Understanding the Bidding War with a REO

The recent experience of a bidding war with a bank owned property (REO) has brought to my attention the fact that as much as we write about short sales, forecloures, and bank owned properties, we're just not getting the word out to our clients.

With that in mind, here are some important facts that we need to know; that we need to pass along to our buyers; that the general public needs to know prior to becoming involved with a REO purchase.

1. Writng an offer on a property with your Realtor(r) does not constitute a contract! You must have signatures from both the seller and the buyer on the contract for it to be binding.
2. A verbal counter offer is excellent to have, but not binding. It must be followed up with that all important contract, signed by both parties.
3. Very Important: Until the bank returns your offer with their counter, and they will always counter using their documents, you are not under contract, and
4. They have the right to accept any other offer that is submitted

And this is how the bidding war begins. The bank is now holding two offers, that are just about identical, which is just a coincidence, we hope. They can't decide which one to accept, so they issue a "Highest and Best" request.

"Highest and Best" request is a one-time shot for you to obtain this property. So, give it your best offer. Here's what you need to do:

1. Clean up your offer by
   b. Removing all seller concessions
   c. Tightening up your closing date
   d. Changing your finanacing to conventional, (it's easier to fund)
   e. And bringing your very best monetary offer
2. Then, wait to hear back from the bank

If you have done everything in your power to make your bid your "Highest and Best," you might just get the home! However, if your offer was beaten by another, it's sad to say, but your desire for the home just wasn't as great as the desire of the other party.

 Here's cute little video about the bank owned purchase process...

In Memoriam - Junko Brackin

My Dear Friend...you will be missed.

Biography

Junko Kawada Brackin
Jan. 19, 1949 - Oct. 6, 2009

Junko Kawada Brackin was born on January 19, 1949 in Tokyo, Japan to Koichi and Sachi Kawada. Junko married André P. Brackin in November of 1986 in Coronado, California. Junko also was a devoted mother and treasured by her son John P. Witkowski, daughter Ann Witkowski, grandson Leopold Singh, and her extended
family in Virginia.

Junko was a talented potter and bamboo basket maker, and was happiest when making art. Junko loved the natural world and could turn the simplest things she found into her art. She participated in many organizations including
Colorado Basketry Guild, The Clay Center Studio, Commonwheel Artist's Cooperative, the Colorado Springs Pottery Co-Op, and enjoyed taking classes at the Colorado Springs Senior Center. Junko loved animals, and enjoyed raising her
chickens and cows at her home in Calhan, Colorado with Andre.

Junko was preceded in death by her mother, Sachi. In addition to her husband, children, and grandchild in the U.S., she is survived in Japan by Koichi Kawada (father), Hideharu Kawada (brother), Daisuke Kawada (brother), and Kumi Kawada
(sister).

Junko was a unique individual, with a kind and gentle soul. She will be missed greatly by all who knew her.

Do You Need to Live Near a Base in Colorado Springs?

Are you military? Or contractor? And need to live near one of our bases in Colorado Springs? There are several cities and neighborhoods closeby that are very nices area to live in. Here's some data to help you determind what area would be suit your needs.

The City of Fountain

√  It was designated Millinnium City and 2002 All American City
√  It's the furthest south in our greater metropolian area, and has the mildest climate in our region
√  Travel to Ft. Carson, and Peterson AFB is 10 miles, and total commute time is about 15 minutes. Schriever AFB is 16 miles, and 33 minutes drive time. (Add more time for incliment weather.)
√  The school district is Fountain District 8

The City of Widefield

√  The city is 5 miles north of Fountain, and 10 miles south of Colorado Springs. It's 14 miles, and 29 minutes to Schriever AFB. Ft. Carson and Peterson AFB is 5 miles and 6 minutes commute away
√  The city's school district is Widefield District 3

The City of Security

√ The city is located about 5 miles south of Colorado Springs, and 4 miles away with a 6 minute drive to Ft. Carson and Peterson AFB. Schriever AFB is 20 miles away and a 30 minute drive.
√  The city's school district is Widefield District 3

 The Neighborhood of Stratmoor Hills

√  Stratmoor Hills lies in the Colorado Spring City Limits. It's in the southwest area of the city, and very close to Ft. Carson, with approx. a 5 minute commute. And 10 minutes to Peterson AFB. Schriever AFB is approx. another 15 minutes beyond.
√  Harrison School District 2 is the local school district.

The Neighborhood of Cimarron Hills

√  Cimarron Hills is in the southeast area of Colorado Springs. The commute to Peterson AFB is just minutes, and Ft. Carson is about 15 minutes. Cimarron Hills is the closest neighborhood to Schreiver AFB, with a commute time of 10.
√  Colorado Springs School District 11 serves this neighborhood.

These are well developed areas, and each with neighborhoods. Shopping centers, gas stations, convenience and grocery stores are readily accessible. Schools and city services are readily available and Colorado Springs has one of the finest libraries in the country; rated in the top 10.

Here's data showing all currenly actives homes on the market. Also, shown are sold homes for this year and sold homes for last year. Homes in these areas sell for approx. 97% of list price.

Monument, CO - Ten Great Things to Do In and Around Monument, CO, Part 10

Manitou Springs sits at the foot of Pikes Peak, and is about 25 miles southwest of Monument, CO. It's also about 3 miles north of Garden of the Gods. There are several Bed & Breakfast, RV Parks, and hotel and motel accommodations. To get there, see below for directions.

