Broomfield, CO

Looking for BROOMFIELD COLORADO SHORT SALE EXPERTS? Look no further!

Whether you need to sell your home in Broomfield as a SHORT SALE, or if you are looking to buy a SHORT SALE IN BROOMFIELD COLORADO, fill out our easy COLORADO SHORT SALE form to get the help you need.

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Many Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain as a potential liability for the Mortgagor / Borrower. The bank's opportunity of pursuit of a deficiency judgment will vary from state to state.

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With over a million Realtors in the U.S just how does one select a great one that will represent your best interests? You can ask your brother-in-law, your neighbor or a friend, and you might do alright. There are thousands of great Realtors out there that will do a great job, but how do you reduce the odds that you may get less than the very best of representation? Chances are you are either buying or selling the most expensive asset you have or hope to have so doesn't it make sense to be selective?

There are no guarantees in this world, but here are a some guidlines we use when we select a Broker to refer our clients to.

1. First, is the agent a full time professional? Part time agents do their best to keep up with the latest trends, but we won't risk sending a client to an agent that may or may not be familiar with the local market and current financing in the area.
2. Secondly, has the agent demonstrated a commitment to the business. Committed professionals invest in themselves by continually up grading thier knowledge and skills. It takes a couple of months to complete the courses required to obtain a license, but the real estate business, like most others, is constantly evolving. Has the Broker been keeping up with the latest information.
3. The third and in our opinion one of the most important criteria we use in choosing a broker is that broker famaliarity with the alphabet. While not widely publicized the real estate industry provides specialized training for agents, and that training culminates in the agent being able to ad letters behind his or her name. These letters represent designations awarded by the National Association of Realtors and its affiliate organizations. These designations require not only classroom hours but a demonsrtaton of professional expertise through experience and production. While designations are not a guarantee they are certainly an indication that the agent has demonstrated a level of expertise above and beyond the average licensee.

The designations we look for are: Certified Residential Specialist (CRS) Less than 5% of all agents have arned this designation. Certified Real Estate Brokerage Manager (CRB) - less than 2% of all brokers have earned this designation. Graduate Realtors Institute (GRI) Rigorous set of classes designed to broaden ones basic knowledge of the business. Accredited Buyers Representative (ABR) - designation for professional representation of Buyers. While there are many more I think you get the basic idea. When referring our clients we insist on the best and therefore only refer to agents with CRS or ABR designations.

I would like to say utilizing our criteria would guarantee a great experience, but problems can occur in any transaction. However, we have found in over 35 years of marketing and selling properties that the problems are minimal and resolution easier when using an experienced broker with either the CRS or ABR designations. For us the alphabet is not only important it is an absolute requirement for our clients.

Broomfield Home Buyers Markets

Did you know that only a few Broomfield communities are currently experiencing a "buyer's market "? With that said, read on. The year end residential statistics for 2008 have shown that the Broadlands, Country Estates, Crofton Park and Aspen Creek were buyer's markets at the end of 2008. Absorption rates were over 7.0. What does this mean? Statistic show us that, on average, it took 7.0 or more months to sell a home in those areas.

What Neighborhoods?

Broadlands and Crofton Park averaged over 8 months for a home to sell, Country Estates 11 months and Aspen Creek over 11 months. This could be based on numerous variables. Listing too high to begin with, more competition and fewer buyers, financial crisis, and basic economic turn down to name a few. Sure, these issues are very concerning, however, do not worry. These homes are all located in very popular and desirable Broomfield neighborhoods. Sellers, the simple solution is to price your house at market value based on its condition and location.

Balanced markets are those communities that are neither a buyers market or a sellers market. Wildgrass, Willow Run and Anthem showed signs of a balanced market. Each averaged 5.0-6.9 months to sell. This is very favorable place to be as a seller and a comfortable location to purchase as a buyer.

Broomfield Home Sellers Markets

Broomfield overall is a Seller's market. Out of 33 neighborhoods I reviewed, 21 communities are home sellers markets . The average Broomfield Home for sale takes 4.5 months to sell with 55 homes selling per month on average. This is good news for sellers and for buyers. Yes, sellers and buyers, this is a strong indicator that Broomfield homes are holding their value.

Knowing the market, absorption rates, real estate trends and area will help you in making a strong, knowledgeable decision when you are buying or selling a home . Know this valuable information in your market or call an expert real estate professional to help you.

Broomfield Homes Sales Analysis for 2008

My year end analysis of Broomfield homes is complete.   I ran residential homes that sold in the past year and current active homes for sale.  Here is how Broomfield homes for sale performed.  It is important to know two facts before pricing a home to sell; how many months are homes on the market before they are sold and how many homes have sold per month, on average.   The breakdown performed was also by price and subdivision.

The Broomfield home activity based on the price point of the neighborhoods is as follows:  Homes under $250,000 did sell in less than 2.9 months.  What caught my eye are the price points under $300,000 which sold in less than 3.2 months, homes between $301,000 to $350,000 were taking 5.6 months to sell and  considered a balanced market, then $350,000 to $400,000 Broomfield homes sold in 4.6 months.

If the seller's home is listed for just over $300,000 and an offer would be accepted for $300,000 or less, would it be helpful to the seller to have this information, in hopes the home would sell 2.4 months sooner?   Remember, Broomfield Homes for Sale that are priced $301,000 to $350,000 are in nearly equal supply and demand or what is known as a balanced market.

Furthermore, the supply and demand for homes priced from $401,000 to $600,000 is balanced.  However, it may take over 13 months for Broomfield homes for sale priced over $600,000 to sell.

As your Broomfield Real Estate Professional, it is my suggestion to consider pricing the home at $300,000 if the house is listed at $310,000.  Comparing the net, original list to sales price differential at 94.18 versus the net, list to sales price differential at 97.12 the seller may not only save time, reduce stress, but save money in the long run.

Investing in Real Estate 9 - Scrapes, Pops and New Construction

This blog will discuss a type of real estate investment, scrapes, pops and new construction, in the Broomfield area in Denver.

What this investment is: Purchasing a small home in an expensive neighborhood that may or may not need work. The home is bulldozed and a new home or duplex is put on the lot. Alternatively, the existing home is renovated and more square footage is added on. A pop-top is adding a second story to an existing home to add more square footage (commonly, a master bedroom suite).

Equity needed: Being able to document your income and your assets will be critical. For a commercial loan, your net worth should generally be at least as much as the loan you are seeking. The good news is that the commercial loan usually does not show up on your credit report, so it doesn't count towards the "four investment home limitation" from Fannie / Freddie.

Importance of credit: Essential. A 720 FICO is a must. A 740 would be better.

Importance of experience with contractors: Critical. If you have never done it before, start with an easier "paint and carpet" project to build your skills. The more sophisticated the project, the better your contractor management skills must be to make money. Not surprisingly, the simpler projects have lower profit margins than the complicated projects. Make sure you can take the time to really focus on the project. We run classes on how to do this from time to time. Go to http://www.yourcastle.org/events.cfm to see when the next session is.

Important of experience with property managers: Generally not important for this type of investment.