Ok, it happened again.

A potential buyer called yesterday wanting to see a home in Florissant.  The MLS listing had very little information on the home - with no information regarding the well, or the topography of the acreage.  Also the directions to the property were wrong, and it only had 1 photo. (Probably explains why it had been on the market almost 300 days!)

So we had to call the listing agent for more information.  She was a Colorado Springs agent who basically admitted she knew very little about mountain property, and (believe it or not) she HADN'T HAD TIME TO COME UP AND SEE THE HOME YET!!!

Incredible.  But it happens all the time.  The continuing question I have is: Why on earth would mountain property owners trust the sale of their biggest investment to someone who doesn't know a thing about mountain living?

Hence our slogan "Real Estate with an Altitude".  We live here.  We know mountain living.  And we know what to look out for when buying or selling property in the Teller County area.

Don't trust the sale of your mountain home to agents who don't live here or know mountain living.

James 

It's all over the news.  The sub-prime mortgage market is in trouble.  How will that affect you?

First - What is the "Sub Prime" mortgage market?

A sub-prime lender is one who lends to higher risk borrowers who cannot qualify for loans from mainstream lenders.

Well, the news is not as bad as you may think.  The lending industry for real estate is huge.  Gigantic.  Yes - there are forclosures and lending institutions who took on above average risk by loaning money to buyers with poor credit scores or loaning 100% of the value of the property will have a day of reckoning. 

But the forclosures represent only about 1% of this huge lending market.  Some of the property foreclosed will be redeemed by the owner, some will be sold by the lender holding the note without a loss.  Only a percentage of these forclosures will result in a loss to the lender - and some of these will be insured.

So even though there is a lot of news hype - most homeowners in the country will be unaffected.  But - any buyers with below average credit scores, or those who were planning on buying a home with 100% financing will have to find alternative lending.

James

Well - I'm just getting started.  But I was just made aware of a new blogging tool that I think will really help me.  It's called Windows Live Writer and can be linked to virtually any blog site, allowing desktop drafting of posts plus much much more.  I'll do further reviews as I use and get acquainted with this useful tool. 

You can find it at: http://windowslivewriter.spaces.live.com/

James

Hello all!  I'm James Wegner - the administrator for this blog, as well as it's sister site - Wegwood Properties.

There's so much going on in the Real Estate industry that it's hard to keep up with.  That's why I created this blog.  With your help, I plan to cover the most common problems and questions of the average buyer and seller.

Join in existing discussions, and send me your suggestions for new discussion topics.  I'm always easy to reach at jwegner@wegwood.com

Hope you drop by often.

James

Trying to bring a few chuckles to your day...

If you want to know exactly where the property line is, just watch the neighbor cut the grass.

The sellers told me their house was near the water. It was in the basement.

If you think no one cares you're alive, miss a couple of house payments.

Sign next to FSBO - We shoot every third agent and the 2nd one just left

By the time you pay for a home in the suburbs, it isn't.

Got any more?  Send them to me!

James