Bonnie's Blog

BUYING A NEW HOME IN DENVER? BETTER HURRY!

Bonnie Cox (RE/MAX Masters) — Mon, 30 Nov 2009 23:14:52 -0600

I received an email this morning from a Piney Creek resident, who was interested in the housing tax credit., which was recently extended. Here is a recap of the conversation:

I currently own a home in Piney Creek. How do I qualify for the newly extended $6500 tax credit?

If you have lived in your home as a primary residence for at least five out of eight years, you will likely qualify for the credit. You will need to sell, rent, or use your Piney Creek home as a vacation property, and still claim the tax credit.

Does the replacement home have to be more expensive than my current Piney Creek home?

No, but if the property sells for more than $800,000, the buyers don’t qualify.

Does this tax credit apply to new construction?

Yes, although the contract must be in place by April 30, 2010, and the buyer must move in by July 1, 2010.

If I sell my Piney Creek home to a family member (our daughter and her husband) can they claim the tax credit?

No. The tax code is very specific about this issue.

If you have additional questions regarding the tax code, or regarding any other real estate related issues, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060. We are happy to share our knowledge with you!

Calling All Denver Realtors: Please Be Courteous

Bonnie Cox (RE/MAX Masters) — Sun, 27 Sep 2009 20:00:29 -0500

Calling All Denver Realtors: Please Be Courteous

Another unhappy seller called again today, and no, he is not unhappy with us. He knows that he has hired highly competent agents to market and to sell his home. He has a problem is with a few of the agents who have been showing his home, since after four showings, not one of the agents has even bothered to leave a business card. This creates a problem since there is no way for the seller to know if the agents showed up or not.

This listing happens to be a short sale, but does this mean that the homeowner is due any less respect than a seller who is moving up in the market? Absolutely not! When sellers list their homes, they are turning to the real estate community to help them with their needs - to get their homes sold. The agent who is allowed into a seller’s home with their client is a guest in the home, and each homeowner should be treated with the utmost respect.

If a Realtor shows a home without their business card, we have tried to make feedback as convenient as possible. Below is the feedback card that is provided in all of our listed homes.

View TeamCox Realtors’ showing card that is provided to every Realtor who tours one of our listings.

View the card that we leave for each homeowner when we show their home.

Selling a home is one of the most stressful experiences that a homeowner will ever go through, and selling a home through a short sale process is even more stressful.

Denver Realtors: please unite and elevate our profession back to the standards we once held - respect the homeowners and realize that we are guests in their homes!

TeamCox Realtors
Denver Real Estate Specialists
303-400-6060

A quick blog about starting the day!

Bonnie Cox (RE/MAX Masters) — Sat, 21 Mar 2009 10:27:35 -0500

Who isn't watching what they spend? I could honestly count on one hand the number of Starbucks coffees I have had. Dunkin' Donuts and McDonalds have been my favorite coffee-out places. The best cup in the morning, however, is from my own kitchen. Low fat, low calorie and decadently fun. This is the way I start my day!

Karen Villa Schweinfurth

Bonnie Cox (RE/MAX Masters) — Sun, 05 Nov 2006 13:31:30 -0600

Many of you may be interested in knowing that Karen Scheinfurth's husband passed away after a lengthy illness. As a community, I feel we should all pass our condolences on to this wonderful lady who has been a very worthy Active Rain contributor for quite awhile. Personally, Karen, I know that he is in a better place and I wish you the courage and strength to get past the huge ordeal of the next weeks and months. A brighter and happier 2007 is waiting ahead. Our best to you and your family.

TeamxCox 200-Step Marketing Plan

Bonnie Cox (RE/MAX Masters) — Mon, 02 Oct 2006 20:27:39 -0500

We have obviously taken a considerable length of time developing a strategic marketing plan to sell our listings. Denver leads the nation in foreclosures. With the recent identification of considerable mortgage lending fraud that has occurred in Denver, this dubious honor is going to continue for some time. That means that it is essential for a serious real estate professional to use every tool in their bag to get a home sold. I agree with Bryant. Pricing is essential. So is that intangible called WOW factor. Those are supplied by the homeowner. The Realtor must have an easily found website that displays pictures and virtual tours. Multiple pictures. Great verbiage that describes the property with emotional appeal. We are all going to have to re-double our efforts and be better than the competition!! We need to for the homeowner we agree to represent!

TEAMCOX

The Realtor^®’s Critical Role in the Real Estate Transaction

Why Was This List Prepared?

Surveys show that many homeowners and home buyers are not aware of the true value an experienced full-service Realtor^® provides during the course of a real estate transaction.

At the same time, regrettably, Realtors^® have generally assumed that the expertise, professional knowledge and just plain hard work that go into bringing about a successful transaction were understood and appreciated.

Many of the most important services and steps are performed behind the scenes by Team Cox and traditionally have been viewed simply as part of our professional responsibilities to the client. Without them the transaction could be placed in jeopardy.

This information seeks to close that gap.

Listed on the following pages are nearly 200 typical actions, research steps, processes, and review stages necessary for a successful residential real estate transaction and normally provided by TEAMCOX for which we are entitled to fair compensation.

Comprehensiveness

The list is by no means an attempt to set forth a complete list of services as they may vary for each client. We routinely provide a wide variety of additional services that are as varied as the nature of each transaction.

