What Can You Do if You Don’t Have the Money for a Downpayment?

[Published June 11, 2015, in the Jeffco editions of the Denver Post's YourHub section and in four Jefferson County weekly newspapers]

As difficult as it is to buy a home in this seller’s market, financing that home is not as difficult as many people think — if you have reasonably good credit and the income to make your mortgage payments.

Lending is not my business, nor do I think it should be the business of any real estate professionals. Lending has become such a complicated business that we couldn’t possibly be experts in it without losing our focus on buying and selling real estate.

That’s why we have great lending partners who devote themselves full-time to their profession as we do to ours.

While I’m not an expert in lending, I do know some of what those partners are able to accomplish.  I know, for example, that there are programs for lower-income buyers to get into homes with as little as $1,000 out of pocket.  FHA still guarantees loans with as little as 3.5% down. The Colorado Housing Finance Authority (CHFA) for many years would write a second mortgage for 3% of the loan amount which in most cases covered the entire down payment except for $1,000.  That program has recently even gotten better. The second mortgage is now a grant which does not have to be paid back. (Wow!)

It’s also possible to have parents or other family members provide your down payment as a gift, if you follow certain guidelines. You can also have them be co-borrowers.

My advice to credit-challenged buyers is, don’t assume that you cannot get a loan. Some of my preferred lenders will do a free analysis of your credit and make recommendations to increase your credit score. The higher the score, the lower the interest rate.

I have only skimmed the surface of what’s possible in this column. As I said, it’s not my profession, and I don’t know all the possibilities.  What I do know is how to refer you to a mortgage professional who can advise and help you qualify for the best mortgage for you.

You will not find that kind of expertise on the Internet. Call me or any experienced Realtor, and ask us for a referral to a lender. We have different lenders who we recommend to meet different buyers’ needs. We don’t make money from our referrals — that would be a federal crime — so you can trust our referrals. Remember, we can’t sell you a home if we don’t hook you up with a good lender!

Lenders you find on the Internet don’t come with that kind of recommendation. Any business can pay to get top billing on web searches (that’s not a federal crime!), but it’s also not a genuine recommendation.

The bottom line here is that you shouldn’t be afraid. It costs nothing to talk to a Realtor about your home search, and it costs nothing to have a trusted lender evaluate your qualification and suitability for the many different loan programs that are now available.

Call me or your preferred Realtor today and get that ball rolling!  My number is 303-525-1851. 

Live the Millionaire’s Life Right Here in Golden!

 

1552 Jesse Lane, Golden

$1.6 Million

Video tours at www.GoldenMansion.info

You may have seen “custom” built homes before, but nothing like this one!  The owner designed this home as he did previous homes to fit his special life-style, needs and aesthetic tastes.  The variety of hardwoods, tile and stone as well as trees and shrubs is impressive and works together beautifully. If you come to the open house on Saturday, allow enough time to appreciate it all, from the amazing master suite on the main floor to the guest quarters in the garden level basement to the fabulous backyard with its water feature, hot tub and outdoor kitchen.  Upstairs are two guest suites, one of which could be a caregiver’s apartment. Handicapped features and an elevator serving all the floors can make this your “home for life.” The fact that this home is within the City of Golden makes it all the more special. The quality of the finishes and the foothills backdrop will make you feel like you’re in Aspen or Vail! 

Open Saturday, June 13th, 1pm to 4pm

 [Published June 11, 2015, in the Jeffco editions of the Denver Post's YourHub section and in four Jefferson County weekly newspapers]

Golden Real Estate's EcoBrokers Tour NREL

 

On June 3rd, Golden Real Estate agents were granted a behind-the-scenes tour of the National Renewable Energy Laboratory in Golden by senior researcher Keith Emery (top left in picture). Benefiting from Keith’s tour, left to right, were agents Carrie Lovingier, Kristi Brunel, Jim Swanson, Jim Smith, Chuck Brown, Leo Swoyer, Mark Spencer and David Dlugasch. Thanks, Keith (and his associate Jim Bosch) for this 2-hour opportunity to learn more about NREL’s work.  Photo by Kim Taylor, who was also on the tour.

 

[Published June 11, 2015, in the Jeffco editions of the Denver Post's YourHub section and in four Jefferson County weekly newspapers]

 

You’ve Wondered About Electric Cars, Now Come Check Them Out

[Published June 4, 2015, in the Denver Post's YourHub sections for all of Jefferson County and in four Jeffco weekly newspapers.]

By JIM SMITH, Realtor ®

Regular readers of this column know of my commitment to electric cars. Over the past decade, Rita and I did what so many car buyers do, first buying a couple Toyota-made hybrids, then a Chevy Volt, and finally a Tesla Model S.  Just last week we took delivery of a second Tesla, shown here, one of the all-wheel drive models with “Autopilot” technology.

