Inspection Negotiations, EIFS Risk & Boulder’s Condo Market | Podcast #126

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Are bikes, rode by grown adults, allowed to bike
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full speed on sidewalks in Boulder? And this
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is a question written by user floordismal6385
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in the Boulder subreddit. This is becoming more
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common, and I almost got knocked down by one
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today. For how much money we spend on cycling
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infrastructure, is it too much to ask for them
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to use the dedicated bike lanes on the road and
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not weave around pedestrians? For the record,
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these are sidewalks with dedicated bike lanes
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on the same road. Are the rules different for
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lime scooters and bikes? Thanks in advance. Well,
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floor dismal 6385. Welcome to Boulder. I've been
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waiting for an anti bike episode If anything,
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we're very pro by you're probably the bike that
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almost ran them off Was it an Indian looking
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guy with a beard going really fast right at you
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with an angry face like with a police bike, right?
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Well for the record, it's not a police bike It's
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a police branded bike the band a band and I'm
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a huge fan. Yeah, so Well welcome to the house
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Einstein podcast and clearly it's a slow. Clearly
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it's a slow news week and that's what we are
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leading with is people upset with cyclists on
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sidewalks and of course that I'd much rather
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see that than something more significant with
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regard to crime. Definitely social issues here
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in Boulder. Yeah. Yes, kids ride on the sidewalk
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and so do adults and they can ride anywhere on
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the sidewalks legally except where it's posted
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downtown Where you're not supposed to be riding
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on the sidewalk. Okay, so, you know, I was gonna
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say it's tough to know but if there's not tough
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There's a dismount zone. Okay. Yeah, it's really
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clear if it's figured out then it's figured out
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and at the same time this is not really an issue
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in Boulder for most people and maybe it can be
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a little annoying if somebody gets too close
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to you, but Yeah, we all have to live together
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somehow. I would like to footnote that Lewisville
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is currently dealing with a Child ebike issue
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where they're zooming by people on the sidewalks
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and stuff. It's like a gang I don't know if it's
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necessary. It's organized, you know, there's
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probably not like a central command, but it's
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maybe an epidemic I definitely see these kids
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running around on e -bikes. They're moving. Without
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helmets. Yeah. Or maybe one of the two kids will
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have a helmet on, the other one will not, and
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they are moving fast. And these e -bikes, we
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own a bunch, and they're fast, and they're really
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efficient. But boy, they are actually, I'm sure
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the emergency room sees kids and adults in all
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the time for injuries. So I guess the responsible
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thing to do would be to say, you should probably
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have your kids wear helmets. Yeah, and watch
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for other people on the sidewalks. I mean, pretty
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day one stuff, but they are kids after all. I
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mean, I was I was 11 or 12 when my parents bought
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a scooter and let me ride all over upstate New
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York at 35 miles an hour with a gas powered scooter.
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It completely disregarding traffic laws. Yeah,
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you're 12. And so I rode I rode probably a couple
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thousand miles, you know, around a pretty small
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area of upstate New York, took myself to tennis
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practice, like rode my friend double on the thing
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all the time. We did wear helmets though, I will
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say. That was something my parents insisted on.
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Before we like jump in, I think it is something
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about like the electric transportation being
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so quiet. People think that like a helmet isn't
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necessary. Like if it's creating noise and you
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have that like engine sound, they're like, yeah,
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helmet, definitely. But because the bike is quiet,
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it's safer. weird human nature thing. I'm not
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sure what's going on there, but put kids on your
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helmets and put kids, put helmets on your kids,
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put helmets on your adults. Do both and be safe.
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But kids be kids, youths, you know, youths are
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gonna do what youths are gonna do. What are you
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gonna do? All right. Well, with that, welcome
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to the House Einstein podcast. And if you're
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new to the podcast, this podcast is entertainment.
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If we happen to talk about real estate matters,
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please don't make any decisions on the basis
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of what you hear. Contact your real estate advisor.
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And if you are a House Einstein client, you know
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who to reach out to. And if you're not a client
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and would like to experience our brokerage, you
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can. visit us at hows Einstein dot com and see
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a an array of agents that might suit your needs
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and we're more than happy to help and the house
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Einstein brokerage is the sponsor of this podcast
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but we are separate and distinct from The brokerage
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and a special thank you to the brokerage as well
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for the sponsorship Absolutely, yeah creates
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a space. We're in the office right now It's sort
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of funny because this office is now turning into
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a podcast recording studio It's getting the most
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use it's had in like since i've been here four
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years I mean, this is why exp is like hey We
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are going to give you discount brokerage fees
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because you don't get an office We are a cloud
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brokerage because they don't need an office though.
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Legally. They have to have like they have an
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actual physical mailing address. Yeah for however
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many agents belong to that giant brokerage, but
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we actually have a physical office where we can
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meet with clients. It's actually this space,
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but most of the time people don't want to meet
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here. So we go to their house or we meet at a
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coffee shop or we're just in the car looking
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at running around, looking at property. So the
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office is really just a nice living room and
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now it's getting a lot of use. Podcast 126, holy
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cow, that's what we're up to. All right, let
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me walk through the docket of things we're gonna
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talk about because complaining about cyclists
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is not one of them. And our closing table topic,
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that's the core topic of the podcast. The thumbnail
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you probably noticed that says inspection chaos.
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And this particular podcast is going to contain.
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What I would say are our best practices to actually
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avoid the chaos And we're also gonna talk about
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some stories where chaos was very present and
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how that worked out So we're gonna talk about
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a lot of different things when it comes to inspections
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and how to resolve inspection issues. Keep in
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mind we're also based here in the state of Colorado,
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which has a very distinct process. And other
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states may or may not line up with that process.
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So make sure you read your contract and talk
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to your agent about what this process might look
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like early in the buying process. The best time
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to understand it is not when you are under pressure
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of writing a contract. The best time to understand
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it is Before you write the contract when you're
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casually or not seriously, you're not casual,
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but you're seriously looking at homes That's
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a good time to have this conversation with your
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agent to understand what their approach is and
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even a better time is before you hire this agent
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have the conversation about what their approach
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is because the spectrum of competency is once
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again broad when it comes to professionalism
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in the industry and You really want an agent
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that knows what they're doing when it comes to
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working through the inspection process, please
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read your contracts, please Please read your
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contract. You can even get it online a blank
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slate. Colorado division in real estate has the
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templates and it's like mad libs. You know It's
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sort of like that's a really funny way to describe
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the contract process mad libs But I would agree
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with you that it is a little like mad libs But
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you need to understand how those components of
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the contract work with each other both from the
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buy side and the sell side So we're gonna get
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into it And then we are going to hit our tails
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from the trenches segment, which we are specifically
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talking about EFIS which we've talked about in
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the past, but I think this time we're gonna share
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some Oh, what's the word? Some dark tales from
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the trenches in resolving inspection issues.
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Sharing some trauma. Yeah, there'll be some trauma.
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And how to avoid that trauma is something you
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may wanna think about. And some bonding on the
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trauma. Maybe some, yes, maybe some trauma bonding.
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Market updates, it's mid -June, as we're recording
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this, it's June 15th, which means the data from
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last month is now solid enough to talk about.
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We do give a little sneak peek right when the
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month turns over but that data is so fuzzy because
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of the The the rules that govern how agents will
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update the MLS Some of them require their office
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to do the data entry really some of them do it
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themselves some of them have an office manager
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or an assistant doing it but you are required
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to update the MLS within three business days
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of of a change in status which includes closing
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And that's both of our regional MLSs. Your MLS
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may vary, but just keep in mind that data lag
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and also, frankly, the laziness of agents means
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the data will not always be accurate. And having
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tracked the data for a long, I'm talking about
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over a decade, I will share with you that sometimes
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the data changes from years ago. Hmm, like there's
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something that happened at an office where they're
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going through their files and they're like, oh
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I forgot to put in this sale or I forgot to close
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out this listing and suddenly the data will change
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by one or two transactions it's not uncommon
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and the reason I know that is because I For a
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long period of time, I manually did the analysis.
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And I compared the data from the whole time series.
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And I was surprised to see really old data changing,
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too. And how frustrating, honestly, when you're
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doing analysis. I mean, there are small data
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points that have been, I mean, our economic indicators
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from the federal government get revised all the
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time. So it's fine. It's just that people should
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understand that the data is not fixed in stone.
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But by mid -month, it should be reasonably accurate.
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So we will talk about June's market data. And
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then we have five shiny sales of the week to
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talk about. Sales of the week are notable sales
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that we think illustrate certain price points
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or conditions, unique deals, or they're just
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a cool house and we want to talk about it. That's
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right. And shameless self -promotion, we're gonna
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be discussing the mythical unicorn horse property
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that, I swear, unicorn horse is just a unicorn,
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it's a horse property that's really hard to find.
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It's like a liger, yeah. A liger? Yeah, a lion
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and a tiger, and a unicorn horse. Got it. Yeah,
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that's a good point. I get what you're trying
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to say. That was a good pause, though. I got
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confused. I'm like, what is a liger? Sure, yeah.
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I mean, we're talking about a very difficult
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to find property that matches a unique set of
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characteristics, right? And it's typical for
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buyers to want certain things and also want a
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fantastic deal and also want a lot of time to
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think about it. And typically, if it's all the
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things you want and it's a fantastic deal, you
00:10:41.259 --> 00:10:43.399
have zero time to think about it. Like we need
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to write the offer on the hood of the car because
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there's a lot of other people probably looking
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for this. So understanding what works and what
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doesn't work, understanding the market for something
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as unique, right? This is a segment of the market
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where there's not a lot of volume. Understanding
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that is much more of a educational process for
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a buyer and we're going through that with one
00:11:04.730 --> 00:11:07.149
particular buyer But we'll talk about what he's
00:11:07.149 --> 00:11:09.629
hunting for those particular needs Yep, those
00:11:09.629 --> 00:11:11.629
very specific needs and if it happens to line
00:11:11.629 --> 00:11:15.190
up to a listener or Not just a seller, but we
00:11:15.190 --> 00:11:17.070
have a lot of agents that listen to this podcast
00:11:17.070 --> 00:11:19.389
then hey reach out We'd love to hear from you
00:11:19.519 --> 00:11:22.159
And then we've got a couple of in the news items
00:11:22.159 --> 00:11:24.320
both of which I think are kind of like indicative
00:11:24.320 --> 00:11:27.120
of it being a slow week Yeah, right. Yeah, we're
00:11:27.120 --> 00:11:29.320
talking about how the Boulder Airport celebrating
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the arrival of unleaded fuel and we're talking
00:11:32.639 --> 00:11:36.639
about how The county is no longer going to pursue
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alternating days for bicyclists on certain trails,
00:11:40.200 --> 00:11:43.250
which Got the got the cycling community up in
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a tizzy and those are the leads basically. That's
00:11:45.909 --> 00:11:49.090
the new that's well We have our hot takes that
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we'll talk about with both of those and then
00:11:51.250 --> 00:11:52.610
we've got a couple of carve -outs I'm going to
00:11:52.610 --> 00:11:54.990
be discussing adventure vans. I have one for
00:11:54.990 --> 00:11:58.509
sale And if you're into van life thing, I think
00:11:58.509 --> 00:12:00.429
the van life craze is sort of over. But if you're
00:12:00.429 --> 00:12:03.929
into a van life Experience or or I want an adventure
00:12:03.929 --> 00:12:07.450
van maybe this journey and what's available My
00:12:07.450 --> 00:12:09.850
fleet might interest you just for funsies. Mm
00:12:09.850 --> 00:12:11.690
-hmm and Hamish. It's blank. What are you talking?
00:12:11.690 --> 00:12:14.870
I know it's do you have any clue from from my
00:12:14.870 --> 00:12:16.690
past week? Do you have any ideas of things that
00:12:16.690 --> 00:12:18.450
I could talk about? I could talk I'll talk about
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obsession the the horror movie that's doing quite
00:12:21.570 --> 00:12:25.110
well in the not several not not the cologne the
00:12:25.110 --> 00:12:27.950
Calvin Klein cologne obsession. Is that a Calvin
00:12:27.950 --> 00:12:32.309
Klein? Okay. Yeah, I think Obsession is a good
00:12:32.309 --> 00:12:34.399
one to talk about just fun horror movie All right,
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if you haven't seen it sure. Yeah. Okay. I have
00:12:36.460 --> 00:12:40.039
not no spoilers Yeah, I won't spoil. All right
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All right. So that's our pod for this week. That's
00:12:43.120 --> 00:12:45.539
the docket of things. We're gonna talk about
00:12:45.539 --> 00:12:48.700
and Do we miss anything we hit the disclaimer?
00:12:50.200 --> 00:12:52.580
I think oh if those if you're waiting for the
00:12:52.580 --> 00:12:54.820
newsletter, I've got bad news for you I am slammed
00:12:54.820 --> 00:12:57.759
and so the newsletter is an exercise that takes
00:12:57.759 --> 00:12:59.980
pretty much a day to get it together and properly
00:12:59.980 --> 00:13:02.600
and Clients come first and there's quite a lot
00:13:02.600 --> 00:13:04.519
of client activity right now plus other things
00:13:04.519 --> 00:13:07.000
happening that make it particularly difficult
00:13:07.000 --> 00:13:09.399
So I think we've hit our summer lull. Well our
00:13:09.399 --> 00:13:12.340
summer intensity the lull for the newsletter
00:13:12.340 --> 00:13:14.419
Unfortunately, I will continue to work on it,
00:13:14.419 --> 00:13:17.620
but it might be significantly delayed. So My
00:13:17.620 --> 00:13:21.580
apologies to my loyal readers. I hear you. It's
00:13:21.580 --> 00:13:24.480
marinating for quality. Reach out if you have
00:13:24.480 --> 00:13:26.360
an actual real estate issue because you come
00:13:26.360 --> 00:13:27.899
first if that's the case. But if you're just
00:13:27.899 --> 00:13:30.659
a casual reader of the newsletter, you are at
00:13:30.659 --> 00:13:33.159
the lower level of the priority list of things
00:13:33.159 --> 00:13:36.340
that need to get done. So as one of our favorite
00:13:36.340 --> 00:13:41.720
author says, prioritize and execute. Well, one
00:13:41.720 --> 00:13:45.700
of my favorite. All right. He's good. Let's get
00:13:45.700 --> 00:13:48.929
into it. This podcast is sponsored by House Einstein.
00:13:49.570 --> 00:13:52.070
We serve buyers and sellers in Colorado focusing
00:13:52.070 --> 00:13:54.850
on Boulder, Denver and several mountain resort
00:13:54.850 --> 00:13:57.429
towns including Breckenridge and Winter Park.
00:13:57.929 --> 00:14:00.250
Our mission is simple, help you make a smarter
00:14:00.250 --> 00:14:03.129
real estate decision. You can learn more at houseeinstein
00:14:03.129 --> 00:14:05.830
.com or our YouTube channel where you'll find
00:14:05.830 --> 00:14:09.029
videos on neighborhoods, specific listings and
00:14:09.029 --> 00:14:16.659
much, much more. So inspection chaos. I think
00:14:16.659 --> 00:14:20.399
the best way to describe what we're avoiding
00:14:20.399 --> 00:14:24.360
is to describe what you're trying to avoid. And
00:14:24.360 --> 00:14:27.740
let's frame it first from a... from a seller
00:14:27.740 --> 00:14:30.419
perspective and then let's frame it for the buyer
00:14:30.419 --> 00:14:32.879
perspective. From a seller perspective, you've
00:14:32.879 --> 00:14:35.419
done all this work for months and months, likely
00:14:35.419 --> 00:14:38.279
to prepare your home for sale and you now have
00:14:38.279 --> 00:14:41.679
an offer that's in hand and it has an inspection
00:14:41.679 --> 00:14:44.720
period. If it's a typical offer written in our
00:14:44.720 --> 00:14:47.399
local market, that inspection period is 10 to
00:14:47.399 --> 00:14:51.240
14 days and the buyer has the rights to issue
00:14:51.240 --> 00:14:54.080
what is called a notice to correct or inspection
00:14:54.080 --> 00:14:57.980
objection. So the buyer is gonna hopefully immediately
00:14:57.980 --> 00:15:01.240
schedule their inspections and then begin to
00:15:01.240 --> 00:15:03.700
look more closely at the house with their inspector
00:15:03.700 --> 00:15:06.940
and maybe with secondary contractors like HVAC
00:15:06.940 --> 00:15:10.360
contractors sewer line repair people roof repair
00:15:10.360 --> 00:15:12.200
people and at the end of that process they're
00:15:12.200 --> 00:15:15.919
gonna issue you a list of items that they feel
00:15:15.919 --> 00:15:19.600
are well that they would like to have corrected
00:15:19.600 --> 00:15:24.870
by you the seller and It's a process that some
00:15:24.870 --> 00:15:27.669
buyers use to their advantage to claw back on
00:15:27.669 --> 00:15:32.450
the price. And because that is well known, it
00:15:32.450 --> 00:15:35.610
has become the norm for buyer's agents to write
00:15:35.610 --> 00:15:38.440
in language in the additional provisions. That's
00:15:38.440 --> 00:15:41.019
the section in the contract where agents get
00:15:41.019 --> 00:15:43.139
themselves into trouble because they Pretend
00:15:43.139 --> 00:15:46.159
to be attorneys and they are not and this is
00:15:46.159 --> 00:15:48.120
probably the most problematic section in the
00:15:48.120 --> 00:15:49.799
contract according to the real estate commission
00:15:49.799 --> 00:15:52.279
classes I've taken I believe that where they
00:15:52.279 --> 00:15:55.179
warn us repeatedly to not be dumb when you write
00:15:55.179 --> 00:15:58.840
things into here But yet and yes right into things
00:15:58.840 --> 00:16:00.940
right in things and one of the most common is
00:16:00.940 --> 00:16:04.340
this language around What we refer to as health
00:16:04.340 --> 00:16:07.899
and safety? Carveouts, right? This is in the
00:16:07.899 --> 00:16:11.000
the idea is the buyer's agent and the buyer are
00:16:11.000 --> 00:16:13.419
trying to signal to the seller That they are
00:16:13.419 --> 00:16:15.899
serious buyers that they are not planning to
00:16:15.899 --> 00:16:18.679
put the house under contract only to issue a
00:16:18.679 --> 00:16:21.879
laundry list of trivial cosmetic issues Issues
00:16:21.879 --> 00:16:23.960
that are related to the age but are perfectly
00:16:23.960 --> 00:16:27.740
fine with regard to a home of this age Like deferred
00:16:27.740 --> 00:16:29.580
maintenance sometimes falls into this like they
00:16:29.580 --> 00:16:31.879
really What the idea is you're trying to tell
00:16:31.879 --> 00:16:33.899
the seller that these you're only going to object
00:16:33.899 --> 00:16:37.919
a serious thing like the roof, or the foundation,
00:16:38.360 --> 00:16:41.120
or a mold issue, or an environmental contamination
00:16:41.120 --> 00:16:44.240
issue like asbestos, popcorn in the ceiling,
00:16:44.980 --> 00:16:49.539
or a bad sewer line. I personally don't like
00:16:49.539 --> 00:16:52.679
the words health and safety because they are
00:16:52.679 --> 00:16:56.190
subjective. Yeah, because a crack in the sidewalk
00:16:56.190 --> 00:16:58.570
if it has a little inch long lift could be a
00:16:58.570 --> 00:17:01.470
safety issue for somebody A missing hand railing
00:17:01.470 --> 00:17:03.750
could be a safety issue and both of these are
00:17:03.750 --> 00:17:05.589
relatively trivial If you get the house you really
00:17:05.589 --> 00:17:08.109
want but a foundation issue or a roof issue Like
00:17:08.109 --> 00:17:10.369
I prefer things that actually have a dollar amount
00:17:10.369 --> 00:17:13.500
attached to them that are significant in Boulder
00:17:13.500 --> 00:17:15.299
real estate where the median price is what it
00:17:15.299 --> 00:17:17.900
is the majority of these Issues are solved with
00:17:17.900 --> 00:17:19.700
less than 1 % of the purchase price like we're
00:17:19.700 --> 00:17:21.880
not talking about point hundred thousand dollars
00:17:21.880 --> 00:17:23.920
worth of inspection issues typically but this
00:17:23.920 --> 00:17:25.819
is where agents get themselves into trouble and
00:17:25.819 --> 00:17:27.720
this is where buyers and sellers often have the
00:17:27.720 --> 00:17:31.319
most conflict in the contract process and I think
00:17:31.319 --> 00:17:36.339
to in Colorado, there's a really tough power
00:17:36.339 --> 00:17:38.200
dynamic. Once you're under contract, the buyer
00:17:38.200 --> 00:17:40.640
basically has all of the levers and the seller
00:17:40.640 --> 00:17:44.200
is essentially at the will of the buyer. Not
00:17:44.200 --> 00:17:47.759
a hundred percent, but that's kind of where it
00:17:47.759 --> 00:17:49.740
was born to have this like health and safety
00:17:49.740 --> 00:17:51.900
carve out or something in the additional provisions
00:17:51.900 --> 00:17:53.859
to be like, we're not going to be the buyer that
00:17:53.859 --> 00:17:57.119
just abuses our power, right? That's the kind
00:17:57.119 --> 00:17:59.200
of like, we're trying to come in good faith.
