Archive for November, 2010

What are the steps in securing a Bank Owned REO property in Littleton, Colorado

Prior to the completion of the foreclosure, banks usually do not touch the home or maintain the yard.  But some do, if they find out it is abandoned, then they will change the locks, and winterize the plumbing system.  In some cities, if the home has been vacant a long time, and the weeds are knee high, the city will mow the yard, and then add that bill to the tax bill.  They will at least make the home more attractive.

After the bank has become the owner, via a Public Trustees Deed, we as the REO broker for the bank become the main eyes and ears for the home.  We are notified as early as a day after ownership transfer, to go out and check on occupancy to see if it is vacant or occupied.

 If Vacant, we do the following:

1. change the locks
2. change utilities into our names: gas, electric, water, sewer, etc.
3. take photos of all the rooms, any damage, and if there are personal belongings
4. notify the HOA
5. register with the city as a vacant home
6. put signs up in the windows with our contact info
7. depending on time of year, winterize the plumbing
8. access bids to secure the property:  pools, doors, windows and trashouts
9. determine the value of any personal property, either its trash, or has value.  If valuable (furniture) bank will perform a personal property eviction and then we wait 2 more months
10. start any seasonal services:  summer, we mow every 2 weeks, winter; we use snow plow service of driveway, sidewalks and walkways

 If Occupied, we try to contact the occupant for a possible Cash for Keys (CFK).  There are new laws for evicting, and based on conversations with the occupant, the attorneys will decide what action to take.  CFK’s have been very successful, as cash still talks loudly.  If it is a squatter, there will still be an eviction, banks do not negotiate.

 Some stories from over the years.

1.  One home the bank took over the home, changed the locks, inventoried the personal belongings, and took photos of everything.  But over the next couple of days the trash out company took all the items out of the home and threw it all away.  Turns out an investor had bought the home at the last possible moment during the foreclosure process, and the public trustee misinformed the bank that they had become the owner of the home.  What followed is that the banks attorney had to do some monetary negotiation with the investor, to pay them for all the thrown out items.  Fortunately it was based on the photos taken of the belongings.

2.  Another home that we were notified to check on the status of a home that just came out of redemption.  It was February, and as I drove up, noticed all the windows were fogged up.  I peeked in thru the windows, and could see waterfalls of water running down the stairs, thru the ceilings, and out the front door.  Water had burst in the pipes.  We quickly called our locksmith, and also the water department to turn off the water in the street.  End result was 225,000 gallons of water ran thru the house.  Then the mold began to grow.

3.  We had another home, in a tough part of town, where a vagrant kept breaking into the home, sleeping in the living room (or passing out).  We called the cops to come over, but he was always gone during the day.  Then we would resecure the home, he then broke in the next night, and we called the cops again, no one was home during the day.  We secured the home 3 different times, and fortunately we believe he just went down the street to another home.

4.  We did a CFK during the month of December, a veteran had owned the home, and he was in the process of moving out when we contacted him, he was about 98% moved out of the home.  He was down to about 5 boxes of stuff, a chair and a couch.  We got all the paperwork signed, waited for the banks check, and the week before Christmas I was able to give him a $2000 check. 

5.  We had another incident with vagrants who broke into the home, but this time we were able to have the cops come out at night.  I stayed in the car in the street, both cops went in the home, and about 10 minutes later they came out with 2 guys.  Funny thing was that the cops knew them both, and then took them both to jail, for a nicer place to sleep.  Then we resecured the home, and they never came back to our home.

If you have a bank owned property that needs to be serviced, or are an asset manager for a bank, give us a call direct, as we have successfully sold homes for over 40 different financial institutions since 1988.  Call Michael at 303-888-2488, or email him at mcgmhg@earthlink.net.

