Don't Leave Money On The Table [Selling It]

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by Osman Parvez
Want to know a dirty secret?     Sellers in hot markets leave money on the table.  It happens all the time.

I want you to keep this number in mind:  27.7%.      

That's the percentage of 3 bedroom houses in Boulder, priced under $500,000 which sold for full asking or more this past summer.      I wonder how many of those sellers expected a full price offer.    With a median days on market of only 33 - that's from initial listing to closing - these properties FLEW off the market.    In my professional opinion, most of them were under priced.    We're talking about nearly 1/3 of the sales in this price range!

I'd point fingers and name names, but I'd like to keep the mob of angry, pitchfork wielding Boulder Realtors off my front door.   Plus, I will likely be negotiating with them (on your behalf) in the near future.   What can I say, it's a small town.    Let's keep it civil.

How To Leave Money On the Table 101

Here's how it goes down.     The seller contacts their buddy, the agent.    The agent puts together a comparative market analysis (CMA), highlighting recent sales.    Based on this presentation, the listing agent convinces the seller that the house is worth - let's say $375,000.    The seller signs a listing agreement, the agent markets the house, and BOOM - an offer appears for full asking price within a few days.     Of course, the seller signs the contract.     It is, after all the price the house was worth - right?

Wrong.

The seller left tens of thousands of dollars on the table.     See, they didn't really know the houses shown in the comparables.   They don't know that the other houses which sold for $375,000 had cheap finishes, deferred maintenance, and a poor layout.      They don't know that the location was next to an ugly apartment building.   They also didn't know that the market was much weaker a few months ago because sellers rarely know about the price trend.    Heck, a lot Realtors are clueless when it comes to market conditions.   The real value of the house might have been $395,000 or more.

And once you're under contract, guess what?    It's too late.

The big mistake was choosing an agent that valued their commission more than the client relationship and definitely more than their integrity.   It takes a lot of work to deeply analyze the historical sales, understand the trend, and keep tabs on the current competition.    If you're considering buying or selling, choose the best agent for the job, the one willing to do the work that helps you get the most money for your house.

Rule #1.   Price Ahead of the Trend, ALWAYS

Real estate prices are not static.     On the down side of a real estate cycle, prices are sticky but they do slide over time.   On the upside of a cycle, prices increase rapidly.

Guess what part of the cycle we're in right now?   Hint:  It's not the down cycle (for houses under $500,000 in Boulder).    

When the market has very little inventory and demand is strong, you should price ahead of the trend unless you intend to run an auction style listing.   Let me make this clear.  I'm talking about asking for MORE than the most recent comparable sales.     The risk the seller takes is minimal.   If he or she wishes to sell it faster, they can simply drop the price back to the historical comps.    I would recommend doing this within a reasonable period of time, but yes, it remains an option and it shouldn't taint the listing.  

If you remember nothing else, remember this;  an upward moving market is forgiving of price mistakes.   A downward moving market treats overpricing like the kiss of death, it ends with a long listing period and less than you would have gotten otherwise.

Here in Boulder, in certain price ranges and locations, we're in an upward moving market.    Price accordingly.   If you end up with a bidding war, it should be by design never by accident - and you should have a strategy that uses auction energy to drive the price upwards.    Most agents prefer the easy "submit your highest and best" approach.     That's the way to end the auction quickly, but it's not the best way to maximize the price.

Know the Market

An intelligent marketing strategy includes many factors, not just the asking price.    From cosmetic improvements to staging to photography to negotiation tactics, it should all be part of the game plan.    As I've mentioned above, a deliberate strategy of underpricing can result in an intentional bidding war.    As Realtors, we've successfully utilized that strategy to drive the final selling price much higher than anticipated.  It is possible, but it should always be discussed before putting the property on the market.

Strategy should be driven by deep knowledge of market conditions for your specific property type, price range, and location.    The best way to do that is to choose an exceptional agent.  

Remember, as your Realtor it's my job to inform you of what's happening in the market and advise you of your options to maximize the selling price.  It's your job to make the decision on which strategy to pursue.

If you are thinking about selling or buying property and want solid advice, call me.   303.746.6896.    If you're interested in the breakdown of the market, you can see it in the most recent client edition Silver Fern Report (subscribe here).    

---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Don't Be Fooled by the White Jacket [Competency]

To contact us Click HERE
by Osman Parvez
Growing up, my father would share stories from his medical practice around the dinner table.    Based on the more graphic of these tales, I learned that you should be careful choosing whom to ask for medical advice.  The degree alone is not indicative of competence.   In short, don't be fooled by a white jacket.
It's true in real estate too.    We're not doctors, but we're constantly advising people on financial decisions that involve many hundreds of thousands, sometimes millions of dollars.   It's important to choose a good one.

Look, there are great agents in Boulder and it's always a pleasure doing business with them.  Exceptional agents are masters at marketing, negotiation, and clearly understand their fiduciary duty as advisers.  Sadly, for every great agent,  there are several who are marginal and a few who you should avoid at all costs.   The later have risen to the level of their incompetency, and they're out there soliciting your business.   It's an amended version of the Dilbert Principle.

What Can You Do?

Unfortunately, competency is not easily evaluated by the consumer.  Real estate buyers and sellers tend to trust proxies such as brand name of the brokerage, designations, or the number of years the broker claims to have been in business.   In other words, they are trusting the white jacket.

The Colorado Real Estate Commission knows that some agents who are advising their clients beyond their competency level.    It's a big problem.    Per C.R.S.§12-61-113 (1)(n), a broker can lose their real estate license for "having demonstrated unworthiness or incompetency to act as a real estate broker conducting business in such a manner as to endanger the interest of the public."