00:17:59.740 --> 00:18:01.440
Well, I mean, all of those things are true, but
00:18:01.440 --> 00:18:03.119
there are contractual elements of it. And there's
00:18:03.119 --> 00:18:05.980
also communication elements of that to the other
00:18:05.980 --> 00:18:09.640
side. And that's why buyers are putting this
00:18:09.640 --> 00:18:11.599
language into contracts at the recommendation
00:18:11.599 --> 00:18:14.019
of their agents. And this is also where things
00:18:14.019 --> 00:18:18.640
get sometimes problematic. And my approach has
00:18:18.640 --> 00:18:22.339
been in recent years to pick up the phone and
00:18:22.339 --> 00:18:24.240
have a conversation with a listing agent if I'm
00:18:24.240 --> 00:18:27.460
on the buy side. For what they want to see there
00:18:27.460 --> 00:18:31.119
particularly if there is a high probability of
00:18:31.119 --> 00:18:34.180
multiple offers coming in Which is more common
00:18:34.180 --> 00:18:35.940
at the lower end of boulders market than the
00:18:35.940 --> 00:18:38.240
high end if there's a if we're looking at no
00:18:38.240 --> 00:18:40.240
Competition the house has been on the market
00:18:40.240 --> 00:18:43.339
for weeks We don't put anything in there because
00:18:43.339 --> 00:18:45.440
there's no reason to signal to the seller that
00:18:45.440 --> 00:18:48.299
we're being I mean in in practice we we hold
00:18:48.299 --> 00:18:51.000
our clients or we Encourage our clients to be
00:18:51.000 --> 00:18:53.099
reasonable human beings, right? Yeah, like we're
00:18:53.099 --> 00:18:55.799
not objecting to the paint color But the Colorado
00:18:55.799 --> 00:18:58.259
contract allows you to do that. You can actually
00:18:58.259 --> 00:19:01.180
object to the paint color. Even though you saw
00:19:01.180 --> 00:19:03.940
the paint color when you showed the home the
00:19:03.940 --> 00:19:06.240
first time. Cracks in the driveway. I mean more
00:19:06.240 --> 00:19:09.779
typically cracks in the driveway or other common
00:19:09.779 --> 00:19:12.119
deferred maintenance items that happen over time.
00:19:13.569 --> 00:19:16.369
Paint chips, I hear a lot. Paint chips are actually
00:19:16.369 --> 00:19:18.250
important if the home was built before 1979.
00:19:18.930 --> 00:19:21.589
Yeah, that's critical. But typically you can
00:19:21.589 --> 00:19:23.730
see this when you looked at the house. So let's
00:19:23.730 --> 00:19:25.710
get into best practices. On the buy side, what
00:19:25.710 --> 00:19:28.410
we advise our clients to do, whether or not it's
00:19:28.410 --> 00:19:30.890
a bidding war, is to really have an honest look
00:19:30.890 --> 00:19:33.490
at the house during the showing. And we look
00:19:33.490 --> 00:19:35.950
for things that are likely gonna come up on inspection,
00:19:36.150 --> 00:19:37.690
including the age of the furnace. We look at
00:19:37.690 --> 00:19:39.829
what the roof looks like. I will always walk
00:19:39.829 --> 00:19:41.309
around the outside of the house and see if there's
00:19:41.309 --> 00:19:45.920
any... obvious signs of a problem and it's the
00:19:45.920 --> 00:19:47.720
obvious signs the inspectors are gonna catch
00:19:47.720 --> 00:19:50.059
and Whether or not we agree. It's a problem.
00:19:50.140 --> 00:19:52.319
At least we know this is Possibly gonna come
00:19:52.319 --> 00:19:54.559
up. Yeah, we should have a reasonable expectation
00:19:54.559 --> 00:20:00.910
of how to solve this problem so Yeah One of the
00:20:00.910 --> 00:20:03.829
approaches when you are in a scenario where there's
00:20:03.829 --> 00:20:06.109
likely competition and your agents encouraging
00:20:06.109 --> 00:20:08.670
you to write language into the contract that
00:20:08.670 --> 00:20:11.549
reduces your contingency rights is to consider
00:20:11.549 --> 00:20:13.789
dollar coverage. And this is that conversation
00:20:13.789 --> 00:20:18.069
with the listing agent. Because if they're opposed
00:20:18.069 --> 00:20:20.750
to dollar coverage, they prefer to see vague
00:20:20.750 --> 00:20:23.029
language around health and safety issues, we
00:20:23.029 --> 00:20:25.609
have that written as well. But the dollar coverage
00:20:25.609 --> 00:20:28.750
one, should signal confidence to the seller that
00:20:28.750 --> 00:20:31.710
this buyer is real. And if we put a dollar amount,
00:20:31.710 --> 00:20:34.880
let's say... 4 ,000, 5 ,000 bucks, it's gonna
00:20:34.880 --> 00:20:36.839
cover things like a hot water heater that's too
00:20:36.839 --> 00:20:38.900
old. But it's not gonna cover full replacement
00:20:38.900 --> 00:20:40.539
of the furnace if the furnace is at the end of
00:20:40.539 --> 00:20:44.019
its life. It's definitely not gonna cover a roof.
00:20:44.359 --> 00:20:46.779
It's unlikely to cover a sewer line repair of
00:20:46.779 --> 00:20:49.640
significant size. Like if it's a minor repair,
00:20:49.720 --> 00:20:52.259
maybe, but if it needs an entire liner, absolutely
00:20:52.259 --> 00:20:54.380
not. It's gonna be covered for five grand. So
00:20:54.380 --> 00:20:57.700
those are the types of things we know are radon
00:20:57.700 --> 00:21:00.569
systems. Typically a thousand to twelve hundred
00:21:00.569 --> 00:21:02.509
they used to be 750 bucks, but they've gone up
00:21:02.509 --> 00:21:05.349
a lot in cost Well, you know what the most typical
00:21:05.349 --> 00:21:07.609
things are it obviously will not cover window
00:21:07.609 --> 00:21:09.589
replacements if all the windows are shot throughout
00:21:09.589 --> 00:21:11.250
the house and somehow we missed it when we wrote
00:21:11.250 --> 00:21:13.549
the offer and we want to object to that that's
00:21:13.549 --> 00:21:15.410
not going to be covered in the inspection objection
00:21:15.410 --> 00:21:18.910
we also Cosmetics right is one of the things
00:21:18.910 --> 00:21:21.710
we'll say not cosmetic items will specifically
00:21:21.710 --> 00:21:24.950
say something like that and That just reminded
00:21:24.950 --> 00:21:28.309
me because windows I could see health and safety
00:21:28.539 --> 00:21:31.640
but you're seeing it at the showing, the seal's
00:21:31.640 --> 00:21:36.200
blown out. So it's a... Okay, so the question
00:21:36.200 --> 00:21:39.220
is, what's considered reasonable and fair? And
00:21:39.220 --> 00:21:42.140
for some people, what's reasonable and fair is
00:21:42.140 --> 00:21:44.759
everything on the inspection report. And for
00:21:44.759 --> 00:21:46.619
others, what's reasonable and fair are things
00:21:46.619 --> 00:21:49.099
that are not visibly obvious to them when they
00:21:49.099 --> 00:21:50.619
looked at the house before they wrote the offer.
00:21:51.400 --> 00:21:53.940
And this is where there's a little bit of fuzziness,
00:21:53.980 --> 00:21:56.319
and there's also some strategy for where the
00:21:56.319 --> 00:21:58.859
listing agent and the seller to consider. There's
00:21:58.859 --> 00:22:00.680
this little document called the seller's property
00:22:00.680 --> 00:22:03.460
disclosure. And in that document, you can list
00:22:03.460 --> 00:22:05.680
the age of appliances, you can list the age of
00:22:05.680 --> 00:22:08.680
the roof, and if that document is available to
00:22:08.680 --> 00:22:11.859
the buyer when they submit the offer, or it is
00:22:11.859 --> 00:22:16.200
presented in the counter with a requirement that
00:22:16.200 --> 00:22:19.680
they sign it, right, you indicate that, so what
00:22:19.680 --> 00:22:23.410
we do, On the listing side is if we did not have
00:22:23.410 --> 00:22:25.730
the spd or seller's property disclosure online
00:22:25.730 --> 00:22:28.109
at the time that the offer was submitted We make
00:22:28.109 --> 00:22:31.509
sure that we counter and mark the spd item complete
00:22:31.509 --> 00:22:34.890
so that the Buyer is is signing off that they
00:22:34.890 --> 00:22:36.910
know the spd is complete They've been given the
00:22:36.910 --> 00:22:39.329
full disclosures of the home And it doesn't mean
00:22:39.329 --> 00:22:41.490
that that buyer won't still object to the windows
00:22:41.490 --> 00:22:44.589
being 25 or 30 years old they might But it better
00:22:44.589 --> 00:22:46.869
not be a surprise to them because they sign but
00:22:46.869 --> 00:22:48.930
they already knew that that was the age of the
00:22:48.930 --> 00:22:51.759
windows when they wrote when they sign the counter
00:22:51.759 --> 00:22:54.980
because they had that in the SPD. So it becomes
00:22:54.980 --> 00:22:58.400
harder for ethical buyers to argue they didn't
00:22:58.400 --> 00:23:00.700
know about this when they wrote the offer or
00:23:00.700 --> 00:23:03.059
they signed the counter when it was in the SPD.
00:23:03.359 --> 00:23:05.180
So this is why it's really important to be thorough
00:23:05.180 --> 00:23:08.740
on the SPD from a liability perspective as well
00:23:08.740 --> 00:23:10.539
as from a negotiation perspective for the seller.
00:23:11.980 --> 00:23:15.359
One thing I'm noticing we didn't get here. And
00:23:15.359 --> 00:23:19.059
we could push it down on the closing table. But
00:23:19.059 --> 00:23:22.579
reading through inspection reports. And ultimately,
00:23:22.640 --> 00:23:25.539
it's up to the buyer. But there are certain inspectors
00:23:25.539 --> 00:23:28.460
that we would call alarmist, and then other ones
00:23:28.460 --> 00:23:31.640
that are very fresh to the game. And then you
00:23:31.640 --> 00:23:33.920
have very experienced, knowledgeable inspectors.
00:23:34.559 --> 00:23:37.339
And so like you're saying, up to the buyer, sometimes
00:23:37.339 --> 00:23:39.299
the entire inspection report is an issue for
00:23:39.299 --> 00:23:42.849
them. Sometimes it's only a few things. What's
00:23:42.849 --> 00:23:45.930
the I don't know is there any wisdom between?
00:23:46.390 --> 00:23:48.250
Okay, you have your inspection report, but is
00:23:48.250 --> 00:23:51.950
this inspector green or are they actually concerned
00:23:51.950 --> 00:23:53.769
about these things? Are they covering their their
00:23:53.769 --> 00:23:58.210
butt? I mean, that's a great great question and
00:23:58.210 --> 00:24:02.769
The buyer perception is that inspectors should
00:24:02.769 --> 00:24:06.369
be Recommended and popular based on how good
00:24:06.369 --> 00:24:09.210
they are as inspectors. Yeah, and that is completely
00:24:09.210 --> 00:24:14.559
false And so if they were an amazing inspector,
00:24:15.019 --> 00:24:19.160
incredibly detailed, down to the last tiny little
00:24:19.160 --> 00:24:22.059
crack in the drywall, they likely would not be
00:24:22.059 --> 00:24:24.420
in the business very long because the buyer's
00:24:24.420 --> 00:24:27.380
agents would stop recommending them. And so when
00:24:27.380 --> 00:24:28.920
I think of inspectors, and don't take this the
00:24:28.920 --> 00:24:31.440
wrong way, inspectors, but there are shades of
00:24:31.440 --> 00:24:34.569
mediocrity. and what I wanna make sure they catch
00:24:34.569 --> 00:24:36.789
are the big ticket items, and I want them to
00:24:36.789 --> 00:24:39.730
be honest. And what we typically get is an inspection
00:24:39.730 --> 00:24:41.829
report that is more thorough than what they show
00:24:41.829 --> 00:24:45.390
in person. So in person, you can ask them at
00:24:45.390 --> 00:24:47.150
the inspection summary, what are the big items,
00:24:47.230 --> 00:24:48.670
what should I be worried about, and they will
00:24:48.670 --> 00:24:50.490
point them out to you, that what's in the inspection
00:24:50.490 --> 00:24:53.529
report are these 10 items, and let's walk through
00:24:53.529 --> 00:24:55.369
them. And you can actually go look at them in
00:24:55.369 --> 00:24:57.069
person, and then you can ask the inspector, how
00:24:57.069 --> 00:24:58.930
big of a deal is this? How much do you think
00:24:58.930 --> 00:25:01.509
this is? going to cost a fix. Sometimes they'll
00:25:01.509 --> 00:25:03.890
spitball it and tell you a number, and they will
00:25:03.890 --> 00:25:06.430
usually tell you point blank, look, I'm putting
00:25:06.430 --> 00:25:08.410
this on the inspection report because you should
00:25:08.410 --> 00:25:10.609
address this, but it wouldn't stop me from buying
00:25:10.609 --> 00:25:12.549
this house. Yeah, I like it when they phrase
00:25:12.549 --> 00:25:15.569
it that way too. It is not something that is
00:25:15.569 --> 00:25:19.720
unusual for an age. Home of this age. It's also
00:25:19.720 --> 00:25:21.700
something that does not cost tens of thousands
00:25:21.700 --> 00:25:24.200
of dollars to fix It's a handyman level repair
00:25:24.200 --> 00:25:27.000
that should cost less than 500 bucks So I want
00:25:27.000 --> 00:25:28.559
you to know about it and I have to put it in
00:25:28.559 --> 00:25:31.220
the inspection report to see YA That's why it's
00:25:31.220 --> 00:25:33.200
in the inspection report And that's why I'm also
00:25:33.200 --> 00:25:35.200
telling you in person that this is a pretty trivial
00:25:35.200 --> 00:25:37.059
Repair and you should be able to get it done
00:25:37.059 --> 00:25:38.819
for a few hundred bucks with a handyman And if
00:25:38.819 --> 00:25:40.579
you want a handyman, I'll even give you even
00:25:40.579 --> 00:25:42.079
some of the inspectors will give you a handyman
00:25:42.079 --> 00:25:44.500
reference That's like ideal, but they don't get
00:25:44.500 --> 00:25:46.079
that in the report and the reason they don't
00:25:46.079 --> 00:25:47.990
put all that detail in the report is because
00:25:47.990 --> 00:25:49.569
this is a report they know you're gonna submit
00:25:49.569 --> 00:25:52.809
to the seller for negotiation purposes, and they
00:25:52.809 --> 00:25:55.250
want a CYA. So they will make it look worse in
00:25:55.250 --> 00:25:57.130
the report than they do in person, and that's
00:25:57.130 --> 00:25:59.890
typical. But again, like I said one more time,
00:26:00.269 --> 00:26:01.950
even the inspectors we know and love, the one
00:26:01.950 --> 00:26:03.650
I literally hired this week to go look at a property
00:26:03.650 --> 00:26:06.089
for me, I'm gonna say they are shades of mediocre.
00:26:06.250 --> 00:26:08.730
They're not amazing. Was it the same one that
00:26:08.730 --> 00:26:11.099
did our recent deal? Yes. It's the same one we
00:26:11.099 --> 00:26:13.700
just did and they're reasonably thorough and
00:26:13.700 --> 00:26:16.279
they catch the big ticket items Sometimes they're
00:26:16.279 --> 00:26:18.539
wrong Like they were wrong about this issue in
00:26:18.539 --> 00:26:20.099
the home that we were right in the middle of
00:26:20.099 --> 00:26:22.240
negotiating right now a later topic Which will
00:26:22.240 --> 00:26:24.099
come up someday. It's not coming up. They were
00:26:24.099 --> 00:26:26.660
totally wrong But they still called out an issue
00:26:26.660 --> 00:26:28.960
that required us to go down a due diligence rabbit
00:26:28.960 --> 00:26:30.920
hole We did learn a thing or two that we did
00:26:30.920 --> 00:26:32.480
and it turned out to not be an issue, which was
00:26:32.480 --> 00:26:33.900
great I'm glad they brought it to the attention
00:26:33.900 --> 00:26:35.839
of the buyer But they also alarmed her on something
00:26:35.839 --> 00:26:37.980
that turned out to not be an issue at all. It
00:26:37.980 --> 00:26:41.480
was a nothing burger, but That's not our job
00:26:41.480 --> 00:26:44.799
as real estate. Yeah, okay So let me back back
00:26:44.799 --> 00:26:47.079
and say your real estate agent is not your inspector
00:26:47.079 --> 00:26:49.240
and they have an invested interest in the deal
00:26:49.240 --> 00:26:52.859
closing So most agents are not going to do a
00:26:52.859 --> 00:26:55.359
great job of pointing out issues Which is a dumb
00:26:55.359 --> 00:26:57.420
way to approach this business because it's gonna
00:26:57.420 --> 00:26:59.460
come up on inspection and you just wasted a whole
00:26:59.460 --> 00:27:01.339
bunch of everybody's time So if you're going
00:27:01.339 --> 00:27:03.619
out with an agent with our team at house Einstein
00:27:03.619 --> 00:27:05.960
I can assure you that if we see it, we're gonna
00:27:05.960 --> 00:27:08.029
point it out because there's no point in hiding
00:27:08.029 --> 00:27:10.390
it. Like if we put it under contract and then
00:27:10.390 --> 00:27:12.109
a week later we're terminating because you paid
00:27:12.109 --> 00:27:13.930
$1200 to find out the same thing we could have
00:27:13.930 --> 00:27:15.990
told you right up front. That's a giant waste
00:27:15.990 --> 00:27:18.569
of our time and so in our money in our buyer
00:27:18.569 --> 00:27:21.329
agency agreement is a provision that says Osmond
00:27:21.329 --> 00:27:23.710
and company will do their best to assist your
00:27:23.710 --> 00:27:26.309
due diligence and in case of me I'll even put
00:27:26.309 --> 00:27:27.970
it there's even language around helping you with
00:27:27.970 --> 00:27:30.250
financial modeling and investment analysis. Yep.