By the same token, some transactions may not require some of these steps to be successful; however, most would agree that given the unexpected complications that can arise, it’s far better to know about a step and make an intelligent, informed decision to skip it, than to not know the possibility even existed.

The TEAMCOX Commitment

Through it all, TEAMCOX’S personal and professional commitment is to ensure that a seller and buyer are brought together in an agreement that provides each with a “win” that is fair and equitable.

The TEAMCOX motivation is easy to understand. As with most full-service brokerages, we receive no compensation unless and until the sale closes.

By contrast, there are firms that offer “limited services” in exchange for an up-front flat fee, or perhaps offer a menu of pay-as-you-go or “a la carte” options. Some even offer a sliding scale ranging from limited to full service. In these cases, the Realtor’s compensation is based on these reduced service levels with the seller bearing full responsibility for all the other steps and procedures in the selling process. In short, the marketplace truism is that “you get what you pay for.” Team Cox believes in full-service and adheres to the principal of agency and full-client representation.

A Variety of Choices

It can truly be said that the variety of brokerage business models in today’s real estate industry affords the homeowner a greater range of options than ever before.

No matter which option is chosen, before signing a Listing Agreement or otherwise engaging the services of a Realtor and agreeing to compensate that agent, homeowners should understand exactly what services will or will not be provided.

TEAMCOXS’ Critical Role

Listed here are nearly 200 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by TEAMCOX in return for their sales commission. Depending on the transaction, some may take minutes, hours, or even days to complete, while some may not be needed.

More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process.

Never forget that TEAMCOX pledges to uphold the stringent, enforceable tenets of the Realtor^®Code of Ethics in their professional dealings with the public. Not every real estate licensee holds Realtor membership.

Pre-Listing Activities

1 Make appointment with seller for listing presentation.

2 Send seller a written or e-mail confirmation of listing appointment and call to confirm.

3 Review pre-appointment questions.

4 Research all comparable currently listed properties.

5 Research sales activity for past 18 months from MLS and public records databases.

6 Research “Average Days on Market” for a property of this type, price range and location.

7 Download and review property tax information.

8 Prepare “Comparable Market Analysis” (CMA) to establish fair market value.

9 Obtain copy of subdivision plat/complex lay-out.

10 Research property’s ownership and deed type.

11 Research property’s public record information for lot size and dimensions.

12 Research and verify legal description.

13 Research property’s land use coding and deed restrictions.

14 Research property’s current use and zoning.

15 Verify legal names of owner(s) in county’s public property records.

16 Perform exterior “Curb Appeal Assessment” of subject property.

17 Compile and assemble formal file on property.

18 Confirm current public schools and explain impact of schools on market value.

19 Review listing appointment checklist to ensure that all steps and actions have been completed.

Listing Appointment Presentation

1 Give seller an overview of current market conditions and projections.

2 Review agent’s and company’s credentials and accomplishments in the market.

3 Present company’s profile and position or “niche” in the marketplace.

4 Present CMA results to seller, including comparables, solds, current listings and expireds.

5 Offer pricing strategy based on professional judgment and interpretation of current market conditions.

6 Discuss goals with seller to market effectively.

7 Explain market power and benefits of Multiple Listing Service.

8 Explain market power of Websites, IDX, and TourFactory.com.

9 Explain the work the brokerage and agent do “behind the scenes” and agent’s availability on weekends.

Explain agent’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers.

10 Present and discuss strategic master marketing plan.

11 Explain different agency relationships and determine seller’s preference.

12 Review and explain all clauses in Listing Contract and Addendum and obtain seller’s signature.

Once Property is Under Listing Agreement

1 Review current title information.

2 Measure overall and heated square footage.

3 Measure interior room sizes.

4 Take multiple interior and exterior pictures for MLS and all multiple websites.

5 Confirm lot size via owner’s copy of certified survey, if available.

6 Note any and all unrecorded property lines, agreements, easements.

7 Obtain house plans, if applicable and available.

8 Review house plans and make copy.

9 Order plat map for retention in property’s listing file.

10 Prepare showing instructions for buyers’ agents and agree on showing time window with seller.

11 Obtain current mortgage loan(s) information: companies and loan account numbers.

12 Verify current loan information with lender(s).

13 Check assumability of loan(s) and any special requirements.

14 Discuss possible buyer financing alternatives and options with seller.

15 Review current appraisal, if available.

16 Identify Home Owner Association manager, if applicable

17 Verify Home Owner Association fees with manager: mandatory or optional and current annual fee.

18 Order copy of Homeowner Association bylaws, if applicable.

19 Research electricity availability and supplier’s name and phone number.

20 Calculate average utility usage from last 12 months of bills.

21 Research and verify city sewer/septic tank system.

22 Water system: calculate average water fees or rates from last 12 months of bills.

23 Well water: confirm well status, depth and output from well report.

24 Natural gas: research/verify availability and supplier’s name and phone number.

25 Verify security system, current term of service and whether owned or leased.

26 Verify if seller has transferable Termite Bond.

27 Ascertain need for lead-based paint disclosure.

28 Prepare detailed list of property amenities and assess market impact.

29 Prepare detailed list of property’s “Inclusions and Conveyances with Sale.”

30 Compile list of completed repairs and maintenance items.

31 Send “Vacancy Checklist” to seller if property is vacant.

32 Explain benefits of home owner warranty to seller.

33 Assist sellers with completion and submission of home owner warranty application.

34 When received, place home owner warranty in property file for conveyance at time of sale.

35 Have extra key made for lockbox.

36 Verify if property has rental units involved. And, if so:

37 Make copies of all leases for retention in listing file.

38 Verify all rents and deposits.

39 Inform tenants of listing and discuss how showings will be handled.

40 Arrange for installation of yard sign.

41 Assist seller with completion of Seller’s Disclosure form.

42 “New Listing Checklist” completed.

