Jason Roshek

Make Your Colorado Home a Buyer’s First Choice

If you’re selling your Colorado home, you know certain things must be done such as cleaning out your stuff so buyers can envision their things in the home. And while today’s market is improving, sellers still need to spend some extra effort to make their home stand out from the pack.

Here are some clever ways to make sure that your house is a buyer’s home of choice.

Highlight the Local Area – You can do this by replacing your pictures of family with photos of interesting landmarks in your area, whether that’s a business or a scenic overlook. Just like a hotel, have a binder or folder full of information that sellers can browse through. You want your Pikes Peak home to shout, “There’s a lot of great stuff to do around here!”

Entice the Senses – People have tried to send the feeling of “home” to potential buyers by having the house smell like freshly baked cookies. Today, some experts say the smell of baked bread works better. The key point is that your home should not smell in any way of animals, spices, or other nose-wrinkling odors. Try using scented sticks in oil to send a pleasant but not overpowering fragrance throughout the house.  Lavender or clean linen aromas are especially good.

Borrow Shamelessly from Other Sellers – Attend the open houses of other sellers in your area to see what they do to entice (or turn off) buyers. If you think the same things will work for you, go ahead and try them.  If nothing else, you’ll get to see what makes your home unique so you can highlight that.

The Eyes Have It – Make sure your on-line photos show your Colorado Springs property and its rooms in the best possible light.  If you have the budget, get a professional photographer to take the snaps or see if your agent offers this service. Good pictures will make a potential buyer want to get in the car to see more of your house in person.

Make it Noteworthy – A little-used but helpful action is to write a note to your potential buyers. Talk about why you bought the house, what you love about it, and any special amenities that buyers would appreciate. The possibility here is that the buyers will transfer your great memories of the house into wonderful possibilities for their future.  Just don’t lie or lay it on too thick.

None of these things is particularly expensive or time consuming, but each one creates a tug for the buyer to want your Colorado home over someone else’s property. Use them to your full advantage and see what happens.

Another wise choice is working with smart and talented real estate agents like us. When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group! We are ready to help you with all of your real estate needs.

How to Choose the Best Lender for Your Colorado Home

There are lots of things to do before you buy your Colorado home. One of the most important things is finding the right lender.  While it’s tempting to go with the one offering the lowest rate, there are other things you should consider when setting up what will be a long-term relationship.

Here are some ways to make the best choice.

Ask Around – Check with family, friends or co-workers. Ask what they specifically liked or didn’t like about their loan process or their lender. You can also check with your real estate agent for a recommendation.

Do a Background Check – It’s not all about interest rates. Use personal sources or the Internet to check out the experience and reputation of your potential lender. See if your current bank offers special deals for its customers.

Conduct Interviews – Either by phone or in person, ask questions about the various loan programs offered. You can do this even if you’re not applying for a loan yet. Find out how each option will work for you today, and in the future how you can communicate with the lender if needed, and how long the loan process will take.

One very important thing to know is whether your lender will service the loan for your Pikes Peak house or sell it to a large lending corporation. It’s a bit harder to get help with issues from a big corporation than your local bank or credit union.

The kind of service you get in this process is a good benchmark for how you’ll be treated if you become a customer. Don’t go with anyone who is difficult to reach or otherwise uncooperative.

Be Open to Discussion – A good lender will absolutely ask questions about your financial goals as well as your short and long-term plans for homeownership. They will tell you how you can improve your credit to better your chances of acceptance and will tie in this loan with your overall financial plan. Answering honestly will help you get the best deal possible on your desired Colorado Springs property.

Keep It Simple – Decide whether your aim is to pay off the loan in a certain amount of time or to create the lowest monthly payments. Then ask the lender for a written statement or spreadsheet that clearly compares each loan’s interest rate, points and lender fees so you can choose the plan that fits best. Taxes and insurance generally are the same for all lenders, so save that discussion for the final stages of the process.

