The Brian Petrelli Team Blog

I spent my morning showing some great Patio Homes in Highlands Ranch. All of the patio homes I showed were in a great neighborhood called The Villages. I know this area well – my wife and I’s first home was in this neighborhood and we loved the maintenance free lifestyle it provided while still having a detached, single family home.

Because of the high demand for patio homes in Highlands Ranch, The Villages typically only have one or two homes available at any one time. However, currently there are 4 homes on the market, so I have been able to show my client all of the floor plans and different upgrades.

The Villages was a great home for us, and over the years, I have helped many clients buy in the neighborhood. It has it’s own community pool and also allows you access to all the Highlands Ranch Community Association amenities. In addition, the HOA takes care of your front yard and handles snow removal as well.

All of the homes are situated on a shared cul-de-sac / over sized driveway and the sense of community is always there. If you are interested in learning more about thios great area, or would like information on other Highlands ranch Patio homes, give me a call personally at 303-817-0209.

We’re preparing for a new listing in the Firelight Highlands Ranch neighborhood this week and we wanted to share the most recent sold statistics here. If you are unfamiliar with the area, Firelight is located just south of Wildcat Reserve Pkwy and west of McArthur Ranch Rd. this area is one of the most popular areas for buyers looking at Highlands Ranch homes, and houses in the neighborhood tend to sell quickly – especially in this market.

With prices ranging from the low $300’s to the mid $500’s the neighborhood has homes in the most demanded price ranges and the location is ideal. The Southridge Recreation Center is just south of the neighborhood, and the assigned middle school and high schools are Mountain Ridge and Mountain Vista High – both highly ranked. Depending on the area within the neighborhood, Heritage or Copper Meas are the assigned elementary schools.

The demand for homes in Firelight has been high with most homes going under contract in less than a week. As we prepare to list our latest home, we can keep you informed of the listing date and listing price as we know more. Simply call us at 303-726-1874.

 Firelight Highlands Ranch Sold Homes:

Based on information from Metrolist®, Inc. for the period March 2013 through August 2013 Note: This representation is based in whole or in part on content supplied by Metrolist®, Inc. Metrolist®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by Metrolist®, Inc. may not reflect all real estate activity in the market.

Falcon Hills in Highlands Ranch is one of the premier gated communities in the area. With its own private community pool, large lots with gorgeous homes and its ideal location off of University near c-470, Falcon Hills remains one of the most sought after luxury neighborhoods in the Highlands Ranch area. This established neighborhood offers amazing views of the city and mountains and its mature lots offer fantastic landscaping and large trees.

In addition to it’s own community pool, Falcon Hills is part of the Highlands ranch Community Association and owner have access to the Highlands Ranch Recreation Centers and all the community events provided by Metro Districts.

Below you’ll find the last 12 months of sold statistics for the neighborhood. This data is always changing, so if you would like more up to date numbers, contact our team at 303-726-1874.

Falcon Hills Highlands Ranch Sold Homes:

Based on information from Metrolist®, Inc. for the period September 2012 through August 2013 Note: This representation is based in whole or in part on content supplied by Metrolist®, Inc. Metrolist®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by Metrolist®, Inc. may not reflect all real estate activity in the market.

One of our investor clients recently used us to purchase a home in Highlands Ranch. The home is cleaned, painted and ready to rent and the owner will be holding an open house for renters to see the home tomorrow, August 22, 2013 from 3-6. 

We want to make it very clear that we are in no way involved in the rental or property management of this home, but we wanted to help our client (and you) out by posting the information here. With the rental market so competitive, we know some of you are having trouble finding a home.

Here you are:

10517 S Hyacinth Pl

Highlands Ranch, CO 801289

Open House Thursday, August 22, from 3p.m. – 6p.m.

Monthly Rental Rate: $1,895

Beds: 4

Baths: 3

Finished Square Feet: 1,787

Our team is working on a couple of new listings in the Ken Caryl Ranch area. In our process of preparing to get the homes on the market, we researched the sold statistics for the past six months and we wanted to share them here.

If you are unfamiliar with the area, Ken Caryl Ranch is one of the most highly sought after areas for high end buyers in the market for Littleton homes. The area sits at the base of the foothills and offers unparalleled views, a fantastic community and easy access to everything southwest Littleton has to offer. With easy access to C-470, the area offers easy commutes to the tech center, downtown Denver and is minutes to I-70 and the mountains.