Since the Commission doesn't define competency,  you're looking at a “I know it when I see it" style rule.    To help clarify, the Commission wrote a position statement last December.

Commission Position on Competency CP-41
"Prior to performing any acts that require a real estate broker’s license, a broker should determine whether he or she possesses the knowledge, experience, and/or training necessary to perform the terms of the transaction and maintain compliance with the applicable federal, state or local laws, rules, regulations, or ordinances.  If the broker does not have the requisite knowledge, experience and/or training necessary to consummate the terms of the agreement, the broker should either decline to provide brokerage services or seek the assistance of another real estate broker who does have the necessary experience, training, and/or knowledge.  The Commission will have grounds to discipline a broker’s license if a broker fails to take the measures necessary to gain competence and violations of the license law are substantiated."

Asking the broker to evaluate themselves is just asking for trouble.   This language is really more about holding the broker accountable after he proves himself incompetent.   By that point, it's too late.   You're already screwed.  

Pro-Tip:  Know What Questions To Ask

Interviews are one way you can evaluate the competency of your real estate agent.   To help you, I've written Osman's Buyer Agent Interview Questions.

The key is knowing what questions to ask and how to ask them.    Most agents love to talk, so a few open ended questions in the right direction can be deeply revealing.   Just don't forget to notice how many questions they ask you.

Click HERE for my questions.    If you'd like to interview me, call 303.746.6896.

Acing my interview questions are not a guarantee of competency, but they are a step in the right direction.   I also advise you meet with your agent at least twice, maybe three times - including trips out to look at property - before you sign an Exclusive Buyer Agency Agreement.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  Pam and Phil

Having trouble getting a mortgage? Here's why

To contact us Click HERE
My good friend Rich Moroscak at Southern Trust Mortgage (http://www.southerntrust.com/tysonscorner/richm) shared this great article from Forbes on all the hoops you have to jump through now to get a mortgage:

http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

As the article explains banks are now in the default avoidance business rather than the lending business.  It makes sense considering there were 22% default rates on mortgages loans made in 2007.  Nevertheless, the mortgage loan origination and underwriting process has become absurd.  The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process.  Every transaction on your bank statements will be scrutinized and will have to be justified.  Good credit and a large down payment are no longer enough.  The underwriters now want the perfect paper file.

To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time.  It will be worth it when you finally close on the property.

Thomas Jefferson's 10 Rules for Living

To contact us Click HERE

Never put off till tomorrow what you can do to-day.

Never trouble another for what you can do yourself.

Never spend your money before you have it.

Never buy what you do not want, because it is cheap; it will be dear to you.

Pride costs us more than hunger, thirst and cold.

We never repent of having eaten too little.

Nothing is troublesome that we do willingly.

How much pain have cost us the evils which have never happened.

Take things always by their smooth handle.

When angry, count ten, before you speak; if very angry, an hundred.

We Can't All Be Donald Trump - And That's Okay

To contact us Click HERE

When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams.  And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals.  And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three?  That’s nothingto Donald Trump.”  But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn.  When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it.  His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion.  What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures.  And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.