Take the time to find the lender who will provide great service as well as a great rate. You’ll be happier in the long run.

We can help you find the right house and an experienced lender to finance it. When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group! We are ready to help you with all of your real estate needs.

 

Want that Colorado Home? Write a Letter.

We’ve said it a lot lately. The market is starting to turn more in favor of sellers, which means increased competition for those buying a Colorado home. One new way to stand out from the crowd involves a very old activity: Writing a letter to the sellers.

In one case, a potential buyer wrote to the owners to tell them all the specific things she and her husband liked about the home, how they would care for it well, and that they had the means to afford the mortgage. And it worked. The sellers said they accepted the bid because of the letter.

Will a letter always tip the scale? Many real estate agents feel it couldn’t hurt for most standard sales but is not a good idea when buying a bank-owned property. It really depends on the seller. Some agents said they have seen letters make a sale but also have seen sellers ignore them completely.

The one big caveat from the agents was that buyers should never submit a letter without telling their agent. Also, the letters should most always include the following information.

• Specific things the buyers like best about the Pikes Peak house and the surrounding neighborhood.
• How long they’ve been searching for their home.
• A bit of personal information including names and ages of children. If the sellers raised a family in the house, they might warm to another family coming in.
• Any information confirming good credit and their ability to make payments.
• Their love for the house and their commitment to do whatever is needed to be the winning bidders.
• Any other discussion of what the buyer and seller have in common.

A few other rules of thumb include keeping the letter “short and sweet” and not laying it on too thick. Buyers must also be realistic that a letter will not make a difference if their bid for that Colorado Springs property is $35,000 less than a competing party.

Typed or handwritten, a sincere letter to the seller certainly can’t hurt—and it some situations it could make all the difference.

Let us help you become the buyer of choice for your desired home. When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group! We are ready to help you with all of your real estate needs.

Open House Questions for Colorado Home Buyers

When shopping for a Colorado home, an open house is a great way to get information on the property and to learn about the neighborhood. Sometimes, you can even check out potential Realtors^® to help with your home search.

But there’s more to an open house than just a walk-through, and if you know the right things to ask you can learn a lot more than just the basics. The following are some key inquiries that you (or your agent) should make at your next open house.

• Any offers yet? You need to know if you’re competing with anyone for that Pikes Peak home. If offers were made and rejected, try to find out why so you can come up with an offer the sellers will accept.
• Has the house been in escrow? If yes, find out why with some follow-up questions. Was there an appraisal issue? Was something major found during the home inspection? Get the inspector’s reports so you know what you’ll need to follow up on if you make an offer.
• How long has the house been on the market? If the Colorado Springs property you like has been listed for a while, a lower offer might be accepted. It’s also important to ask if/when there’s been a price reduction.
• Why are you selling?  Whatever you learn about this can be helpful in deciding your offer price or closing date. Since the sellers might be reticent about answering, ask several different times to see what slips out.
• Any liens on the property? This would include construction liens, tax liens or other claims from unpaid debt that you don’t want to get stuck with.
• Will the home meet my lender’s appraisal expectations? Even though the market is improving, you can’t assume appraisal at listing price. Work with your agent so you don’t end up losing the money you’ll spend as part of the offer process.
• Any other costs?  It’s important to find this out before closing, not after. If the house is a condo or part of a closed community, check the cost of dues for the homeowner’s association and any other potential fees. Also, contact the homeowner’s association to check out whether you can abide by their rules for pets, parking, etc.

If you like everything you hear, get that information in writing from the listing agent. And plan to have your own home inspection done regardless of what you were told. It takes work and due diligence on your part, but getting the right information before you buy can prevent a lot of problems after.

From open houses to the offer process, our experience and support make the difference. When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group!  We are ready to help you with all of your real estate needs.

Inventory Your Colorado Home

You love your Colorado home along with everything that’s in it. But if you experienced a fire, flood, theft or other disaster that damaged or destroyed your home’s contents, could you remember and list everything you own? If you’re honest, the answer is no.

