Your Northern Colorado Front Range Real Estate Experts

Bob Sprague Specializes in Loveland

Wade Smith and Tami Sprague Specialize in Johnstown/Milliken

INFORMATIONAL ARTICLES PUBLISHED IN

Writen by Tami Sprague

New Law for Property Owners (published 06/17/2009)

HB1901 is dry reading but the bottom line is that you should have carbon monoxide alarms installed on all floors of your home and or investment properties. Following is a summary of the law and its requirements.

Homeowners and owners of rental property to install carbon monoxide alarms near the bedrooms (or other room lawfully used for sleeping purposes) in every home that is heated with fossil fuel, has a fuel-fired appliance, has a fireplace, or has an attached garage. This requirement applies to every home that is sold, remodeled, repaired, or leased to a new tenant after July 1, 2009.

This law also protects a property owner, an authorized agent of a property owner, or anyone who installs a carbon monoxide detector from any potential future liability (or damages) resulting from the operation, maintenance, or effectiveness of the detector, so long as the detector was installed according to the manufacturer’s instructions and in accordance with this law.

It also protects persons holding real estate licenses pursuant to Article 61 of Title 12, C.R.S from any damages, claimed by a purchaser, and related to the operation, maintenance, or effectiveness of a carbon monoxide alarm if such licensed person complies with the rules set forth in this law. It does not limit a municipality, city, home rule city and county, or other local government entity from adopting or enforcing any requirements regarding carbon monoxide alarms that are more stringent (or protective) than the requirements of this law.

HB1901 was passed, in part, as a result of a Denver family of four dying in a vacation home in Aspen at Thanksgiving, and a University of Denver student dying in her apartment in January. All five died from carbon monoxide poisoning. The CO2 detectors can be purchased in most home improvement stores for less than $100. That’s a pretty small price to pay to save lives. Call the 1^st Action Team, Wade Smith or Tami Sprague for further information. We are here to serve all of your real estate needs. 970-587-9400.

WHY DOESN’T MY HOUSE SELL? (published 05/20/2009)

There are three reasons a house doesn’t sell. I know a lot of agents copy our edict but it is true or we wouldn’t say this. The three reasons are condition, location and price. If you can eliminate the first two, you are left with only one option: PRICE. The hardest thing a home seller has to do is lower the asking price. It means making less money on the sale, but it may be your only option in an increasingly competitive market.

A price reduction may be the only way to sell a house in this market. For sellers who can afford to ride out the downturn, the smart move is to take your property off the market. For everyone else, it is time to get real.

Stop looking at your home as your home- it’s a house, a vehicle for shelter and investment. Put on your buyers hat. Look at the stats for yourself. All of the tools necessary are at your fingertips. What is your competition? What are similar houses selling for in your area? What would you pay for this house if you had to buy it in today’s market.

Some buyers want an absolute steal. That may not be your home. However, do not fool yourself. Every buyer walks into your home with a running calculator in their head. You have competition and your competition is short sales and foreclosed homes. There is a dichotomy in the market because there are still buyers who want a move-in ready home. This means resale properties are moving but your home needs to stand out.

If you have eliminated every objection possible a home buyer can have and your home still stagnates on the market, your price is too high. A lower price will generate more interest and could even trigger a bidding war. Your home could get a second wind when priced appropriately The longer a house sits on the market, the more undesirable it may appear to the buyer and the lower your offer will become. List fast, sell fast, and retain your house value. You will get a better offer faster with less haggling.

UPDATE: the FED is proposing a plan to standardize short sale procedures and FHA may allow the 8k tax credit to be used toward down payment. For more information, call Wade Smith or Tami Sprague at 970-587-9400.

“You made a potentially stressful experience painless. It was a real pleasure to work with both you and your team.” —NE, Johnstown

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