3 Things To Look for When Buying a Denver Home

In this edition of Rock Talk, I wanted to talk about the top three things buyers should look for when purchasing a home. Today I'm joined by Andrew McClish from Pillar to Post Home Inspectors to help with this topic.

What should buyers be looking for in this market? Start with the foundation - if you're walking around a house and see large cracks in the foundation wall, that can be an indication of foundation issues that need to be repaired. This requires a professional; it's certainly not a DIY job!

Likewise, buyers should look at the system of the house. The water heater, furnace, and AC may all look old, but you should know that it's a marginal percentage of the overall cost of the house. Replacing a water heater would only cost about $800 to $1,200 to replace, which is by no means a reason to think about not buying the house.

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If foundation walls have cracks, the issue could be significant.

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Thirdly, think about permitting. Remodels, major repairs, or major systems upgrades are going to require some sort of permitting from the government municipality. Most of these permits are readily available through an online search, or you can give the building department a call. You can find out if things like the basement finish, or electrical upgrade, or new roof were permitted.

Andrew is an example of a great inspector who is proactive and is the only inspector I know who actually pulls permits for a property before he gets there. It's very helpful and can actually make his inspection go easier. If you need a top-of-the-line inspector, Andrew is your guy, and can be reached at (303) 586-1494 or at andrew.mcclish@pillartopost.com.

If you have real estate questions for the Denver market or topics you'd like to see covered in my video blog, send me an email today.

How We Helped Theresa Buy and Sell a Home in Denver

“We worked with Joan on two occasions. One, to purchase our home in Denver Colorado and the other to sell the home in Denver Colorado and both experiences were pleasant. Joan did a good job of understanding what our needs were and taking those needs and translating them into both the purchase and the sale of the home.”

How to Buy a Home After Bankruptcy or Foreclosure

Do you know how foreclosures and bankruptcies affect your credit and your ability to buy property?

I'm joined by Jennifer Thompson to discuss the breakdown of your FICO score and how these situations affect your ability to get a home loan. Here's how the FICO score breaks down:

1. Payment history: 35%
2. Amount owed: 30%
3. Length of credit history: 15%
4. New credit: 10%
5. Type of credit: 10%

People can get still get loans if they've had a bankruptcy or foreclosure; there's just a time period they have to wait out. A lot of people were hit hard by the terrible market, so this affects a lot of people.

Depending on the type of loan you're seeking, the waiting period varies. Talking to a qualified lender is the best way to find out which timeframe applies to your unique situation.

People in this situation commonly seek an FHA loan since it requires minimal down payment. For an FHA loan, there is a minimum waiting period of three years after foreclosure - which includes short sales. There is a two-year waiting period for bankruptcy from the date of the discharge for Chapter 7 bankruptcy.

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You can still get a loan after bankruptcy, but there will be a waiting period.

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If it's a Chapter 13 bankruptcy, though, as long as you have a 12-month history of paying back the bankruptcy, you can still get a loan while you're in Chapter 13, since the courts state that it's okay for you to take on new debt.

If you have more specific questions about seeking financing after bankruptcy or foreclosure, you can call Jennifer at (303) 448-0436.

As always, contact me with any questions about the Denver real estate market. I'm always happy to help!

How We Helped Pat Sell Quickly and Negotiate a New Property She Liked

“We did both a sale of one house and bought a new house with her and we were very pleased with our results.We found a property we like and our existing property sold quickly. Joan is very adept at negotiating and she represents her clients fairly, but firmly when she does that. I’m not a particularly good negotiator and I was glad to have her in my corner.”