Revisiting Carmelo Anthony’s home for sale in Columbine Valley

Since the home went up for sale in middle of June, Carmelo Anthony’s mansion is still for sale at the same price. For 9.5 million dollars you can have a mansion fit for a basketball player on 5.7 gated acres, over 21000 square feet of finished rooms, a 7 car garage, a seperate sound studio, 8 bedrooms and 15 bathrooms. Call me with the correct financial criteria to schedule a showing at 303-888-2488 or email me at mcgmhg@earthlink.net, to have a buyer broker working in your best interest. The best in suburban living.

Carmelo Anthony’s home brochure

23232 E. Dorado Ave., a Bank Owned home for sale in Saddle Rock Ridge, of Aurora Colorado

Now is the time to take advantage of the current real estate market in Aurora Colorado by viewing and purchasing this bank owned home, located at 23232 E. Dorado Avenue in Saddle Rock Ridge.

This home has over 2200 square feet, a full basement, high ceilings, and the bank is SO motivated. Call Michael at 303-888-2488 or email me at mcgmhg@earthlink.net.

Top 10 reasons for Highlands Ranch residents to list their home over the Holidays.

Top 10 Reasons Highlands Ranch residents should List Their Home During the Holidays

1. People who look for a home during the Holidays tend to be more serious buyers.
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you.
3. Since the supply of listings will increase in January, there may be less demand for your particular home. Less demand means less money for you.
4. Houses show better when decorated for the Holidays.
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price.
6. Buyers have more time to look for a home during the Holidays during the weekday.
7. Some people must buy before the end of the year for tax reasons.
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot typically wait until spring to buy, you must be on the market now to capture that market.
9. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year.
10. You can still be on the market, but you have the option to restrict showings during the 6 or 7 days during the Holidays.

Call me at 303-888-2488, or email me at mcgmhg@earthlink.net for a private interview.

The last home in the Hearth, a Tamarisk model, is available in Highlands Ranch

Most home buyers never have the chance to buy the builders model home, but now the last of their model homes in The Hearth at Highlands Ranch, is now available for sale.  Click on the link for The last available home in The Hearth for more details.

Call me at 303-888-2488 or email at mcgmhg@earthlink.net to discuss your new home purchase.

Sleeper House near Golden and Genesee, as seen from I70, sells at Foreclosure auction

Highlands Ranch MLS October 2010 sales statistics

Just released are the official statistics from the MLS for Highlands Ranch and year over year there have been some changes.  Print out the October 2010 MLS statistics for Highlands Ranch, and I will offer some guidance.

Residential Highlights

• 5% Decrease in closed sales year to date
• Average Days on the market is now about 88
• 4.6% Increase in active listings (688) now
• 38.5% Increase in absorption rate , now up to 7.3 months
• 3.7% Increase in average sold price ($355,143)

Condo/Townhome Highlights are not as rosey

• 40.9% Decrease in closed sales year over year for the months of October
• 19.2% Increase in active listings to 149
• 10.1% Decrease in average sold price ($228,208)
• Average days on the market almost doubled to 112 days
• Absorbtion rate doubles to 11.9 months

But remember every home is unique, every subdivision is unique and every situation is unique.  For exactly where the values of your home lie, contact me for a FREE no obligation analysis.  Call me at 303-888-2488, or email at mcgmhg@earthlink.net to discuss your Highlands Ranch value.

Bank Owned home for sale at 23232 E. Dorado Ave. in Saddle Rock Ridge, $233,800

Just came on the market at $233,800, this is a wonderful home with 3 bedrooms, a loft and high vaulted ceilings.  Take advantage of todays real estate market by buying this home at 23232 E. Dorado Ave.

Check out our photo page for 23232 E. Dorado Ave..

Call me to discuss how you can own this home, and have instant equity.  mcgmhg@earthlink.net, or call 303-888-2488.

You can also visit our other listings at http://garardrealestate.com/listings-and-properties/.

Homes are taking shape at The Spaces of Highlands Ranch

For those of you who have not driven by, or can not vision what an artist rendering looks like, here are the latest photos of the first buildings to be built at The Spaces at Highlands Ranch.

Call me at 303-888-2488, or email me at mcgmhg@earthlink.net to discuss how to have a realtor represent you at a new home complex.