The top 2 mistakes people make when buying a home

The top 2 mistakes people make when buying a home

 

Hi everyone and welcome to Ask the Colorado Dream House Team. I’m your host Dan Polimino coming to you live from Denver, Colorado and I hope you’ll had a terrific Memorial Day weekend. As I like to say the only thing better than a three-day weekend is a four-day weekend. It’s gorgeous in Colorado 70s and 80s. Summer has finally begun here. As you know we had kind of a tough May with a lot of snow on and off. But with the topic of summer has begun here, what does that mean in real estate? Well we’re going to talk a little bit about that today. We’re going to get to your questions. Don’t forget, if at any time you want good real estate advice or information you can contact us at the Colorado Dream House Team. You can call us. You can email us or by all means leave a comment here on Facebook. We’d love to hear from you.All right so what does the summer selling season mean because the spring is really technically over? Well it means we’ve got about two more good months of really brisk sales. June and July should be our final two months of really brisk sales. And you say well Dan the summer’s not over in July. Why would we only have two months left?Traditionally August is the slowest month of the year for us here in Colorado. Schools start back the first or second week of August in Colorado. I know that’s completely different than other places particularly where I’m from back East. But they do start back. Parents are tied up with trying to get their kids in school. Parents are tied up with trying to take a last minute vacation. And it really is just a very slow month. I actually take a vacation in August as well for that reason. So August will be slow. The market should pick up a little bit right after Labor Day. And I think we’ll have another really good push. We call it the second selling season from mid-September right up until Thanksgiving. That’s the second best time to sell a home in Colorado. So a couple of choices if you’re still thinking about selling. Get it on now. Talk to us now about listing your home and let’s take advantage of the entire month of June and all of July. If that can’t happen, you can’t be that ready to move, take off August and let’s start meeting in mid-August. We’ll talk. We’ll talk about the process with the goal of trying to have your house on the market right after Labor Day. All right, I hope that helps you kind of plan things about what you should do. All right let’s get to today’s questions.”Dear Colorado Dream House Team. I was thinking about buying a second home in a resort community but the development is under a lawsuit. I heard that would prevent me from getting a loan. Is that true?”In most cases, yes. If the project development is in a lawsuit let’s say that the HOA what typically happens is members of the HOA will team up and do a class action suit against the developer for some type of builder defect. That’s what you most commonly see. If that’s the case most lenders will not lend. There are some lawsuits where a lender may be more comfortable still going forward with the loan. Taxes or a tax lien may be one of those scenarios. Something that is not involved in construction defect. Maybe another scenario where a lender will still lend even though it’s in a lawsuit. Of

Don’t forget, if at any time you want good real estate advice or information you can contact us at the Colorado Dream House Team. You can call us. You can email us or by all means leave a comment here on Facebook. We’d love to hear from you.All right so what does the summer selling season mean because the spring is really technically over? Well it means we’ve got about two more good months of really brisk sales. June and July should be our final two months of really brisk sales. And you say well Dan the summer’s not over in July. Why would we only have two months left? Traditionally August is the slowest month of the year for us here in Colorado. Schools start back the first or second week of August in Colorado. I know that’s completely different than other places particularly where I’m from back East. But they do start back. Parents are tied up with trying to get their kids in school. Parents are tied up with trying to take a last minute vacation. And it really is just a very slow month. I actually take a vacation in August as well for that reason. So August will be slow. The market should pick up a little bit right after Labor Day. And I think we’ll have another really good push. We call it the second selling season from mid-September right up until Thanksgiving. That’s the second best time to sell a home in Colorado. So a couple of choices if you’re still thinking about selling. Get it on now. Talk to us now about listing your home and let’s take advantage of the entire month of June and all of July. If that can’t happen, you can’t be that ready to move, take off August and let’s start meeting in mid-August. We’ll talk. We’ll talk about the process with the goal of trying to have your house on the market right after Labor Day. All right, I hope that helps you kind of plan things about what you should do. All right let’s get to today’s questions.”Dear Colorado Dream House Team. I was thinking about buying a second home in a resort community but the development is under a lawsuit. I heard that would prevent me from getting a loan. Is that true?”In most cases, yes. If the project development is in a lawsuit let’s say that the HOA what typically happens is members of the HOA will team up and do a class action suit against the developer for some type of builder defect. That’s what you most commonly see. If that’s the case most lenders will not lend. There are some lawsuits where a lender may be more comfortable still going forward with the loan. Taxes or a tax lien may be one of those scenarios. Something that is not involved in construction defect. Maybe another scenario where a lender will still lend even though it’s in a lawsuit. Of

So a couple of choices if you’re still thinking about selling. Get it on now. Talk to us now about listing your home and let’s take advantage of the entire month of June and all of July. If that can’t happen, you can’t be that ready to move, take off August and let’s start meeting in mid-August. We’ll talk. We’ll talk about the process with the goal of trying to have your house on the market right after Labor Day. All right, I hope that helps you kind of plan things about what you should do. All right let’s get to today’s questions.”Dear Colorado Dream House Team. I was thinking about buying a second home in a resort community but the development is under a lawsuit. I heard that would prevent me from getting a loan. Is that true?”In most cases, yes. If the project development is in a lawsuit let’s say that the HOA what typically happens is members of the HOA will team up and do a class action suit against the developer for some type of builder defect. That’s what you most commonly see. If that’s the case most lenders will not lend. There are some lawsuits where a lender may be more comfortable still going forward with the loan. Taxes or a tax lien may be one of those scenarios. Something that is not involved in construction defect. Maybe another scenario where a lender will still lend even though it’s in a lawsuit. Of course, you can always go cash and not worry about the lender and still buy if you really want to be in that resort community. All right, I hope that helps.Question number two. “Dear Colorado Dream House Team. What’s the number one mistake people make when buying a home?” Well, it’s kind of a tie. I would say the number one mistake is not buying location. The number two and a very close two is not buying a home with resale in mind. In other words, when you’re going into it ask yourself will this be the last home that I ever live in? And if the answer is yes, I’m going to die here, then location, finishes, size, layout might not really matter