00:27:30.430 --> 00:27:32.730
but this is not a normal duty of a real estate
00:27:32.730 --> 00:27:35.789
agent to a buyer and the buyer agrees to hold
00:27:35.789 --> 00:27:38.710
the real estate agent harmless because you are
00:27:38.710 --> 00:27:40.349
ultimately responsible as the buyer for your
00:27:40.349 --> 00:27:42.670
due diligence, not your agent. And the attorneys
00:27:42.670 --> 00:27:44.210
who advise our industry say, this is a really
00:27:44.210 --> 00:27:46.329
bad idea. You should not even be doing this at
00:27:46.329 --> 00:27:48.609
all. Zero due diligence support is what you should
00:27:48.609 --> 00:27:50.549
be offering. And then my response to that is,
00:27:50.710 --> 00:27:52.329
why are we in this business if all we're doing
00:27:52.329 --> 00:27:54.869
is opening doors and driving people around? Negotiation,
00:27:55.170 --> 00:27:57.109
but different. Well, that's another area of value
00:27:57.109 --> 00:27:59.450
add, negotiation, but inspection support, due
00:27:59.450 --> 00:28:01.769
diligence. and frankly avoiding writing offers
00:28:01.769 --> 00:28:03.809
on bad houses are things that your agent should
00:28:03.809 --> 00:28:06.190
be doing. And more often than not, we're telling
00:28:06.190 --> 00:28:07.730
people don't buy this house rather than this
00:28:07.730 --> 00:28:10.009
is a good one. This one looks great on you. We're
00:28:10.009 --> 00:28:11.609
saying, no, no, no, this one looks horrible on
00:28:11.609 --> 00:28:12.950
you because of all these potential inspection
00:28:12.950 --> 00:28:15.589
issues. Or you could do better. And after 20
00:28:15.589 --> 00:28:18.490
years, we've seen it before. How many times have
00:28:18.490 --> 00:28:20.990
I seen foundation issues? How many times have
00:28:20.990 --> 00:28:23.250
I seen a bad roof? I can't look into a sewer
00:28:23.250 --> 00:28:25.609
line, but the deferred maintenance starts showing
00:28:25.609 --> 00:28:27.289
up from the moment you walk in the door. And
00:28:27.289 --> 00:28:29.230
then when you see big ticket items staring you,
00:28:29.000 --> 00:28:32.240
you in the face it's like hold up like it's shocking
00:28:32.240 --> 00:28:33.920
that they didn't address this prior to listing
00:28:33.920 --> 00:28:36.119
and they're probably too cheap to do it so I
00:28:36.119 --> 00:28:37.259
don't know if you really want to pursue this
00:28:37.259 --> 00:28:39.339
house because it's clearly overpriced for for
00:28:39.339 --> 00:28:42.259
the issues that are visible and obvious. And
00:28:42.259 --> 00:28:44.000
sometimes a negative slope is visible and obvious,
00:28:44.180 --> 00:28:47.039
sometimes big cracks in the foundation. If we
00:28:47.039 --> 00:28:49.059
can see the roof, that's usually an easy one.
00:28:49.400 --> 00:28:52.200
Oh my gosh, it's probably off market now, but
00:28:52.200 --> 00:28:53.900
there was a house that I saw when the roof was
00:28:53.900 --> 00:28:57.059
genuinely caving in. That was absurd. One of
00:28:57.059 --> 00:28:59.019
the things we look at when we're walking toward
00:28:59.019 --> 00:29:00.819
the house is what does the roof line look like?
00:29:00.960 --> 00:29:03.079
And we may not catch it, okay, but I can assure
00:29:03.079 --> 00:29:05.019
you, I'm looking. Because I don't want to waste
00:29:05.019 --> 00:29:06.880
my time writing an offer for a house that turns
00:29:06.880 --> 00:29:08.579
out that it has major issues we could have avoided.
00:29:08.430 --> 00:29:12.549
Yeah, it doesn't make any sense So the good agents
00:29:12.549 --> 00:29:16.029
provide that at the showing and even before the
00:29:16.029 --> 00:29:18.890
showing good agents are ones that try to reduce
00:29:18.890 --> 00:29:20.730
the time They're spending in the car driving
00:29:20.730 --> 00:29:22.990
you around So if you want to see certain houses
00:29:22.990 --> 00:29:24.410
and you're one of our clients the first thing
00:29:24.410 --> 00:29:26.480
I'm doing is pulling it up on a map and looking
00:29:26.480 --> 00:29:28.940
at how close is this to a busy road? How close
00:29:28.940 --> 00:29:30.819
is this to the train tracks? Because these are
00:29:30.819 --> 00:29:32.200
the types of things that are gonna kill the deal
00:29:32.200 --> 00:29:34.799
for you. And there's no point in us driving to
00:29:34.799 --> 00:29:37.880
discover, spend hours in the car only to discover
00:29:37.880 --> 00:29:40.519
what was visible and obvious from a search on
00:29:40.519 --> 00:29:45.559
a map. Sidebar. Sidebar. Given the amount of
00:29:45.559 --> 00:29:48.059
experience you have in Boulder, are there now
00:29:48.059 --> 00:29:49.900
neighborhoods where you're like, oh, these are
00:29:49.900 --> 00:29:51.779
kind of the common issues for these neighborhoods?
00:29:53.879 --> 00:29:55.980
all these houses without naming the neighborhood,
00:29:56.059 --> 00:29:57.420
I guess. I mean, we can name the neighborhoods.
00:29:57.599 --> 00:29:59.359
There are certain spots in town that are known
00:29:59.359 --> 00:30:01.460
to have expansive soil. There are certain spots
00:30:01.460 --> 00:30:03.579
in town known to have deficient foundations.
00:30:04.819 --> 00:30:06.960
Superior and Rock Creek, for example, when the
00:30:06.960 --> 00:30:09.240
entire development was built, there were lawsuits
00:30:09.240 --> 00:30:11.799
over those foundations. And at this point, I
00:30:11.799 --> 00:30:14.619
think it's settled and all the repairs have been
00:30:14.619 --> 00:30:17.079
made. And the tricky part is all those basements,
00:30:17.200 --> 00:30:19.220
most of those basements have drywall. They've
00:30:19.220 --> 00:30:21.619
been finished. So you can't see the foundation.
00:30:21.740 --> 00:30:23.859
That's the toughest part, yeah. And so when you
00:30:23.859 --> 00:30:25.599
get, when you're looking at a house in Rock Creek
00:30:25.599 --> 00:30:29.519
of a certain age, this is in Superior, I want
00:30:29.519 --> 00:30:33.079
to see some evidence of foundation repairs. I
00:30:33.079 --> 00:30:36.720
don't want to see no evidence because that creates...
00:30:36.680 --> 00:30:39.980
Well, you know, it's still okay, but then we're
00:30:39.980 --> 00:30:42.000
gonna, I strongly recommend to our buyer that
00:30:42.000 --> 00:30:44.839
we look closely for foundation issues. And so
00:30:44.839 --> 00:30:47.059
you can see that in terms of windows and doors
00:30:47.059 --> 00:30:49.539
that don't open and close smoothly. There may
00:30:49.539 --> 00:30:52.200
be signs of previous drywall repairs that the
00:30:52.200 --> 00:30:54.680
seller is hiding, because if the foundation moved,
00:30:55.000 --> 00:30:57.019
it's possible that the drywall has cracked and
00:30:57.019 --> 00:30:59.099
moved too. So all of those things are stuff we're
00:30:59.099 --> 00:31:02.019
looking for, particularly in Superior in Rock
00:31:02.019 --> 00:31:04.000
Creek. But it's not just Superior, and here's
00:31:04.000 --> 00:31:06.970
an example in Boulder, in the table. Mesa neighborhood
00:31:06.970 --> 00:31:10.089
in Highland Park, it's a really steep hillside.
00:31:10.470 --> 00:31:12.569
And some of the original foundations of those
00:31:12.569 --> 00:31:14.670
homes built in the 60s and 70s were deficient.
00:31:15.679 --> 00:31:17.839
We personally have been involved in a six -figure
00:31:17.839 --> 00:31:19.880
negotiation over foundation repairs. This is
00:31:19.880 --> 00:31:23.039
before your time. Yes Where otherwise I was honest
00:31:23.039 --> 00:31:24.920
for showing I'm like it looks like there's been
00:31:24.920 --> 00:31:26.799
a bunch of tuck pointing done on the corners
00:31:26.799 --> 00:31:28.799
and a brick but it's probably normal settling
00:31:28.799 --> 00:31:31.319
and it's fine and The buyer said, you know, I
00:31:31.319 --> 00:31:33.380
think I'm gonna want to get a structural person
00:31:33.380 --> 00:31:35.440
out here to look at it I was like great. Here's
00:31:35.440 --> 00:31:38.200
the company we recommend and she called them
00:31:39.729 --> 00:31:41.690
And what's interesting is this is a company,
00:31:41.710 --> 00:31:43.269
I'm not gonna mention their name, because I think
00:31:43.269 --> 00:31:46.369
they have a mixed reputation, but this is a company
00:31:46.369 --> 00:31:48.990
that specializes in repairs. It's not a structural
00:31:48.990 --> 00:31:53.509
engineer. And that guy spent an hour at the house
00:31:53.509 --> 00:31:56.470
with a big level. I think I've heard this one
00:31:56.470 --> 00:31:59.430
keep going. And it turned out, if you think about
00:31:59.430 --> 00:32:03.269
a foundation like a box, the foundation, the
00:32:03.269 --> 00:32:07.440
walls of the box were leaning downhill. the foundation
00:32:07.440 --> 00:32:12.720
showed significant signs of compromise. And when
00:32:12.720 --> 00:32:16.240
we issued our inspection objection, we initially
00:32:16.240 --> 00:32:19.200
did not include the report, we just wrote the
00:32:19.200 --> 00:32:21.680
report's findings. And the seller immediately
00:32:21.680 --> 00:32:23.500
called a structural engineer out and had them
00:32:23.500 --> 00:32:26.039
come look at the house and then sent us back
00:32:26.039 --> 00:32:28.500
the structural engineer's letter. And that's
00:32:28.500 --> 00:32:30.119
when with the permission of our client, I sent
00:32:30.119 --> 00:32:33.440
them the report and I copied the structural engineer.
00:32:34.019 --> 00:32:36.059
the report who had sent us this letter saying
00:32:36.059 --> 00:32:39.200
the foundation is fine and Everything goes dark
00:32:39.200 --> 00:32:41.859
for 24 hours like no more emails. No more phone
00:32:41.859 --> 00:32:44.759
calls from anybody It was very strange and then
00:32:44.759 --> 00:32:46.920
the next day I get an email from the structural
00:32:46.920 --> 00:32:49.819
engineer and it turned out that They work together
00:32:49.819 --> 00:32:51.599
the structural and this structural engineer and
00:32:51.599 --> 00:32:53.900
the structural repair company Oh there they know
00:32:53.900 --> 00:32:55.960
each other. They know each other only met out
00:32:55.960 --> 00:32:57.559
at the house They went to the house and looked
00:32:57.559 --> 00:33:00.579
at it together and in the letter The engineer
00:33:00.579 --> 00:33:03.339
says, I am refunding the seller's money for the
00:33:03.339 --> 00:33:08.220
letter. I'm wrong. The repair company is right.
00:33:08.920 --> 00:33:12.400
And I should have brought a larger level to my
00:33:12.400 --> 00:33:18.319
inspection. And that was it. And the seller said,
00:33:18.380 --> 00:33:20.359
absolutely not. We're not gonna do a six figure
00:33:20.359 --> 00:33:23.619
credit for repairs. So see you later. And so
00:33:23.619 --> 00:33:26.799
for a week, it went totally dead. Right, and
00:33:26.799 --> 00:33:29.359
in your fashion, were you like, just so you know,
00:33:29.500 --> 00:33:31.640
you now have to disclose it. Well, I mean, the
00:33:31.640 --> 00:33:33.460
listing agent is experienced. They know that.
00:33:33.640 --> 00:33:36.039
I didn't have to say it, but it took them a week
00:33:36.039 --> 00:33:39.339
to deal with this emotional loss of 100 grand.
00:33:39.839 --> 00:33:42.279
And after a week. And they bought the house in
00:33:42.279 --> 00:33:43.880
this condition, by the way. They did not do a
00:33:43.880 --> 00:33:45.920
structural evaluation. It had not been that long.
00:33:46.119 --> 00:33:48.359
Had it moved? I mean, it probably hadn't moved
00:33:48.359 --> 00:33:51.019
since they owned it. But the fact that the house
00:33:51.019 --> 00:33:54.099
needed major repair to shore up the foundation
00:33:54.099 --> 00:33:58.299
with helical piers, it was over 100 grand. And
00:33:58.299 --> 00:34:00.759
they eventually agreed to the full credit. But
00:34:00.759 --> 00:34:03.160
it took them a week to the deal terminated. We
00:34:03.160 --> 00:34:05.000
were out of the deal. And then it came back together
00:34:05.000 --> 00:34:06.960
a week later after they had a week of come to.
00:34:07.650 --> 00:34:09.769
Pick the God of your choice come to that God
00:34:09.769 --> 00:34:12.409
and face reality. This is where they were Yeah,
00:34:12.409 --> 00:34:15.130
and sometimes people have to you know deal with
00:34:15.130 --> 00:34:17.369
that whole cycle of grief and loss and that's
00:34:17.369 --> 00:34:19.630
where they were Because they were not expecting
00:34:19.630 --> 00:34:21.869
that and they had not been that thorough when
00:34:21.869 --> 00:34:24.630
they bought the house not that long ago and so
00:34:24.780 --> 00:34:27.199
but they credited us for that 100 plus grand.
00:34:27.739 --> 00:34:29.679
Where we probably could have been more aggressive
00:34:29.679 --> 00:34:32.659
was we didn't ask for the landscaping to be credited.
00:34:32.920 --> 00:34:35.159
Because when you roll in with heavy equipment,
00:34:35.320 --> 00:34:37.380
you're destroying landscaping. And they're there
00:34:37.380 --> 00:34:39.480
to do the structure. They're not there to dress
00:34:39.480 --> 00:34:41.219
it back up. But when we wrote the offer, the
00:34:41.219 --> 00:34:43.159
landscaping looked beautiful. And the landscaping
00:34:43.159 --> 00:34:45.019
was going to look horrible. But we decided that
00:34:45.019 --> 00:34:48.039
that was a fair... loss for the buyer to take
00:34:48.039 --> 00:34:49.719
is that we'll deal with the landscaping repairs.
00:34:50.159 --> 00:34:51.920
You have to pay for all the structural. Some
00:34:51.920 --> 00:34:54.059
give and take. And that was a good negotiation.
00:34:54.280 --> 00:34:56.300
It was a challenging one. It was one that was
00:34:56.300 --> 00:34:57.940
probably not what the seller wanted, but my buyer
00:34:57.940 --> 00:34:59.599
was happy with the deal and they got the location
00:34:59.599 --> 00:35:02.320
they wanted, which is, and it's a fantastic house
00:35:02.320 --> 00:35:04.239
and a fantastic spot. And I'm sure it's doubled
00:35:04.239 --> 00:35:06.760
in value since that deal happened because of
00:35:06.760 --> 00:35:11.050
how rare that spot is in Common Park. Okay, so
00:35:11.050 --> 00:35:13.670
that's a tail from the from the from the trench
00:35:13.670 --> 00:35:15.989
that I wasn't planning to tell but I did because
00:35:15.989 --> 00:35:17.809
I'm from the closing table because foundations
00:35:17.809 --> 00:35:21.389
really are our big tick ticket items and before
00:35:21.389 --> 00:35:23.469
we go through other stop for a second and one
00:35:23.469 --> 00:35:25.130
of the things that we've started putting in our
00:35:25.130 --> 00:35:27.889
additional provisions in a bidding war scenario
00:35:27.889 --> 00:35:30.429
is the reiteration of the good faith provision
00:35:30.429 --> 00:35:32.969
in the contract so even though this good faith
00:35:32.969 --> 00:35:35.860
provision exists for everybody People tend to
00:35:35.860 --> 00:35:37.340
gloss over it. They don't really understand what
00:35:37.340 --> 00:35:39.619
it means They don't pay any attention to it and
00:35:39.619 --> 00:35:42.659
by putting it in the additional Provisions segment
00:35:42.659 --> 00:35:46.599
of our contract reiterating it I want the seller's
00:35:46.599 --> 00:35:49.119
agent to tell the seller that he took the time
00:35:49.119 --> 00:35:52.280
to explain good faith to his client and his client
00:35:52.280 --> 00:35:54.340
Understands good what good faith means you're
00:35:54.340 --> 00:35:57.900
putting earnest money in an escrow account You
00:35:57.900 --> 00:36:00.380
fully intend to purchase the property in as is
00:36:00.380 --> 00:36:04.599
where is condition? through the inspection process,
00:36:04.800 --> 00:36:06.119
right? Through the limits of what the contract
00:36:06.119 --> 00:36:08.860
allows. And the contract allows the buyer, I
00:36:08.860 --> 00:36:11.219
would say encourages the buyer, to do their inspections.