Inside Lending--For the week of December 17, 2012

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Our hearts and prayers go out to the families and community of Newtown, Connecticut. Review of Last Week UNCERTAINTY TAKES ITS TOLL... There are just two weeks to go for politicians to broker a deal to stop the country from going over a fiscal cliff of draconian tax hikes and spending cuts. Unfortunately, Washington isn't proceeding with much urgency. Investors reacted poorly to the uncertainty as all three major stock indexes slipped for the week. Not helping things, the economic data was mixed, as inflation cooled and Industrial Production beat expectations, but Retail Sales missed consensus targets.The big news came out of the Fed meeting on Wednesday. The Fed Funds Rate wasn't touched, but the FOMC Committee announced it would now keep the Rate at these super low levels as long as unemployment stays above 6.5%. Most economists think that will be a very long time. To support this policy, once the current "Operation Twist" bond buying program ends, the Fed will start purchasing $45 billion worth of Treasuries each month, indefinitely.For the week, the Dow ended down 0.2%, to 13135; the S&P 500 was down 0.3%, to 1414; and the Nasdaq was down 0.2%, to 2971.In spite of this week's Fed announcement, there was a bit of a sell-off in long term bonds. The FNMA 3.5% bond we watch ended the week down .08, at $106.15. Nonetheless, the Fed did signal that the measures they're taking to keep interest rates low will remain in place for a good long while. So national average mortgage rates stayed at or near record lows. The Mortgage Bankers Association reported demand for purchase loans gained for the fifth week in a row, up 9% over a year ago. DID YOU KNOW?... Fiscal policy refers to decisions by the President and Congress about taxation and government spending. Economists explain that when taxes increase, more money goes to the government, so consumers have less to spend on goods and services to grow the economy and create jobs. This Week’s Forecast HOME BUILDING, EXISTING HOME SALES, MANUFACTURING, GDP, INFLATION... November Housing Starts are forecast down a little, although Building Permits are expected up for the month. Existing Home Sales should be up in November, inching ever closer to the 5 million mark. Manufacturing should look better, with the NY Empire and Philadelphia Fed Indexes both back in positive growth territory.Thursday, the Third Estimate of Q3 GDP is predicted to remain at 2.7%, putting our economic growth just below where it needs to be. Friday's Personal Income and Spending are both expected up for November, with Core PCE Prices showing inflation still under control.>> The Week’s Economic Indicator CalendarWeaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates. Economic Calendar for the Week of Dec 17 – Dec 21 Date Time (ET) Release For Consensus Prior ImpactMDec 17 08:30 NY Empire Manufacturing Index Dec 2.0 –5.2 ModerateWDec 19 08:30 Housing Starts Nov 873K 894K ModerateWDec 19 08:30 Building Permits Nov 876K 866K ModerateWDec 19 10:30 Crude Inventories 12/15 NA 0.843M ModerateThDec 20 08:30 Initial Unemployment Claims 12/15 345K 343K ModerateThDec 20 08:30 Continuing Unemployment Claims 12/8 3.192M 3.198M ModerateThDec 20 08:30 GDP – 3rd Estimate Q3 2.7% 2.7% ModerateThDec 20 08:30 GDP Deflator– 3rd Estimate Q3 2.7% 2.7% ModerateThDec 20 10:00 Existing Home Sales Nov 4.90M 4.79M ModerateThDec 20 10:00 Philadelphia Fed Manufacturing Index Dec 1.0 –10.7 HIGHThDec 20 10:00 Leading Economic Indicators (LEI) Index Nov –0.2% 0.2% ModerateFDec 21 08:30 Personal Income Nov 0.3% 0.0% ModerateFDec 21 08:30 Personal Spending Nov 0.3% –0.2% HIGHFDec 21 08:30 PCE Prices – Core Nov 0.1% 0.1% HIGHFDec 21 08:30 Durable Goods Orders Nov 0.2% 0.5% ModerateFDec 21 09:55 U. of Michigan Consumer Sentiment – Final Dec 74.0 74.5 Moderate>> Federal Reserve WatchForecasting Federal Reserve policy changes in coming months... Last Wednesday's Fed announcement told us they're tying a rate hike to employment targets, but economists don't expect to see those numbers any time soon. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.Current Fed Funds Rate: 0%–0.25%After FOMC meeting on: ConsensusJan 30 0%–0.25%Mar 20 0%–0.25%May 1 0%–0.25%Probability of change from current policy:After FOMC meeting on: ConsensusJan 30 <1 br="br">Mar 20 <1 br="br">May 1 <1 br="br">Date Time (ET) Release For Consensus Prior ImpactTuDec 11 08:30 Trade Balance Oct –$42.2B –$41.5B ModerateWDec 12 10:30 Crude Inventories 12/8 NA –2.357M ModerateWDec 12 12:30 FOMC Rate Decision Dec 0%–0.25% 0%–0.25% HIGHWDec 12 14:00 Federal Deficit Nov –$B –$137.3B ModerateThDec 13 08:30 Initial Unemployment Claims 12/8 382K 393K ModerateThDec 13 08:30 Continuing Unemployment Claims 12/1 3.275M 3.287M ModerateThDec 13 08:30 Retail Sales Nov 0.2% –0.3% HIGHThDec 13 08:30 Retail Sales ex-auto Nov –0.2% 0.0% HIGHThDec 13 08:30 Producer Price Index (PPI) Nov –0.6% –0.2% ModerateThDec 13 08:30 Core PPI Nov 0.2% –0.2% ModerateThDec 13 10:00 Business Inventories Oct 0.5% 0.7% ModerateFDec 14 08:30 Consumer Price Index (CPI) Nov –0.3% 0.1% HIGHFDec 14 08:30 Core CPI Nov 0.2% 0.2% HIGHFDec 14 09:15 Industrial Production Nov 0.2% –0.4% ModerateFDec 14 09:15 Capacity Utilization Nov 78.4% 77.8% Moderate>> Federal Reserve WatchForecasting Federal Reserve policy changes in coming months... This Wednesday we'll see if the Fed says anything different about keeping the Funds Rate at super low levels "at least through mid-2015." Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.Current Fed Funds Rate: 0%–0.25%After FOMC meeting on: ConsensusDec 12 0%–0.25%Jan 30 0%–0.25%Mar 20 0%–0.25%Probability of change from current policy:After FOMC meeting on: ConsensusDec 12 <1 br="br">Jan 30 <1 br="br">Mar 20 <1 br="br">

Department Store Credit Alert

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Don't be tempted by department store credit cards!  Even with the fancy discounts, the interest rate is typically  25%! No savings there.  Also the new trend is two accounts on one card. A client was recently shocked when her perfect credit was damaged when she made her payment to  the account number actually on her department store card.  We did some research together, because outside of this entry on her report, she had perfect credit. The popular retailer initially claimed she never made a payment, they did a little research and said she paid it on the wrong account and advised her the account number showing on her  credit card was an American Express account and not her retailer's account! Until that moment she had no idea she had two accounts attached to one card. There are similar stories with many major retailers, and they can damage credit for years if not caught early. Best advice--stay within your means--enjoy your family and and friends with your presence--not your presents--unless you can truly afford them without resorting to credit.  If you have already made charges to a store card--check for an American Express logo, if you have one, make a call and be sure your payments are set up for the correct account--this client was using bill pay and not paying via a paper statement, so she set it up with the card account number--the actual retailer's account number wasn't even on the card!  I'd also suggest a paper statement, if you do have a dual card, to be sure  the payment is sent on the correct account.

