A big THANK YOU to the firefighters, police officers, volunteers, pilots, rescue workers, and various community and government agencies who fought and contained the Waldo Canyon Fire in such adverse conditions. A special THANK YOU to all those who have put in their time, services, donations, and good wishes to help those affected by the Waldo Canyon Fire. I am proud to be part of such a hard-working, dedicated and caring community!
Welcome to the July 2012 issue of KimKproperties Real Estate Newsletter. I hope you find this piece interesting and informational. For more information within each topic please feel free to use the underlined links.
Market Activity and Trends: Will the record lows for fixed 30- year interest rates bring relief to the housing market and create enough consumer confidence to spur the housing market to a recovery? For buyers who are qualified with decent credit (normally above 660) among other requirements, it is a paradise. Buyers currently renting who can't meet stringent credit guidelines for current low rates are seeing their rents increase coupled with less options for affordable rental homes - the rental market is doing just fine.
According to a HousingWire report released late May 2012, '...since the housing market began to slide in 2006 this spring season has shown a slight increase in home prices and buyers are quicker to snap up homes...' perhaps due to lower inventory supplies. Locally, the current trend indicates less competition, up-tick in multiple bids, and higher buyer activity. Are sellers more positive about the market? Not so much. It will take more than a trend, low interest rates and slightly higher home prices to sway their impression regarding the last 6 years of a 'downward spiral'.
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The Home Inspection
...Be an Informed Buyer and Seller
As a buyer, you have the right to carefully examine your future new home with a qualified home inspector. A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. The standard home inspector's report will cover the condition of the home's heating system; central air conditioning system; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.
An inspection can alert you to potential problems with a property, provide more detailed information about the overall condition of the home prior to purchase, and allow you to make an informed decision. *ashi.org
As a Realtor representing the buyer or seller, the home inspection is an integral step in the real estate transaction process and normally is scheduled at the second week point after the contract has been executed, aka mutually accepted.
If the inspector identifies problems, it doesn't mean you should or shouldn't buy the house, only that you will know in advance what to expect. If your budget is tight, or if you don't want to become involved in future repair work, this information will be important to you. If problems are found, a seller may agree to make repairs which is another negotiation process.
What are the Inspection Objection and Inspection Resolution deadlines? These two deadlines above are noted on the Contract to Buy and Sell Real Estate, under the Date and Deadlines section.
If any problems are found (unsatisfactory physical conditions of the property), the buyer then has choices: attempt to get the seller to fix (or receive a repair credit) for some or all of the problem (s) via an Inspection Objection on or before the Inspection Objection Deadline, or terminate the contract through a Notice of Termination. The seller once they have received the Inspection Objection by the contractual deadline, then has the right to accept or decline some or all of the objection requests; and to provide a Seller's Alternative Resolution to the buyer's objections. If an Inspection Objection is received by the seller, and the buyer and seller haven't agreed in writing on how to deal with the Inspection Objection on or before the Inspection Resolution Deadline, the contract terminates. The exception to this is if the seller receives a written withdrawal of the Inspection Objection from the buyer.
Note: If you are requesting a credit for repairs, be sure to verify with the lender that this will go through underwriting.
The important item to note is that a Contract to Buy and Sell has built in contingencies. A contingency is something that must be satisfied in some way or removed in order for the contract to continue. There's normally a deadline attached to these contingencies and one of the first contingencies to be addressed is the inspection. |
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Featured July
Local Events |
72nd Annual Pikes Peak or Bust Rodeo and Parade. Parade: Tuesday, July 10th, 6:30PM. Where: Downtown Colorado Springs. Rodeo: July 11th - 14th, 7:15PM, Wed.-Sat nights; 12:45PM Saturday matinee. Where: Norris Penrose Event Center. 1045 W. Rio Grande St. Colorado Springs. Pikes Peak Or Bust Rodeo for information.
33rd Annual Thin Air Car Show. Saturday, July 21st. Where: Gazebo Lake Park, Green Mountain Falls, CO.
Rocky Mountain State Games. When: July 20th-22nd and July 27th-29th. Where: Along the Front Range.Rocky Mountain State Games for venue locations.
Olympic Downtown Celebration. When: Friday, July 27th; 4PM - 10PM. Where: Downtown Colorado Springs/Downtown Tejon Street. Olympic Downtown Celebration.
El Paso County Fair.
When: July 21st - 28th; 10AM - 10PM.Where: 366 10th Street, Calhan, 80808. El Paso County Fair. Note: Pikes Peak Hill Climb, normally in July has been moved to August 11th/12th. |
Kim Klapac...Locals Know!
If you missed the previous issues please browse through the archives |
Newsworthy Article |
Living in certain areas of Colorado Springs does require the homeowner to purchase Flood Insurance. On July 6, 2012, President Obama signed the Biggert-Waters Flood Insurance Reform Act of 2012 extending the National Flood Insurance Program's authority through September 30, 2017. |
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