We have several members of our team that live in the neighborhood, so feel free to call us with any and all questions!

Ken Caryl Ranch Sold Homes:

Based on information from Metrolist®, Inc. for the period February 2013 through August 2013 Note: This representation is based in whole or in part on content supplied by Metrolist®, Inc. Metrolist®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by Metrolist®, Inc. may not reflect all real estate activity in the market.

Our team does a lot of work in the Green Valley Ranch neighborhood. We have several buyers we are working with right now who are looking in the area and we are watching the market daily for new homes. Today, HUD released a new foreclosure in the neighborhood and we wanted to mention it here.

This new offering is similar to most HUD listings in Denver in that there is a 10 day bidding period for buyers looking to purchase the home as their primary residence. The bidding on this home ends midnight on August 29th. This spacious home offers nearly 1,900 square feet, 3 bedrooms, 3 baths and a 3 car garage. The home has a spacious layout and is priced incredibly well at $209,000.

As with most Denver foreclosures, we expect to see multiple bids on this home. If you are interested in learning about the bidding process on Denver HUD homes, or would like to see this home before it’s gone, give our team a call at 303-726-1874.

Green Valley Ranch:

HUD Owned Home 4139 gibraltar st denver 80249 $209,000.00

Beds: 3 Fin Sq Ft: 1873 Baths: 3 Year: 1998 Acres: # of Photos Avail: 25 V-tour Available: No MLS #: 1222787 Status: Active Listing Office: re/max momentum

Broker Remarks: nows your chance to own a great property in green valley ranch. 3 br, 2 1/2 ba 2 story home. additional beds, bath and k… more…

The market for Denver homes and foreclosures is highly competitive. If this is a home you are interested in, make sure you call our team of HUD experts so we can walk you through the process and educate you on how HUD bids differ from other foreclosures.

Some great news for buyers looking at Denver Homes. According to a recent letter sent to mortgage bankers, the FHA has announced it is loosening restrictions regarding past bankruptcies and foreclosures affecting eligibility for mortgages. While the buyer would still need to qualify for the mortgage based on other factors (credit score, income verification, etc), the fact that a buyer has had a bankruptcy, short sale or foreclosure in recent years would not be a factor which would disqualify them from an FHA backed mortgage.

In the past, such negative factors would keep a buyer from qualifying for a minimum of 2 years and sometimes longer. With these new guidelines, buyers will be able to qualify after just 12 months.

From Housing Wire:

Potential homeowners who fell on hard times during the recession are being offered a lifeline back into the housing market, via the Federal Housing Administration.

According to a letter sent to mortgage lenders, the FHA said it would offer mortgage insurance to borrowers who, during the recession, filed for bankruptcy or lost their homes through a foreclosure or short-sale proceeding.

The insurance is now available to those who can prove they are no longer financially compromised — and met all other FHA requirements.

This is great news for so many buyers in the market who have been relegated to renting for several years in order to qualify for a mortgage. If you had one of these negative events occur to you and would like to talk to one of our team members about qualifying now, call us at 303-726-1874.

With all of the down payment assistance programs that use FHA mortgages, this is a huge opportunity for buyers who thought they would be priced out of the market with rising prices and increasing rates over the next few years. Don’t wait to take advantage of this offer by the FHA!

Fannie Mae has been in the news a lot over the past several years. We’ve seen them in the middle of the mortgage meltdown several years ago. We’ve seen articles discussing whether they should be more involved or less involved  in the mortgage markets. We’ve seen the market full of Denver Fannie Mae homes using the HomePath program. We’ve seen just about everything.

This weekend, The Wall Street Journal revealed that Fannie Mae is in discussions to significantly reduce it’s purchases of low down payment mortgages (mortgages with a minimum down payments of 3%):

“Fannie never stopped accepting purchases of loans with 3% down payments, even after lending standards were ratcheted up following the housing bust. But many lenders stopped offering them, in part because they weren’t able to obtain mortgage insurance for those loans, which Fannie requires.

In recent months, however, a series of changes in the mortgage market have led to an uptick in low-down-payment loans available for sale to Fannie. That prompted a review of the company’s lending policies, and officials are said to be working on a plan to limit the company’s purchases of these loans. The changes aren’t being made because of immediate problems with loan performance, according to people familiar with the discussions.”