Having trouble getting a mortgage? Here's why

To contact us Click HERE
My good friend Rich Moroscak at Southern Trust Mortgage (http://www.southerntrust.com/tysonscorner/richm) shared this great article from Forbes on all the hoops you have to jump through now to get a mortgage:

http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

As the article explains banks are now in the default avoidance business rather than the lending business.  It makes sense considering there were 22% default rates on mortgages loans made in 2007.  Nevertheless, the mortgage loan origination and underwriting process has become absurd.  The article is not exaggerating when it says that you will need to document every aspect of your financial life to the banks and then provide them with that information several times throughout the underwriting process.  Every transaction on your bank statements will be scrutinized and will have to be justified.  Good credit and a large down payment are no longer enough.  The underwriters now want the perfect paper file.

To survive this new regime have plenty of patience and grin and bear it when the underwriters ask for the same documents for the 10th time.  It will be worth it when you finally close on the property.

Thomas Jefferson's 10 Rules for Living

To contact us Click HERE

Never put off till tomorrow what you can do to-day.

Never trouble another for what you can do yourself.

Never spend your money before you have it.

Never buy what you do not want, because it is cheap; it will be dear to you.

Pride costs us more than hunger, thirst and cold.

We never repent of having eaten too little.

Nothing is troublesome that we do willingly.

How much pain have cost us the evils which have never happened.

Take things always by their smooth handle.

When angry, count ten, before you speak; if very angry, an hundred.

We Can't All Be Donald Trump - And That's Okay

To contact us Click HERE

When consideringthe many obstacles on the road to success, you might overlook “perfectionism”,but you shouldn’t. This sneaky stumbling block can stop you from even beginningyour journey.Nancy’sColasurdo’s excellent article, “We Can’t All be Shakespeare- And That’s Okay”,takes a look at a ‘defeat mechanism’ that can stop us from even trying toaccomplish our dreams.  And as weall know, if you don’t begin your journey, you certainly won’t get there.As a coachColasurdo has found that clients “often feel that they have to be perfect oraspire to be at the level of someone they feel is at the top of theprofession.” Looking at the end game, some feel that such an achievement isimpossible for them. They forget the many steps that a leader took to achievehis or her goals.  And they alsoforget that each one’s way is individual. How might thisapply to real estate investing? What if a would-be investor chose Donald Trumpas a model, and said, “What’s the point of buying a small rental property, ortwo or even three?  That’s nothingto Donald Trump.”  But just becauseyour journey may be different, that doesn’t mean you shouldn’t take it. Whenlooking at others’ success stories – remember, their starting point may bedifferent, they have a different path to take, but the important factor toemulate is the mindset that looks for opportunities small and big and makes themost of them one by one.Donald Trumplearned the real estate business first hand from his dad, Frederick, asuccessful developer in Queens and Brooklyn.  When ‘the Donald’ wanted to invest in Manhattan, his dadtried to discourage him. But Trump had a vision of what he could accomplish, hefelt he understood the risks, and was determined to go for it.  His mid-70’s transformation of theCommodore Hotel into The Grand Hyatt, not only made him a fortune and set him ona road to tremendous success, but it also completely revitalized a rundown areaof Manhattan.Few of us beginwith Trump’s assets or a dad like his for a mentor. Instead, we have to learn thebusiness on our own from the ground up. But we do have the ability to adopt theTrump mindset – the approach of a champion.  What does itentail? Doing your homework, understanding the finances, taking well-consideredrisks, planning every step, being prepared for challenges and dealing with them,capitalizing on success, learning from failures.  And to quote Winston Churchill, “Never, never, never, never giveup.”And little bylittle, step-by-step you will build your real estate business, write your ownstory, improve neighborhoods and achieve success your way. And you’ll be gladyou didn’t wait to become perfect before beginning your journey.

Don't Be Fooled by the White Jacket [Competency]

To contact us Click HERE
by Osman Parvez
Growing up, my father would share stories from his medical practice around the dinner table.    Based on the more graphic of these tales, I learned that you should be careful choosing whom to ask for medical advice.  The degree alone is not indicative of competence.   In short, don't be fooled by a white jacket.
It's true in real estate too.    We're not doctors, but we're constantly advising people on financial decisions that involve many hundreds of thousands, sometimes millions of dollars.   It's important to choose a good one.

Look, there are great agents in Boulder and it's always a pleasure doing business with them.  Exceptional agents are masters at marketing, negotiation, and clearly understand their fiduciary duty as advisers.  Sadly, for every great agent,  there are several who are marginal and a few who you should avoid at all costs.   The later have risen to the level of their incompetency, and they're out there soliciting your business.   It's an amended version of the Dilbert Principle.

What Can You Do?

Unfortunately, competency is not easily evaluated by the consumer.  Real estate buyers and sellers tend to trust proxies such as brand name of the brokerage, designations, or the number of years the broker claims to have been in business.   In other words, they are trusting the white jacket.

The Colorado Real Estate Commission knows that some agents who are advising their clients beyond their competency level.    It's a big problem.    Per C.R.S.§12-61-113 (1)(n), a broker can lose their real estate license for "having demonstrated unworthiness or incompetency to act as a real estate broker conducting business in such a manner as to endanger the interest of the public."

Since the Commission doesn't define competency,  you're looking at a “I know it when I see it" style rule.    To help clarify, the Commission wrote a position statement last December.

Commission Position on Competency CP-41
"Prior to performing any acts that require a real estate broker’s license, a broker should determine whether he or she possesses the knowledge, experience, and/or training necessary to perform the terms of the transaction and maintain compliance with the applicable federal, state or local laws, rules, regulations, or ordinances.  If the broker does not have the requisite knowledge, experience and/or training necessary to consummate the terms of the agreement, the broker should either decline to provide brokerage services or seek the assistance of another real estate broker who does have the necessary experience, training, and/or knowledge.  The Commission will have grounds to discipline a broker’s license if a broker fails to take the measures necessary to gain competence and violations of the license law are substantiated."

