Skip to main content

My Colorado lake house miracle

We did it! Closed today on a 1700 sq foot 3/3 on .34 acres literally on the shores of a major reservoir in the Colorado foothills 15 minutes outside of the hip college town where I work.

Approved for 750 but looking around 650. Made three offers that did not work (and with significantly greater tradeoffs than this). My husband found a FSBO that wasn't on the MLS, listed for 700 and had sat for a week or so - we called our realtor, saw it, and came in person the next day to put in our offer. When our realtor got there, an agent was nailing up a sign! But we were "grandfathered" in since we saw it before and after some live action back and forth got under contract at 660, each side paying 1.5 commission, conventional loan with 5%, all contingencies intact (seller ended up crediting some repairs, we sweated the appraisal). And then the calls started coming in based on the sign . . .too late.

Lakefront, lake views, across from marina, backs to multiple trails, 20 minutes from my office, 15 minutes from town. Public water sewer and garbage collection. You can get internet and amazon. It's small and can use some touch ups cosmetically but after looking in and hearing about the experiences of others, just wanted to throw out that miracles can happen. But you need to look everywhere and be ready to move!

submitted by /u/mamadelex2
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/mhjqqj/my_colorado_lake_house_miracle/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/