00:36:11.599 --> 00:36:13.519
And if there are major issues, now it doesn't
00:36:13.519 --> 00:36:15.760
say major issues in the contract, but in practice,
00:36:15.820 --> 00:36:17.780
it's not minor issues that you should be objecting
00:36:17.780 --> 00:36:20.539
to. It's major issues. And when you object to
00:36:20.539 --> 00:36:23.019
minor issues, the results are usually so unfavorable
00:36:23.019 --> 00:36:25.460
to you as a buyer, that this is why we encourage
00:36:25.460 --> 00:36:27.420
our clients to focus on three to five big ticket
00:36:27.420 --> 00:36:29.800
items in the inspection process. Because the
00:36:29.800 --> 00:36:32.219
inspection report will have 25 items. Many of
00:36:32.219 --> 00:36:35.050
them are 500. Or less to resolve in total not
00:36:35.050 --> 00:36:38.190
not like each of them like hire a handyman and
00:36:38.190 --> 00:36:39.969
we'll probably solve most of these issues for
00:36:39.969 --> 00:36:42.769
500 bucks focus like a couple of days if that
00:36:42.769 --> 00:36:45.929
focus on three to five big ticket items and If
00:36:45.929 --> 00:36:47.690
the seller is reasonable, they'll address all
00:36:47.690 --> 00:36:49.690
of them if they want to negotiate they may address
00:36:49.690 --> 00:36:52.769
three of them But there's some room for planned
00:36:52.769 --> 00:36:54.670
concessions in the process So that's what we
00:36:54.670 --> 00:36:56.929
usually encourage and that and call involves
00:36:56.929 --> 00:37:00.489
foundations sewer lines roofs asbestos and then
00:37:00.489 --> 00:37:02.070
the biggest ticket item that typically comes
00:37:02.070 --> 00:37:06.510
up is for certain homes is EFAS. And even as
00:37:06.510 --> 00:37:09.570
we're sitting here in this building, this development
00:37:09.570 --> 00:37:12.309
here in uptown. This is the building, right,
00:37:12.329 --> 00:37:15.710
from the story? No, it's not the building from
00:37:15.710 --> 00:37:20.110
the story. So this complex had a multi -million
00:37:20.110 --> 00:37:22.750
dollar lawsuit against the builder. The association
00:37:22.750 --> 00:37:25.269
sued the builder and the builder filed a claim
00:37:25.269 --> 00:37:27.230
with their insurance company because they didn't
00:37:27.230 --> 00:37:30.099
install the EFAS correctly. EFIS stands for exterior
00:37:30.099 --> 00:37:33.940
finish insulation system. It's a foam board that's
00:37:33.940 --> 00:37:36.380
glued to the outside of the house and then a
00:37:36.380 --> 00:37:38.840
skim coat of Drive -It is put on the outside.
00:37:39.059 --> 00:37:41.699
It looks like stucco. Sometimes it's called artificial
00:37:41.699 --> 00:37:45.139
stucco. But it is not stucco and the benefits
00:37:45.139 --> 00:37:47.840
of ethos is it has insulation So you're adding
00:37:47.840 --> 00:37:50.260
our value to the outside of the house The negative
00:37:50.260 --> 00:37:53.400
is that if it's improperly installed or improperly
00:37:53.400 --> 00:37:56.920
maintained moisture gets behind the foam and
00:37:56.920 --> 00:38:00.860
rots it rots the Osb it rots the studs everything
00:38:00.860 --> 00:38:03.280
it touches rots everything it touches and you're
00:38:03.280 --> 00:38:05.300
trapping that water there It can't it can't get
00:38:05.300 --> 00:38:07.840
out because of the foam so stucco breathes right
00:38:07.840 --> 00:38:12.019
like actual stucco. I don't know This is where
00:38:12.019 --> 00:38:15.639
Hamish, like stucco is a really old product.
00:38:16.699 --> 00:38:20.739
But stucco is not a material that breathes. It
00:38:20.739 --> 00:38:25.940
is, from my understanding, stucco is like a mortared
00:38:25.940 --> 00:38:31.659
material. And it's not the same as drive -it
00:38:31.659 --> 00:38:34.500
on the outside of a house. Which if you were
00:38:34.500 --> 00:38:36.360
to dig into it actually has a little bit of give
00:38:36.360 --> 00:38:39.699
to it it's not like stone or mortar and You're
00:38:39.699 --> 00:38:42.760
not sealing in the foam board with stucco, right?
00:38:42.840 --> 00:38:45.119
Like what people typically and I'm not an expert
00:38:45.119 --> 00:38:47.059
in building Okay, yeah, I have worked in the
00:38:47.059 --> 00:38:49.280
construction industry, but you've got oh you've
00:38:49.280 --> 00:38:52.239
got OSB and then you've got what looks like a
00:38:52.239 --> 00:38:54.480
metal honeycomb material, and then the stucco
00:38:54.480 --> 00:38:56.960
is troweled onto that. So you're not adding any
00:38:56.960 --> 00:38:59.500
R value, but you're also not trapping the moisture
00:38:59.500 --> 00:39:02.840
the way that foam board does. And so I'm not
00:39:02.840 --> 00:39:05.059
entirely sure why stucco doesn't have all these
00:39:05.059 --> 00:39:07.780
issues, but it doesn't. It's very uncommon for
00:39:07.780 --> 00:39:10.519
stucco repairs to be expensive either. It's low
00:39:10.519 --> 00:39:13.219
tech, it's really old. EFIS at this point is
00:39:13.219 --> 00:39:15.179
over 20 years old too, so it's not exactly new
00:39:15.179 --> 00:39:17.780
technology, but it's also not commonly used anymore.
00:39:17.920 --> 00:39:20.360
Everyone's moved to these green board systems,
00:39:20.639 --> 00:39:24.400
which are a zip tie system that's supposed to
00:39:24.400 --> 00:39:27.619
be taped, and also has issues if it's not properly
00:39:27.619 --> 00:39:29.639
installed. So this is one of the reasons if you're
00:39:29.639 --> 00:39:31.420
doing new build, you wanna be on site, you wanna
00:39:31.420 --> 00:39:33.699
look closely at what people are doing, and you
00:39:33.699 --> 00:39:37.599
wanna look closely at the way seams are sealed
00:39:37.599 --> 00:39:43.400
in homes. Okay, we're getting a little bit a
00:39:43.400 --> 00:39:45.659
feel. So anyhow, yeah, you had this EFIS deal
00:39:45.659 --> 00:39:48.659
with this complex. So this building had multi
00:39:48.659 --> 00:39:50.260
-million dollar lawsuits that were settled and
00:39:50.260 --> 00:39:52.400
then it took about a year to get all the EFIS
00:39:52.400 --> 00:39:56.539
repairs done. Washington village also multi -million
00:39:56.539 --> 00:39:59.980
dollar lawsuits and invasive investigations across
00:39:59.980 --> 00:40:02.699
the complex to figure out where is the ethos
00:40:02.699 --> 00:40:04.880
trapping water and where is it not and they eventually
00:40:04.880 --> 00:40:06.980
settled it and we had a deal at one point in
00:40:06.980 --> 00:40:09.460
the middle of Washington villages where we had
00:40:09.460 --> 00:40:12.420
an escrow I think we escrowed like 25 grand she
00:40:12.420 --> 00:40:15.019
sat there in an escrow account for like six months
00:40:15.019 --> 00:40:18.099
and at the end of the day I don't know if any
00:40:18.099 --> 00:40:20.139
of it was removed or if the seller got most of
00:40:20.139 --> 00:40:22.360
it back but it we had to do that to make the
00:40:22.360 --> 00:40:24.110
deal move forward because in the middle of the
00:40:24.110 --> 00:40:27.469
deal is EFAS lawsuit hit the complex. And so
00:40:27.469 --> 00:40:29.369
we had to come up with something to make the
00:40:29.369 --> 00:40:30.929
buyer feel comfortable that this is gonna be
00:40:30.929 --> 00:40:33.590
resolved. I've also had deals completely break
00:40:33.590 --> 00:40:36.869
up over EFAS where the seller's parents who work
00:40:36.869 --> 00:40:39.309
in insurance said, oh my God, the house is EFAS,
00:40:39.349 --> 00:40:41.769
you're outta here. We're terminating. Sorry,
00:40:41.889 --> 00:40:44.289
the buyer's parents. Not the seller's parents,
00:40:44.389 --> 00:40:46.010
the buyer's parents, my apologies. No, you're
00:40:46.010 --> 00:40:48.219
good. If it was the sellers, okay, what about
00:40:48.219 --> 00:40:50.519
smaller ticket items? Believe it or not mold
00:40:50.519 --> 00:40:52.679
is usually a smaller ticket item here in Colorado
00:40:52.679 --> 00:40:55.280
because we live in such a dry climate in Places
00:40:55.280 --> 00:40:58.019
like the southeast in Florida. We know that people
00:40:58.019 --> 00:41:00.179
sometimes have six -figure negotiations over
00:41:00.179 --> 00:41:03.250
mold I haven't seen one that's crossed five grand.
00:41:03.750 --> 00:41:06.389
It has always been relatively easy. You figure
00:41:06.389 --> 00:41:09.010
out where the water's coming from, you stop the
00:41:09.010 --> 00:41:11.829
water, you remove the damaged material and replace
00:41:11.829 --> 00:41:13.969
it, and usually it's confined to a pretty small
00:41:13.969 --> 00:41:17.469
area and then we're done. I've had us have like
00:41:17.469 --> 00:41:19.690
phantom mold issues where we're chasing with
00:41:19.690 --> 00:41:21.550
mold tests over and over again. Do you have that
00:41:21.550 --> 00:41:24.570
story? And that was just a box of leaves that
00:41:24.570 --> 00:41:26.230
turned into a couple thousand bucks worth of
00:41:26.230 --> 00:41:29.739
chasing, you know, mold tests, but. But any day
00:41:29.739 --> 00:41:33.199
and any in any event mold at least as far as
00:41:33.199 --> 00:41:34.780
I've experienced it personally have been small
00:41:34.780 --> 00:41:38.039
ticket items and Radon and water heater and and
00:41:38.039 --> 00:41:40.039
most of the time negative slope depending on
00:41:40.039 --> 00:41:42.400
how long it's existed If the negative slope is
00:41:42.400 --> 00:41:44.000
bad, and it's been there a long time. It can
00:41:44.000 --> 00:41:46.360
cause major damage Yeah, that would lead that's
00:41:46.360 --> 00:41:48.559
a whole nuts a foundation repair, but if it's
00:41:48.559 --> 00:41:50.199
negative slope that hasn't caused any damage
00:41:50.199 --> 00:41:53.000
It's moving dirt around so it's not usually massive
00:41:53.000 --> 00:41:55.000
amounts of money Unless you want to hire one
00:41:55.000 --> 00:41:56.940
of boulders fancy landscaping companies in which
00:41:56.940 --> 00:41:59.420
case it could be But if you hire your neighborhood
00:41:59.420 --> 00:42:02.519
landscaper that doesn't you know isn't doesn't
00:42:02.519 --> 00:42:05.239
live in Boulder but drives here That is a small
00:42:05.239 --> 00:42:07.199
mom -and -pop team. You're talking about a couple
00:42:07.199 --> 00:42:09.039
thousand bucks probably and it's the function
00:42:09.039 --> 00:42:10.599
over form You know, are you going for pretty
00:42:10.599 --> 00:42:13.159
or do you want it to have a positive slope, right?
00:42:13.809 --> 00:42:15.489
Right. I mean you want it to have a positive
00:42:15.489 --> 00:42:17.889
slope. That's like if that's your goal, you know
00:42:17.889 --> 00:42:21.150
gutters and gutter extensions and moving some
00:42:21.150 --> 00:42:23.070
dirt around usually solves all of those things
00:42:23.070 --> 00:42:25.929
and in most cases buyers particularly at the
00:42:25.929 --> 00:42:28.090
entry level the market look at this like I can
00:42:28.090 --> 00:42:32.510
move dirt like I can I have a wheelbarrow I've
00:42:32.510 --> 00:42:34.369
got some friends. I've got a landscaping. Yeah,
00:42:34.409 --> 00:42:36.489
you know, this is a summer project over the weekend
00:42:36.489 --> 00:42:39.469
But for higher -end homes, it could turn into
00:42:39.469 --> 00:42:42.980
a more significant Item but all of this is also
00:42:42.980 --> 00:42:44.760
easy to correct prior to listing So this is the
00:42:44.760 --> 00:42:46.659
one thing we haven't talked about is that and
00:42:46.659 --> 00:42:48.539
that's a good seller should seriously consider
00:42:48.539 --> 00:42:52.679
a pre listing inspection and We have often paid
00:42:52.679 --> 00:42:55.079
for it for our sellers because it adds so much
00:42:55.079 --> 00:42:58.059
value to the transaction process you increase
00:42:58.059 --> 00:43:01.260
transparency you increase trust and you have
00:43:01.260 --> 00:43:03.340
the opportunity to correct the issues found on
00:43:03.340 --> 00:43:05.980
the inspection report with the contractors of
00:43:05.980 --> 00:43:08.820
your choice and When you present all of that
00:43:08.820 --> 00:43:11.360
to a buyer who's thinking about writing an offer,
00:43:11.480 --> 00:43:13.920
here's the inspection report, and here's my adendum,
00:43:14.059 --> 00:43:16.460
or here's my cover page on all the things we
00:43:16.460 --> 00:43:19.539
corrected for you. As a buyer, you increase trust,
00:43:19.699 --> 00:43:21.260
you increase the probability of the deal closing,
00:43:21.780 --> 00:43:24.420
but you also decrease the romanticism of the
00:43:24.420 --> 00:43:27.079
house. And they're not invested in the house.
00:43:27.400 --> 00:43:29.940
So this is like a first date where the person's
00:43:29.940 --> 00:43:32.840
handing you their medical report, and you just
00:43:32.840 --> 00:43:35.840
got to know them. You really wanna have some
00:43:35.840 --> 00:43:39.539
romance, and you want the buyer to also, Have
00:43:39.539 --> 00:43:41.900
some skin in the game. So there is a downside
00:43:41.900 --> 00:43:44.800
to Pre -inspection reports as you remove the
00:43:44.800 --> 00:43:47.320
romance you remove the skin in the game But you
00:43:47.320 --> 00:43:49.039
do increase dramatically that if they're actually
00:43:49.039 --> 00:43:50.659
writing an offer you're gonna close because they
00:43:50.659 --> 00:43:53.420
knew all the things and you also Fixed a lot
00:43:53.420 --> 00:43:56.559
of the things prior to listing. That's a our
00:43:56.559 --> 00:43:58.539
recommended approach in a tough market. It's
00:43:58.539 --> 00:44:02.039
kind of tough It's kind of a hard thought to
00:44:02.039 --> 00:44:03.639
be like, okay Well, I'll shell out for a pre
00:44:03.639 --> 00:44:06.039
-inspection report and even then you know is
00:44:06.039 --> 00:44:10.449
my house gonna sell but it is Think a lot it's
00:44:10.449 --> 00:44:12.510
a much more secure way to make improvements on
00:44:12.510 --> 00:44:15.969
your home for its sellability Get ahead of the
00:44:15.969 --> 00:44:18.190
issues and then paired with you know, like a
00:44:18.190 --> 00:44:20.170
staging consultation from us and the stager that
00:44:20.170 --> 00:44:23.969
we work with you bring kind of a very complete
00:44:23.969 --> 00:44:27.690
package to market versus Kind of selling it blind
00:44:27.690 --> 00:44:30.309
and being surprised when there's big ticket items
00:44:30.309 --> 00:44:33.949
It everyone has their own approach to it a lot
00:44:33.949 --> 00:44:35.989
of sellers are wondering why am I paying for
00:44:35.989 --> 00:44:39.059
the buyer's inspection? And you're not, you're
00:44:39.059 --> 00:44:44.340
saving a lot of money on the choice of contractor
00:44:44.340 --> 00:44:47.460
and the timeline of contractor. If you wait for
00:44:47.460 --> 00:44:50.300
the inspection process, often there's only a
00:44:50.300 --> 00:44:53.179
day or two to reach resolution. And so you will
00:44:53.179 --> 00:44:55.659
pay a lot more than you probably would have for
00:44:55.659 --> 00:44:57.760
a hot water heater or for repairs Or you may
00:44:57.760 --> 00:44:59.539
have the buyer freak out and bail out entirely
00:44:59.539 --> 00:45:02.320
and so pre -inspection reports are actually a
00:45:02.320 --> 00:45:05.139
really good idea As long as our client understands
00:45:05.139 --> 00:45:07.280
what the trade -off is and that's part of that
00:45:07.280 --> 00:45:09.760
is walking our client the seller in this case
00:45:09.760 --> 00:45:12.920
is what we're talking about through the buyer
00:45:12.920 --> 00:45:16.679
journey Yeah, and putting them in the buyer's
00:45:16.679 --> 00:45:18.579
shoes, right? Put yourself in the buyer's shoes
00:45:18.579 --> 00:45:22.260
and imagine your your energy, your vibe as you
00:45:22.260 --> 00:45:24.179
go through this process. And what's your energy
00:45:24.179 --> 00:45:25.820
and your vibe like when you have this inspection
00:45:25.820 --> 00:45:28.210
report that's thorough? and that shows you've
00:45:28.210 --> 00:45:29.809
addressed most of the repairs that were needed,
00:45:30.349 --> 00:45:32.170
and also says we're not addressing this because
00:45:32.170 --> 00:45:33.789
it's just related to the age of the home, it
00:45:33.789 --> 00:45:35.530
is what it is, maybe it's a cracked sidewalk,
00:45:36.030 --> 00:45:38.630
but we have already replaced the furnace. They
00:45:38.630 --> 00:45:40.329
don't say, oh, you replaced the furnace with
00:45:40.329 --> 00:45:42.170
the cheapest model, they're just thrilled they
00:45:42.170 --> 00:45:44.210
have a new furnace. They don't care that you
00:45:44.210 --> 00:45:46.369
went with a cheaper shingle, they just care,
00:45:46.429 --> 00:45:48.690
and the cheapest roofer, they're just happy you
00:45:48.690 --> 00:45:50.170
got a new roof. Sweet, the roof is done, yeah.
00:45:50.190 --> 00:45:51.849
Right, so all of, so you have to, but if you're
00:45:51.849 --> 00:45:53.750
doing it in the inspection process, suddenly
00:45:53.750 --> 00:45:55.530
the buyer's gonna want the gold -plated furnace,
00:45:55.730 --> 00:45:57.550
and the most expensive, of roof they can possibly
00:45:57.550 --> 00:46:00.369
find and their specific contractor and yeah,
00:46:00.550 --> 00:46:02.309
so there's there's conflicts of interest that
00:46:02.309 --> 00:46:05.989
can be Avoided or at least understood prior to
00:46:05.989 --> 00:46:08.309
getting to that point, right? And there's another
00:46:08.309 --> 00:46:10.170
game that some agents play and I'm gonna I'm
00:46:10.170 --> 00:46:12.889
gonna be very clear about this They intentionally
00:46:12.889 --> 00:46:16.570
underpriced the house to remove inspection conditions
00:46:16.570 --> 00:46:19.750
to get multiple offers So the house sells quickly
00:46:19.750 --> 00:46:23.400
with less hassle. It's It's I would say it's
00:46:23.400 --> 00:46:25.820
like one in 20 listings We see people do that
00:46:25.820 --> 00:46:27.679
and there may be one in our in our sales of the
00:46:27.679 --> 00:46:28.980
week because there's some of these that were
00:46:28.980 --> 00:46:32.119
Were pretty intense bidding wars. I think it
00:46:32.119 --> 00:46:35.380
was a half million dollar above list Sale in
00:46:35.380 --> 00:46:37.800
here. Yeah, and I didn't actually see this house
00:46:37.800 --> 00:46:39.480
But this could have been one of those scenarios
00:46:39.480 --> 00:46:42.039
where they intentionally priced it so low Just
00:46:42.039 --> 00:46:44.239
so that they would get the bidding war and that
00:46:44.239 --> 00:46:47.099
is that approach is predicated on either one
00:46:47.099 --> 00:46:49.820
of two things Either the seller didn't know or
00:46:49.820 --> 00:46:51.900
the seller intentionally also agreed on this
00:46:51.900 --> 00:46:54.760
as a strategy. It's not a common strategy for
00:46:54.760 --> 00:46:57.559
Boulder. It's super common in Bay Area markets
00:46:57.559 --> 00:47:00.239
where people will pre -inspect, give you two
00:47:00.239 --> 00:47:02.300
full weeks to get your offers on. The California
00:47:02.300 --> 00:47:04.960
listing model. Yeah, the California listing model.