43 Review results of curb appeal assessment with seller and provide suggestions to improve salability.

44 Review results of interior décor assessment and suggest changes to shorten time on market.

Entering Property in Multiple Listing Service Database

1 Prepare MLS Profile Sheet — agent is responsible for “quality control” and accuracy of listing data.

2 Enter property data from profile sheet into MLS listing database.

3 Proofread MLS database listing for accuracy, including proper placement in mapping function.

4 Add property to company’s active listings list.

5 Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours.

6 Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography.

Marketing the Listing

1 Create print and Internet ads with seller’s input.

2 Coordinate showings with owners, tenants, and other Realtors. Return all calls, weekends included.

3 Install lock box if authorized by owner and program with agreed-upon showing time windows.

4 Prepare mailing and contact list.

5 Generate mail-merge letters to contact list.

6 Order “Just Listed” labels and reports.

7 Prepare flyers and feedback faxes.

8 Review comparable MLS listings regularly to ensure property remains competitive in price.

terms, conditions and availability.

9 Prepare property marketing brochure for seller’s review.

10 Arrange for printing or copying of supply of marketing brochures or fliers.

11 Place marketing brochures in all company agent mail boxes.

12 Upload listing to company and agent Internet sites, if applicable.

13 Mail Out “Just Listed” notice to all neighborhood residents.

14 Advise network referral program of listing.

15 Provide marketing data to buyers coming through international relocation networks.

16 Provide marketing data to buyers coming from referral network.

17 Provide “Special Feature” cards for marketing, if applicable.

18 Submit ads to company's participating Internet real estate sites.

19 Price changes conveyed promptly to all Internet groups.

20 Reprint/supply brochures promptly, as needed.

21 Loan information reviewed and updated in MLS as required.

22 Feedback e-mails/faxes sent to buyers’ agents after showings.

23 Review weekly Market Study.

24 Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.

25 Place regular weekly update calls to seller to discuss marketing and pricing.

26 Promptly enter price changes in MLS listing database.

The Offer and Contract

1 Receive and review all offer to purchase contracts submitted by buyers or buyers' agents.

2 Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes.

3 Counsel seller on offers. Explain merits and weakness of each component of each offer.

4 Contact buyers’ agents to review buyer’s qualifications and discuss offer.

5 Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible.

6 Confirm buyer is pre-qualified by calling loan officer.

7 Obtain prequalification-qualification letter on buyer from loan officer.

8 Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date.

9 Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.

10 Fax copies of contract and all addendums to closing attorney or title company.

11 When an Offer to Purchase Contract is accepted and signed by seller, deliver signed offer to buyer’s agent.

12 Record and promptly deposit buyer’s earnest money in escrow account.

13 Disseminate “Under-Contract Showing Restrictions” as seller requests.

14 Deliver copies of fully signed Offer to Purchase Contract to seller.

15 Fax/deliver copies of Offer to Purchase Contract to selling agent.

16 Fax copies of Offer to Purchase Contract to lender.

17 Provide copies of signed Offer to Purchase Contract for office file.

18 Advise seller in handling additional offers to purchase submitted between contract and closing.

19 Change status in MLS to “Sale Pending.”

20 Review buyer’s credit report results — advise seller of worst and best case scenarios.

21 Provide credit report information to seller if property will be seller-financed.

22 Assist buyer with obtaining financing, if applicable and follow-up as necessary.

23 Coordinate with lender on Discount Points being locked in with dates.

24 Deliver unrecorded property information to buyer.

25 Order septic system inspection, if applicable.

26 Receive and review septic system report and assess any possible impact on sale.

27 Deliver copy of septic system inspection report lender and buyer.

28 Deliver Well Flow Test Report copies to lender and buyer and property listing file.

29 Verify termite inspection ordered.

30 Verify mold inspection ordered, if required.

Tracking the Loan Process

1 Confirm verifications of deposit and buyer’s employment have been returned.

2 Follow loan processing through to the underwriter.

3 Contact lender weekly to ensure processing is on track.

4 Relay final approval of buyer’s loan application to seller.

Home Inspection

1 Coordinate buyer’s professional home inspection with seller.

2 Review home inspector’s report.

3 Ensure seller’s compliance with Home Inspection Clause requirements.

4 Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs.

5 Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.

The Appraisal

1 Schedule appraisal.

2 Provide comparable sales used in market pricing to appraiser.

3 Follow up on appraisal.

4 Assist seller in questioning appraisal report if it seems too low.

Closing Preparations and Duties

1 Contract is signed by all parties.

2 Coordinate closing process with buyer’s agent and lender.

3 Update closing forms and files.

4 Ensure all parties have all forms and information needed to close the sale.

5 Select location where closing will be held.

6 Confirm closing date and time and notify all parties.

7 Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining death certificates.

