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Beware Buying Flipped Homes

by The Colorado Springs Group™

When an investor flips a home, most of the time the finished product is going to look good. It has to in order to bring top dollar for them. It may look like a new home but just what is new about it? The ones that do a good job aren’t afraid to put it down on paper for you, or show receipts for what was done and by whom.

Most investors will tell you that the whole house was gutted and everything was redone, yet when asked for a seller property disclosure they hesitate because they have an out… they never lived in the house so they can’t disclose anything.

If they have in fact redone “everything” in the house, why not put that down on paper instead of just telling people about it? This is where a lot of investors get uncomfortable because they are trying to bring in as much cash as possible without assuming any more liability than the minimum. 

Some flipped homes really are just new carpet, appliances and paint. That’s it, and when you point it out suddenly they justify things by telling you how much they paid for the appliances, carpet and paint. They won’t show you, they tell you. Be careful and always get a full home inspection done by an inspector you choose and trust.

2014 July Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results for July. Single Family & Patio Homes

Black Forest: 22 Sales for a total dollar volume of $14,629,000

Briargate: 101 Sales for a total dollar volume of $32,986,238

Central: 68 Sales for a total dollar volume of $14,540,431

East: 67 Sales for a total dollar volume of $12,398,512

Fountain Valley: 163 Sales for a total dollar volume of $31,098,153

Falcon - Peyton: 75 Sales for a total dollar volume of $18,701,406

Marksheffel: 18 Sales for a total dollar volume of $4,616,871

Northeast: 92 Sales for a total dollar volume of $22,468,970

Northwest: 47 Sales for a total dollar volume of $16,296,249

Northgate: 43 Sales for a total dollar volume of $16,899,734

Old Colorado City: 23 Sales for a total dollar volume of $4,774,825

Powers: 126 Sales for a total dollar volume of $28,450,146

Southeast: 57 Sales for a total dollar volume of $8,621,432

Southwest: 63 Sales for a total dollar volume of $21,888,667

Tri-Lakes: 81 Sales for a total dollar volume of $33,746,599

West: 20 Sales for a total dollar volume of $5,899,000

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 7/1/2014 through 7/31/2014.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

Presenting An Offer

by The Colorado Springs Group™

Presenting offers has changed quite a bit over the years. It used to be common to bring an offer to someone in order to present it. Today it's mostly a matter of E-Contracts or scanning and emailing an offer. This doesn't mean we can't add a personal touch or help matters along, the process is just much faster and more convenient than it used to be.

Regardless of how an offer is presented, the situation is still the same. It's still a negotiation. We are still professional and friendly while keeping in mind that we are fighting for our client.

There is a thought process of "Everyone is in this together, and if we all work together we will get to closing". Is that the agent you want representing you and your best interests? There is nothing wrong with good communication and getting necessary documents to each other in a timely manner, but to assume the position of willing to compromise before even presenting an offer doesn't bode well for a buyer.

If you want a Realtor to present an offer in person, you can ask for that. We've done it when clients have asked, only to have them be frustrated when answers don't come as quickly. If you deliver an offer on physical paper, it needs a signature by hand (unless the other agent is tech savvy), then a scanner or fax machine to get it back. E-Contracts allows for instant notification when an offer is signed.

Displaying blog entries 1-3 of 3

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686