00:47:05.099 --> 00:47:06.699
You have two full weeks. Here's the inspection
00:47:06.699 --> 00:47:09.159
report. If you want your own inspector, go for
00:47:09.159 --> 00:47:11.800
it, but we're not gonna take any offers. that
00:47:11.800 --> 00:47:14.559
have any contingencies. So your financing contingency,
00:47:14.679 --> 00:47:16.840
that's your problem. Your inspection issues,
00:47:16.880 --> 00:47:18.820
that's your problem. We've disclosed everything,
00:47:19.059 --> 00:47:22.800
take it as is or not. And that is driven by an
00:47:22.800 --> 00:47:25.539
intentionally low list price. So that 100 % is
00:47:25.539 --> 00:47:28.400
why you see crazy bidding wars in the Bay Area
00:47:28.400 --> 00:47:31.699
and also all that AI money in the market. High
00:47:31.699 --> 00:47:36.840
demand too, yeah. Not common in Boulder. An option,
00:47:37.059 --> 00:47:39.920
okay, but I almost never see it. In fact, I don't
00:47:39.920 --> 00:47:42.559
think I've seen it a single time. As a buyer,
00:47:42.719 --> 00:47:45.559
I would be cautious to spend a lot of money on
00:47:45.559 --> 00:47:49.039
an inspection process before being under contract
00:47:49.039 --> 00:47:51.480
to submit an offer that you might not get accepted.
00:47:51.659 --> 00:47:53.559
You don't have to spend anything. You can rely
00:47:53.559 --> 00:47:55.599
on the buyer's inspector. You could, but write
00:47:55.599 --> 00:47:58.099
anything additional or any secondary you're paying
00:47:58.099 --> 00:48:00.090
for. Okay, but if you're serious about buying
00:48:00.090 --> 00:48:02.070
the house spending six hundred bucks on an inspection
00:48:02.070 --> 00:48:03.929
I'm serious about buying the house, but I don't
00:48:03.929 --> 00:48:06.210
know if I can out -compete whatever You might
00:48:06.210 --> 00:48:07.789
spend six hundred bucks and not have a chance
00:48:07.789 --> 00:48:10.150
at the house and that's the part that sucks And
00:48:10.150 --> 00:48:13.050
it's I feel like when you pre -inspect you should
00:48:13.050 --> 00:48:15.969
use a reputable Inspector. Yep, and you should
00:48:15.969 --> 00:48:19.050
do the basics radon sewer scope. I don't know
00:48:19.050 --> 00:48:21.969
about an infrared test I just paid for it for
00:48:21.969 --> 00:48:23.829
the one I have under contract, but you have an
00:48:23.829 --> 00:48:26.179
infrared I have the camera, I know, but I don't
00:48:26.179 --> 00:48:29.380
have the time. I don't have the time to go through
00:48:29.380 --> 00:48:32.059
it, so pay the 50 bucks and let the inspector
00:48:32.059 --> 00:48:34.500
do the infrared photography. Plus, that house
00:48:34.500 --> 00:48:38.460
is occupied by five college -age boys, and I
00:48:38.460 --> 00:48:40.300
really don't want to be in the middle of that
00:48:40.300 --> 00:48:43.099
with my infrared camera, almost certainly. Based
00:48:43.099 --> 00:48:45.920
on the cosigners, it's almost certainly animal
00:48:45.920 --> 00:48:50.460
house over there. The staging was not staging,
00:48:50.739 --> 00:48:53.010
but it... It was so funky. I've got some pictures.
00:48:53.130 --> 00:48:54.230
I'll share with you. You're talking about the
00:48:54.230 --> 00:48:56.050
house I have under contract. Okay. All right
00:48:56.050 --> 00:48:58.449
Well, we're gonna leave that one out until if
00:48:58.449 --> 00:49:00.210
we close because we're not the inspection on
00:49:00.210 --> 00:49:01.849
Thursday So we'll talk about hey while we're
00:49:01.849 --> 00:49:04.530
here. Thank you listeners last week We posted
00:49:04.530 --> 00:49:07.150
Osmond as our shameless self -promotion and Osmond
00:49:07.150 --> 00:49:11.710
is under contract. So it worked I will say the
00:49:11.710 --> 00:49:14.050
manifestation worked, but it was it was the market.
00:49:14.070 --> 00:49:16.550
Mr. Market brought it to us Yeah, I would have
00:49:16.550 --> 00:49:18.670
loved to have it come from interior channels.
00:49:18.670 --> 00:49:20.630
It would be really fun and it's not a done deal
00:49:20.650 --> 00:49:22.150
yet there are some things about that particular
00:49:22.150 --> 00:49:25.329
property that could be problematic, so we are
00:49:25.329 --> 00:49:27.570
working our way thoroughly through it in good
00:49:27.570 --> 00:49:30.650
faith, the earnest money is deposited, and hopefully
00:49:30.650 --> 00:49:35.010
it works out, we'll see. Okay, I think we have
00:49:35.010 --> 00:49:38.809
covered this pretty extensively. I think we're
00:49:38.809 --> 00:49:41.070
good, do we wanna do anything, inspection issues,
00:49:41.269 --> 00:49:43.230
due diligence document? I do wanna clarify that.
00:49:43.690 --> 00:49:46.050
So the due diligence segment of the contract,
00:49:46.690 --> 00:49:49.329
even though it's no longer new, it is still,
00:49:50.360 --> 00:49:53.000
untrodded waters because there isn't as clearly
00:49:53.000 --> 00:49:56.159
a defined process for reaching resolution as
00:49:56.159 --> 00:49:58.619
there is for inspection issues. In fact, there's
00:49:58.619 --> 00:50:01.619
not even a standard form. Which if real estate
00:50:01.619 --> 00:50:03.679
commission you're hearing this there should be
00:50:03.679 --> 00:50:06.099
a standard form for due diligence objection and
00:50:06.099 --> 00:50:08.260
due due due diligence Resolution if you're gonna
00:50:08.260 --> 00:50:10.280
have the deadline for due diligence objection
00:50:10.280 --> 00:50:12.760
and resolution. Why is why is there not a standard
00:50:12.760 --> 00:50:15.039
form? I don't know. I'm not on the forms committee
00:50:15.039 --> 00:50:17.420
I actually throw in my resume to be on the forms
00:50:17.420 --> 00:50:19.440
committee and they didn't knock on my door or
00:50:19.440 --> 00:50:21.719
even call me so I'm not sure what that's about
00:50:21.719 --> 00:50:24.800
but It should be a standard form. So due diligence
00:50:24.800 --> 00:50:29.480
documents are things like permits Or warranties
00:50:29.480 --> 00:50:32.800
or invoices and receipts or utility costs or
00:50:32.800 --> 00:50:34.980
previous inspection reports or environmental
00:50:34.980 --> 00:50:37.480
tests? all of which you should be asking for
00:50:37.480 --> 00:50:39.639
in the due diligence segment of the contract
00:50:39.639 --> 00:50:43.219
and If there is a red flag that shows up in those
00:50:43.219 --> 00:50:45.780
due diligence documents You should issue the
00:50:45.780 --> 00:50:48.639
objection by the appropriate deadline and you
00:50:48.639 --> 00:50:51.320
should reach resolution by the appropriate deadline
00:50:51.320 --> 00:50:54.139
But there's nowhere in the contract process that
00:50:54.139 --> 00:50:57.070
well There that is defined in the contract process,
00:50:57.070 --> 00:50:59.789
but the standard forms are not so the how -to
00:50:59.789 --> 00:51:02.869
is not the how -to It's it's it's unclear. So
00:51:02.869 --> 00:51:05.889
we are now in our first due diligence document
00:51:05.889 --> 00:51:08.750
objection with a different deal and we will work
00:51:08.750 --> 00:51:13.269
our way through it It's documents are not really
00:51:13.269 --> 00:51:15.349
an inspection objection item. So keep that in
00:51:15.349 --> 00:51:17.719
mind that you may want to not conflate these
00:51:17.719 --> 00:51:20.380
things But most agents are more familiar with
00:51:20.380 --> 00:51:22.739
the inspection all agents in Colorado are more
00:51:22.739 --> 00:51:24.619
familiar with this inspection objection resolution
00:51:24.619 --> 00:51:27.119
process Yeah, then the due diligence document
00:51:27.119 --> 00:51:30.500
objection resolution process question for you.
00:51:31.219 --> 00:51:35.320
I I'm sure it's both But I almost wonder if like
00:51:35.320 --> 00:51:38.820
due diligence document objection can also be
00:51:38.820 --> 00:51:42.480
like hey I want this particular document and
00:51:42.480 --> 00:51:45.739
you haven't given it to me I'm sure that you
00:51:45.739 --> 00:51:48.000
could probably, that would fall under the same
00:51:48.000 --> 00:51:52.039
objection umbrella. I would think so. If you
00:51:52.039 --> 00:51:53.920
ask for a certain document and they didn't provide
00:51:53.920 --> 00:51:56.000
it, I think you can issue an inspection or a
00:51:56.000 --> 00:51:57.900
due diligence document objection that you never
00:51:57.900 --> 00:52:00.760
received the utility bills. Yeah, something like
00:52:00.760 --> 00:52:03.019
that. And then it's the findings within that
00:52:03.019 --> 00:52:06.340
you can also object to. That's cool. Yeah, that
00:52:06.340 --> 00:52:08.099
makes sense. Okay, so that's the distinguish
00:52:08.099 --> 00:52:10.940
and good question. how it's different from the
00:52:10.940 --> 00:52:13.099
inspection, objection and resolution process.
00:52:13.639 --> 00:52:15.739
And to put a bow on this topic, I'm gonna reiterate
00:52:15.739 --> 00:52:18.760
that it's really the buyer's agent that sets
00:52:18.760 --> 00:52:21.719
expectations. And this is where an experienced
00:52:21.719 --> 00:52:23.679
buyer's agent that's been in the business for
00:52:23.679 --> 00:52:26.760
a decade or longer have done so many deals in
00:52:26.760 --> 00:52:28.659
theory, they've done so many deals that they
00:52:28.659 --> 00:52:31.000
have walked many clients, many buyers through
00:52:31.000 --> 00:52:35.000
how to work through due diligence. develop a
00:52:35.000 --> 00:52:37.420
notice to correct which is like Martin Luther
00:52:37.420 --> 00:52:40.559
nailing your objections to the to the door and
00:52:40.559 --> 00:52:42.940
Then together between buyer and seller helping
00:52:42.940 --> 00:52:44.739
people come up with a solution that works for
00:52:44.739 --> 00:52:47.400
both parties It has to work for both parties
00:52:47.400 --> 00:52:49.780
or there's no deal and the deal Automatically
00:52:49.780 --> 00:52:52.219
will terminate on the inspection resolution deadline
00:52:52.219 --> 00:52:55.239
if the parties can't reach an agreement Which
00:52:55.239 --> 00:52:57.539
there's one of those in play right now for us
00:52:57.539 --> 00:53:00.820
today At 7 pm and we are six and a half hours
00:53:00.820 --> 00:53:02.579
away and don't know how this story is going to
00:53:02.579 --> 00:53:06.199
end But we are on call to solve it Yeah, so availability
00:53:06.199 --> 00:53:09.199
of your agent to actually be able to help you
00:53:09.199 --> 00:53:11.699
reach resolution Develop your notice to correct
00:53:11.699 --> 00:53:14.659
and issue and negotiate with the other side is
00:53:14.659 --> 00:53:17.219
vital and the deal We're currently working on
00:53:17.219 --> 00:53:19.400
we'll talk about in the future, but i'm so impressed
00:53:19.400 --> 00:53:22.340
with this agent generally it's been a while since
00:53:22.340 --> 00:53:24.420
i've done a deal with this agent and certainly
00:53:24.420 --> 00:53:28.530
not one that was this involved and his communication
00:53:28.530 --> 00:53:31.849
has been fantastic. And I've met him with his
00:53:31.849 --> 00:53:34.429
communication by also giving him a lot more communication
00:53:34.429 --> 00:53:37.449
than I normally would because it's a mutual process
00:53:37.449 --> 00:53:40.230
to come to resolution. It is not a punch the
00:53:40.230 --> 00:53:42.250
seller in the face and the seller punches the
00:53:42.250 --> 00:53:45.130
buyer in the face approach. If you wanna maximize
00:53:45.130 --> 00:53:48.849
the result, there's also unethical approaches.
00:53:49.750 --> 00:53:51.590
Once you're under contract, you can demand a
00:53:51.590 --> 00:53:55.980
massive concession for something that is... Part
00:53:55.980 --> 00:53:58.800
and parcel with an older house, right? Yeah,
00:53:58.840 --> 00:54:01.900
and you and and this is I've been there The listing
00:54:01.900 --> 00:54:04.400
agent has said to me that's the most ridiculous
00:54:04.400 --> 00:54:07.079
Effing thing I've ever heard I got to meet that
00:54:07.079 --> 00:54:09.139
agent that you're some objecting to this. Yeah,
00:54:09.320 --> 00:54:12.900
and I've said you're absolutely right Yeah, I
00:54:12.900 --> 00:54:14.920
completely agree with you It's a it's absurd
00:54:14.920 --> 00:54:17.019
heard and at the same time our clients gonna
00:54:17.019 --> 00:54:19.239
terminate if we don't get this X dollar amount
00:54:19.239 --> 00:54:22.739
So your choice I I hear you and I agree with
00:54:22.739 --> 00:54:25.599
you And it's also true if we don't get 50 grand
00:54:25.599 --> 00:54:28.239
out of your seller that we're done before I close
00:54:28.239 --> 00:54:32.920
before we close out question for you Wait, hold
00:54:32.920 --> 00:54:35.760
on. Let me wrap this with a bow. And let me just
00:54:35.760 --> 00:54:37.679
say, so there are ethical approaches to working
00:54:37.679 --> 00:54:40.280
together and resolving real inspection issues.
00:54:40.559 --> 00:54:43.719
And then there's nonsense, and a laundry list,
00:54:43.840 --> 00:54:47.659
and let's throw everything and the pie into the
00:54:47.659 --> 00:54:49.539
bucket, everything and the hat. There's a word,
00:54:49.739 --> 00:54:52.019
there's an analogy. Everything and the kitchen
00:54:52.019 --> 00:54:55.639
sink into the notice to correct. That approach
00:54:55.639 --> 00:54:58.239
usually results in far better results. Focusing
00:54:58.239 --> 00:55:00.420
on three to five real issues usually results
00:55:00.420 --> 00:55:02.670
in the best outcome. And at the end of the day,
00:55:02.809 --> 00:55:05.110
whatever we object to, we have to come up with
00:55:05.110 --> 00:55:07.190
resolution that works for both parties. If we
00:55:07.190 --> 00:55:10.289
don't, there's no deal, period. And so you as
00:55:10.289 --> 00:55:13.389
a buyer can play chicken because the seller doesn't
00:55:13.389 --> 00:55:17.050
have the ability to terminate the contract. You
00:55:17.050 --> 00:55:19.210
as a buyer have the ability to terminate the
00:55:19.210 --> 00:55:21.230
contract and you have the ability to withdraw
00:55:21.230 --> 00:55:24.489
your objections, which you can do one minute
00:55:24.489 --> 00:55:26.829
before the deadline expires. And yes, I have
00:55:26.829 --> 00:55:29.769
been there. Many times more typically in the
00:55:29.769 --> 00:55:32.250
early part of my career where we are right to
00:55:32.250 --> 00:55:34.230
the finish line playing chicken over an inspection
00:55:34.230 --> 00:55:37.210
objection process and sometimes it works and
00:55:37.210 --> 00:55:39.650
sometimes it doesn't it just depends on the seller
00:55:39.650 --> 00:55:43.130
and their agent who's advising them and and and
00:55:43.130 --> 00:55:44.889
do you want this house or not right because you
00:55:44.889 --> 00:55:47.230
could play chicken all the way to One minute
00:55:47.230 --> 00:55:49.949
before the deadline and then rescind your objection
00:55:49.949 --> 00:55:54.769
and stay in contract bonkers Playing chicken.
00:55:54.769 --> 00:56:01.219
Yeah We sure love it Anyhow, yeah sarcasm if
00:56:01.219 --> 00:56:03.800
you're wondering. Yeah, so question. What do
00:56:03.800 --> 00:56:05.460
you think and I don't even know how it would
00:56:05.460 --> 00:56:09.000
be enforced or anything, but I Started to wonder
00:56:09.000 --> 00:56:12.059
about like inspections where the buyers will
00:56:12.059 --> 00:56:15.420
get a credit There's nothing enforcing that the
00:56:15.420 --> 00:56:17.860
buyers use it on what they objected to do you
00:56:17.860 --> 00:56:20.840
think there that should ever be a thing or It's
00:56:20.840 --> 00:56:23.159
like okay. I'm gonna collect this call it, you
00:56:23.159 --> 00:56:27.639
know $30 ,000 credit Over my objection to the
00:56:27.639 --> 00:56:29.679
cracks in the driveway, but I'm never gonna fix
00:56:29.679 --> 00:56:32.400
them I just wanted the money like is it because
00:56:32.400 --> 00:56:34.900
the argument could be that it's worth 30 ,000
00:56:34.900 --> 00:56:39.860
less to me as a seller you could say I'm gonna
00:56:39.860 --> 00:56:41.760
put this money in an escrow for three months.