8 Work with buyer’s agent in scheduling and conducting buyer’s final walk-thru prior to closing.

9 Research all tax, HOA, utility and other applicable prorations.

10 Request final closing figures from closing agent (attorney or title company).

11 Receive and carefully review closing figures to ensure accuracy of preparation.

12 Forward verified closing figures to buyer’s agent.

13 Request copy of closing documents from closing agent.

14 Confirm buyer and buyer’s agent has received title insurance commitment.

15 Provide Home Owners Warranty for availability at closing.

16 Reviews all closing documents carefully for errors.

17 Forward closing documents to absentee seller, as requested.

18 Review documents with closing agent (attorney).

19 Provide earnest money deposit check from escrow account to closing agent.

20 Coordinate this closing with seller's next purchase and resolve any timing problems.

21 Have a “no surprises” closing and present seller a net proceeds check at closing.

22 Refer sellers to one of the best agents at their destination, if applicable.

23 Change MLS listing status to Sold. Enter sale date and price, selling broker and agent’s ID numbers, etc.

Follow Up After Closing

1 Answer questions about filing claims with Home Owner Warranty company, if requested.

2 Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied.

Respond to any follow-up calls

Horrific Denver Crime

Bonnie Cox (RE/MAX Masters) — Thu, 21 Sep 2006 11:04:47 -0500

Much of the news and the attending problems are local. Sometimes major local stories are of national importance. A horrific crime that happened in Denver on Monday morning has made the internet and all of the major television stations. A woman's body was found in an upscale Denver metro neighborhood after she had been dragged over a mile to her death. The thought is too horrific to even think about for more than a few seconds. The suspect picked up in the dragging death is a Mexican national and illegal in the U. S. Today's paper reports that he has a wife and children in Mexico. More lives ruined. The suspect the woman is accused of murdering was his illegal Mexican girlfriend also living in Denver.

In yet another incident that happened this year, a police officer was shot to death because he put an illegal Mexican man out of a party where he did not belong. The Mexican man returned with a gun and killed this police officer leaving behind a wife and children.

The commonality in these two incidents, beyond the fact that everyone was illegal, both men had been previously stopped on several occasions for traffic violations. What are our police officers for if not to serve and protect? When they are the first contact for illegal activity, why don't we demand more? These two men are, first and foremost, illegal with illegal documentation. Why were't these men turned over to ICE (Immigration Code Enforcement)? For the most part, ICE officials are looking for drug trafficking. They aren't randomly picking up illegals on the street. Just as it was determined that communication and interaction between government agencies was extremely lacking before 9/11, what will it take to wake up our officers to the law. These people are illegal. When their presence is reported, ICE will deport them. Unreported, nothing happens. What is the level of illegal that we as citizens will tolerate? Why do we have to wait until death occurs and then we hear about the shoulda, woulda, coulda? As business leaders of the country, we must demand more. This situation is impacting every state with the very possible exception of Alaska? We have learned so much since September 11, 2001. It's imperative that we implement many more of those lessons supposedly learned.

Bonnie Cox, ABR, CRS, GRI
e-PRO Certified Professional
RE/MAX Masters
6400 S. Fiddler's Green Circle
Englewood, CO 80015
PH: 303-400-6060
FAX: 303-400-6161
www.TeamCoxRealtors.com

Denver's Newest and Greatest Regional Shopping Center

Bonnie Cox (RE/MAX Masters) — Wed, 20 Sep 2006 22:16:54 -0500

I Just read Kristal Kraft's post about her favorite shopping mall--which was my favorite shopping center and will continue to be until the region's newest mall closer to me opens. It is going to have exactly the same 100 or so stores as Park Meadows Mall. Southlands Mall, located in the very southeast corridor of Denver, will officially open in the next couple of months. The concept is that of a small town main street. Many of the stores are already open for business. The concept here suits me much better. Instead of parking in a massive parking lot and entering through some major department store (called an anchor) and walking past 15 stores to get to where you want, Southlands will offer parking within close proximity to the store you wish to visit. This alone should save me time when I have a senior moment and cannot quite remember where in the heck I left my car!! So far, my favorite store is the new Barnes an Noble. This is a stately 2-story 40K square foot building with a full brick facade. Just seeing it makes me want to go in and browse. Most of the mall will be open for Christmas!!

From Baltimore to Denver - By Snail Mail - Love, Margaret Rome

Bonnie Cox (RE/MAX Masters) — Tue, 19 Sep 2006 20:20:51 -0500

From Baltimore with love. At least that is how I interpreted the note I received from Margaret Rome. She could have sent it by pony express with the speed it reached me. Neither one of us were the epitome of efficiency in this process. A few weeks back I posted a blog on the importance of the handwritten note. Margaret commented on that blog at the time. Today I went into the office to pick up my snail mail. With the advent of PDF files being sent by email, even the fax machine is archaic. I home office. Once a week I manage to head into the office for snail mail and the really-not-needed box full of fliers that many agents are sure will sell their listing. In the snail mail I immediately spy a letter from ActiveRain member Margaret Rome. The envelope was hand written. These are the letters we ALWAYS open first. Margaret's note thanks me for the written note reminder and she is proving the benefit by writing me a note. Incidentally, she had to send it twice. The first time, Margaret forgot to put on the street address. Still necessary for snail mail. Margaret's hand written note forcefully drove home the point of how special we all feel when someone takes the time, hand writes a note, affixes the postage and puts it in the mail - TWICE. Thank you, Margaret. I feel very special today!