Asking the broker to evaluate themselves is just asking for trouble.   This language is really more about holding the broker accountable after he proves himself incompetent.   By that point, it's too late.   You're already screwed.  

Pro-Tip:  Know What Questions To Ask

Interviews are one way you can evaluate the competency of your real estate agent.   To help you, I've written Osman's Buyer Agent Interview Questions.

The key is knowing what questions to ask and how to ask them.    Most agents love to talk, so a few open ended questions in the right direction can be deeply revealing.   Just don't forget to notice how many questions they ask you.

Click HERE for my questions.    If you'd like to interview me, call 303.746.6896.

Acing my interview questions are not a guarantee of competency, but they are a step in the right direction.   I also advise you meet with your agent at least twice, maybe three times - including trips out to look at property - before you sign an Exclusive Buyer Agency Agreement.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  Pam and Phil

Slicing and Dicing The Inventory [Analysis]

To contact us Click HERE
by Osman Parvez
---Is Boulder a Tale of Two Cities?

The answer is in the video below.

I put together this analysis for last month's Silver Fern Report.    When you choose me as your Realtor, this is the type of information you can expect as a client.     Sign up for the Silver Fern Report and I'll add you to my client level distribution list.


---
Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

The Old Broker Buy-Out [Scam]

To contact us Click HERE
by Osman Parvez

"If I can't sell it, I'll buy it."

If you hear that line from a broker's mouth, think twice.   Usually pitched as an incentive to use a broker's listing services,  this is where the agent offers to purchase your home if they fail at attracting a buyer.

Sadly, as the market improves, the con artists will be back.   As yet another leading indicator, brokerages are once again advertising broker buy-outs.  The ads are playing on Denver radio stations.

1. Yes, the "deal" is usually real.

2.  They're a horrible deal.  At best, you're looking at liquidation value.   The broker is going to hold the house for a short period and sell it into the improving market.

If you're considering a Broker Buy-out, at least do yourself a favor and talk to a few other agents about the value of your house in the current market.   Don't let him get away with being a Transaction Broker or use a disclosure to classify YOU as a Customer.   You want a full Seller's Agent, contractually obligated to represent your interests, not his own.   Read "Who Does My Agent Represent, Again?" for more details.

While we're on this topic - be careful using an appraisal to set the asking or sale price.  Appraisals are based on historical comps and have the potential to seriously undervalue your home in a strong market (among other problems).   Have your agent show you the most recent, best possible comparables and  be sure to note the price trend (upward or downward).    Set the asking price of your home accordingly.    Pricing in the rear view mirror is a great way to leave money on the table.

The best strategy is to properly prepare the home for sale, hire a professional to advise you and market the home, and set a market LEADING price.   Depending on location, price range, and a host of other factors, there is a degree of risk.   Be conservative with how far ahead you set pricing.   You want to lead without risking a Walk of Shame.  
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  stevedepolo

The Patron Saint of Real Estate? [Listings, Not So Hot]

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by Osman Parvez
---I was wandering around Grand Rabbits in Boulder the other day, shopping for my niece and nephew's presents, when I came across this little gem.  

Take a look....

That's right.   For only $5.99, you can have your very own Patron Saint of Real Estate.   I suppose, if you're having trouble selling your house it certainly can't hurt to appeal to a divine power.   In addition, you might consider calling a seasoned and experienced Realtor with a proven track record.  You know, just saying...

Anyway, since we're on this topic, let's look at a few listings which have had a little trouble attracting a buyer this year.   These properties have been on the market a very long time and could use a little help from Saint Joseph.

As my very savvy grandmother used to say, as she stirred the curry, "well seasoned listings make a good target for a low offer."    Sadly, my grandmother is no longer around to advise you on negotiation or Indian cooking.    In lieu, consider watching my video, 8 Things You Should Know Before Writing a Low Offer.

Show Me The Numbers

As of this writing, There are 198 houses and 197 attached dwellings (town homes and condos) on the market in Boulder.     Of these,  59 houses (30%) and 47 attached dwellings (24%) are currently under contract.

These are phenomenal numbers.   As a regular reader of the The Silver Fern Report, you know that December and January are usually the SLOWEST time of year in Boulder real estate.    Not this year.     You're looking at market conditions that are much more typical of summer.   Think about that for a moment.

Houses with Long Days on Market

Without further adieu, here are the ten houses in Boulder that have been on the market the longest.    Their owners would very much like you to write an offer.   No, seriously.


The median days on market (DOM) for these houses are approaching a year, and one is coming up on a three year anniversary.   You'll note most of these slow-to-sell properties are in the mid to upper price range of the market, inline with research highlighted in my last Silver Fern Report.   I also removed the imaginary houses from the data set, i.e. spec projects with drawings posted on the MLS instead of real pictures.      For more details on these real houses, including photographs and listing information, CLICK HERE.

Condos and Town Homes with Long Days on Market

Now let's look at condos and town homes on the same basis.


Again, I've removed the imaginary houses from the data set (i.e. spec projects).  I also left only one sample from each new development (how many condos do you want to see at The Walnut, anyway?).  

The median DOM for these properties is over 400 with the longest running listing at 3.5 years on market.     A few lower priced properties made the list too, but higher end luxury condos are more prevalent.   For details on these properties, including photographs and listing information, CLICK HERE.

 
p.s. I'm not just a blogger, I'm a Realtor.   I can show you any of these properties and help you negotiate a fantastic deal.    Call me at 303.746.6896. 
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Send in the C Team [Now, You Know]

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by Osman Parvez
---Commission rule E-38; Listing Agreements by Teams.