00:56:41.760 --> 00:56:44.800
Mmm, and you have three months to submit the
00:56:44.800 --> 00:56:47.539
invoice for the crack driveway repair that you
00:56:47.539 --> 00:56:50.659
used on me to get this credit for whatever the
00:56:50.659 --> 00:56:53.519
dollar amount is, and you're gonna use that contractor,
00:56:53.599 --> 00:56:56.719
we will only pay that contractor 1800 to 2500
00:56:56.719 --> 00:56:59.079
bucks to seal the driveway cracks. And we're
00:56:59.079 --> 00:57:00.739
only gonna put that in escrow. If you really
00:57:00.739 --> 00:57:02.039
wanted to do that, you would. That would bother
00:57:02.039 --> 00:57:04.400
so many buyers. It would bud buyers, and it doesn't,
00:57:04.619 --> 00:57:08.500
that's very like spite driven. Totally. So the
00:57:08.500 --> 00:57:12.039
sellers, this is where you typically want a credit
00:57:12.039 --> 00:57:15.119
because sellers are motivated to save as much
00:57:15.119 --> 00:57:17.719
money as possible. And in theory, buyers are
00:57:17.719 --> 00:57:20.260
motivated to get the work done with the contractor
00:57:20.260 --> 00:57:22.380
of their choice and hopefully have quality work
00:57:22.380 --> 00:57:25.019
done. And the price differential can be very
00:57:25.019 --> 00:57:29.300
large. So usually buyers prefer credit, but not
00:57:29.300 --> 00:57:31.039
always. Sometimes the buyers want the work done.
00:57:31.920 --> 00:57:34.579
And there's also a difficult thing to navigate
00:57:34.579 --> 00:57:37.179
with regard to the inspection resolution, because
00:57:37.179 --> 00:57:40.000
the resolution is supposed to be given to the
00:57:40.000 --> 00:57:42.579
lender. And if the lender sees a major issue
00:57:42.579 --> 00:57:46.630
on the resolution, they may require that issue
00:57:46.630 --> 00:57:50.429
to be corrected prior to closing. And so you
00:57:50.429 --> 00:57:53.849
have to add that little additional piece of like
00:57:53.849 --> 00:57:56.469
where the lender is in a way keeping the buyer
00:57:56.469 --> 00:57:59.829
honest. Like if you're objecting to it, I'm objecting
00:57:59.829 --> 00:58:02.070
to it because your house is my collateral for
00:58:02.070 --> 00:58:04.369
the loan. I'll show your lender. Are you really
00:58:04.369 --> 00:58:06.849
objecting to this? Well, I've never had a seller
00:58:06.849 --> 00:58:10.750
threaten to show the lender resolution. And this
00:58:10.750 --> 00:58:13.489
is all spiteful. Well, I mean, this is sort of
00:58:13.489 --> 00:58:15.789
spiteful gamesmanship, but humans are humans
00:58:15.789 --> 00:58:18.489
and people behave in spiteful ways subconsciously
00:58:18.489 --> 00:58:21.449
all the time. And so understanding human nature,
00:58:21.590 --> 00:58:25.769
I think, is important. And the right mindset
00:58:25.769 --> 00:58:28.610
is one of collaboration, focusing on big ticket
00:58:28.610 --> 00:58:30.750
items and hopefully getting a result that works
00:58:30.750 --> 00:58:33.349
for all parties. And if it's not the right house,
00:58:33.670 --> 00:58:35.610
rather than issuing the inspection objection
00:58:35.610 --> 00:58:38.010
that you're going to terminate on anyway, it's
00:58:38.010 --> 00:58:40.510
better to just terminate. Just terminate. Don't
00:58:40.510 --> 00:58:42.989
even give them the inspection report. Wash your
00:58:42.989 --> 00:58:46.010
hands. and let's move on. Because if you give
00:58:46.010 --> 00:58:48.090
them the inspection report and your notice to
00:58:48.090 --> 00:58:50.030
correct, you're also putting an obligation on
00:58:50.030 --> 00:58:51.750
the seller now to update their seller's property
00:58:51.750 --> 00:58:54.269
disclosure. All future buyers supposedly need
00:58:54.269 --> 00:58:56.349
to know what you now know. In practice, does
00:58:56.349 --> 00:58:58.510
that actually happen? I don't know. I think sometimes
00:58:58.510 --> 00:59:01.289
sellers will not update the SPD and some agents
00:59:01.289 --> 00:59:03.630
will pretend to not know about this issue. Yeah.
00:59:04.250 --> 00:59:07.650
I recently had one where I asked the seller prior
00:59:07.650 --> 00:59:09.429
to the listing hitting the market Do you know
00:59:09.429 --> 00:59:12.710
if this house has ethos on the outside? Do you
00:59:12.710 --> 00:59:15.230
or the seller know if the exterior finish of
00:59:15.230 --> 00:59:17.670
this house is ethos and their answer was the
00:59:17.670 --> 00:59:19.829
seller does not know Yep, they didn't say anything
00:59:19.829 --> 00:59:21.630
about them. Not knowing. Yeah, and what about
00:59:21.630 --> 00:59:27.570
you? right, but what about you right and Anyway,
00:59:28.530 --> 00:59:34.260
yeah read the tea leaves. Yep. Okay this Working
00:59:34.260 --> 00:59:38.139
here has removed my naivety, but I am still quite
00:59:38.139 --> 00:59:42.559
nice especially on human nature. I Mean we're
00:59:42.559 --> 00:59:45.000
all learning. I'm not an expert in human in human
00:59:45.000 --> 00:59:49.420
nature either, but I definitely value the study
00:59:49.420 --> 00:59:52.730
of human nature because it influences the advice
00:59:52.730 --> 00:59:55.010
we give our clients it also influences whether
00:59:55.010 --> 00:59:58.789
we take a client or not it's important to get
00:59:58.789 --> 01:00:01.230
a good read on people and doesn't mean your read
01:00:01.230 --> 01:00:03.150
is always right but at least you should have
01:00:03.150 --> 01:00:06.550
the ability to read people and and yeah that's
01:00:06.550 --> 01:00:11.150
where sellers are always optimistic that their
01:00:11.150 --> 01:00:13.250
house has no issues even if they've done nothing
01:00:13.250 --> 01:00:16.389
to maintain it over decades buyers are always
01:00:16.389 --> 01:00:19.050
are always convinced the sellers hiding things
01:00:19.050 --> 01:00:23.539
and they might be and it's better to use the
01:00:23.539 --> 01:00:26.059
SPD, seller's property disclosure, as a guide,
01:00:26.480 --> 01:00:28.260
but don't expect it to be thorough or complete,
01:00:28.340 --> 01:00:32.159
because it rarely is. And do a thorough inspection
01:00:32.159 --> 01:00:34.739
process, but be realistic about how good the
01:00:34.739 --> 01:00:37.320
inspectors are, and have an understanding of
01:00:37.320 --> 01:00:40.400
the objection and resolution process, and also
01:00:40.400 --> 01:00:42.019
make sure this is really the house you want,
01:00:42.400 --> 01:00:44.579
because if it's really the house you want, Usually
01:00:44.579 --> 01:00:46.360
the inspection issues can be resolved in a way
01:00:46.360 --> 01:00:48.539
that satisfies you But if it's not the house
01:00:48.539 --> 01:00:50.980
you want you just need to get out and move on
01:00:50.980 --> 01:00:53.500
because it can be a drawn -out process to no
01:00:53.500 --> 01:00:56.679
end if you Yeah, don't force yourself to buy
01:00:56.679 --> 01:00:59.440
a house. You don't want You know, it's yeah,
01:00:59.639 --> 01:01:01.460
like there's no amount of fixing inspection issues.
01:01:01.460 --> 01:01:03.260
That's gonna make this house more desirable for
01:01:03.260 --> 01:01:06.420
you Like a new sewer line doesn't make a house
01:01:06.420 --> 01:01:09.179
desirable. Oh my god. It flushes so smooth now,
01:01:09.179 --> 01:01:11.039
right? Like oh, I really changed my opinion.
01:01:11.039 --> 01:01:12.719
I have a new roof The house is worth so much
01:01:12.719 --> 01:01:14.920
more to me now. It doesn't these are just deferred
01:01:14.920 --> 01:01:17.139
maintenance items Well, the roof is the sewer
01:01:17.139 --> 01:01:19.340
line could just be a break and you definitely
01:01:19.340 --> 01:01:21.500
have had that Okay, I think it's time to move
01:01:21.500 --> 01:01:23.400
on we've beaten this puppy to death on the closing
01:01:23.400 --> 01:01:25.199
table So let's move on to tales from the trenches.
01:01:25.219 --> 01:01:30.719
Yeah, let's do that And this is a real deal.
01:01:31.659 --> 01:01:35.800
It was in the Prospect neighborhood in Longmont.
01:01:36.380 --> 01:01:38.280
I'm not gonna mention the address or the listing
01:01:38.280 --> 01:01:41.460
agent, but we put this house under contract.
01:01:42.599 --> 01:01:45.980
And when we were looking at the house, it looked
01:01:45.980 --> 01:01:49.119
like the chimney surround was wrapped in ethos.
01:01:49.420 --> 01:01:52.000
I tapped on. The wall and it had a little bit
01:01:52.000 --> 01:01:55.139
of hollowness to it Which isn't which in my if
01:01:55.139 --> 01:01:57.119
you get a feel for what ethos feels like you're
01:01:57.119 --> 01:01:58.900
it's not a hundred percent predictive But it's
01:01:58.900 --> 01:02:01.340
reasonably accurate. I'm like this I think this
01:02:01.340 --> 01:02:03.320
is ethos and when you looked up there was like
01:02:03.320 --> 01:02:07.420
a Horizontal like a diagonal crack close to the
01:02:07.420 --> 01:02:11.860
chimney cap. Mm -hmm well sure enough the inspector
01:02:11.860 --> 01:02:16.619
flagged it as ethos and as being a problem up
01:02:16.619 --> 01:02:21.610
there and the listing agent their response was,
01:02:21.789 --> 01:02:25.510
my husband's a builder, this is a $7 ,500 maximum
01:02:25.510 --> 01:02:28.610
credit we're gonna give you. And we had to negotiate
01:02:28.610 --> 01:02:31.489
for more time because we needed an actual estimate
01:02:31.489 --> 01:02:35.230
from an EFIS repair company to go up there, test
01:02:35.230 --> 01:02:37.449
the EFIS, see how much moisture was up there
01:02:37.449 --> 01:02:40.570
and provide a reasonable estimate. And the reasonable
01:02:40.570 --> 01:02:43.989
estimate was 10 times the 70, it was $75 ,000
01:02:43.989 --> 01:02:46.800
to repair. And at the end of the day, we got
01:02:46.800 --> 01:02:49.000
that as a credit. I think we may have escrowed
01:02:49.000 --> 01:02:50.940
for it. I don't remember exactly because this
01:02:50.940 --> 01:02:53.159
is years ago. But the interesting part of this
01:02:53.159 --> 01:02:57.829
negotiation is... how emphatic the listing agent
01:02:57.829 --> 01:03:01.070
was about how minimal the EFIS cost, the EFIS
01:03:01.070 --> 01:03:03.389
repair cost would be. Yeah, how confident, right?
01:03:03.590 --> 01:03:07.449
And we had to work with her and the ego of, okay,
01:03:07.550 --> 01:03:09.170
your husband's a builder and you guys know a
01:03:09.170 --> 01:03:11.650
lot about EFIS, I hear you, but the buyer's not
01:03:11.650 --> 01:03:14.849
gonna hire your husband and we need actual estimates.
01:03:14.949 --> 01:03:18.010
Yeah. And that means they actually need time
01:03:18.010 --> 01:03:20.699
to go out there to... to look at it and evaluate
01:03:20.699 --> 01:03:23.280
it and write up an estimate, so we need to extend
01:03:23.280 --> 01:03:25.099
the resolution deadline. And they eventually
01:03:25.099 --> 01:03:27.900
reluctantly agreed to extend the resolution deadline.
01:03:29.420 --> 01:03:32.360
And yeah, it ended up being a $75 ,000 repair
01:03:32.360 --> 01:03:35.440
just for the chimney surround. And the seller
01:03:35.440 --> 01:03:37.440
paid for it. I just don't remember if it was
01:03:37.440 --> 01:03:39.519
escrowed or not or if they just paid for it as
01:03:39.519 --> 01:03:41.079
a credit up front, but I think they escrowed
01:03:41.079 --> 01:03:43.400
for it because they were in disbelief. But it
01:03:43.400 --> 01:03:45.500
turned out to actually have all this damage.
01:03:46.139 --> 01:03:48.659
Surrounding the chimney in the in and rebuilding
01:03:48.659 --> 01:03:53.159
it all was very expensive. I'm uh They got there
01:03:53.159 --> 01:03:57.079
you guys had your estimate submitted at 75k Did
01:03:57.079 --> 01:03:59.460
the listing agent she wasn't like, okay? I'll
01:03:59.460 --> 01:04:01.599
be going up there and write me an estimate there
01:04:01.599 --> 01:04:03.820
anything like that to fight back with there I
01:04:03.820 --> 01:04:05.639
think at that point she knew the gig was up.
01:04:05.840 --> 01:04:09.239
Yeah Yeah, but what was interesting in this negotiation
01:04:09.239 --> 01:04:12.500
was just how strong the ego was how like and
01:04:12.500 --> 01:04:14.519
this is where understanding human nature is important
01:04:14.519 --> 01:04:17.570
where somebody is Saying my family's in the business.
01:04:17.730 --> 01:04:20.110
This is not going to exceed 7500 bucks. It's
01:04:20.110 --> 01:04:22.889
a simple repair Stop being ridiculous. Chill
01:04:22.889 --> 01:04:25.110
chill. I've dealt with ethos before even I remember
01:04:25.110 --> 01:04:30.429
her saying that and in negotiation Telling somebody
01:04:30.429 --> 01:04:31.869
they don't know what they're talking about is
01:04:31.869 --> 01:04:34.030
not going to result in good things. Yeah, that
01:04:34.030 --> 01:04:36.849
never goes off Like you say, I don't think you
01:04:36.849 --> 01:04:38.739
know what you're talking about and fight with
01:04:38.739 --> 01:04:41.119
that agent over their competency is not gonna
01:04:41.119 --> 01:04:43.599
result in them wanting to encourage this process
01:04:43.599 --> 01:04:46.679
to continue. Instead, reasonably asking for more
01:04:46.679 --> 01:04:49.239
time. We need to get an independent company out
01:04:49.239 --> 01:04:51.320
there that's an expert in EFIS to actually provide
01:04:51.320 --> 01:04:53.559
written estimates. We need more time. You are
01:04:53.559 --> 01:04:55.840
welcome to do the same, but without that time,
01:04:55.960 --> 01:04:57.860
we're not gonna be able to come up with a reasonable
01:04:57.860 --> 01:04:59.639
resolution and we're gonna just terminate, so
01:04:59.639 --> 01:05:02.659
it's up to you. And they agreed to give us more
01:05:02.659 --> 01:05:05.730
time. Our clients behaved ethically. They got
01:05:05.730 --> 01:05:08.070
real estimates. They got the work done. It was
01:05:08.070 --> 01:05:10.389
75 grand. It was a big number. I'm throwing out
01:05:10.389 --> 01:05:13.570
75 grand as the roundup, but it was approaching
01:05:13.570 --> 01:05:18.579
$100 ,000 repair. and it was just a very interesting
01:05:18.579 --> 01:05:21.019
negotiation because of dealing with that super
01:05:21.019 --> 01:05:23.860
strong ego and confidence of the listing agent
01:05:23.860 --> 01:05:26.519
trying to berate me into pushing our client to
01:05:26.519 --> 01:05:29.239
just take the $7 ,500 credit. And boy, I'm so
01:05:29.239 --> 01:05:31.679
glad they didn't because it turned out to be
01:05:31.679 --> 01:05:34.400
a lot more expensive than anybody expected. Yeah,
01:05:34.579 --> 01:05:36.719
it's like, okay, you may be extremely confident,
01:05:36.960 --> 01:05:39.820
arrogant even at this point, but I'm not. My
01:05:39.820 --> 01:05:41.800
buyer isn't. We're gonna check it out. There
01:05:41.800 --> 01:05:44.000
should be no issue for us going to get an opinion
01:05:44.000 --> 01:05:47.019
here. You know exactly. Yeah, and at this point
01:05:47.019 --> 01:05:50.199
you also have skin in the game because if the
01:05:50.199 --> 01:05:53.199
seller Terminates or they can't actually terminate
01:05:53.199 --> 01:05:54.739
they can say we're not gonna reach resolution
01:05:54.739 --> 01:05:56.619
They can stone and we're not gonna extend the
01:05:56.619 --> 01:05:58.780
resolution deadlines So the contract take it
01:05:58.780 --> 01:06:00.659
or leave it if your buyer doesn't want it the
01:06:00.659 --> 01:06:02.059
contract automatically terminates and we'll give
01:06:02.059 --> 01:06:04.219
them their earnest money back That's their exit,
01:06:04.440 --> 01:06:06.039
right? Like they don't have the ability to force
01:06:06.039 --> 01:06:08.159
the contract to terminate They can just stonewall
01:06:08.159 --> 01:06:11.159
and they could have but they also then needed
01:06:11.159 --> 01:06:13.900
to disclose. What was the issue that caused the
01:06:13.900 --> 01:06:16.980
house will fall under contract. And that should
01:06:16.980 --> 01:06:20.079
be one of the first questions you ask once you're
01:06:20.079 --> 01:06:23.159
under contract with a deal that has fallen out
01:06:23.159 --> 01:06:26.639
of contract before. I would say one in five contract
01:06:26.639 --> 01:06:28.639
properties, properties that are under contract
01:06:28.639 --> 01:06:31.139
will then fall out of contract for one reason
01:06:31.139 --> 01:06:32.820
or another. Maybe it's the buyer's financing.
01:06:33.280 --> 01:06:35.199
Maybe the buyer just had a change of heart and
01:06:35.199 --> 01:06:37.460
didn't like the paint color, but they issued
01:06:37.460 --> 01:06:39.659
a termination notice and that termination notice
01:06:39.659 --> 01:06:41.900
has a checkbox. And that's what you request when
01:06:41.900 --> 01:06:43.900
you're under after you're under contract because
01:06:43.900 --> 01:06:45.840
at that point the seller if they refuse to give
01:06:45.840 --> 01:06:48.280
it to you You have a big red flag, but if you
01:06:48.280 --> 01:06:50.639
ask for it before you write the offer you may
01:06:50.639 --> 01:06:53.539
They may be very reluctant. I would personally
01:06:53.539 --> 01:06:55.960
wait I think it's better to have leverage in
01:06:55.960 --> 01:06:58.119
the deal before you paid for your inspection
01:06:58.119 --> 01:07:00.320
you have it under contract You've tied it up.
01:07:00.420 --> 01:07:02.199
There's no other buyer that can steal it from
01:07:02.199 --> 01:07:04.179
you That's when you ask for the due diligence
01:07:04.179 --> 01:07:06.139
documents Which should include the termination
01:07:06.139 --> 01:07:09.239
notice from the previous deal and if they refuse
01:07:09.239 --> 01:07:11.420
to give it to you or there's no follow -up with
01:07:11.420 --> 01:07:13.199
that, at least the agent who terminated, okay?
