Don’t Forget to Inspect the Vail, Colorado Homes for Sale!

1st Time Buyers

Sunday, 11 October 2009 02:15 |

Author: Michael Routh | | Print | E-mail

Don’t Forget to Inspect the Vail, Colorado Homes for Sale!

Just because you’ve found some interesting Vail, Colorado homes for sale doesn’t mean your house hunt is up. There’s much more to do before signing those closing papers, and one of the biggest is having the home inspected. In fact, getting a home inspection will probably be drilled into you by your real estate agent. Yes, it’s that important.

What can you find out from a home inspection report?

Although many people do get a home inspection, just as many have a difficult time deciphering the reports to find out what’s serious and what isn’t. To make it worse, inspections vary from state to state. Fortunately, the National Association of Certified Home Inspectors, who has a list of inspectors all around the United States and Canada, has a specific set of guidelines.

General Inspection

A general inspection doesn’t require a specific license. It covers such things as:

• Structure – how well the walls, ceiling, foundation and more are put together

• Exterior evaluation – landscaping, elevation, drainage, windows

• Plumbing – Checks the condition of piping and identifies the materials used

• Roof and attic – framing, flashing, gutters, ventilation

• Systems – water heaters, duct work, air conditioning, chimney, furnaces, sprinklers

• Garage – Slab, firewall, garage door

• Appliances – including smoke detectors

• Electrical – main panel, types of wiring, grounding, circuit breakers, light fixtures and more

The inspection reports will state whether the Vail, Colorado homes for sale have serious health and safety issues, bad or old roofs, systems malfunctions, foundation problems, and moisture and drainage problems.

Buyers Beware: Disappearing Homes for Sale in Vail, Colorado

July saw the largest increase in home sales nationwide in at least ten years, which brings hope for all the homes for sale in Vail, Colorado. What’s the culprit for this more-than-expected rise? The first-time buyers tax credit!

The $8,000 tax credit first time buyers are eligible for expires November 30, 2009. Buyers that otherwise may have stood on the side lines are rushing to find the home of their dreams in time for the closing to happen before the deadline. Thanks to that deadline, one out of three homes for sale are getting that coveted “Sold” sign.

So why should buyers beware?

If you’re holding off for a better time to buy one of the homes for sale in Vail, Colorado, you might never see it! Mortgage interest rates are at a historical low; housing prices are also much lower than they have been.

The tax credit is another excellent reason. If you’re a first-time buyer and close the deal before November 30, you get a 10% credit on the purchase price. That percentage caps out at $8,000. What can you do in a new house with $8,000?

Many buyers are looking at foreclosures, due to lower costs. While the foreclosures may not be in the best condition, the tax credit has helped them make repairs without taking a huge bite out of their wallet. You may have a foreclosure with $15,000 off the initial price and $7,000 in needed repairs. If you receive the full $8,000 tax credit, you actually end up saving $16,000!

So, if you’re honestly looking for a home to buy, go ahead. Take your time; make sure it’s a home you want. However, don’t take too long, because the homes for sale in Vail, Colorado are rapidly disappearing. Take advantage of the tax credit and the number of possibilities!

If you’re looking for a great home, I can help. Call me at 970-471-0646 or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for more information.

Sunday, 11 October 2009 01:59 |

Author: Michael Routh | | Print | E-mail

Are You Overwhelmed by Searching for Homes for Sale in Vail, Colorado?

Are you looking at homes for sale in Vail, Colorado and feeling overwhelmed by the choices? Back in the Dark Ages before the Internet (1986 or so), if you wanted to look at a house, you had to call a real estate agent, find out the address and then physically drive to the house. Thanks to the Internet, however, you can start narrowing down your choices before you ever talk to your agent.

What do you need to know?

Looking online can give you the information you want to know about the homes for sale in Vail, Colorado. However, if you just go surfing on the Web, that information can be as overwhelming as the number of choices. Before you start shopping online, make a list of the things that are important to you about the city or neighborhood in which you want to live, such as:

• What are the average property taxes in the neighborhood?

• What is the average utility cost for the home?

• What is the neighborhood like?

• How high is the crime rate in the neighborhood?

• What is the average climate of the city?

• What is the unemployment rate of the city?

• How good are the schools?

Once you have your list of questions, go online with an eye to answering them. Here is a list of links that might help you on your quest for information:

My Government Website – Sunshine Review: Here you can find a list of cities with official websites. Choose the city you’re looking for and be magically transported by way of the Internet to that city’s official website. You’ll find all the great stuff that calls people to move to a particular city, including attractions, businesses, restaurants and beautiful housing developments.

City Data: City Data is just that - a website with nothing but data on U.S. cities. You’ll find the nice and not so nice information about any city. Crime rates, shortest commute, weather patterns and more, all at your fingertips. The only drawback is that the information is two years old.

Interest: Interest.com will show you the current mortgage interest rates for the area you’re interested in.

By gathering all this information, you have a much better chance of choosing one of the homes for sale in Vail, Colorado that fits your needs. Once you have it all, you can search online or take the information to your real estate agent and get help with your house hunting.

Are you looking for the perfect house? Let me help. Call me at 970-471-0646 or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for more information.