Currently, FHA mortgages require a 3.5% down payment to buy a home, but the mortgage insurance rates for a low down payment FHA mortgage typically make the overall monthly payment higher than a Fannie Mae backed mortgage with a higher interest rate. These FHA mortgages are easier to qualify for, but the buyers end up paying for it over the 30 year life of the mortgage.

With the recent low down payment and zero down mortgage programs being offered in Colorado, the impact of Fannie Mae scaling down it’s low down mortages may not bpaying for it over the 30 year life of the mortgage.

With the recent low down payment and zero down mortgage programs being offered in e immediately felt. It may take months after anything is down to see the real impact such a move would make on the first-time home buyer market.

We will keep you posted here with information as we receive it.

Many people (including real estate agents) are confused on exactly what differentiates HUD homes in Denver from other foreclosures. The easy answer is that a HUD home is simply a home that was foreclosed on which had previously been financed with an FHA mortgage. This FHA mortgage was backed by the Department of Housing and Urban Development and because of this backing, the sale of the home is handled differently than other Denver foreclosures.

After most homes go through the foreclosure process and the bank obtains ownership, the majority of homes are placed on the market and offered to homebuyers, investors and other organizations. Typically, these homes are marketed just as any other home would be and potential buyers simply need to submit a standard contract to the bank. These offers can be submitted by any licensed real estate agent. If the bank accepts the offer, the home then goes under contract and the inspection process begins. Depending on market conditions, this process can happen very quickly.

However, when most HUD homes in Denver are placed on the market, they are offered exclusively to owner-occupants (non-investors) for a period of 10 days. Regardless of the total number of offers received, the home stays on the market for a full 10 days and all bids are sealed until the eleventh day. During these initial 10 days, bids are only allowed to be placed by licensed real estate agents who are registered and approved by HUD.

Once the 10 day bidding period has passed, HUD will evaluate all bids and choose the “best” bid to accept. The “best” bid can be determined by total offer price, but other factors are also considered: source of funds, closing date, contingencies, etc. If HUD determines that no bid is sufficient, the 10 day bidding period is removed, and bids are accepted in 24 hour increments. Many times, it is at this stage that investors and non-owner occupants are allowed to bid.

Keep in mind that this is the scenario for the majority of, but not all, HUD homes in Denver. In certain circumstances, HUD releases homes deemed “non FHA insurable” directly to the investor market. In addition, some homes are offered only to teachers and law enforcement personnel at huge discounts in certain areas selected by HUD.

It is also important to note that HUD changes their programs constantly. In the past, HUD has offered homes for a $100 down payment to all eligible owner occupants. As of the writing of this article, this $100 down program is not being offered, but HUD has made it known they may be bringing it back soon.

If you are interested in HUD homes, it is important that you are working with an agent registered and approved with HUD. Agents cannot simply register the day they decide to submit a bid for a client. The approval process can take months and require both the company and the individual agent submit the proper forms.

In hot real estate markets making winning bids on Denver HUD homes can be difficult – especially for investors, but with patience and diligence, HUD homes can offer some of the most rewarding and profitable opportunities.

Debbie Ells on our team just listed this beautiful three bedroom, two bath home in the wonderful Centennial Estates neighborhood. Walking distance to several parks and lakes (Marston Lake and Bowles Lake) in the southwest Littleton area, Centennial Estates is a highly sought after neighborhood were homes rarely come available.

This great home has wood floors, tile floors, updated bathrooms, a fully furnished garden level basement and a gorgeous backyard! With more than 1,700 finished square feet, this home has plenty of room and wonderful scenery!

Just Listed in Littleton:

5104 s osceola st littleton 80123 $269,900.00

Beds: 3 Fin Sq Ft: 1750 Baths: 2 Year: 1966 Acres:0.33 # of Photos Avail: 20 V-tour Available: No MLS #: 1222103 Status: Active Listing Office: mb the brian petrelli team

Broker Remarks: beautiful property in centennial estates. updated with new wood floors, tile floors, updated bathrooms, modern kitchen w… more…

If youa re in the market for a Littleton home, make sure we have you set up on our daily alerts. The best homes are going under contract in less than 24 hours, and if you are not notified the day a home hits the market, you may miss out.

If you would like to schedule a time to see this great home, call our team today at 303-726-1874.