01:07:13.239 --> 01:07:14.440
You don't necessarily need to call the buyer
01:07:14.440 --> 01:07:16.619
that terminated. But if there's no documentation
01:07:16.619 --> 01:07:19.340
other than checkbox inspection, pick up the phone
01:07:19.340 --> 01:07:22.219
and call the buyer's agent. And Boulder's a small
01:07:22.219 --> 01:07:24.929
town. Most of them will tell you the truth. That
01:07:24.929 --> 01:07:26.610
truth may not get back to the original seller
01:07:26.610 --> 01:07:27.750
and they've already gotten the earnest money
01:07:27.750 --> 01:07:29.489
back So good luck, you know going after these
01:07:29.489 --> 01:07:31.650
people but they may tell you, you know We checked
01:07:31.650 --> 01:07:33.989
inspection because the buyer didn't like the
01:07:33.989 --> 01:07:36.510
color of the house and that's totally and the
01:07:36.510 --> 01:07:38.710
seller is not gonna know that because But they
01:07:38.710 --> 01:07:40.789
really love the real of reality is they love
01:07:40.789 --> 01:07:42.369
this other house that hit the market the same
01:07:42.369 --> 01:07:44.510
time and they decided that they love that one
01:07:44.510 --> 01:07:45.909
better than the color of the house of this other
01:07:45.909 --> 01:07:48.369
one and they terminated on inspection and And
01:07:48.369 --> 01:07:50.030
in theory the contract gives you the right to
01:07:50.030 --> 01:07:54.239
terminate on color. So you're still Mean it you
01:07:54.239 --> 01:07:56.179
it's a bad look the risk of the buyer's agent
01:07:56.179 --> 01:07:58.360
telling you that is that they potentially compromise
01:07:58.360 --> 01:08:00.119
their client Yeah, they really shouldn't tell
01:08:00.119 --> 01:08:02.159
you much of anything. Mm -hmm But in practice
01:08:02.159 --> 01:08:04.199
they do because this is a small town and you
01:08:04.199 --> 01:08:06.019
don't necessarily need to relay all of that back
01:08:06.019 --> 01:08:08.179
to the seller But you need to fully understand
01:08:08.179 --> 01:08:10.300
why that buyer terminated because it may or not
01:08:10.300 --> 01:08:13.199
may not be It may be the case that the seller
01:08:13.199 --> 01:08:15.360
is not disclosing what they actually know and
01:08:15.360 --> 01:08:16.979
if that's the case You should run before you
01:08:16.979 --> 01:08:19.159
pay for an inspection the but that buyer's agent
01:08:19.159 --> 01:08:21.670
will let you know or at least steer you in a
01:08:21.670 --> 01:08:24.109
direction. Maybe. Yeah. And this is where reputation
01:08:24.109 --> 01:08:26.409
matters, right? If you're good with your community
01:08:26.409 --> 01:08:28.930
and you communicate and play well with your colleagues,
01:08:29.310 --> 01:08:32.010
they will play well with you. And when I first
01:08:32.010 --> 01:08:33.670
got into this business from New York City, I
01:08:33.670 --> 01:08:35.829
was so hyper aggressive because I was from the
01:08:35.829 --> 01:08:38.810
investment banking world in New York. And I realized
01:08:38.810 --> 01:08:41.369
that system doesn't work well here. What works
01:08:41.369 --> 01:08:43.489
better is to play well with your colleagues,
01:08:44.189 --> 01:08:47.939
represent your clients. Really well, but also
01:08:47.939 --> 01:08:49.739
play well and treat them respectfully and you
01:08:49.739 --> 01:08:51.560
will get respect back And that's why I think
01:08:51.560 --> 01:08:53.579
I've been pretty successful in the boulder market
01:08:53.579 --> 01:08:56.560
and and you could see this with agents that don't
01:08:56.560 --> 01:08:59.460
play well their reputation is In the gutter in
01:08:59.460 --> 01:09:02.560
the gutter and absolutely and speaking of this
01:09:02.560 --> 01:09:05.039
agent We're under contract with right now as
01:09:05.039 --> 01:09:07.420
kind of the testament to him and you guys working
01:09:07.420 --> 01:09:10.199
together very well and being Additionally communicative
01:09:10.199 --> 01:09:13.649
just to get through and find a solution We'll
01:09:13.649 --> 01:09:16.109
see if we get there. Yeah, we'll see. But from
01:09:16.109 --> 01:09:18.069
what I'm seeing in the sidelines in the group
01:09:18.069 --> 01:09:22.390
chats, you guys are very collaborative. And it's
01:09:22.390 --> 01:09:24.310
nice to see. We're doing our best. I think he's
01:09:24.310 --> 01:09:26.050
doing his best. I'm doing my best. We're trying
01:09:26.050 --> 01:09:27.789
to keep the deal together, but also protecting
01:09:27.789 --> 01:09:30.710
our clients. We have a recent experience with
01:09:30.710 --> 01:09:33.229
an agent who won't even return your call. So
01:09:33.229 --> 01:09:37.770
it's night and day from that. That's true. That's
01:09:37.770 --> 01:09:40.649
true. There's an agent that we're... In a deal
01:09:40.649 --> 01:09:43.149
with right now and we'll talk about this when
01:09:43.149 --> 01:09:46.430
it closes or doesn't close But her unavailability
01:09:46.430 --> 01:09:48.529
is just I think it's indicative that she's got
01:09:48.529 --> 01:09:51.430
a full -time job Oh, yeah, and she can only call
01:09:51.430 --> 01:09:53.909
during her lunch hour or after work and she doesn't
01:09:53.909 --> 01:09:57.729
want us to know that and having been an agent
01:09:57.729 --> 01:10:01.770
that Was working nights and weekends in the beginning
01:10:01.770 --> 01:10:03.689
of my career. I respect that but it would be
01:10:03.689 --> 01:10:06.529
nice to know that she's just not available because
01:10:07.020 --> 01:10:08.739
That's where communication would make the big
01:10:08.739 --> 01:10:10.380
that would help. Yeah, that would help a lot
01:10:10.380 --> 01:10:12.180
But we've already would totally work with that.
01:10:12.300 --> 01:10:14.159
Of course Yeah, we've already concluded that
01:10:14.159 --> 01:10:15.560
even though she's been in the business a long
01:10:15.560 --> 01:10:18.039
time ten years It's there's a reason she's with
01:10:18.039 --> 01:10:20.300
the discount brokerage and it's because it's
01:10:20.300 --> 01:10:22.300
the cheapest place to hang your license. Yeah,
01:10:22.500 --> 01:10:25.699
okay Or maybe she has family obligations. Okay,
01:10:25.760 --> 01:10:27.840
we don't really know. Maybe she's carrying speculating
01:10:27.840 --> 01:10:29.960
She could be caregiving to an elderly parent.
01:10:29.960 --> 01:10:31.699
I don't really know what's going on It's just
01:10:31.699 --> 01:10:35.579
very odd how many hours go by without a response
01:10:37.399 --> 01:10:40.720
Okay, let's move on to our market update. Oh
01:10:40.720 --> 01:10:44.520
perfect Good deal and listeners we hope that
01:10:44.520 --> 01:10:46.859
that Walking you through the inspection process
01:10:46.859 --> 01:10:49.000
and all the different ways it can go right or
01:10:49.000 --> 01:10:51.739
go wrong is helpful to you And of course if you're
01:10:51.739 --> 01:10:53.539
interested in our services, we're happy to represent
01:10:53.539 --> 01:10:56.880
you but these takeaways are relevant and hopefully
01:10:56.880 --> 01:11:00.380
useful to you whether you use us or not and Probably
01:11:00.380 --> 01:11:02.640
in most markets. Although again, I will say that
01:11:02.640 --> 01:11:04.420
what we talked about is specific to the Colorado
01:11:04.420 --> 01:11:07.100
market and the Colorado contracts process and
01:11:07.100 --> 01:11:11.960
not Necessarily relevant to South Florida. Yeah
01:11:11.960 --> 01:11:15.340
and agents out there listening to We're getting
01:11:15.340 --> 01:11:17.460
more and more emails. It's good to hear from
01:11:17.460 --> 01:11:20.619
you Stay tuned it is good to hear from you and
01:11:20.619 --> 01:11:23.079
we're gonna have some as a guest soon So excited
01:11:23.079 --> 01:11:24.859
about that if you're interested in being a guest
01:11:24.859 --> 01:11:28.079
we are welcome and open to business Even if you're
01:11:28.079 --> 01:11:31.420
not within our brokerage, I think it's an experiment,
01:11:31.420 --> 01:11:34.199
but I think it'll be a fun one Yeah. All right.
01:11:34.340 --> 01:11:36.380
Can we do the market update now? You ready? You're
01:11:36.380 --> 01:11:37.979
allowed. Yep. Am I allowed to talk about the
01:11:37.979 --> 01:11:42.890
market? Permission granted. Okay, June I am once
01:11:42.890 --> 01:11:45.590
again a little sleep deprived. And so if I'm
01:11:45.590 --> 01:11:48.609
a little slow on the uptake in this conversation,
01:11:49.949 --> 01:11:51.470
it's because I woke up at two in the morning
01:11:51.470 --> 01:11:54.109
and then couldn't fall back asleep again until
01:11:54.109 --> 01:11:57.840
four thirty. which transitioning to nocturnal
01:11:57.840 --> 01:12:00.699
which screws up my whole morning routine of meditation
01:12:00.699 --> 01:12:05.460
and journaling and and Reading that is my preferred
01:12:05.460 --> 01:12:07.899
morning rather than that two hours in the middle
01:12:07.899 --> 01:12:09.979
of the night thinking about All the things that
01:12:09.979 --> 01:12:12.020
are in play right now how much you wish you were
01:12:12.020 --> 01:12:14.659
asleep. I wish I was asleep I would not say stressed,
01:12:14.680 --> 01:12:16.399
but there's a lot of things happening right now.
01:12:16.399 --> 01:12:19.420
Mm -hmm. Okay Let's talk about Boulder County
01:12:19.420 --> 01:12:23.840
single -family houses detached only not condos
01:12:23.840 --> 01:12:28.380
and not townhomes And this is data through the
01:12:28.380 --> 01:12:30.020
end of June. We're talking about the month of
01:12:30.020 --> 01:12:33.899
June data. And there were 440 new listings that
01:12:33.899 --> 01:12:36.560
hit the market last month. That's a decrease
01:12:36.560 --> 01:12:41.300
year over year of 13 .2%. Total homes for sale.
01:12:42.399 --> 01:12:43.939
Let me make sure I have the right data here.
01:12:44.460 --> 01:12:48.560
Okay. The 923 houses were for sale last month.
01:12:49.000 --> 01:12:53.380
That's a decrease of 13 .3%. Pending sales there
01:12:53.380 --> 01:12:56.699
were 302 pending sales last month. That's down
01:12:56.699 --> 01:13:03.159
1 .6 percent and closings 346 Buyers found themselves
01:13:03.159 --> 01:13:06.260
with the keys to a lucky lucky buyers found themselves
01:13:06.260 --> 01:13:08.680
with the keys to a new house in Boulder County
01:13:08.680 --> 01:13:13.539
last month an increase of 1 .8 percent and Then
01:13:13.539 --> 01:13:16.659
the median sale price was nine hundred and ten
01:13:16.659 --> 01:13:19.930
thousand dollars in Boulder an increase of seven
01:13:19.930 --> 01:13:22.810
point one percent and then price per total square
01:13:22.810 --> 01:13:26.989
foot had a shocking pop and We we got to three
01:13:26.989 --> 01:13:30.770
hundred and sixty nine dollars a square Median
01:13:30.770 --> 01:13:33.029
and that was twelve point five percent higher
01:13:33.029 --> 01:13:35.630
than last year And when you look at the chart
01:13:35.630 --> 01:13:37.989
you sort of see, you know the last couple years
01:13:37.989 --> 01:13:41.430
the market Like having a lot of variation summer
01:13:41.430 --> 01:13:44.189
to fall and into winter right like the market
01:13:44.189 --> 01:13:47.590
typically sees the highest dollar per square
01:13:47.590 --> 01:13:50.689
in the spring and then drops to the lowest dollar
01:13:50.689 --> 01:13:53.729
per square in the late fall and early winter
01:13:53.729 --> 01:13:57.689
But this little pop in june Is a little unexpected
01:13:57.689 --> 01:14:01.489
so like that variability last year narrowed and
01:14:01.489 --> 01:14:03.869
now we're seeing this little pop and i'm very
01:14:03.869 --> 01:14:05.789
hesitant to be a technical analyst of real estate
01:14:05.789 --> 01:14:08.829
trends like I feel like sample size look the
01:14:08.829 --> 01:14:10.710
sample well not for the county sample size issues
01:14:10.710 --> 01:14:14.369
are less relevant for the county, but the broadness
01:14:14.369 --> 01:14:17.140
of this data Right. We're talking about all single
01:14:17.140 --> 01:14:19.880
-family houses in all locations in Boulder County.
01:14:20.079 --> 01:14:22.340
Yeah, like we're talking about the older level
01:14:22.340 --> 01:14:26.359
house Yeah in in Longmont on the northeast corner
01:14:26.359 --> 01:14:28.560
that could be five hundred thousand dollars and
01:14:28.560 --> 01:14:30.739
and we're talking about the nine million dollar
01:14:30.739 --> 01:14:32.979
sale in the city of Boulder like there's so much
01:14:32.979 --> 01:14:36.100
data in this set that It's not relevant to you
01:14:36.100 --> 01:14:38.760
as a homebuyer or a seller. What's relevant to
01:14:38.760 --> 01:14:41.729
you is what the market looks like To your specific
01:14:41.729 --> 01:14:43.949
and unique situation. We have talked about that
01:14:43.949 --> 01:14:46.609
so many times So please take this with a grain
01:14:46.609 --> 01:14:49.350
of salt when we're talking about county and city
01:14:49.350 --> 01:14:52.010
market trends All right. Let's talk about attached
01:14:52.010 --> 01:14:53.989
dwellings only because this is a segment. We
01:14:53.989 --> 01:14:57.869
don't cover a lot And I think it's time to because
01:14:57.869 --> 01:15:00.310
it's sort of looking like deal environment right
01:15:00.310 --> 01:15:04.909
now And then there were 187 new listings down
01:15:04.909 --> 01:15:09.310
12 .6 percent the overall inventory of homes
01:15:09.310 --> 01:15:12.909
for sale that are attached stayed steady at 548
01:15:12.909 --> 01:15:16.329
that's a slight drop of zero point two percent
01:15:16.329 --> 01:15:21.369
and then Boulder County the number of homes that
01:15:21.369 --> 01:15:25.350
are attached under contract 99 down two percent
01:15:25.350 --> 01:15:31.600
and then the number of Closings there were 130
01:15:31.600 --> 01:15:34.739
lucky buyers who got the keys to their townhomes
01:15:34.739 --> 01:15:37.020
and condos last month down five point one percent
01:15:37.020 --> 01:15:40.300
from a year ago Yeah, and then sale price what
01:15:40.300 --> 01:15:42.159
happened to sale prices? Well, the median sale
01:15:42.159 --> 01:15:44.500
price was four hundred and eighty four thousand
01:15:44.500 --> 01:15:47.640
two hundred and ninety three Which is up four
01:15:47.640 --> 01:15:49.699
point one percent and the price per total square
01:15:49.699 --> 01:15:53.250
foot plunged. Okay last month So the price per
01:15:53.250 --> 01:15:55.029
total square foot I think is much more relevant
01:15:55.029 --> 01:15:57.289
than that's an average of all the homes No median
01:15:57.289 --> 01:16:00.310
of all the homes. Okay. Yeah median of all the
01:16:00.310 --> 01:16:03.489
attached dwellings that sold last month 338 which
01:16:03.489 --> 01:16:06.470
is a decrease of 16 .9 percent and if you look
01:16:06.470 --> 01:16:09.930
at this chart, which you can't see In this podcast,
01:16:09.949 --> 01:16:13.090
but if you look at it screenshot it from 2024
01:16:13.090 --> 01:16:16.869
to 2026 you kind of see a downward trend line
01:16:16.869 --> 01:16:19.029
and you can screenshot it later Hamish and share
01:16:19.029 --> 01:16:22.909
that with our audience so they can see what it
01:16:22.909 --> 01:16:25.210
looks like. You want me to screenshot it right
01:16:25.210 --> 01:16:29.409
now? Yeah. I will screenshot it right this moment,
01:16:29.630 --> 01:16:33.770
Hamish. Here's a man. Where's the screenshot
01:16:33.770 --> 01:16:36.630
button? I don't know. Does Mac have print screen?
01:16:37.390 --> 01:16:40.350
No, no, no. It does not do print screen. Okay.
01:16:41.510 --> 01:16:44.279
Okay. All attached dwellings, any square footage,
01:16:44.479 --> 01:16:46.579
any bedroom and bath count, that's what the chart
01:16:46.579 --> 01:16:49.000
shows. All right, let's move on to the city of
01:16:49.000 --> 01:16:54.279
Boulder. All right. So for those of you who are
01:16:54.279 --> 01:16:57.420
new here, the city of Boulder is within Boulder
01:16:57.420 --> 01:17:00.819
County, but Boulder County also includes Longmont
01:17:00.819 --> 01:17:05.640
and Lafayette and Louisville and Lyons and all
01:17:05.640 --> 01:17:08.729
the unincorporated parts of... The county all
01:17:08.729 --> 01:17:10.789
of which are boulder, but now we're talking about
01:17:10.789 --> 01:17:15.090
the city of boulder only And in the city, let
01:17:15.090 --> 01:17:16.810
me double check and make sure we have boulder
01:17:16.810 --> 01:17:20.109
city Because it is super easy to grab the wrong
01:17:20.109 --> 01:17:24.489
data boulder city utah the city of boulder And
01:17:24.489 --> 01:17:27.010
new listings 138 new listings hit the market
01:17:27.010 --> 01:17:29.069
in the city of boulder last month down thirteen
01:17:29.069 --> 01:17:33.760
point two percent inventory plunged to 354, that's
01:17:33.760 --> 01:17:37.560
down 14 .9 % year over year. Under contract,
01:17:37.640 --> 01:17:40.239
or also known as pending sales, 97 last month.
01:17:40.539 --> 01:17:43.079
That's an increase of 2 % from a year ago. So
01:17:43.079 --> 01:17:44.979
you're hearing this, supply is dropping, but
01:17:44.979 --> 01:17:47.460
pending went up slightly. And then you look at
01:17:47.460 --> 01:17:50.239
the number of closings, there were 121 lucky
01:17:50.239 --> 01:17:53.899
buyers in the city of Boulder last month for
01:17:53.899 --> 01:17:56.460
single family detached houses. That's an increase
01:17:56.460 --> 01:18:02.420
of 27 .4 % from a year ago. So more buyer activity,
01:18:02.800 --> 01:18:05.520
pending sales are up, more closings, inventory
01:18:05.520 --> 01:18:09.000
is plunging. If you've been sitting on the sidelines,
01:18:09.180 --> 01:18:11.779
you may have blown it because the market is starting
01:18:11.779 --> 01:18:14.779
to roar back and the data is starting to support
01:18:14.779 --> 01:18:16.600
that. I don't think that's all price points and
01:18:16.600 --> 01:18:19.920
locations. There have been a lot of sellers that
01:18:19.920 --> 01:18:22.159
have. Dropped their prices from the four to three
01:18:22.159 --> 01:18:24.500
million range and the three to two million range.