Bonnie Cox

Bonnie Cox, ABR, CRS, GRI
e-PRO Certified Professional
RE/MAX Masters
6400 S. Fiddler's Green Circle
Englewood, CO 80015
PH: 303-400-6060
FAX: 303-400-6161
www.TeamCoxRealtors.com

Inman News

Bonnie Cox (RE/MAX Masters) — Wed, 06 Sep 2006 21:50:04 -0500

I have not had much time for blogging lately but I will take a minute to post a copy of an article from Inman News dated Sept. 1 and written by Kyle Cascioli of HomePoint.com. No matter how often it happens, it's such fun to see your name in print and to know that something you said was worthy of printing.

Bonnie Cox, a 28-year industry veteran and a broker with RE/MAX Masters
in Denver, notes the importance of staying in contact with as large a
group of consumers as possible. Her contact system has helped her close
more than 80 transactions in the last two years. Bonnie explains that,
"When you (agent) receive an Internet lead, consider it the beginning of
a long-term relationship . while most buyers appreciate a brief contact
during the initial relationship building period, they will almost
certainly want to do much of the property research on their own."
Following the initial Internet contact and follow up, Bonnie
"immediately enrolls the prospective buyer in her newsletter and monthly
drip marketing program." According to Bonnie, that prospect will now
have two monthly automated contacts in the form of the newsletter and
drip e-mail marketing campaign.

Bonnie Cox, ABR, CRS, GRI
e-PRO Certified Professional
RE/MAX Masters
6400 S. Fiddler's Green Circle
Englewood, CO 80015
PH: 303-400-6060
FAX: 303-400-6161
http://www.teamcoxrealtors.com/

House Warming Gift Basket

Bonnie Cox (RE/MAX Masters) — Thu, 31 Aug 2006 21:57:29 -0500

I was so inspired by Louann Nudi's Welcome Basket idea in her post last night that I spent a couple of hours and a couple of hundred dollars putting together this awesome hose warming gift. I know, that is quite a bit of money--but if it makes an impression and we get additional referrals from it, is it really too much? They have been delightful buyers and they have a large sphere of influence. It is certainly possible to not go as over board as I did, but if you are inclined, here's what went into my basket.

$39.00 Basket - Michael's This is a huge laundry basket which the wife will get many years of use

$8.99 - Large box of laundry detergent on the bottom of the basket

$1.99 - Clorox Bleach

$9.98 - Artificial Leaves for basket decoration

$25.99 - Bird House - (Wild Birds Unlimited)

$6.00 - Two autumn themed coffee mugs (Marshall's)

$5.99 - Gourmet Godiva Coffee (Marshall's)

$5.99 - Selection of Gourmet teas (Marshall's)

$14.00 - 2 scare crows (Michael's)

$40.00 - DVDs, and books for the children (Costco)

$5.50 - 2 boxes of crayons (Michael's)

$64.71 - candles, room spray, potpourri, 2 wine glasses, 2 napkin rings and 2 napkins (Pier One)

Bath soap, toilet paper and Kleenex from my pantry

There you are. It seems like a lot of money for a house warming gift. I had fun putting it together. One additional referral -- Priceless

Appraiser did not agree

Bonnie Cox (RE/MAX Masters) — Wed, 30 Aug 2006 20:16:29 -0500

For the first time in years, I just had a home that did not appraise. This was not our listing. It was a buyer we were representing. We had the home under contract for $325K. Before negotiating, comps were done. The contracted was negotiated at close to our CMA. The buyer did not choose to use the lender we normally use but chose to use a Bank of America lender in CA. they had previous experience with. The lender ordered the appraiser from one on their approved appraiser list. The listing agents are excellent, a well-regarded team that we have previously had good experience with. One of the listing agents met the appraiser at the home and shared some information with the appraiser, including comps that were reasonably good. Our comp, done independently, used virtually the same homes. The listing agent felt he had built some rapport with this appraiser. We were totally blind-sided when the appraisal came in $15K low. Our buyers agreed to pay 2K over the $310 appraisal. The seller did not want to sell below $315K. After a couple of days of a tense stand off, the seller finally agreed to the $312K price. Our buyer is putting down $90K. There is nothing out of the ordinary about the loan or the contract. No points, no down payment assistance, no closing costs or prepaids. Absolutely no seller concessions were requested. After all of the crazy lending we have seen in the past five to six years, this has completely baffled us. After all of the stupid lending and permissiveness on the part of both appraisers and lenders, is this a sign of things to come? If it is, sellers look out!!

http://www.zabasearch.com/

Bonnie Cox (RE/MAX Masters) — Wed, 30 Aug 2006 12:07:55 -0500

A friend just emailed me to alert me about this website. Sometimes this particular friend has things right and other times I hear from her and she is way off in left field. This time she was 100% correct. If anyone knows how this can possibly be legal, I would certainly like to know. Go to http://www.zabasearch.com/. Put in your name. My general data right down to my home phone and address is accurate. This is not Zillow, folks.

