Why Doing a Final Walk Through is Crucial

When buying a home, you have the option of doing a final walk through to verify condition before you close. Some buyers want to waive this right, especially if the home they are buying is vacant. They figure the house probably looks the same as it did when they initially saw it and there is no reason to look again.  WRONG!

Here is my favorite story about a final walk through I did which ended up saving my buyers $26,000 in repairs:

It was the morning of closing. My out of state buyer was not in town for his closing. He would be signing everything through the mail, which we refer to as a mail-out closing. I offered to do a final walk through of the property on his behalf. The property had been vacant for six days. The sellers had moved out and the house was now empty. 

I opened the front door and could hear the faint sound of water running. I followed the sound into the kitchen, where I noticed a small pool of water underneath the refrigerator. I quickly grabbed some paper towels and attempted to mop up the "puddle." I soon discovered the entire wood floor was saturated with water and warping as a result. The warping continued throughout the kitchen and into the dining room. The adjoining carpet in the living room was also soaked. Then it dawned on me...there is a finished basement. If the water has permeated the main level, it has probably leaked down to the basement level, too.  

So, I rolled up my pants and proceeded downstairs to the basement level. I opened the door to the most horrifying scene, about an inch of standing water on the carpet. Water was pouring through the ceiling. It was even running out of the light fixtures. The sheetrock ceiling was so wet it had broken off in large pieces, leaving the above floor joists exposed. I made my way to the mechanical room, and when I opened that door there was a good inch or more of standing water all around the furnace and water heater. I quickly waded through it and managed to turn off every water supply and valve I could find. At least the water would stop running now.

I then proceeded to call my buyer and tell him the news. He could not close that day. For if he did, then he would own not only the house but all the present damage as well.

It turned out the source of the leak was the small water line to the refrigerator's ice maker. It had burst after the sellers vacated and had been pouring water into the house for days. Contractor bids for repair work came in at $26,000. Fortunately, the sellers covered the costs. And four weeks later the house was restored, and we were able to close after all.

But the lesson here is obvious. Always do a final walk through when buying a home. And if you, the buyer, are not able to do it in person have your agent do one on your behalf. It could end up saving you so much money!

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5 Things To Do this Weekend in Colorado Springs

5 Things To Do this Weekend in Colorado Springs

Pine Forest Spring Show and Sale, Lewis Palmer High School, Sat 10-5, Sun 11-3.

Admission: $6. Sponsored by the TriLakes Women's Club, this event has over 100 bakers dishing up their goods as well as gourmet food trucks for the first time this year. You can also enjoy antiques, craft items, birdhouses, garden art and more. The TriLakes Women's Club is celebrating their 40th year of putting on this great show. For more info: www.tlwc.net

 

Great American Cleanup, Sat. April 23 9 am, various sites around the Pikes Peak Region.

Admission: Free. A great day to volunteer and help cleanup your community including roadways, waterways and trails. The Sierra Club helps out with a cleanup of Monument Creek, meet at Roswell Park 515 W. Polk at 10:30 am Saturday. For other locations, visit www.gacppp.com

 

Woodland Park Wind Symphony World of Windcraft, Sun April 24, 1:30pm, Ute Pass Cultural Center

Admission: Free. Rescheduled from last weekend, The Woodland Park Wind Symphony pays tribute to video game music. This show will be fun for both the old school video game lovers as well as people playing the current video game offerings. Come dressed as your favorite Video Game Character and enter the costume contest which will be followed by the concert. For more info: www.woodlandparkwindsymphony.com

 

International Sculpture Day Celebration, Sangre de Christo Arts & Conference Center, Sun April 24.

A community sculpture installation will take place on Sunday using publicly donated lamps. At 7pm, a lighting ceremony will highlight the exhibit. A reception, community sculpture walk, food trucks and music by the Change Agents is also planned. For more info: www.sdc-arts.org

 

Go to Kelly's Open House, 4545 Bridle Pass Dr, Colorado Springs 80923, Sat & Sun 1-3pm. Pikes Peak Views!

2 Story stucco home with 4bd/4ba/2.5car garage. Walkout basement includes a wet bar, exercise & theater area. This floor plan is great for entertaining with an open kitchen & vaulted ceilings in the living area. The kitchen features tons of storage, corian counter tops & recently updated stainless steel appliances. Main level office includes built ins. Large deck & 2 patio areas. The master bedroom overlooks Pikes Peak!! 5 piece master bath & so much more. This home has been well maintained & it definitely shows!! For more info: http://www.springshomes.com/mls/5766751-4545-Bridle-Pass-DR-Colorado-Springs-CO-80923 . 

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Ridgeview 2-story 5868 Poudre Way

Ridgeview 2-story 5868 Poudre Way

Absolutely wonderful 2-story 5 bedroom home in Ridgeview at Stetson Hills. Enjoy a wonderful open floor plan with some hardwoods at entry and kitchen... covered patio... 2-story family room! 

The entire main level is open, with formal living / dining combined, and a kitchen open to the family room. Walk-out to a nice back yard with covered patio off kitchen. 

There are 4 bedrooms upstairs, including a double door entry master with vaulted ceiling and attached 5-piece bath + walk-in closet. 

Also enjoy a finished basement with a small wet bar, space for tv, exercise or gaming... plus a large suite for guests or teens! 

This neighborhood is filled with great parks & schools, and boasts easy access to military bases, tons of shopping & dining options along the Powers corridor! 

For more info, photo, and video tour, please visit http://poudreway.com/

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Come See this Home in Wolf Ranch this Weekend

Come See this Home in Wolf Ranch this Weekend

This very popular floor plan includes formal living and dining, divided by a fireplace and built-ins... the living is open to spacious and upgraded kitchen with walk-out to back yard. The main level also includes an office with French doors, bedroom, bath ++ master suite with ample windows, 5-piece bath, walk-in closet and bonus walk-out to patio.

Huuuuge basement with multiple spaces in family room space for game tables, tv, exercise, etc. Plus enjoy two spacious bedrooms and full bath.

For more photos, video, etc.... visit http://greenbrooklane.com/ or contact Brooke Mitchell

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Crazy Good Real Estate Market

Crazy Good Real Estate Market

It is a good real estate market for sellers right now. And it is a crazy real estate market for buyers right now. Sellers are getting top dollar for their homes, and often times they are seeing bidding wars and multiple offers in the under $300,000 price range. Buyers, on the other hand, have to act fast when they find that perfect home. Most likely, they will have competition for it and the highest offer will get the deal.

Here is how our market was doing, as of the end of March:

TOTAL HOMES FOR SALE        :     1,941 (down 23.5% from same time last year)

AVERAGE HOME SOLD PRICE :     $267,451 (up 4.3% from same time last year)

TOTAL HOME SALES                :     2,891 (up 22.4% from same time last year)

AVERAGE DAYS ON MARKET   :     47 (down 53% from same time last year)

MEDIAN PRICE                        :     $239,500 (up 6% from same time last year)

Although it remains a seller's market in most cases, it does change to a Buyer's market at approximately the $450,000 price range. At that point buyers still have multiple properties to pick from and can probably expect some concessions from the seller. Full price offers are not as common at this point. 

My advice...buy while you still can. Home prices are going up this year. I suspect interest rates will rise, too. Real estate won't be any cheaper a year from now.

 

 

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