 "The individual team member(s) entering into the listing contract is the seller's designated agent or transaction-broker, whichever is appropriate, in which case that designation and brokerage relationship shall apply to all members of the team."   (emphasis added)

Let's say you call a Realtor who is a member of a team and ask about a house which, unbeknownst to you,  is listed by someone else on their team.   Guess what?   Since most listings on the MLS are done by designated seller's agents (not transaction brokerage), the agent you're talking to on the phone is very likely required to represent the seller.    They're probably not a neutral party.

Pro-tip:  hold your cards close to your vest until you've clearly understood the agency relationships.  Do not share your motivations to buy or sell.   Do not tell them confidential information such as your price range or your time frame.   The first time you meet an agent, they should be providing you a disclosure called Definitions of Working Relationships.  This explains the agency relationship.

I know that it's fun to look at listings online, but think twice before you schedule an appointment with the listing agent.  Take time to shop for a buyer's agent, first.  Get yourself represented and utilize the services of someone who negotiates for buyers, and protects the interest of buyers, exclusively, on dozens of transactions a year.    The seller is represented by an agent.  You should be too.

For the record, I'm not on a team because it mandates a lower standard of service for my clients.

More Reading

Who Does My Agent Represent, Again?
Which Agent Should You Call?
10 Ways To Be A Better Agent
Don't Hire Your Friends
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

It's Bargain Time

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by Osman Parvez

It's bargain time, people.    

The biggest discounts in Boulder real estate usually happen from Thanksgiving to New Years.    Sellers are getting anxious and would just like to be done with the process.   Buyers typically have more selection and more negotiation leverage.  Everyone is distracted by the holidays.

Perhaps, this year will be different.  The market has remained very active in the fourth quarter and with record low inventory, bargains are a little less abundant.    Still, let's take a look at some (mostly) fresh listings.    Believe me, these sellers are very motivated to list at this time of year.  

Fresh Listings, Get 'Em Hot

4965 Qualla Drive (link).   This bi-level was built in the 1960's with 4 bedrooms, 2 baths, and a 1 car garage.    The asking price is reasonable at $429,000 but the proximity to Foothills may be an issue.    My usual rule of thumb is to be at least 3 houses from a busy street.   This one is 2 houses from Thunderbird and Foothills.    For bargain shoppers who aren't bothered by the potential traffic noise, it's worth considering.   For those worried about resale, you might want to take a pass.    Due Diligence Tip: Test your noise tolerance by standing in the backyard during rush hour.  

1959 Beacon Ct (link).    These super cute town homes are rarely available and in the perfect location for a stroll to Pearl Street.     A little small - only 1,012 SQFT and two bedrooms - they are perhaps best suited to young professionals, downsizing Boomers, or vacation home buyers.      This one is done up nicely.   The asking price is $499,900.   Due Diligence Tip:  The HOA fees are only $200 per year, but check for upcoming capital assessments and review the restrictions to ensure it fits your lifestyle.

Eye candy!

907 13th Street (link).    I love Craftsman style homes and this one is eye candy.   It was recently constructed with a good layout, ample bedrooms and baths, and plenty of space (5,200 finished SQFT) for a family.   Very rare for Boulder, it also has a 3 car heated garage.    It's less than 10 years old, so the house is nearly turn-key which is also rare in the Boulder real estate market.    The location is pretty good, but not spectacular.   Due Diligence Tip:  The seller is signaling deep motivation.  It's not actually new on the market.    The latest refreshed listing may give the appearance of being new to market (eye roll), but the truth is this house was originally listed in June at $1,550,000.  Since then, the asking price has been reduced $162,500 to $1,387,500.     And while we're talking about due-diligence, I recommend red-cup testing this location.  There are definitely plenty of student rentals nearby.  

1280 Elder Ave (link).   This North Boulder home was built in 1996 and features 4 bedrooms and 4 baths on 2,472 SQFT.     The house has great curb appeal and a pretty good layout.   3 of the bedrooms are on the upper level, 1 is in the basement.    The house is tenant occupied and the owner has apparently had enough of being a landlord.    Worth a look but my gut says the asking price at $765,000 is wishful thinking.     Has it really more than doubled in value since 1999?   Mr. Market will decide.     Due diligence tip:   Elder gets some traffic and the location is mixed use.    Stroll around a bit and make sure you can handle the neighborhood.  

It's Alive!

862 15th Street (link).     This rental frankenhouse has been split up and grandfathered to allow 6 unrelated people to occupy it.   The location commands a premium rent because students will happily shell out $700 or more per bedroom to live on University Hill.    What can I tell you, there's gold in those red cups.   At the asking price of $825,000, you're looking at a cap rate of maybe 6%.    My investor-buyers would probably agree that you'd do better to buy two properties in the Baseline neighborhood, but it might still be worth a look    Due diligence tip:   Double check the rental history (estoppel statements) and be conservative on your maintenance estimates.   This house is historic and will very likely have deferred significant deferred maintenance costs.  

Don't forget, as a Realtor I can show you any of these properties.   Call me at 303.746.6896. 

image: mksss and erix!
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

What's Holding Up Your House? [due diligence]

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by Osman Parvez

You've got to admire the ingenuity of some sellers.

On a recent property inspection, we came across something unusual in the basement.     Take a look.


Now, why would you build a proper support and footing for the floor, when you could simply jam whatever you've got lying around in there?     Why not, indeed.