Excuse the information I submitted earlier regarding the ability to buy a social security number for $49. I re-read the information and you can search for someone by using their social security number if you already have it. WHEW. Sorry for the bad information I posted. I have just deleted it.

Erin Toll will take her toll

Bonnie Cox (RE/MAX Masters) — Sun, 27 Aug 2006 21:33:01 -0500

If you do not live in Colorado, you might not know the name Erin Toll. Erin has, for the past 18 months, been on a title company rampage. She has made a name for herself nationwide as she came down hard on the wrong doing she found with title company practices within the state of Colorado. As a by product, real estate agents were caught in her wake. As she bcame extremely successful in her mission, her cause spread to other states and the title companies that were doing wrong were under seige. Well, Realtors look out. Erin has now been appointed Director of the Division of Real Estate in the state's department of regulatory agencies (DORA). Erin said she is "excited about the new challenge". If you are a Realtor in Colorado and engaged in any unethical practices, LOOK OUT. If she is as successful in cleaning up the improprieties in the Colorado real estate industry as she has been in the title business, likely other states will follow. She is a tyrant of the best kind. I wish her luck. While I do not believe Colorado's real estate agents are any more unethical than any other state, we all know that there is much to be desired within our industry. Cleaning it up locally in Denver, in Colorado or across the nation can only improve our image and the conditions under which we all practice.

Go Erin, I for one, wish you the best!

Bonnie Cox, ABR, CRS, GRI
e-PRO Certified Professional
RE/MAX Masters
6400 S. Fiddler's Green Circle
Englewood, CO 80015
PH: 303-400-6060
FAX: 303-400-6161
http://www.teamcoxrealtors.com/

A Big By-Prooduct of Blogging

Bonnie Cox (RE/MAX Masters) — Sun, 27 Aug 2006 10:20:34 -0500

Blogging for me is somthing that I do when I have the time. It's just like with our buyers and sellers, it comes in spurts. This is something I do when I have the time and inclination. Last night it was dinner with a group of eight. Social networking. Fall is almost here and our social calendar will pick up. Later nights and less time to blog. I I find the content in the blogsite a wonderful way to "interview" agents for the next referral. I am amazed at how easy it is to zero in on a person's experience, intellect, ehthusiasm and value system by reading their musings. Even the agent's attention to detail can be determined. There are certain parts of the country that I know right now, my client will, "enjoy working with that agent". With the map, if I have a need for an agent in Iowa, where I do not have a Realtor contact, I might start with reading someone from Iowa's postings to see if I am comfortable with their thought process. Even their language, grammar, punctuation and sense of humor will come through. Next, I might look at their designations and experience and if all of that looks good, I will then pick up the phone and call. I really do begin with the blog process!

Bonnie Cox, ABR, CRS, GRI
e-PRO Certified Professional
RE/MAX Masters
6400 S. Fiddler's Green Circle
Englewood, CO 80015
PH: 303-400-6060
FAX: 303-400-6161
http://www.teamcoxrealtors.com/

The Importance of the Hand Written Note

Bonnie Cox (RE/MAX Masters) — Sun, 20 Aug 2006 21:38:19 -0500

Hobbs Herder and others tell us the more consistent and repetitive the messages, the stronger the name recognition. Take advantage of the opportunity to brand yourself by ordering postcards or notepaper that carries the look of your website and your other advertising. Our business cards, website and postcards all carry the same picture of me and yes, my bodyguard! We all know we should be writing notes frequently but getting motivated or thinking of just reasons can sometimes be difficult.

What are some of the reasons you could send a note?

"Thinking of you"

"Passed by your home today and it looks great"

After a Listing Appointment-Do this immediately so they get it the next day!

After the 1st Time you work with buyers

A Birthday-Someone told me the birthday card from car repair place was the only card she got. Don't you think that made an impact?

An Anniversary-Either of when they bought their house or of their wedding.

"Great to meet you"-after a networking event

Of course, the trick here is to start doing this on a regular basis, so that sending out 5-10 handwritten notes becomes a habit. Keep them handy in your purse or briefcase, already stamped you can use waiting in line time or waiting on hold time to jot a quick note. They say it takes 21 days to create a habit, so make a goal for yourself to do this for at least 3 weeks and it should start to be part of your daily schedule. That's it for now. I have some notes to write before I go to bed!

Discount Realtors - Where is the Savings???

Bonnie Cox (RE/MAX Masters) — Sun, 20 Aug 2006 21:14:52 -0500

Having lived in Texas for a number of years, I have always been impressed with the real estate school at Texas A & M. Jim, my partner in life and real estate, still maintains his Texas real estate license and monthly, their Terra Grande' report is required reading when it arrives. A recent report put out by Texas A & M revealed that there is little savings for sellers who employ the services of discount brokers. The study used 55,000 residential transactions and found that discount companies sold their listings for 1.7% less than full-service companies and took over 17.1% longer to do so.

The 1.7% reduction in sale price offsets the average 2% commission savings of most discount companies (i.e. 4% vs 6%), resulting in a negligible net dollar gain for the seller.

