Client Tour: 294 Franklin [Video]
--- by Osman Parvez As you may recall, 294 Franklin was highlighted in my Fresh Listings post last week, Niwot Unicorns and Historic Charmers. We noted the property's reasonable price and downtown Niwot location as potential selling points. The big question was on the degree of deferred maintenance and whether the existing structure would make for good bones. One of our clients asked us to check it out and we put together a video of this visit. After review, our buyer passed on the property. It's too much of a project house for them. So, it's time to share video. The [...]
Client Preview: 2037 Mapleton Ave [Video]
--- by Osman Parvez A client asked us to take a closer look at 2037 Mapleton Ave so I toured the home yesterday. Attractive, well priced homes tend to go very quickly in Boulder. Video preview are a service we offer primarily to our relocation buyers, but occasionally we do these videos for our local buyers too (when they're out of town or otherwise can't attend). Sadly, 2037 Mapleton shows clear evidence of foundation failure. If you're considering an offer, I recommend valuing this property at a dirt-lot minus the cost of demolition of the existing structure. The cost to restore [...]
Fall Real Estate Deals and Take Home Lessons [Fresh Listings, Get ‘Em Hot]
A variety of autumn opportunities hit the Boulder real estate market this week; from an eye-popping, turn-key trophy home in Newlands to starter/investment condos for first-time buyers. It's the beginning of the off-season. While new inventory is declining, attractive listings can be found and if you dig a little deeper, you might even discover a bargain in the rough. What about market conditions? Experienced Realtors will tell you that the best deals are often found in the 4th quarter. It's still a seller's market in Boulder, but we're now entering the slow autumn season and conditions are better for buyers than [...]
Awkward Showings and Client Relationships [House Einstein Podcast #3]
In this episode: Integrity and Trust in the Real Estate Business Client and Agent relationships Awkward Showings Pre-Sale Inspections Benefits of Staging by Osman Parvez with guest: Sophie Kloor Podcast Listen Links: Google Play iTunes Sticher Soundcloud RSS ---- Want to get blog updates via email? Click HERE. Ready to buy or sell? Schedule an appointment or call 303.746.6896. You can also like our Facebook page or follow us on Twitter.As always, your referrals are deeply appreciated. -- The ideas and strategies described in this blog are the opinion of the writer and subject to business, [...]
How Not to Win a Bidding War [Due Diligence]
by Osman Parvez ---- The most attractive listings in Boulder, priced appropriately and marketed professionally, attract multiple offers. Yes, even in this market. One way to increase the attractiveness of your offer (without increasing the price) is to limit the inspection (usually to health and safety items, or to a specific price threshold). Tightening up the inspection can help you win the bidding war, but forgoing the inspection entirely may cost a lot of money down the road. This is why. A post shared by HouseEinstein (@house_einstein) on Nov 15, 2017 at 1:37pm PST The service life for cast iron sewer pipes [...]
Wire Fraud and Realtor Phishing Attacks
by Osman Parvez ---- You may have heard that there's a scam out there with bank wires and earnest money. Here's how the phishing attack starts. Your Realtor receives an email that looks like the screenshot below. It looks like an offer on a listing. The link leads to a Russian site where your email account will be compromised. Later, in the middle of a deal, the buyers will get an email containing phony wiring instructions that appears to be coming from their Realtor. The originating email is coming through a compromised email account at Rochester Institute of Technology (RIT), [...]
And Then The House Exploded [Due Diligence]
by Osman Parvez ---- Buying a house? It's not just air quality from fracking that you should be worried about. First, let's catch up on the facts: A house exploded in Firestone a couple of weeks ago, killing two people. In response, Andarko shut down 3,000 wells. Meanwhile, Boulder County's oil and gas inspector admits that 40% of the wells tested are leaking. To say there is renewed interest in the potential dangers of oil and gas infrastructure is an understatement. I encourage all of my buyers to conduct complete and thorough due diligence. It's why we offer our clients a detailed [...]