A home inventory, created in advance of disaster, will help ensure that you can replace damaged or stolen items with very little effort.

Regardless of the value of a home or its items, you need to prove ownership to your insurance company and must document the value of every item. Without a home inventory, filing an insurance claim will be a nightmare as you try to list things from memory.

A simple paper list of your possessions will suffice, but experts say using a digital camera and camcorder will benefit you more.

Walk through your Pikes Peak property and take pictures of everything you own, including things in closets and drawers. Use a digital camcorder or even your cell phone to talk about items as you film them, noting important details such as whether something is an antique. Get close-up shots of serial numbers, and supplement the video or still pictures with a printed checklist that has brands, quantities, and estimated values of items. Then just hand this to your insurance adjuster when you file a claim.

Once you have the inventory, remember that it will be no good to you wet, burned, or gone with your stolen computer. It’s better to store the inventory somewhere out of the house, perhaps on one of the many online backup services. Or save the files on a USB drive to be placed in a safe-deposit box or a relative’s home. If nothing else, keep it in an emergency bag with other essentials that you’ll grab as you run out the door.

Finally, make sure to compare the estimated value of your Colorado Springs home and its contents against your insurance policy’s replacement coverage. If values exceed the limits of your policies, you can consider buying extra coverage.

It takes a little time to create, but having a home inventory provides peace of mind that if disaster strikes, you can take care of your family first and worry about your stuff second.

Before creating a home inventory comes buying your dream home. When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group!  We are ready to help you with all of your real estate needs.

Reasons to Refinance Your Colorado Home

Everyone wants to save money, and where your Colorado mortgage is concerned, the more savings the better. This is the primary reason most people refinance. 

But there are at least five other good reasons to refinance, each with its own special benefit, and all can be helpful in the right circumstances.

Shorten Your Payment Years – By refinancing from a 30-year to a 15-year mortgage, you decrease your total interest amount because you’re paying the loan off sooner. (Though with this option your monthly payments will increase.) Shorter-term loans often have lower interest rates as well.

Fixed Interest Rate – An adjustable rate mortgage (ARM) looks great when you first get it because interest rates are low. But you never know when those interest rates will spike and blow a hole in your budget. Today’s low rates argue for the switch from an ARM to a fixed-rate mortgage. The fixed-rate interest might be a bit higher, but your monthly payment will stay the same for the life of your loan.

Additional Cash – Known as a cash-out mortgage refinance, this is a great way to turn the equity in your Pikes Peak property into money for special needs—special being defined as something with long-term benefits such as college tuition or a major home improvement, not that little sports car you’ve always wanted. You only want to take on extra debt for a really good reason.

Debt Consolidation – Roll the mortgage and equity debt on your Colorado Springs home into one loan. This results in only one monthly payment to your lender, which is often a lower amount than the two separate loan payments combined.

Financial Stability After Divorce – Generally, only one party gets to keep the home in a divorce settlement, but sometimes both parties will be required to pay the mortgage. Refinancing in this case makes the designated homeowner responsible for payments and the other party can walk away.

When refinancing for any of these reasons, do your homework. Check with your current lender about preferred rates or other deals. If you’re not satisfied, investigate other lenders in your area, and research online for even more options. No matter which option you choose, your budget will breathe a sigh of relief—and you’ll be armed and ready when it’s time to buy your next home.

Our expert agents can help with all your real estate needs. When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group!  We are ready to help you with all of your real estate needs.

Colorado Home Renovations that Create Value and Buyer Appeal

While you’re planning to stay in your Colorado home for the foreseeable future, at some point you may want or need to sell. So in addition to making you happy, any remodeling done to the home should both add value and be inviting to potential buyers.

Here are four renovations that can meet all your requirements.

Modifications for Aging Owners – If you plan to stay in the home as long as you can, or if extended family members will be living with you, there are specific remodels to help you “age in place.” These include wider doorways to accommodate wheelchairs, putting in a bedroom on the home’s entry level, and modifying other indoor and outdoor areas to reduce or eliminate stairs.