Manitou Springs was so named because of the eleven springs located throughout the little town. Because of these wonderful springs, feed by the snow from Pikes Peak, Manitou has been considered sacred by the original inhabitants, the Ute and Cheyenne peoples.

The Manitou Springs, Garden of the Gods, and Pikes Peak area attracts many visitors each year, due to the absolute funkiness of the community. The main street downtown offers numerous restaurants, eclectic shops, art galleries, and souvenir shops. 

The town sponsors a variety of events that are a lot of fun. My personal favorite is the, Annual Clayfest and Mud Ball. Or simply, the Clayfest. It's been going on for the last 15 years. The locals call it the "Potter Games." Amateur and professional potter's gather together to share new techniques, socialize, teach, and show off their skills. There's nothing you can buy, you can only watch. Pottery wheel lesions are usually offered for a nominal fee.

Another fun event is the Manitou Springs Great Fruitcake Toss. The annual toss has become quite a draw! It usually happens the first Saturday in January. And it's the perfect answer to what to do with that fruitcake you received over the holidays. This year was the 14th celebration. This year was attended by over 1,000 people using everything from cannons to slingshots. And if you didn't receive a fruitcake this year, you can buy a very moldy old one that you can toss yourself!

Coming soon are the Emma Crawford Coffin Races. This year the event will be on October 24, 2009. The object of the races is to see what team can get the coffin with Emma in it across the finish line first. Each team must provide their own coffin, and their own Emma! All Emma's must wear a helmet. Also part of the festival is the parade. Emma's wake is Thursday night, the parade begins Saturday at noon, and the races at 1:00 pm. A good time is had by all!

Some of the other wild and crazy events in Manitou are: The Pikes Peak International Auto Hill Climb; the Pikes Peak Ascent; the Pikes Peak Challenge; the Annual Barr Trail Mountain Race; Mumbo Jumbo Gumbo Cook-off and Carnivale Parade; Huck Finn Day; Old Time Ice Cream Social; Commonwheel Co-Op Arts and Crafts Festival; Breakfast with Santa; and more! Tons of things to do in Manitou Springs.

If you are planning to be in Monument, CO, for any particular reason, or plan to purchase one of the beautiful homes in the area, you simply must make plans to visit Manitou Springs, one of the more unusual towns in all of Colorado.

Monument, CO - Ten Great Things to Do In and Around Monument, CO, Part 9

American Numismatic Association Museum
818 North Cascade Avenue
Colorado Springs, CO 80903-3279

One of the American Numismatic Association Museum is located in downtown Colorado Springs. Downtown Colorado Springs is approximately 16 miles south of Monument, CO. It's an easy ride on Interstate 25. They are open 9:00 to 5:00 most days, and closed on Monday.

They house over 250,000 money related objects. Some are very old coins from the Roman period, many from other countries, and most interestingly are the coin mistakes. They have a collection of coins that were misprinted. Both coins and paper money. These mistakes are very pricey now. And oh so fun to see. Other valuable collections include a 1804 silver dollar, a 1913 Libery nickel, and an 1866 no motto series coin.

The museum isn't very big, it'll take about 2 hours to go thru. But, kids love it as much as adults.

Monument, CO - Ten Great Things to do in and Around Monument, Part 8

Castlewood Canyon

One of Colorado's State Parks is Castlewood Canyon. It's located just south of Franktown on Highway 83. And approximately 30 miles north of Monument, CO. Highway 83 out of Monument is a pleasant trip thru high plains pastures and rock formations with great Colorado scenery all the way.

The park has some many walking trails. It also offers, hiking, rock climbing, horseback riding, wildlife viewing and tons of places to take that perfect photograph.

The park is open everyday of the week, from 8:00 am to 8:00 pm. Daily park pass is $6.00.

Oh, and don't forget the picnic basket!

Monument, CO - 10 Great Things to Do, Part 7 of 10

The Florissant Fossil Beds

15807 County Road 1
Florissant, CO 80816
(719) 748-3253

Florissant is a little community up in the Colorado Rocky Mountains, just due west of Colorado Springs and Monument, CO. The ride up there, on Colorado Highway 24, goes thru beautiful Ute pass, from Manitou Springs to Woodland Park. (Woodland Park is a post all on it's own!) It will probably take you about an hour to get there from Monument.

But, Florissant is a little bit farther on Highway 24. The town is very small and has no signal and no stop signs on the highway. To get to the fossil beds, you'll need to turn off the highway onto Teller County Route 1. It's paved nicely, not a typical county road. It's about 2 miles after that.

Florissant Fossil Beds National Park specializes in fossils caught in volcanic ash, both insect and plant material. The insect are fascinating!  This photo is of a Damselfly. They also have Tse Tse Fly, Mayfly, Grasshopper, Cockroach, Termite, and more.

There are also petrified redwood trees! Redwood trees don't grow in Colorado. They need tons of moisture and now mostly grow in the Pacific Northwest. However, centuries ago, the climate here was like the Pacific Northwest, which allowed the trees to flourish. That is until the volcanic erruption occurred and stopped their growth.

Besides all this education on fossils, they have beautiful walking trails. Some of the trails will take you by the petrified trees. But even the trails that don't are a great outting in nature's beauty.

Take the time to see our local National Park. The whole family will enjoy itself.