Nothing says well maintained like discovering an old bed post holding up the floor - a floor, which I might add, was drooping in the corner.    I got the feeling the owner decided this was good enough.   My buyer didn't agree.

The house also exhibited a few other problems, one which was quite rare in Colorado.     If you're curious, this is what termite damage looks like.


I have no idea what the electrical wires are all about.   Maybe instead of calling an exterminator (the right thing to do),  the owner was trying to electrocute the bugs.  

This is why I strongly recommend my buyers obtain a property inspection.   It costs a few hundred bucks but it's absolutely worth it.  

---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Don't Leave Money On The Table [Selling It]

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by Osman Parvez
Want to know a dirty secret?     Sellers in hot markets leave money on the table.  It happens all the time.

I want you to keep this number in mind:  27.7%.      

That's the percentage of 3 bedroom houses in Boulder, priced under $500,000 which sold for full asking or more this past summer.      I wonder how many of those sellers expected a full price offer.    With a median days on market of only 33 - that's from initial listing to closing - these properties FLEW off the market.    In my professional opinion, most of them were under priced.    We're talking about nearly 1/3 of the sales in this price range!

I'd point fingers and name names, but I'd like to keep the mob of angry, pitchfork wielding Boulder Realtors off my front door.   Plus, I will likely be negotiating with them (on your behalf) in the near future.   What can I say, it's a small town.    Let's keep it civil.

How To Leave Money On the Table 101

Here's how it goes down.     The seller contacts their buddy, the agent.    The agent puts together a comparative market analysis (CMA), highlighting recent sales.    Based on this presentation, the listing agent convinces the seller that the house is worth - let's say $375,000.    The seller signs a listing agreement, the agent markets the house, and BOOM - an offer appears for full asking price within a few days.     Of course, the seller signs the contract.     It is, after all the price the house was worth - right?

Wrong.

The seller left tens of thousands of dollars on the table.     See, they didn't really know the houses shown in the comparables.   They don't know that the other houses which sold for $375,000 had cheap finishes, deferred maintenance, and a poor layout.      They don't know that the location was next to an ugly apartment building.   They also didn't know that the market was much weaker a few months ago because sellers rarely know about the price trend.    Heck, a lot Realtors are clueless when it comes to market conditions.   The real value of the house might have been $395,000 or more.

And once you're under contract, guess what?    It's too late.

The big mistake was choosing an agent that valued their commission more than the client relationship and definitely more than their integrity.   It takes a lot of work to deeply analyze the historical sales, understand the trend, and keep tabs on the current competition.    If you're considering buying or selling, choose the best agent for the job, the one willing to do the work that helps you get the most money for your house.

Rule #1.   Price Ahead of the Trend, ALWAYS

Real estate prices are not static.     On the down side of a real estate cycle, prices are sticky but they do slide over time.   On the upside of a cycle, prices increase rapidly.

Guess what part of the cycle we're in right now?   Hint:  It's not the down cycle (for houses under $500,000 in Boulder).    

When the market has very little inventory and demand is strong, you should price ahead of the trend unless you intend to run an auction style listing.   Let me make this clear.  I'm talking about asking for MORE than the most recent comparable sales.     The risk the seller takes is minimal.   If he or she wishes to sell it faster, they can simply drop the price back to the historical comps.    I would recommend doing this within a reasonable period of time, but yes, it remains an option and it shouldn't taint the listing.  

If you remember nothing else, remember this;  an upward moving market is forgiving of price mistakes.   A downward moving market treats overpricing like the kiss of death, it ends with a long listing period and less than you would have gotten otherwise.

Here in Boulder, in certain price ranges and locations, we're in an upward moving market.    Price accordingly.   If you end up with a bidding war, it should be by design never by accident - and you should have a strategy that uses auction energy to drive the price upwards.    Most agents prefer the easy "submit your highest and best" approach.     That's the way to end the auction quickly, but it's not the best way to maximize the price.

Know the Market

An intelligent marketing strategy includes many factors, not just the asking price.    From cosmetic improvements to staging to photography to negotiation tactics, it should all be part of the game plan.    As I've mentioned above, a deliberate strategy of underpricing can result in an intentional bidding war.    As Realtors, we've successfully utilized that strategy to drive the final selling price much higher than anticipated.  It is possible, but it should always be discussed before putting the property on the market.

Strategy should be driven by deep knowledge of market conditions for your specific property type, price range, and location.    The best way to do that is to choose an exceptional agent.  

Remember, as your Realtor it's my job to inform you of what's happening in the market and advise you of your options to maximize the selling price.  It's your job to make the decision on which strategy to pursue.

If you are thinking about selling or buying property and want solid advice, call me.   303.746.6896.    If you're interested in the breakdown of the market, you can see it in the most recent client edition Silver Fern Report (subscribe here).    

---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Don't Be Fooled by the White Jacket [Competency]

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by Osman Parvez
Growing up, my father would share stories from his medical practice around the dinner table.    Based on the more graphic of these tales, I learned that you should be careful choosing whom to ask for medical advice.  The degree alone is not indicative of competence.   In short, don't be fooled by a white jacket.
It's true in real estate too.    We're not doctors, but we're constantly advising people on financial decisions that involve many hundreds of thousands, sometimes millions of dollars.   It's important to choose a good one.

Look, there are great agents in Boulder and it's always a pleasure doing business with them.  Exceptional agents are masters at marketing, negotiation, and clearly understand their fiduciary duty as advisers.  Sadly, for every great agent,  there are several who are marginal and a few who you should avoid at all costs.   The later have risen to the level of their incompetency, and they're out there soliciting your business.   It's an amended version of the Dilbert Principle.

