All Forum Posts by: Kenny Smith

Xu Som,

Did the property get an inspection completed and sewer scoped?  That is the buyer's responsibility to conduct a thorough inspection and object to any items they'd like to be fixed, a credit for, etc.  If so, were any of the items noted on the inspection report?  If not, you may need to have them call their inspector because they missed a lot of this and see if they can offer to do something for him.  Most good inspection companies have you sign a contract that states they are not to be held liable for any issues that do come up though.  

If the seller filled out a Seller Property Disclosure, but did not mention any of the above, then MAYBE you could have something.  You have to be able to prove they had knowledge of the issues which can be very difficult.  If that truly is the route you want to head down, consult a real estate attorney.

Hi Eric,

Not sure if she's taking on more clients, but you could always ask!  She primarily serves the northern part of Denver, Westminster, Arvada, Thornton areas.

I'll send you a private DM with her information!

Total Active Listings - 7,042

Total Coming Soon Listings - 101

Average Days on Market - 27

Median Residential Home Price - $570,000

List to Close Ratio - 99.3%

Heading into the winter/holiday season, it will be interesting to see what rates and the offseason does to the market.  The market has come a long way since the peak in April which brought median home prices at $615,000, and average days on market of 9.  

30 Yr Fixed - 7.07%

15 Yr Fixed - 6.50%

30 Yr Jumbo - 6.05%

30 Yr FHA - 6.62%

5/1 ARM - 6.79%

Also, Fannie Mae just released their "2023 Rate Projections", and they say rates could go down as low as 4.5% next year (https://www.cnbc.com/2022/08/2...).  If you're able to find a deal now, albeit at a higher interest rate, you could always refinance when rates drop.  The buying pool is still very large!  Once rates drop again, buyers will become active again which could continue to push home prices up.  Especially during the holiday season, there will be deals to be had.

@Joshua Fallin

You could always talk to the buyer's lender and have them reach out to the appraiser to let them know that.  As long as the mold isn't all throughout the house, I would be very surprised if this affected the appraisal all of that much.  

Welcome to BP @Jen Ikuta!

If you are in the Denver area, our real estate team hosts monthly meetups all centered around house hacking (which is our niche).  Feel free to connect if ever interested!

@William Ward

House hacking 100%.  Or you could buy a flip, flip it, rent it out until the market gets hot again, and sell it then.  As previous folks have mentioned, there are will continue to be great deals to be had.  Especially heading into the holiday season.

@Lakshay Gopalka

First off, congratulations!  I agree totally with Diya.  If your agent has been doing this long enough, they are going to know the good ones from the bad.  Also, very important you are at the inspection!  You hired and paid them to flip the house upside down, so I always tell my clients to 100% ask as many questions as you possibly can without getting in their way.  Once you get your report back, make sure to review it with your agent and the inspector.  It is important to understand an inspector should have general knowledge of things throughout the house, but is no expert in any one field typically.  If they are unsure of something, or state something seems off, DO NOT leave it to chance.  Call in another specialist to have them look at it.  Could cost more money and take more time, but totally worth it.

Good luck to you!

If you have any specific questions, I'd just give Aurora Building department a call, and they can answer all of these specific questions.  Always good to hear it right from the source so you feel comfortable moving forward. 

Only an extra $200 a month for an MTR or STR? That number seems very low. My fiancé and I run 3 airbnbs right now in Westminster, and they do extremely well vs what we could get as an LTR. How many bed, bath, renovated? There are a series of hospitals over there, and you could crush it as a medium term rental. Check out furnishedfinder.com to see what MTR's are going for in your area. Then, check airbnb and see comparable STR's to yours in your neighborhood. Look on their calendar and see how booked they are, and what their going rate is to give you a ballpark idea of what you could get. Also, if you do consider an STR, you need to follow Denver's laws which is owner occupied, and requires a license. Read more below.

https://denvergov.org/Governme...

Feel free to give me a call if you have any further questions, I'd be happy to help.