On any given day, you will find four electric cars in the Golden Real Estate parking lot, now that broker associate Carrie Lovingier has traded in her Jeep for a Chevy Volt.  Several other broker associates may make their next car an electric one, too having experienced driving the Tesla and Volt.

 

Golden Real Estate is fully committed to sustainability, and electric cars are a big part of that commitment. Solar photovoltaics are another element of that commitment, and our 10 kW solar system has resulted in a monthly electric bill of under $100 even with our four EV charging stations. We’ll be adding additional solar panels over time as our EV “fleet” expands further.  (We also offer free EV charging to the public.)

This Saturday is an opportunity for you, too, to catch the electric vehicle bug. We are holding an Electric Vehicle Roundup in our parking lot on South Golden Road. In addition to our four EV’s, you will find many other makes and models of electric vehicles. If you own a plug-in electric car, we invite you to bring it.  The Denver Electric Vehicle Council, of which we’re a sponsoring member, had made this one of their June events.

With tens of thousands of EV miles under my belt in various vehicles, I’ve become a bit of a resource on the topic.  I have developed a 30-minute PowerPoint presentation which I deliver to service clubs and other audiences.

 

I’ll be delivering that presentation next Wednesday, June 10th, at the JeffCo Innovators’ Workshop, 6:30-8:30 at Golden City Hall.  If you have an organization where this presentation would be of interest, please invite me.

 

This Saturday’s Electric Vehicle Roundup in our parking lot takes place from 2pm to dusk, during the monthly “Supercruise” event. Please come and see the EV’s and ask the owners about their operation. Many of us will be giving free rides. See you there!

Here Are Some of Golden Real Estate’s Other Sustainable Practices:

¨ We accept block Styrofoam for recycling—bring it with you on Saturday! (must be white, clean and unprinted — no food containers or packing peanuts)

¨ Our office has “sun tunnels” (aka Solatubes) for daylighting, to reduce electrical lighting

¨ All our agents are Certified EcoBrokers

¨ Our building is “super insulated,” reducing our consumption of natural gas to under $50 per month during winter’s coldest months.

 

Some Sellers Continue to Cheat Themselves by Selling Too Quickly

[Published June 4, 2015, in the Denver Post's YourHub sections for all of Jefferson County and in four Jeffco weekly newspapers.]

One of the biggest frustrations facing buyers today is how many homes go under contract before they have a chance to make an offer — or even see those listings.

It is estimated that somewhere between 10 and 20 percent of all transactions are done without even being listed on the MLS. Those numbers are hard to measure, but here are some revealing numbers from homes that were listed on the MLS.

Of 1,478 homes listed as “Sold” on Denver’s MLS from May 25 to May 29, 61 showed zero days on market. This suggests that they were entered as “Under Contract” initially and were never “Active,” locking out other prospective buyers. It’s worth noting that 24 of those 61 transactions were “double-ended” by the listing broker.  That means the listing agent pocketed the entire commission instead of having to split it with a buyer’s agent.

 

All agents are required by law to put their clients’ interests ahead of their own. One might reasonably question whether all 24 of those listing agents had satisfied that legal obligation.

 

Another 193 listings which closed that week were on the market only 1 or 2 days before going under contract.  Only five of those transactions were double-ended. Quick-working buyer agents were able to secure 97% of those listings for their buyers. But was that the best deal for the sellers? Could the sellers have gotten more for their homes if they had allowed another couple days for buyers to submit competing offers?  For some, yes.

Price Reduced and Co-op Commission Increased on Luxury Foothills Home

[Published June 4, 2015, in the Denver Post's YourHub sections for Jefferson County and in four Jeffco weeklies.]

 

25462 Westridge Rd., Golden

$890,000

Open Saturday, June 6, 1 to 4 pm

If you like the idea of a true mountain luxury home that is only 15 minutes from Golden or Boulder, you've found it here overlooking Blue Mountain Estates. The subdivision occupies the valley between a hogback north of Golden and the foothills, with homes along the hillsides and ridges both east and west. This home is atop the western ridge, giving it a view of the mountains to the west as well as of the valley below and of the plains beyond the hogback. With its metal roof and fire suppression system inside, it provides great security from wildfires, too. Click on the video tour link at www.BlueMountainHome.info to see all its great features, from its water feature out front to the 3-car epoxy-floored and finished garage. You’ll love the rich hardwood flooring, country kitchen, and so much more.  Buy this home and I’ll sell your home for free!  (Call 303-525-1851 for details.)