Most of the study results were statistically significant, indicating valid relationships exist between limited service representation and agent experience and marketing performance (time to sale and sales price). If the limited service broker charges a total 4 percent commission, then the commission plus the 1.7 percent lower price is approximately equivalent to a 6 percent commission from the seller's perspective. Oh, and yes, we have an Aggie daughter!!

This is exactly the type of evidence we should be presenting our sellers when the question of discounting and limited service brokerage comes up--and invariably it does!

Limited Service - Full Service Real Estate

Bonnie Cox (RE/MAX Masters) — Sun, 20 Aug 2006 18:34:41 -0500

Does anyone know exactly which states have taken a legislative position opposing limited service-real estate? In our Denver metro MLS, right next to homeowners that pay a traditional broker for full service, appears the flat fee MLS listings. This occurs when a real estate office signs a listing agreement solely for the purpose of putting, for a flat fee, what is essentially a FSBO into the local multiple listing services (MLS) database. There are instructions to set appointments and negotiate directly with Mr. or Mrs. Homeowner. Anti-trust rules have, for many years, precluded MLS from refusing valid listings from member brokers and from withholding membership from otherwise qualified (i.e. licensed and willing to pay MLS fees) agents.

Many of us that follow a more traditional agency model have become aggravated by this practice which takes away the competitive advantage MLS membership has long conferred. This also forces full service agents into the position of dealing with a non-professional on the other end of the transaction. What happens in the event that the homeowner is not making full or accurate disclosures about the property? There is a good deal of comfort in having another professional, also with a license at stake, on the side of a deal. If there is a professional brokerage on the other side of the transaction, the selling agent can be assured that he will be compensated the published fee as advertised in the MLS. An MLS listing guarantees cooperation with agents working with buyers, but does not guarantee compensation with the home owner. An agent showing these FSBO listings has to be prepared for the possibility he will have to collect his commission from his buyer. I do not believe the MLS is going to court and do battle over our commission.

What suggestions do you have that will allow full representation to our buyer and yet allow us not to have to work under these conditions? Our agency agreement states that we will show a buyer all homes that fit their needs and price range. Do we suggest that if the homeowner refuses to pay the commission earned that they, the buyer will be responsible. How are you handling this delicate situation in your market?

Saturday Satire or Satirical Saturday!

Bonnie Cox (RE/MAX Masters) — Sat, 19 Aug 2006 17:07:12 -0500

Once upon a time a child was born to a wonderful and lovely family. They named this child Kristal. Kristal was a krafty child and so it was that she became known as Kristal Kraft. Kristal's mother told her, "Kristal you are a beautiful child. You are bright and witty. You are clever and, of course, krafty. You will be apprecitated for your intellect and good humor. You are brilliant to be sure. Kristal succeeded well in all she tried but she had a propesity above all others. She was techical beyond words. ...........and so it was that Kristal went to college and met another studious person named Al. Together, Al and Kristal developed the information highway as we know it today. For that, we are all grateful.

Among the many wonderful lessons that were taught to Kristal by her mother was to never reveal too much. "Kristal, keep an element of mystery. Do not show too much". And so it is that Kristal has not revealed her entire self to you. She is keeping a sense of mystery about herself that only those of us closest to her truly know. Today, I feel it essential to reveal to you the entire Krafty Kristal.

BLOGGING WHEN AND WHERE YOU CAN!!

Bonnie Cox (RE/MAX Masters) — Fri, 18 Aug 2006 22:17:15 -0500

Last Saturday we invited Kristal Kraft and her husband Larry to go to dinner with us. I had a diabolical plan. I was going to get ahead of her on the Active Rain blog!! I excused myself and went to the ladies room. Now you can see parts of my body other than the "head shot" with my body guard!

Actors Selling Homes??

Bonnie Cox (RE/MAX Masters) — Fri, 18 Aug 2006 16:11:11 -0500

This probably will not keep Craig Schiller up nights. At least I hope not. If this article has any merit, we might all consider going to the local theatre and hiring out of work actors. In Denver, that would be the Denver Center for the Performing Arts. Somehow, I think I will stay with the staging concept. Frankly I have found that a staged house is not cold and has a far better presentation than most homeowners can ever accomplish!!

Little Improv Goes a Long Way in Selling a Home, from REALTOR Magazine Online. This is an interesting approach to offsetting the often cold feel of staged homes. Centex Homes in San Diego has begun staffing model homes with actors creating an entertaining experience for would-be buyers. One recent open house featured actors playing the roles of Mom, Dad, two kids and even Grandma. The actors baked cookies and chatted with potentials buyers.

Selling A Home in Five Days???

