees colder than just a few days earlier!
So we headed out in an early morning down pour for the drive to Evergreen. As we drove along Upper Bear Creek Road we marveled at the lovely stream (my guess – Upper Bear Creek) and gorgeous homes. Donna exclaimed repeatedly, “I want to live here!” I reassured her that she could if she wanted to, but that I thought the summer lasts a little longer down on the plains of Denver. Judging from her tan, she likes summer.
We pulled into the parking lot (after missing it the first time while we watched the stream and the field of cows), and trudged into the lit-from-within Tall Grass Spa.
And so began our day of pampering.
The friendly receptionist gave us some slippers, took our umbrellas and showed us around. We changed into robes and never changed out until early evening. The waiting room was like a cozy living room with a fireplace, leather couches, books and of course tea, water and snacks. This was where we were to reconvene after each treatment, and where they served us our delicious lunch.
First up – the best facial I’ve ever had, bar none. It wasn’t just a facial – it was a total relaxation into pudding. She gave me a facial, rubbed my shoulders, put jojoba oil on my hands, massaged them and then put them into warm mitts. After this treatment we had a body polish. Sort of like an all over exfoliation. Then a warm steamy shower, then a full massage. Did I say I was pudding? By now I was melted butter.
I perked up a bit at lunch, a fresh and tasty salad with tuna (Donna had the salad with chicken, apples & cranberries) followed by chocolate fondue. Yum! If I could have stuck my tongue into the ramekin, I would have. Chocolate weakness.
What else was on the agenda?
Time by the fire reading, and then off to a manicure and pedicure. My third hand massage of the day (I thought about typing this up when I got home last night, but literally couldn’t). Hands and feet dunked into parafin, polish on 
both and then off to our hair appointments. We had our hair washed and styled, then professional makeup applied. Donna asked to look like a “trophy wife” for the Broncos game. They had Club Section tickets so I’m sure she fit right in.
I went home to referee a multiple 13 year-old-boy sleepover party and the boys and my husband all thought I looked fab! I stayed awake long enough to order Chinese food and drink a glass of wine, and then I crashed on the couch. I’ve never been so exhausted from a day of relaxation. It was heaven.
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Denver Historic Walking Tours
August 10th, 2008 categories: Life In Denver, Relocation Tips
Denver, the host of this year’s Democratic National Convention, is gearing up and gussying up. We’re happy to have so many visitors to our city.
I met my husband for lunch on Friday, and already the 16th Street Mall was buzzing. People were everywhere, and judging from the name badges hanging around their necks, many were from out of town. Another tell tale sign that we had strangers in our midst were the maps clutched in hands for reference.
A fun way to pass some time in the downtown area is to take Tom Noel’s walking tour of the area. Dr. Noel is one of Denver’s prominent historians and he has published many books on the history of the west, and Colorado in particular. His walking tour takes you from The Colorado History Museum, past the State Capitol and The Brown Palace Hotel.
You’ll also take in the Oxford Hotel, Union Station and Sakura Square, among other historic places. You’ll end up at Auraria Campus – just across the street from the Pepsi Center – where we’re making new history.
If you live in Denver now, or are thinking about relocating here, you’ll have fun getting in touch with some of Denver’s colorful past.
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Riding Out the Storm
August 4th, 2008 categories: Market Trends
Is real estate struggling? Is there a storm? Are we riding it, or riding it out?
Realtors I talk to are: optimistic, working harder than ever, looking forward to the future, getting out of the business, all of the above. Jim Morrison sang, “Riders of the Storm” but sometimes when I sing along, I change up the words.
Denver Real Estate is faring well as compared with much of the U.S., and while we still struggle in some segments of the market, others are very strong.
Buyers are the beneficiaries of this perfect storm. Rates are low, a positive in most buyers’ minds, and home prices have flattened enough to make any purchase a bargain or a great investment.
But in the words of Yogi Berra, “You’ve got to be very careful if you don’t know where you’re going, because you might not get there“. Consider yourself lucky to benefit from a home’s inflation after 5 -7 years, plan not to sell in less than 5 years. Also remember, you’ve had a place to live – to hang your hat and raise your family. Keep an eye on the tenet of real estate, “location, location, location.” As Yogi reminded us, know where you’re going.
Is this a time to panic? A time to despair? Is this the be all – end all storm? I think not. It’s a cycle, yeah a bad one, and what choice do we have but to live? Be smart, talk to a professional real estate broker and an experienced savvy lender before you decide to move. Figure out your upside and your downside as much as you can. It’s time to economize a bit, contingency plan, budget. It’s certainly not time to panic. What good does that do you?
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Park Hill Masterpiece
August 1st, 2008 categories: LifeStyle Listings
Enter this lovely home and feel enveloped in luxury and comfort. You’ll know Park Hill at it’s finest, and will appreciate every aspect of the home and the neighborhood.
The adaptation of classic Tudor for modern living is brilliantly conceived and built for today’s lifestyle. Completed in 2007 with a vision of urban luxury. Enjoy the top-of-the-line finishes and fixtures throughout, and marvel at the ambiance created by the well defined living spaces. Each room is tied together by stunning milled woodwork with an eye toward detail.
On the market for $1,400,000, please view the entire custom website for further description and photos.
Closed May 13, 2010, $1,200,000
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