More than ever, extended families are living together and older homeowners want to stay put as long as possible, so these remodels are now common, and buyers often expect them in a prospective home.

A Spacious Kitchen – Create a space that will combine the cooking and eating areas, even if it means reducing the space where the food is prepared. Today’s buyers want a room where they can gather for a meal and spend time together. Pantries and utility rooms are popular as are open shelving and islands that allow socializing with family and guests while preparing the meal.

High-Tech Updates – Because so many people are now working from home, having your Pikes Peak property wired and ready to handle today’s technology needs will absolutely add value. If your current layout allows, put in space-saving workstations or a home office with large furniture such as floor-to-ceiling bookcases.

More Outdoor Living – Plan to fully utilize any available outside space. One option is to fashion an outdoor living room on your deck or patio that’s set up with wiring and appliances for cooking. Or create a unique Colorado Springs living space by bringing outdoor furniture inside all year long.

The trick with any remodeling effort is to balance what you like and want in your home today with the things that will add value when it’s time to sell.  This takes some extra time and energy, but in the long run it’s worth the effort.

It’s important to work with an agent who can spot all the unique aspects of any home.  When you’re ready to buy or sell a home in the Pike’s Peak area, contact The Roshek Group!  We are ready to help you with all of your real estate needs.

Do You Need a Lawyer for Your Colorado Real Estate Transaction?

Ask anyone about using lawyers for Colorado real estate transactions, and you’ll get many varied and interesting answers.

Most people feel that a lawyer will keep them from being swindled or duped during the process, but sometimes it’s the lawyers that do the cheating.

Here are some thoughts on both sides of the argument.

There actually are situations where it’s important to have a lawyer by your side when buying or selling in the Pikes Peak region. Here are some specific examples:

• Short sales, foreclosures, or REO
• Rental purchases
• For Sale By Owner transactions
• Lease options
• Buying a condo
• Sales that don’t have a buyer’s agent
• Purchasing commercial property
• Sales where the seller is carrying the home loan

Folks in the opposite camp say that for a normal real estate transaction, lawyers really aren’t necessary, and they sometimes can create problems where none exist by tampering with contracts. Since most real estate contracts are “fill in the blank” forms, there’s no need for a lawyer to mess with them.

Attorneys get a pretty hefty hourly fee, and some of the more unscrupulous ones will pick apart minor issues on a simple Colorado Springs home sale to increase their payment. Some situations where you might not need a lawyer include:

• Being represented by a licensed broker
• Using standard forms which no one has changed
• Using a title company and an escrow agent when you sign the mortgage and closing documents
• A purchase that is not a distress sale

If you do choose to hire a lawyer, it’s important to find one who is an expert in real estate law. Those who do not specialize in this area can actually stop the entire transaction. You want someone who will keep you from getting into trouble should issues arise. Also, be cautious about using a lawyer referred by a real estate agent, as an attorney’s interests should not be tied in with parties who will make money from the transaction.

Real estate transactions are already expensive. Before you spend additional dollars on an attorney, make sure you really need one.

Having a skilled and knowledgeable real estate agent can also bring you peace of mind.  When you’re ready to buy or sell a home in the Pike’s Peak area, call The Roshek Group!  We are ready to help you with all of your real estate needs.

Avoid Last-Minute Mortgage Issues on Your Colorado Home

More often than not, mortgage closings go off without a hitch. But today, lenders are extremely cautious about handing out their money and will sometimes continue checking information right up to the closing date, even for Colorado homebuyers with good credit.

To make getting your mortgage a hassle-free process, follow these rules of thumb.

Hold Major Purchases Until After Closing – Until you’ve actually signed the mortgage agreement, wait on buying that new car or big appliance. If your bank investigates, it will see this as more debt for you and more risk for them and potentially pull the loan. Even buying with cash can be an issue because lenders check cash reserves when approving a loan.