No Dogs Allowed [Due Diligence: Read Your HOA Docs!]
by Osman Parvez ---- Public service reminder: Read your HOA documents. The following references sections of the standard Colorado Real Estate Commission approved real estate contract to Buy and Sell. § 7.3 Association Documents This is the seller's deadline to provide the buyer with association documents. Among other things, it should include the covenants, codes, and restrictions for the property. It should also include minutes from board meetings and financials. § 7.4 Association Documents Objection Deadline This is the buyer's deadline to have reviewed the documents. If something is not acceptable, buyers must notify the seller on or before [...]
Deal Killers and Due Diligence
by Osman Parvez ---- This morning, I helped my buyers terminate a contract on a condo. When we wrote the offer, they absolutely loved the property and were willing to pay far more than asking. By the end of our due diligence, they knew it just wouldn't work. What happened? We found significant repair issues that frankly should have been addressed by the seller prior to listing the home. We might have been able to resolve these problems through negotiation but HOA mismanagement and the fact that one of the neighbors is making a stink about a potential adverse possession [...]
The Case for Caution
by Osman Parvez ---- With Google’s new building well underway, there has been considerable buzz in the real estate community about the potential impact. As everyone knows, home prices have risen dramatically during the past several years, not just because of Google, but due to a large influx of people moving to the Front Range and a shortage of available homes. Sounds like a recipe for continued strong appreciation. Is there a reason for caution? You bet. In the Bay Area, venture capital fuels startups to compete for and compensate early stage employees who in turn, hand over a significant chunk [...]
Osman, How Much Should I Offer? [Investment Analysis]
by Osman Parvez ---- We took one of our buyers to see an investment property at the Wimbledon in Boulder last week. At the end of the showing, they wanted to buy it. They asked "Osman, how much should we offer?" How much to offer and how much to list are the most common questions we get from our clients. To give you a sense of the type of work we do to answer the question, let me walk you through the analysis. This is far beyond the service you'll receive from a typical Realtor. We believe that [...]
Another Money Pit [Tales from the Trenches]
by Osman Parvez ---- Want to know a secret? Sometimes I talk people out of buying houses. Helping buyers and sellers make smarter real estate decisions is not just our tag line. It's how I've built this business. Here's a story. Pro tip: remove rat poison boxes before allowing showings I was out of town this weekend, enjoying a tour of the Fall Colors with some friends (pics), when I received a text message from one of my clients. Sophie (my assistant) had taken them to see a fresh listing in Boulder and they were seriously considering an [...]
Are My HOA Dues Absurdly High?
by Osman Parvez ---- We're back. After a multi-week adventure in the lovely Nevada desert, we're saddled up and ready to ride. Let's kick off the fresh content with a question about HOA dues. Q: I'm considering buying corner loft condo. The ask price is $299k and HOA fees are $385/month which include nothing other then exterior maintenance and hazard insurance. And am I crazy for thinking the dues are absurdly high for offering ZERO amenities? A: Buying a property with an HOA is akin to an investment partnership over which you have very little control. Do your due diligence [...]
Paint on a Rotten Board [Due Diligence]
by Osman Parvez ---- My gutter guy pulled off the badly installed rain gutters to find rotten fascia boards. This house was painted a few months before it hit the market. This is what it looks like when a seller window dresses a home for sale. Any questions? ---- Like this analysis? Subscribe to our client research report. Want to get blog updates via email? Click HERE. Ready to buy or sell? Schedule an appointment or call 303.746.6896. You can also like our Facebook page or follow us on Twitter.As always, your [...]
Fresh Listings: Twelve Worth Seeing [Get ‘Em Hot]
minor flood damage Twenty two house listings hit the Boulder market this week. Four were snapped up by desperate buyers. Eight were in bad locations, grossly overpriced, or simply refreshed old listings pretending to be new. Only ten are worth your time. Let's take a look. Note: We're ignoring attached dwellings again this week. Too little inventory and frankly, my buyers don't need any additional competition. To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896. Single Family Homes 2100 Riverside Lane | $2.3MM | More Details First, there's no [...]
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