What Can You Do?

Unfortunately, competency is not easily evaluated by the consumer.  Real estate buyers and sellers tend to trust proxies such as brand name of the brokerage, designations, or the number of years the broker claims to have been in business.   In other words, they are trusting the white jacket.

The Colorado Real Estate Commission knows that some agents who are advising their clients beyond their competency level.    It's a big problem.    Per C.R.S.§12-61-113 (1)(n), a broker can lose their real estate license for "having demonstrated unworthiness or incompetency to act as a real estate broker conducting business in such a manner as to endanger the interest of the public."

Since the Commission doesn't define competency,  you're looking at a “I know it when I see it" style rule.    To help clarify, the Commission wrote a position statement last December.

Commission Position on Competency CP-41
"Prior to performing any acts that require a real estate broker’s license, a broker should determine whether he or she possesses the knowledge, experience, and/or training necessary to perform the terms of the transaction and maintain compliance with the applicable federal, state or local laws, rules, regulations, or ordinances.  If the broker does not have the requisite knowledge, experience and/or training necessary to consummate the terms of the agreement, the broker should either decline to provide brokerage services or seek the assistance of another real estate broker who does have the necessary experience, training, and/or knowledge.  The Commission will have grounds to discipline a broker’s license if a broker fails to take the measures necessary to gain competence and violations of the license law are substantiated."

Asking the broker to evaluate themselves is just asking for trouble.   This language is really more about holding the broker accountable after he proves himself incompetent.   By that point, it's too late.   You're already screwed.  

Pro-Tip:  Know What Questions To Ask

Interviews are one way you can evaluate the competency of your real estate agent.   To help you, I've written Osman's Buyer Agent Interview Questions.

The key is knowing what questions to ask and how to ask them.    Most agents love to talk, so a few open ended questions in the right direction can be deeply revealing.   Just don't forget to notice how many questions they ask you.

Click HERE for my questions.    If you'd like to interview me, call 303.746.6896.

Acing my interview questions are not a guarantee of competency, but they are a step in the right direction.   I also advise you meet with your agent at least twice, maybe three times - including trips out to look at property - before you sign an Exclusive Buyer Agency Agreement.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

image:  Pam and Phil

Get Out Of My House! [Negotiations]

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by Osman Parvez
---A few years ago, I represented a buyer on a residential property where the seller didn't want to leave.  The seller was emotionally attached and really didn't want to sell the house.   They were elderly and had health issues.   The cost of medical treatments were driving the sale.

Fortunately, my buyers were understanding and flexible.    We not only allowed the seller an extended period to vacate, Dallice and I even acted as intermediaries in handling rents and attending to maintenance issues.

This is not a recommended business practice.    As you'll soon learn, all manner of chaos can ensue.

The Seller Rent Back Scenario

So, what happens if the seller want to rent back the house?    It's far more common that you might think.

Perhaps the seller wants to ensure that closing occurs before making arrangements.    From the seller's perspective, packing up, paying for movers, and leaving is a risky proposition.    If the buyer walks away, the seller is typically entitled only to the earnest money and more importantly the seller is now stuck looking for another buyer.    This could push closing out 45 to 90 days, or more.

The Real Estate Commission knows it's a common scenario, so they've written a Post Occupancy Agreement to cover it (PCO70-8-12).   If you find yourself in this scenario and the term of the post closing occupancy is less than 30 days, this is the legal form you want to use.

With that said, it's a HORRIBLE idea.   Don't do it unless you have no other choice.   After closing, the former seller is now your tenant and if they stop paying rent or refuse to vacate, you will need to pursue eviction.    This is not a simple or a short process (i.e. it sucks!).  

Insurance is another potentially serious issue.  The seller likely had a standard homeowner's policy which ended at closing.    The buyer has a typical homeowner's policy which begins at occupancy.   This creates a GAP.   As the buyer, you need a different insurance policy, which likely will be more expensive.     During the insurance contingency period of the contract, you should approach your insurance company and request for the policy to begin at closing (not occupancy) and cover the property as a rental.   If the difference in cost is significant, the seller should be the one paying for it.

How Quickly Can You Evict?

I recently asked this question to a room full of property managers.   They said that it depends on a host of factors, but most likely about a month.    However - and this is a big caveat -  if the process is contested or there are procedural errors, it might take many months or even years to get your house back.     The process is fraught with hurdles and requires a court order.

Meanwhile, where are you going to live?    Don't forget, you will also be paying the mortgage and probably not collecting any rent.   Ouch.

Then it gets worse.   Let's say in a fit of rage, the tenant decides to trash your house.  Guess what?  Getting money for damages and lost rent can be even harder than eviction.    Good luck.

Should You Allow The Seller to Stay?

The short answer is don't do it.    When I've had a seller ask if they can stay in the house after closing, we have a discussion about security deposits, escrowed penalties for not moving out in time, and detailed lease terms.    That conversation usually convinces them it's not worth the hassle.

Remember my story about the elderly sellers with the medical problems?     It worked out just fine.   In that situation, the only way I could recommend my buyers consider it was because of my previous experience with the seller's agent.  He personally guaranteed the house would be delivered on time and as promised.   I still insisted on a lease agreement but in reality,  we both put our hard earned reputations on the line.  That's what got the deal done.

Final note:  I've helped many buyers find attractive investment property, but I don't usually handle the rent or deal with maintenance.   Property management is a very different business but this was a very special situation and the sellers circumstances required a degree of delicacy.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.