Wait on Big Career Moves – Because lenders heavily consider salary and job stability when granting loans for a Pikes Peak property, a career change could hurt your chances for approval. The bank could pull the loan or hold off approval until there’s proof that your new job is stable and provides enough income to pay your mortgage.

Expect an 11^th Hour Credit Check – New rules created by Fannie Mae mean that lenders will probably make a final credit check just before your closing.  If you’ve missed or are late on any bill payments in the period between your approval and closing dates, you could lose the loan. Applying for a credit card is also a negative as it could reduce your credit score.

Set Aside Cash for the Closing – It’s essential that you have enough ready cash set aside for closing costs. On a $200,000 mortgage, a three percent closing cost means you need $6,000 before you even add in points and closing fees. And know that these numbers can increase at the last minute. If you don’t have this money already set aside, you might lose that awesome Colorado Springs home.

These are not the only possible issues to avoid, but they hold one of the biggest consequences. Losing your mortgage can mean losing the home you’ve searched long and hard to find. A little up-front knowledge and preparation can help prevent any last-minute surprises.

It’s important to work with an agent who knows how to avoid all the potential pitfalls of the real estate process.  When you’re ready to buy or sell a home in the Pike’s Peak area, call The Roshek Group!  We are ready to help you with all of your real estate needs.

Navigating a Short Sale of Your Colorado Home

The housing crisis is easing, but not in time for many homeowners who can no longer afford their mortgages. Those in this situation can sometimes avoid foreclosure by selling their Colorado home in a short sale.

What is a short sale? It’s when homeowners in a bad financial situation sell their home for less than the amount due on the mortgage, and all proceeds revert to the lender. And while a short sale can be an appealing alternative to a foreclosure, it’s not necessarily an easier process. Here are some things you need to know.

Consult the Experts - If you’re considering a short sale, talk to three crucial people: a CPA, a real estate attorney, and a qualified real estate agent. They will know your state’s laws regarding short sales and foreclosures and can help you determine if a foreclosure would be better than a short sale in your specific situation.

Use a Qualified Agent - Many agents will say they are short sale experts when they have no real field experience.  To find a qualified agent, look for the title Certified Distressed Property Expert (CDPE) or National Association of Realtors Short Sale Specialist. Then ask how many short sale listings they currently have and request names and phone numbers of their last five short sale clients.

Verify Your Home’s Value - Do this yourself using various online tools or ask your real estate agent to give you an estimate. You can also use the Appraisal Institute website to locate a qualified appraiser in your area.  Know that your lender will want to price your Pikes Peak property as close as possible to market value.

List Appropriately - This is a key step. Start out listing your home at slightly above market value and then lower the price at pre-determined intervals until you get an offer. This will show your lender that you’re trying to get them the most for your home. It’s a balancing act of enticing buyers while satisfying a lender’s profit needs.

Prepare Required Documents - This includes, but is not limited to, a hardship letter, tax returns from the past two years, and last two pay stubs. The entire package could be 60 to 80 pages. Be sure all required documents are there or the bank could put off your short sale.

Be Patient - It can take 30 to 45 days for the lender to get your package, input your information, and assign a negotiator to the sale. You could actually wait as long as three months for this.

Negotiate - The lender’s negotiator will offer you an appraisal or broker price option (BPO) of your Colorado Springs real estate. If a buyer’s offer is within five percent of the BPO and the lender has all your information, the short sale will be approved.  If the offer is too low, the lender might come back with a higher sale price. Negotiations will follow, but that’s just how it’s done. 

The entire short sale process can take from six weeks to a year or longer, but don’t get discouraged. If you have a good team behind you, you’ll end up making the sale and will be satisfied with the results.

We are a Certified Distressed Property Expert and can help you successfully navigate the entire short sale process. When you’re ready to buy or sell a home in the Pike’s Peak area, call The Roshek Group!  We are ready to help you with all of your real estate needs.