All right let’s get to today’s questions.”Dear Colorado Dream House Team. I was thinking about buying a second home in a resort community but the development is under a lawsuit. I heard that would prevent me from getting a loan. Is that true?”In most cases, yes. If the project development is in a lawsuit let’s say that the HOA what typically happens is members of the HOA will team up and do a class action suit against the developer for some type of builder defect. That’s what you most commonly see. If that’s the case most lenders will not lend. There are some lawsuits where a lender may be more comfortable still going forward with the loan. Taxes or a tax lien may be one of those scenarios. Something that is not involved in construction defect. Maybe another scenario where a lender will still lend even though it’s in a lawsuit. Of

The market should pick up a little bit right after Labor Day. And I think we’ll have another really good push. We call it the second selling season from mid-September right up until Thanksgiving. That’s the second best time to sell a home in Colorado. So a couple of choices if you’re still thinking about selling.Get it on now. Talk to us now about listing your home and let’s take advantage of the entire month of June and all of July. If that can’t happen, you can’t be that ready to move, take off August and let’s start meeting in mid-August. We’ll talk. We’ll talk about the process with the goal of trying to have your house on the market right after Labor Day. All right, I hope that helps you kind of plan things about what you should do. All right let’s get to today’s questions.”Dear Colorado Dream House Team. I was thinking about buying a second home in a resort community but the development is under a lawsuit. I heard that would prevent me from getting a loan. Is that true?” In most cases, yes. If the project development is in a lawsuit let’s say that the HOA what typically happens is members of the HOA will team up and do a class action suit against the developer for some type of builder defect. That’s what you most commonly see. If that’s the case most lenders will not lend. There are some lawsuits where a lender may be more comfortable still going forward with the loan. Taxes or a tax lien may be one of those scenarios. Something that is not involved in construction defect. Maybe another scenario where a lender will still lend even though it’s in a lawsuit. Of course, you can always go cash and not worry about the lender and still buy if you really want to be in that resort community. All right, I hope that helps.Question number two. “Dear Colorado Dream House Team. What’s the number one mistake people make when buying a home?” Well, it’s kind of a tie. I would say the number one mistake is not buying location. The number two and a very close two is not buying a home with resale in mind. In other words, when you’re going into it ask yourself will this be the last home that I ever live in? And if the answer is yes, I’m going to die here, then location, finishes, size, layout might not really matter

The top 2 mistakes people make when buying a home

“Dear Colorado Dream House Team. What’s the number one mistake people make when buying a home?” Well, it’s kind of a tie. I would say the number one mistake is not buying location. The number two and a very close two is not buying a home with resale in mind. In other words, when you’re going into it ask yourself will this be the last home that I ever live in? And if the answer is yes, I’m going to die here, then location, finishes, size, layout might not really matter

“Dear Colorado Dream House Team. I’m having trouble selling my home. It seems like everyone that comes through is not interested in remodeling. Even if they can buy the home below market value. What has happened or what is going on in the market with buyers?”Great question. I don’t know the answer. I don’t know what’s going on with buyers but what you’re describing here is exactly what we’re seeing. Over the last five years we are seeing two really specific things. Buyers with a lack of imagination. Being able to walk into a house and seeing what could be or what should be. And number two, buyers just having absolutely no desire to go through the remodeling process. It could have a killer location. It could have a great layout and they don’t want to do it. I look at the buyer and I usually say, “Well if this house were two or three hundred thousand dollars more and completely remodeled, would you buy it and spend the extra money?” And the answer is yes. Almost every time they say yes. They’re willing to jump up that much more money in price if they can have it all done and all they have to do is walk in.Now this jives with another stat that we saw from the National Association of Realtors which says 86% of people want a home, sorry 82% of people want a home. They still want a single family home. But 86% of that group said in the survey they don’t want to take care of it. So there’s this trend where they just don’t want to take care of it. They don’t want to remodel it. They’ll pay more. They’ll pay other people to take care of it. That’s what’s going on. All right? Hope that helps.

I want to tell you about our featured property of the week. Go to coloradodreamhouse.com/silverpine. The address is 4885 Silver Pine Drive in Castle Rock. You’re going to love this house. It is a incredible ranch. Five bed, five bath, about 6000 finished square feet. But you’re going to love the finishes. When you walk in it looks like a piece of art. It’s just fabulous. You’re absolutely going to love it. It’s in a great part of Castle Rock in a terrific subdivision called Timber Canyon. The attention to detail and the craftsmanship is amazing. So again, go to the website coloradodreamhouse.com/silverpine. Check it out. Email us, text us, call us, leave it on Facebook. We left a link here on Facebook live for you to click to it and let us know if you’d like to see it. All right, that’s it for this week. Thanks everybody for joining us. We’ll talk to you next Tuesday. 

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