Buying your first home in Colorado can be very rewarding –  Not paying rent anymore and the pride of ownership are two great reasons to buy. But there can be disappointments too, especially in Denver market.

As a Colorado first time home buyer, you should at least prepare yourself for the possibility of some of these issues, particularly if you are pursuing short sales, foreclosures and bank-owned properties (which may be most of what you are seeing in your price range).

Here are a few things to think about when purchasing your first home, in no particular order:

1. Getting Pre-Approved for a Loan

2. Down Payment FHA requires 3.5% down. State of Colorado offers down payment assistance programs.

3. REOs = lots of competition and multiple offers, including cash buyers

4. Short Sales = LONG waiting time for short sale approval (4 – 6 months), perhaps never

5. Moving quickly enough on a great deal – keep in mind the competition, you may NOT have much time to “think about it”; a delay can cost you the home

6. The appraisal – many of them are coming in lower than agreed on prices due to the market and changes in the appraisal process

7. Getting a loan – banks are becoming more and more restrictive

8. The home inspection

9. Being realistic – about what you can afford, the trade-offs (wants vs. needs), etc.

10. Do I buy now or wait?

If you need help sorting through these issues or want more information on the matters you really need to think about, please let me know.

What do you think about when you drive by a house with….

- a horrible paint job and/or color

- landscaping that looks like a five year old designed and installed it

- a yard that looks like a parking lot of cars

- a yard that is never cared for

- crazy additions that …

- shared commons grounds that have weeds as tall as you

- recreational vehicles parked in the same location 365 days a year

- a shed that no where near matches the color nor construction of your home

- excessive garbage thrown to the side of a home like a personal land fill

No HOA –  that is what you would get…the good the bad & the ugly!  That is when you pray that you have the “good” living on your block! HOA’s are the organizations that some love and some hate!  You will find they differ from each other, some more restrictive than others.  The main purpose of HOA’s is to provide conformity within a neighborhood. An HOA provides people with common neighborhood values an opportunity to enforce these regulations.

Now for those of you that see this HOA scenario from the other side, you want to make your own decisions because it is your property.  Maybe the act of conformity goes against your company’s home business, a boat that you refuse to put in storage, your artistic flair that you have in your garden, etc.   You may not want to have a board of home owners tell you what you can and cannot do.

So where do you stand?  Tell me your ideas, thoughts, questions and concerns!  This is one of those areas that there are definitely pros and cons to both sides.  How would you make your decision?

The alternative that the banks are comparing a cash deal up against is acquiring a mortgage.  This is process that could take up to 60 days to close.  There are multiple steps involved, with possible unforeseen or unavoidable issues that can make a deal fall apart.

The bank will go with a lower offer if it’s cash…..CASH may be the sparkly object in a deal that grasps their attention!

Blogging Advantage #1

Building a Rapport – You get to know an agent before you even meet them.  The ball stays in your court until YOU decide WHO and WHEN you are ready to work with.  You learn about their values, their style, their humor, their interests, and can decide if they are someone you trust to help you achieve your real estate goals. There will be a certain comfort level achieved before you even begin.

Blogging Advantage #2

Gaining Insight – You will be able to see into what the writer actually knows about their particular role in the real estate business. No one knows everything about their particular field, but what they DO know becomes patently obvious. Not just WHAT they write about (e.g., short sales – if short sales are of interest would YOU want to work with someone who can’t explain them?) but HOW they write about such matters.

Blogging Advantage #3

Expertise – You learn who the expert is your area of interest, whether it be Denver or elsewhere. Lots of agents, and others, brag on their signage or on postcards and other marketing that they are the specialists. The blogging agent or professional DEMONSTRATES this clearly. You will know that they really do know the area, or not.

Blogging Advantage #4

Credibility – Are they credible? Well, their blogging will tell you, or not. Do they cite facts and figures to support their points? Are other posts and websites they refer to helpful as well? What has been their experience with different types of situations? What kinds of listings and buyers do they handle?

Blogging Advantage #5

Buying & Selling – You will understand what they know about sale and purchase of your property.  Anybody can list a house but will it sell?  How about finding properties that fit your needs, will your agent be able to find what you had in mind?  You will be able to get a feel for this through their writings.

Blogging Advantage #6

Marketing – The blogger’s on-line marketing will become clear. This is especially important for those of you seeking an agent to help you sell your home. Do they play well in the Internet space? If you were to Google them will they show up all over the place or are they hidden on the Web?  Some much of todays world is internet driven.

Blogging Advantage #7

Communication – How do they get the message to you?  After all, if they can write about some issue in clear terms anyone can understand, chances are they will be clear in their on-going communication on other issues that impact you during your transaction. You will see how they think, process and present solutions to problems you might encounter.  Communication is vital in the real estate industry.

Blogging Advantage #8

Interaction with Others – How the blogger interacts with others will become obvious from their response to comments, and how they in turn comment on other blogs. Do they treat others on-line as you would like to be treated? Or does their conduct annoy, irritate, insult or embarrass? You will have some pretty good clues as to how you will be treated should you decide to contact them for help.

Blogging Advantage #9

Character – This is the way to be the outsider looking in, form your an opinion of what you will be working with. Are they ethical? Professional? Do they seem to have integrity? Are they responsible? Likeable? If they are plagiarizing others’ content, treating other professionals poorly or engaging in other negative behaviors, well, you get what you pay for, so to speak.

Buyer and Sellers – consider what you can learn by reading blogs and the many advantages FOR YOU of working with a blogging real estate agent