Bonnie Cox (RE/MAX Masters) — Tue, 15 Aug 2006 22:18:11 -0500

Barbara Cochoran, renowed N. Y. Realtor and former best friend of the "Donald" was on morning T.V. I am not a big fan, but decided to listen to what she had to say about selling a home in 5 days. I immediately dismissed the first idea, at least for the Denver market which has been flat for the past six years. That idea was to offer the home for 5% under the least expensive home in the subdivison. That might be fine if you are in a market that has experienced rampant appreication like much of the country. In our flat market, with many sellers having eperienced no appreciation or already upside down, there just is no wiggle room! The idea I did like and others might as well, is the one-day weekend sale. This might work especially well if you are contemplating a price reduction. I have just talked with a homeowner that has the home listed at $890K. We have talked about a reduction to $875K. No one is offering full price, so at $875K, it is likely that he would take $850K. For one day or one weekend, advertise the OPEN HOUSE widely by mail and signify that for that period you will take a contract of $850K. No hassle, no negotiation. Simply $850K. What do you think of this plan????
Bonnie Cox, ABR, CRS, GRI
e-PRO Certified Professional
RE/MAX Masters
6400 S. Fiddler's Green Circle
Englewood, CO 80015
PH: 303-400-6060
FAX: 303-400-6161
http://www.teamcoxrealtors.com/

Sticky Showings?

Bonnie Cox (RE/MAX Masters) — Tue, 15 Aug 2006 21:34:34 -0500

I end up making most of the showing appointments on the weekend. Usually, I get the same instructions from the listing office. Remove shoes, leave a card, make sure the doors are locked, yadda, yadda, yadda. Today I heard a new one. Very low tech. Very effective. Maybe some of you have heard this one before but I never have. "Please remove the yellow sticky from the front door". How clever. Have any of you ever had a home owner complain that the real estate agent did not leave a card. I have had home owners tell me they try to look for carpet footprints to determine if the home was actually shown!! Rude, inconsiderate agents account for this dilemma. The yellow sticky removal will signify that the agent actually showed up. I asked the appointment clerk if this was the agent's idea or the home owner. She signified it was the home owners. I would love to know if any of you have ever heard of this rather clever idea. I do believe it could somehow be modified to become somewhat more professional. I'll have to work on that. Even a rude, inconsiderate agent can remove a yellow sticky!!

U. S. Real Estate Market Report for 2nd Quarter 2006

Bonnie Cox (RE/MAX Masters) — Fri, 11 Aug 2006 19:33:00 -0500

Kristal said it is best to be:

The first lover

The second wife

The third listing agent.

I can add a 4th position. Denver has dropped from first in the nation on foreclosures to 4th. This is certainly a case where 1st was not an enviable position. 4th is still about 50 places to high.

Here is Realty Trac's Market Report for the Second Quarter of 2006. Where does your city or region rank?

RealtyTrac has released its second quarter 2006 U.S. Metropolitan Foreclosure Market Report, which shows that Indianapolis, Atlanta and Dallas posted the nation's three highest metropolitan foreclosure rates in the second quarter of 2006, duplicating the top three metro foreclosure rates from the previous quarter. The report, which ranks the foreclosure rates of the nation's 100 largest metropolitan areas, shows that three other cities - Denver, Memphis and San Antonio - also registered foreclosure rates among the nation's top 10 for the second quarter in a row. The remaining four cities in the top 10 were new: Stockton (CA), Salt Lake City and the Texas cities of Austin and Houston.

Of the cities with the 10 highest foreclosure rates, Houston, Austin and Stockton were the only ones to report increasing foreclosure activity in the second quarter. Houston led the way with 11,659 properties entering some stage of foreclosure, a 40 percent increase from the previous quarter. Austin reported a seven percent increase and Stockton reported a two percent increase. Indianapolis, Atlanta and Dallas all documented foreclosure rates that were more than three times the national average, and the remainder of the top 10 cities documented foreclosure rates that were more than twice the national average.

One of Denver's Crown Jewels

Bonnie Cox (RE/MAX Masters) — Mon, 07 Aug 2006 21:56:58 -0500

Here is a resent report profiling the richness of the Denver's Sloan's Lake community. This is wonderful information for anyone looking to move into a neighborhood that for all it offers is probably under valued. Especially when compared to neighborhoods that have been "hot" for years, such as Washington Park, Hillcrest, Bonnie Brae and now Observatory Park.

Sloan's Lake boasts a "rich mixture of young professionals looking for starter homes, aging boomers looking to downsize, old-timers who never left, a smaller-but-still present Jewish population and a large group of Hispanic residents." With a median home price of $247,000 and an average square footage of 1,000, these often dated homes are sometimes scraped or popped as allowed by R-2 zoning. Buyers are often attracted to the million-dollar views of Sloan's Lake, the Front Range and downtown. While underperforming schools is often a complaint, improvements are in the works.

All of the Stars are Aligned in Colorado for the Home Buyer

Bonnie Cox (RE/MAX Masters) — Sun, 06 Aug 2006 21:09:40 -0500

The Colorado foreclosure rate, which is often ranked the highest on the
country, is ever-increasing although this isn't always bad news for Denver homebuyers. Homebuyers that have been "fence sitting" should consider taking full advantage of the effects of the more than 9,500 foreclosures that were filed during the last six months. This represents s 34% increase from the same period last year.

The high foreclosure rate puts unneeded pressure on the Denver housing market, which is already a buyer's market. This results in even a greater selection of homes on the market and more room to negotiate a good price.

2006 is on pace to be the worst year ever for foreclosures, even beating the record of 17,122 foreclosures in 1988. Foreclosures result from several factors including adjustable rate mortgages, interest-only loans, lenient financing provided to people with poor credit and other economic factors.
The high foreclosure rate is a bit puzzling to some economists since the
rest of the Denver economy remains strong with many new hires. More high-paying jobs would definitely help the situation.