Sunday, 11 October 2009 01:22 |

Author: Michael Routh | | Print | E-mail

4 Things That Can Stop You from Closing on a New Vail, Colorado Home for Sale

Purchasing a Vail, Colorado home for sale, especially as a first-time buyer, is incredibly exciting. However, just because your offer is accepted doesn’t mean the deal is done. Lots of things can still cause the deal to fall through. Here are just a few things that might slow or stop your purchase:

1. Termites – Many lenders will insist on having a pest inspection to make sure termites or carpenter ants haven’t seriously damaged the home. Even if your particular lender doesn’t require an inspection, it’s best that you get one done anyway. If the pest inspection shows there is a severe problem, you can either ask the seller to pay to have the problem fixed or walk away if your purchase agreement allows it. At less than $100, a pest inspection is definitely worth the cost.

2. Bad Title – During the escrow process, have a title search done by a title company and purchase title insurance. The search makes sure that there isn’t a lien or claim against the property, while the title insurance guarantees that there aren’t any issues with the title. If there are issues, they have to be taken care of before you can receive the keys to the Vail, Colorado home for sale.

3. House Defects – Make sure that your purchase offer has a home inspection contingency. If the inspection reveals big issues, you can back out without any penalties. Otherwise, you might lose your earnest money. If you don’t want to back out, you’ll have to negotiate the cost of the repairs with the seller. This can delay closing.

4. Uninsurable Home – Sometimes previous homeowners will have made a major insurance claim, which shows up on insurance records. In this case, insurance companies may claim the house to be uninsurable, which means you won't be able to get a loan for the home.

Before looking at a Vail, Colorado home for sale, make sure you’re acquainted with the closing and escrow processes, and be prepared for any problems that may arise. The more equipped you are for any eventuality, the better your chances of moving into the home you want.

If you’re in the market to buy a home, let me help you negotiate a contract that protects you from potential problems. Call me at 970-471-0646 or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for more information.

Tuesday, 08 September 2009 22:04 |

Author: Michael Routh | | Print | E-mail

6 Credit Score Myths You Need to Know Before Buying Vail, Colorado Real Estate

If you’re buying Vail, Colorado real estate, you might start worrying about your credit score. Unfortunately, there are a lot of myths about that score, and many individuals actually end up making things worse by following them.

Read this list of common credit score myths and be in the know before talking to a lender:

1. Close out your credit cards. This is a big no-no, especially when you want to buy Vail, Colorado real estate. Closing out your older credit cards, especially, can actually make your credit score drop.

2. Lower your credit limits. Lowering your credit limits can hurt your credit score. Part of your credit score is based on how much credit you have available.

3. Get good credit by paying not using your credit cards. If you’re buying a home, part, if not most of the cost will be credited. What lenders want to see is that you know how to handle credit, not that you don’t have any debt. Instead, use 10% to 20% of your available credit and pay your bills on time.

4. Comparison shopping for the best credit rates is a no-no. Not true. However, if you’re comparison shopping, do so in a short period of time. That way, all queries hit around the same time and get lumped into one “hard” inquiry.

5. Checking your score can hurt you. You’re entitled to one free credit inquiry from each of the three top credit agencies per year. Just make sure you're the one who asks for your credit scores instead of having a friend at a financial institution do it for you.

6. The more you make, the better your score. This is only true if you use the extra income to pay off your debts. Making more money, by itself, will not increase your credit score.

Of course, you want to make sure you have the best credit score you can if you’re buying Vail, Colorado real estate. However, before you listen to the hype and myths, make sure you know the facts!

If you’re looking for a new home, I can help. Call me at 970-471-0646 or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for more information.

Tuesday, 23 June 2009 13:53 |

Author: Michael Routh | | Print | E-mail

$8000 1st Time Home Buyer Credit

By now you've probably heard about a large tax credit for 1st time homebuyers, but you may not have all the details or know if you are eligible. This tax credit is part of the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009. This program is scheduled to end in 2009, so you need to hurry to take advantage of it.Let's start with eligibility first:

Are you a first-time homebuyer purchasing your principle residence between April 9, 2008 and December 1, 2009? or Are have you (and your spouse if you have one) not owned a principle residence over the past three years?
Are you single earning less than $75,000 adjusted gross income? If you earn between $75,000 and $95,000 you are still eligible for a lesser amount
Are you married earning less than $150,000 adjusted gross income? Again, if you earn between $150,000 and $170,000 you are still eligible for a lesser credit.

Now, what is the $8,000 first-time homebuyer credit?

If you purchase a home during the qualifying time period, when you file your taxes for the year you purchased your home you will receive an $8,000 tax credit. This will directly reduce the amount you owe or increase your refund. For example, if you owed $1,500, you would subtract the $8,000 and now receive a $6,500 REFUND instead!
An additional requirement is that you own the home for a minimum of three years.
If you are applying for an FHA loan, you can use the credit to cover for closing costs and down payments beyond the 3.5% minimum.

The best part is, if you follow the requirements outlined in the program, YOU NEVER HAVE TO PAY BACK THE CREDIT!!!

For more specific questions and concerns about tax implications of the credit or to explore your lending options, contact your tax advisor or lender. If you need the recommendations for lenders, accountants or attorneys, contact me.