Saturday Reporter-Herald August 28, 2010 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, August 28, 2010 • Reporter-Herald
Tips for buying foreclosures ILYCE GLINK TRIBUNE MEDIA SERVICES
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uestion: I’m afraid of buying a foreclosure because I don’t want to make a mistake. I have my eye on two properties. One is selling for $365,000, and I want to offer $295,000 and stipulate that the bank pay for all closing costs and fees. The second property is listed for $310,000 as a short sale. I want to offer $275,000 and request that the bank pay all the closing costs. Both properties are in gated communities with houses around it in the price range from $400,000 to $500,000. Are my offers too low? Answer: I’m not sure what your question is. You can offer whatever you want, but the bank (in either case) may decide not to take it. With regard to the short sale, you might not find out for months if your offer is accepted. You may have the offer accepted by the seller only to find out that the lender won’t approve the short sale unless you pay more for the home or you pay not only your closing costs but the closing costs of the seller as well. I’m not suggesting that you’re not offering the right price or getting a great deal. You just need to decide what you want to pay and to avoid getting drawn into a lengthy negotiation with the bank on the fees that could add tens of thousands to the cost of your home. Some buyers in different areas find that foreclosed properties owned by a bank are easier to buy than short sales where owner needs the approval of a lender. In a short sale the owner does not have the full amount of money from the sale to pay off the debts on the home and is therefore short of funds. Some lenders have become hesitant to approve short sales, even though they receive a fee from the federal government for every short sale that closes. Moreover, a short sale can take months to be approved, whereas with foreclosed property a bank can make the deal rather quickly. One final thought: Be sure to hire your own real estate attorney to help with the paperwork for the deal. Be sure you’re protected from hidden liens and other problems or expenses that could crop up. Question: My parents “gift-
Oakwood Homes: The smart choice for homes in Northern Colorado RH PAID ADVERTORIAL
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our first question is probably, “why is it the smart choice?” From affordability to home choices, convenience to amenities, Thompson River Ranch provides the full package of needs for homebuyers in Northern Colorado. With the neighborhood continually growing with amenities as well as homeowners, there is a great community feel as soon as you enter the area. Nearly 60 homebuyers this year alone would agree that Thompson River Ranch was the smart choice which delivered on their desires for a home, making it the fastest growing community in Northern Colorado. Located on the I-25 frontage road just south of U.S. Highway 34, the area allows for easy access while being positioned off the interstate just far enough that the residents aren’t bothered by any noise. Driving around the community, you can see families relaxing at the community pool, residents enjoying the miles of trails along the Hillsborough Ditch, groups playing a round on the 18-hole disc-golf course, and a playground where kids just get to be kids. There are many other amenities for the residents, but descriptions can’t give you the same community feel you’ll experience while roaming the area. Thompson River Ranch provides more than just a house, so be sure to check out all it has to offer. DENVER PARADE OF HOMES The Denver Parade of Homes gives
Photos courtesy Oakwood Homes
The Emery, at Thompson River Ranch, starts at $154,900. Northern Colorado residents a great reason to visit the community. Running through September 6, the Kendall model in Thompson River Ranch will be featured in the parade. This two-story home includes many spacious features over 2,438 square feet and starts at $249,200. Three bedrooms, two-and-a-half baths, great room and expansive kitchen provide lots of space perfect for a growing family. With other homes starting as low as $154,900, Oakwood Homes offers many affordable options for every type of lifestyle. The 15 different floor plans are viewable at www.HomesPeopleLove.com, allowing you to personalize each one to your preferences.
VISIT THOMPSON RIVER RANCH Stop by today and find out more about Oakwood’s affordable homes in Loveland. Contact Mike Welty or Tina Shearon at 970-669-9801 with any questions. To get there: from I-25 take Highway 34 eastbound, take your first right at Thompson Pkwy., then right at Ronald Reagan Blvd. which takes you to the Frontage Road. Take a left on the Frontage Road and you won’t miss the entrance to the community. You can tour Thompson River Ranch this weekend from 10-6 p.m. Visit www.HomesPeopleLove.com for additional information.
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Inside this week’s Home & Real Estate
Real Estate Transactions Listings from Front Range properties recently sold
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Building permit fee waiver deadline Page E5
Foreclosure filings drop again
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