Dan Polimino is back in Denver and hosting today’s edition of Ask The Colorado Dream House Team.
Today’s Show:• Buyer’s Agent Rebates• Pocket Listings• 6 Month Real Estate Forecast
All reported sales were not necessarily listed or sold by the broker and are intended only to show trends in the area.
Speaker 1: Hi everyone and welcome to today’s show of Ask the Colorado Dream House Team. I’m your host Dan Polimino. You may be saying to yourself Dan where have you been. Well I’ve taken some time off but I’m back and I am refreshed and will be with you again beginning today on Tuesdays and Thursday afternoons. If you’re new to the show what is ask the Colorado Dreamhouse team. Well we’re a team of seven Colorado real estate professionals helping you buy sell and invest in real estate. And each week people send in their questions and we help you navigate the real estate market. No matter where you are you could be in Des Moines Iowa or Syracuse New York or Miami Florida or Denver Colorado and all the advice we give out in regards to real estate can help you. It’s just good database driven advice. With years and years of transactions and experience to help you so.
Speaker 1: Feel free to leave a comment here on Facebook. We’d be happy to answer them. Send in an email to team at Colorado Dreamhouse dot com or give us a call if we can help you buy sell or invest in real estate. Two
Speaker 2: things we like to accomplish every show first show is our first of the show we like to talk about news you can use what’s happening in the market. What’s going on what the latest trends issues obstacles things like that. And then we get to answering your questions. All right so let’s get to news you can use it in the news is this conversation about rebates when you’re hiring a buyer’s agent. Recently we’ve gotten a rash of people that have come into the office and said if we hire you as our buyer’s agent how much money are you willing to rebate us back on your commission. Actually it’s the wrong question to ask and I’ll tell you for two reasons. First off most lenders are going to have to check with your individual lender that you’re working with but most lenders will not allow the buyer’s agent to rebate money back to the buyer.
Speaker 3: OK. And if so if by chance a lender does then that money is to be disclosed to the underwriter and it’s to be disclosed on the final settlement statement. Anything else where the buyer’s agent slips you some money in a book at the closing table slides you check me out for lunch and gives you a check. Later
Speaker 4: is mortgage fraud. Any monies between the buyer buyer’s agent and or the seller or the seller’s agent. Back to the buyer it’s not disclosed to the lender is mortgage fraud. So check with your lender. But most lenders don’t want to see any money being rebated back. I’d say eight out of 10 don’t like it and won’t approve it. Number two the question you should be asking is if I hire you is my buyer’s agent. How much money are you going to save me. Because what we find when we represent buyers is we save them way more than we would ever make in commission. So we’re worth our weight in gold plus that right. How
Speaker 3: much money Mr. buyers agent are you going to save me. The question is well how are they going to do that. Well number one we’re going to negotiate a better price for you on the house that you’re buying. And then if we get past that point we’re going to move on to inspection. And how many thousands of dollars could we possibly save you when it comes to inspection inspection and fixing repairing or replacing items in the hands. What if the appraisal doesn’t come in. Is it possible we negotiated a lower price on the House because of an appraisal issue or a title issue or an H.O. issue. You got to ask yourself how much money is that buyer’s agent buyer’s agent. Their experience and their professionalism going to save me. And if you look back at our track record we save people a lot more money than we ever earn in commission.
Speaker 3: OK so that’s today’s news you can use questions. Dear Colorado Dreamhouse team what are your predictions for the new year. Well hang on where’s my crystal ball. I don’t have my ball with me right now. But this is what my gut tells me from all the years of experience I think given the new tax bill and the fact that the stock market is still climbing and everybody seems to be very bullish on the market in the economy I think we’re going to have an incredibly robust first six months of this year. You need to hear me clearly on that. The first six months are going to be very very good. I believe we are headed for a flat mean or a correction in the market beginning in July and it will probably last two to three months if not till the end of the year.
Speaker 3: So again I think the first part of the year is robust. I think the second half of the year is not. Now you’re going to say well what do you base that on. How do you prove that. Let me just tell you I don’t have a lot of time in this video to cover it all. But everything that I’m reading about pricing inflation inventory consumer index points in the direction of a slow second half of the year. So what we’re telling our sellers is your house should be on the market and sold by June. OK. Your Colorado dream house team do you take pocket listings. Well first let’s tell people what a pocket listing is. Pocket listing says the consumer calls me and says dad hey listen my house is for sale.
Speaker 3: I don’t want to put it on the market. But if you find a buyer you know you’re free to bring them over. We do take pocket listings. But in a different fashion what we do is we say to that consumer we’ll take a pocket listing and not put it on the market. But we’re going to have you sign a listing agreement that we are going to be the listing agent on the property. So in the event that we bring over a buyer or anyone else brings a buyer even though it’s not actively being marketed we’re going to represent you. So we’re going to have you sign a listing agreement and in the listing agreement it says House will not go on the market. Anything less than that is really not a listing at all.
Speaker 3: It’s not a pocket listing it’s nothing. It’s just somebody you know who would sell. Now the second part about a pocket listing is you have to ask yourself if you don’t want it on the market and you don’t want to advertise it. How serious are you really about selling it. Because it does. Because if you do put it on the market and you do have a good team marketed it then it will really sell probably to if you price it right it’ll probably sell.
Speaker 5: But if you don’t want to do any of that it sounds like you don’t really want to move in if you don’t really want to move don’t go down that road until you’re ready to put the money make sense.
Speaker 4: Did a Colorado Dream House team even though it’s only January should we be speaking with an agent now for spring and what would be the best time to list. Yeah there’s never a bad time to get more information. So interview one agent two agents whatever it may be and get more information about what they’re saying about the market the marketing the timing the price all of that good stuff. Get all that information right. And then again as I just said two questions ago we’re telling our people we want you on the market no later than the third week of March. No later than the third week of March which means you need about two or three weeks before that. To get pictures done copy written in the House prepped and staged and ready to go right. So you really need to meet with an agent in the next 45 days to be ready for the third week of March and then again.
Speaker 4: Got to have that house before June so don’t make any mistakes with the pricing. Don’t be too high. Don’t be too low. Be fair. And if it’s not selling. Be ready to drop the price. All right. Last but not least there’s a great new redevelopment area down on Colorado Blvd it’s where the old the Colorado Health Science Center and Rose Medical used to be all being redeveloped they knocked those buildings down. It’s going to be a super hot Luber area. And we’ve got a penthouse for sale down there on your door. 9 5 5 Eudore street number 18 0 4 amazing views of the city. Just really great. Great place and really going to be centrally located once everything gets built up.
Speaker 4: So go to Colorado Dreamhouse dot com Ford slash Eudore. You’re going to be surprised about what you get for the price. It’s really cool penthouse. If you’re a condo person look at be downtown in a new development area. Check out 9 5 5 you Dora. All right. That’s this week’s show. Hope it was helpful. We’ll be back on Thursday. Keep the questions coming. Until then everybody have a great week.