01:18:24.520 --> 01:18:26.760
We've seen the tranches We've seen that they've
01:18:26.760 --> 01:18:29.399
crossed tranches. Exactly. We've seen that so
01:18:29.399 --> 01:18:31.220
buyers have gotten the sellers have gotten the
01:18:31.220 --> 01:18:35.319
message And the market has I think like so so
01:18:35.319 --> 01:18:38.569
if you look at the big picture for boulder Historically,
01:18:38.569 --> 01:18:41.010
there are long periods of upslope and then there
01:18:41.010 --> 01:18:43.949
are relatively short periods of downward market
01:18:43.949 --> 01:18:47.170
movement And if you're lucky enough to have high
01:18:47.170 --> 01:18:49.810
inventory and have had two years of down market
01:18:49.810 --> 01:18:53.489
movement It's getting it's looking more and more
01:18:53.489 --> 01:18:57.630
like that periods ending and so You may want
01:18:57.630 --> 01:18:59.350
to get off the sidelines if you've been waiting
01:18:59.350 --> 01:19:02.460
for a while And sellers, you still have lots
01:19:02.460 --> 01:19:04.960
of competition, but it's welcome news that the
01:19:04.960 --> 01:19:07.859
market is no longer quite as soft as it has been.
01:19:08.140 --> 01:19:09.899
Especially in the attached segment. And we'll
01:19:09.899 --> 01:19:12.180
see what the, well, we haven't gotten there yet.
01:19:12.300 --> 01:19:14.560
Yeah. We're only talking about detached. Okay.
01:19:14.960 --> 01:19:18.020
So let's talk about sale price. So the median
01:19:18.020 --> 01:19:20.060
sale price for a single family detached house
01:19:20.060 --> 01:19:22.979
was 1 .3 million in the city of Boulder last
01:19:22.979 --> 01:19:26.500
month, an increase of 11 .1%. And the price per
01:19:26.500 --> 01:19:30.220
square was 540, which is an increase of 3 .1%.
01:19:30.279 --> 01:19:33.079
Again, that's median. And I like median. It's
01:19:33.079 --> 01:19:35.100
a little bit, the averages get skewed by house
01:19:35.100 --> 01:19:38.220
sizes and prices in Boulder especially. So I
01:19:38.220 --> 01:19:41.100
prefer to look at the median. Your data may vary.
01:19:41.539 --> 01:19:45.470
But that is direct from the MLS. And all of the
01:19:45.470 --> 01:19:48.350
brokerages in our community are required to put
01:19:48.350 --> 01:19:51.130
their sales on the MLS or pay penalties. And
01:19:51.130 --> 01:19:53.029
for the most part, they do. So the data is reasonably
01:19:53.029 --> 01:19:55.590
accurate. It's also arm's length transactions.
01:19:55.729 --> 01:19:58.010
Unlike what you see, for example, with a tax
01:19:58.010 --> 01:20:00.289
assessor data where it could be family transactions
01:20:00.289 --> 01:20:02.189
and you have no idea if that's a market transaction
01:20:02.189 --> 01:20:04.430
or not. Yeah. Good point. Okay. And you only
01:20:04.430 --> 01:20:06.810
get the assessor value then too. Yep. Exactly.
01:20:06.890 --> 01:20:10.180
All right. Let's talk about City of Boulder attached
01:20:10.180 --> 01:20:12.859
dwellings. These are townhomes and condos 94
01:20:12.859 --> 01:20:15.380
on the market. Sorry 94 new listings last month
01:20:15.380 --> 01:20:21.000
down 13 .8 percent Inventory there are 301 attached
01:20:21.000 --> 01:20:22.880
dwellings on the market. That's an increase of
01:20:22.880 --> 01:20:27.619
1 .7 percent and represents by the way Almost
01:20:27.619 --> 01:20:30.520
the highest inventory that we've seen in the
01:20:30.520 --> 01:20:34.310
last decade Well, the highest was actually July
01:20:34.310 --> 01:20:37.869
of 2025 when there were 304 attached dwellings
01:20:37.869 --> 01:20:39.890
on the market We are back at that number or just
01:20:39.890 --> 01:20:43.250
shy of it at 301 We'll see what happens with
01:20:43.250 --> 01:20:47.029
July data if that goes up or not But it's bouncing
01:20:47.029 --> 01:20:49.029
right off the rev limiter so to speak on the
01:20:49.029 --> 01:20:52.829
supply side under contract We are looking at
01:20:52.829 --> 01:20:55.930
45 listings were under contract or pending in
01:20:55.930 --> 01:20:58.470
the month of June. That's a decrease of 13 .5
01:20:58.470 --> 01:21:02.840
percent year -over -year And closing, 63 lucky
01:21:02.840 --> 01:21:05.659
buyers got themselves the keys to their attached
01:21:05.659 --> 01:21:08.300
dwelling, their townhome or condo, but that's
01:21:08.300 --> 01:21:11.739
down almost 15%, 14 .9 % year over year in terms
01:21:11.739 --> 01:21:15.039
of closings. I just had a client, we will not
01:21:15.039 --> 01:21:17.779
mention their name, but they just reached out
01:21:17.779 --> 01:21:21.720
saying that their rental ends in October, and
01:21:21.720 --> 01:21:24.000
they are thinking about either renting or buying,
01:21:24.460 --> 01:21:27.539
and they would be open to buying. Townhome or
01:21:27.539 --> 01:21:29.840
condo because the market conditions might support
01:21:29.840 --> 01:21:32.819
it at this point. I spoke too soon on the attached.
01:21:32.960 --> 01:21:36.399
Yeah Yeah, okay. So do I know this fire you do?
01:21:36.699 --> 01:21:38.779
Yeah, we'll talk about them the funny off the
01:21:38.779 --> 01:21:44.579
pod. They're all funny fine Okay, so the median
01:21:44.579 --> 01:21:46.520
sale price four hundred and ninety five thousand
01:21:46.520 --> 01:21:48.859
last month. That's an increase of seven point
01:21:48.859 --> 01:21:50.939
three percent But let's look at it on a dollar
01:21:50.939 --> 01:21:53.800
per square basis the median dollar per square
01:21:54.480 --> 01:21:56.239
For attached dwellings in the city of Boulder
01:21:56.239 --> 01:21:59.500
last month was 440 or down 5 .2 percent year
01:21:59.500 --> 01:22:01.840
-over -year Okay, that's your walk through Boulder
01:22:01.840 --> 01:22:04.520
County. We have and the city of Boulder That's
01:22:04.520 --> 01:22:06.380
your walk through the city of Boulder and Boulder
01:22:06.380 --> 01:22:09.180
County We've covered them both but data is different
01:22:09.180 --> 01:22:12.500
for Louisville Lafayette Superior Broomfield
01:22:12.500 --> 01:22:15.239
all of the Denver suburb markets We cover as
01:22:15.239 --> 01:22:18.359
well and into Lions and I also really have a
01:22:18.359 --> 01:22:21.600
thing for the mountain towns so if you want data
01:22:21.600 --> 01:22:24.300
that's relevant to your particular house hunt
01:22:24.300 --> 01:22:26.739
or Relevant to the home you're thinking about
01:22:26.739 --> 01:22:29.479
selling and you're open to becoming a client
01:22:29.479 --> 01:22:32.399
reach out out to House Einstein, and we will
01:22:32.399 --> 01:22:35.779
do an analysis very specific to your unique situation,
01:22:36.000 --> 01:22:37.819
and we're happy to work with you. And much more
01:22:37.819 --> 01:22:40.579
actionable information, too. Well, useful and
01:22:40.579 --> 01:22:43.319
actionable, relevant. Just keep in mind that
01:22:43.319 --> 01:22:45.640
on the sell side, what's relevant in July is
01:22:45.640 --> 01:22:49.239
not relevant in November. So ballpark pricing
01:22:49.239 --> 01:22:51.510
is pro... probably all you need for thinking
01:22:51.510 --> 01:22:53.850
about selling your house. And then when we actually
01:22:53.850 --> 01:22:55.470
go to list the house, we need to look at the
01:22:55.470 --> 01:22:57.210
competitors. And where does your house line up
01:22:57.210 --> 01:22:59.329
in the competition? And I would not recommend
01:22:59.329 --> 01:23:01.569
listing it in November, by the way. If you're
01:23:01.569 --> 01:23:03.850
past October, you might as well wait till January
01:23:03.850 --> 01:23:05.789
and get the house really ready. Take the next
01:23:05.789 --> 01:23:08.170
three months and dial it in so that you're ready
01:23:08.170 --> 01:23:11.310
to go rocking January 1 with your listing. The
01:23:11.310 --> 01:23:13.229
videography, the photography, everything should
01:23:13.229 --> 01:23:15.210
be perfect because you have three months. But
01:23:15.210 --> 01:23:17.939
do not. It's almost always a mistake to list
01:23:17.939 --> 01:23:20.239
in the fourth quarter, and even in the late third
01:23:20.239 --> 01:23:22.260
quarter. And I don't know why agents aren't telling
01:23:22.260 --> 01:23:24.800
their people this, but it is 100%. I mean, how
01:23:24.800 --> 01:23:27.460
many, two decades of looking at this data. It's
01:23:27.460 --> 01:23:30.520
over and over again a mistake, so. Oh my gosh,
01:23:30.600 --> 01:23:32.500
yeah. If our client wants to do it, we'll do
01:23:32.500 --> 01:23:34.380
it, but we tell them this is not a smart idea.
01:23:34.539 --> 01:23:36.720
You're the decider. If you can wait, wait. In
01:23:36.720 --> 01:23:39.260
George Bush language, you are the decider, but
01:23:39.260 --> 01:23:41.539
our honest advice is don't list it right now.
01:23:41.840 --> 01:23:43.300
Like, we will sign the listing agreement so that
01:23:43.300 --> 01:23:46.520
we do all this work for you. and we will go live
01:23:46.520 --> 01:23:49.899
January 2. Not January 1, no one's looking at
01:23:49.899 --> 01:23:53.279
real estate on New Year's Day. Well, maybe they
01:23:53.279 --> 01:23:54.859
are if they're avoiding their family, I don't
01:23:54.859 --> 01:23:56.619
know. Licking their wounds, a little hungover.
01:23:58.100 --> 01:24:00.479
That's such a rookie move going out on New Year's
01:24:00.479 --> 01:24:05.220
Eve, Hamish. All right. Okay, that's our data
01:24:05.220 --> 01:24:06.760
analysis. So we get to sales of the week. Yeah,
01:24:06.779 --> 01:24:10.619
I think that's that. Time for sales of the week.
01:24:10.960 --> 01:24:14.680
And if you're new to the pod, sales of the week.
01:24:14.890 --> 01:24:19.069
is the segment when we talk about notable transactions
01:24:19.069 --> 01:24:22.649
that represent property types or price ranges
01:24:22.649 --> 01:24:26.170
or certain locations we really like or houses
01:24:26.170 --> 01:24:28.789
we just think are cool and want to talk about.
01:24:28.989 --> 01:24:31.069
And we can't talk about active listings on the
01:24:31.069 --> 01:24:34.489
pod. I do talk about it in the newsletter, but
01:24:34.489 --> 01:24:37.310
for podcasting purposes, we are restricted to
01:24:37.310 --> 01:24:40.800
only closed transactions. All right. Our first
01:24:40.800 --> 01:24:45.460
one, 303 Hollyberry Lane in Boulder. Do you wanna
01:24:45.460 --> 01:24:47.119
jump in with your thoughts on this one, Hamish?
01:24:47.300 --> 01:24:49.079
I haven't looked yet. You haven't even seen it.
01:24:49.140 --> 01:24:51.140
All right, let me jump in with the overview.
01:24:51.739 --> 01:24:53.739
Hamish has unfortunately got hot takes on this,
01:24:53.819 --> 01:24:55.340
because he's had no time to review, and I've
01:24:55.340 --> 01:24:58.760
had time to think about it a little bit. So this
01:24:58.760 --> 01:25:02.460
property, Hollyberry Lane, from a location perspective,
01:25:02.779 --> 01:25:04.760
is one of the most desirable spots in Boulder.
01:25:05.670 --> 01:25:07.989
I'm not the listing agent and I didn't represent
01:25:07.989 --> 01:25:11.029
the buyer I'm telling you that honestly as an
01:25:11.029 --> 01:25:13.590
independent party to the transaction But somebody
01:25:13.590 --> 01:25:15.770
who's been in this community and worked in real
01:25:15.770 --> 01:25:19.189
estate for well over 20 years This spot is magical.
01:25:19.189 --> 01:25:22.829
You're at the very top of Kohler Mesa and You
01:25:22.829 --> 01:25:25.310
have easy access to enchanted Mesa, which gives
01:25:25.310 --> 01:25:28.670
you very close proximity to Chautauqua It's a
01:25:28.670 --> 01:25:30.510
really cool spot. You also get a bunch of random
01:25:30.510 --> 01:25:32.770
hikers that park their cars right on Hollyberry
01:25:32.770 --> 01:25:35.949
Lane So that can be a little annoying And you
01:25:35.949 --> 01:25:39.210
also in some cases get a home that backs up to
01:25:39.210 --> 01:25:43.170
stunning beautiful open space Sometimes there
01:25:43.170 --> 01:25:45.609
are homes that back right to the trails and this
01:25:45.609 --> 01:25:47.869
might be one of them where you could get people
01:25:47.869 --> 01:25:50.529
literally hiking through your backyard You also
01:25:50.529 --> 01:25:54.229
have exposed higher exposure to wildfire risk
01:25:54.229 --> 01:25:56.229
because you are really up there in the wild and
01:25:56.229 --> 01:25:59.109
urban interface Yeah, but still a killer location
01:25:59.109 --> 01:26:01.829
and a location that is very well supported by
01:26:02.690 --> 01:26:05.430
Luxury homes that dot the landscape up here people
01:26:05.430 --> 01:26:07.430
have invested a lot of capital and I think you
01:26:07.430 --> 01:26:10.189
can safely put money into this location Probably
01:26:10.189 --> 01:26:12.470
as long as you keep it under 10 mil which is
01:26:12.470 --> 01:26:14.430
sort of shocking but true, right? You're at the
01:26:14.430 --> 01:26:16.970
very top and affluent people really like to be
01:26:16.970 --> 01:26:19.470
at the very top of hills. And so there you go
01:26:19.470 --> 01:26:22.130
This particular house was built in the late 60s.
01:26:22.130 --> 01:26:24.710
It's only 2300 square feet It's a two -story
01:26:24.710 --> 01:26:27.449
which is more desirable for table Mesa because
01:26:27.449 --> 01:26:30.390
there are so few of them But it's really about
01:26:30.390 --> 01:26:33.819
the dirt here. Okay This is a 8 ,300 square foot
01:26:33.819 --> 01:26:37.279
lot, and it is backing to the open space. And
01:26:37.279 --> 01:26:41.140
it is facing to the south, southeast, at least
01:26:41.140 --> 01:26:43.100
the lots oriented this way on the little cul
01:26:43.100 --> 01:26:48.920
-de -sac or lollipop. All of that is. Indicative
01:26:48.920 --> 01:26:50.979
of a home that likely is gonna get torn down
01:26:50.979 --> 01:26:53.520
and completely rebuilt totally at some point
01:26:53.520 --> 01:26:55.640
in the future because of how valuable this little
01:26:55.640 --> 01:26:57.619
purchase So it's almost irrelevant talking about
01:26:57.619 --> 01:26:59.920
this house But I do want to talk about that what
01:26:59.920 --> 01:27:02.819
we see on the ground today four bedrooms three
01:27:02.819 --> 01:27:06.079
baths 2300 square feet two -car attached garage
01:27:06.079 --> 01:27:08.779
So on the small side but livable and they've
01:27:08.779 --> 01:27:10.800
done some nice things to the interior including
01:27:10.800 --> 01:27:14.000
the post and beam Look to the living room the
01:27:14.000 --> 01:27:17.180
central fireplace the redone staircase nice big
01:27:17.180 --> 01:27:20.010
windows to the backyard all that natural wood
01:27:20.010 --> 01:27:22.489
is very current in its look I don't know about
01:27:22.489 --> 01:27:24.409
butcher block countertops once you've had them
01:27:24.409 --> 01:27:27.010
you probably don't want them again but there's
01:27:27.010 --> 01:27:29.050
a whole bunch of reasons for that kitchens you
01:27:29.050 --> 01:27:30.949
know the bathrooms are a little dated I like
01:27:30.949 --> 01:27:33.449
the vaulted ceilings and the exposed wood paneling
01:27:33.449 --> 01:27:35.970
all that is super pretty and maybe the buyer
01:27:35.970 --> 01:27:37.850
is just gonna leave it all alone but they're
01:27:37.850 --> 01:27:41.710
investing in a location that will support recapitalization
01:27:42.420 --> 01:27:45.340
Easily up to the 10 mil mark. Although at you
01:27:45.340 --> 01:27:47.119
know for that that much money people really want
01:27:47.119 --> 01:27:50.659
a much bigger lot and want Space from their neighbors.
01:27:50.680 --> 01:27:52.619
So maybe that's exaggerating to call it the 10
01:27:52.619 --> 01:27:55.319
mil mark But for sure up to the 5 mil mark, you're
01:27:55.319 --> 01:27:59.180
gonna be pretty well covered Of course, you have
01:27:59.180 --> 01:28:01.760
to build within your setbacks and all the other
01:28:01.760 --> 01:28:03.460
rules that apply but the rules are about to get
01:28:03.460 --> 01:28:06.770
less restrictive so Don't be surprised to see
01:28:06.770 --> 01:28:09.810
like a nice big ADU or something like that and
01:28:09.810 --> 01:28:12.050
a completely redone house in the near future
01:28:12.050 --> 01:28:14.670
What else should we talk about? Oh the deal points.
01:28:14.689 --> 01:28:19.680
Okay, so the house listed May 21st As coming
01:28:19.680 --> 01:28:21.720
soon for a day and then it went active and it
01:28:21.720 --> 01:28:24.020
was under contract within the week Now that's
01:28:24.020 --> 01:28:25.779
just when the status changed. We don't really
01:28:25.779 --> 01:28:29.840
know what that that scrum looked like The status
01:28:29.840 --> 01:28:32.239
is required to change within three days of three
01:28:32.239 --> 01:28:34.539
business days of it going under contract and
01:28:34.539 --> 01:28:39.579
it did sell for a very substantial 2 .4 million
01:28:39.579 --> 01:28:41.840
two million four hundred and eleven thousand
01:28:41.840 --> 01:28:45.159
from a list price of 2 .25. So, you know you're
01:28:45.159 --> 01:28:50.470
looking at 180 grand or so above the list price
01:28:50.470 --> 01:28:56.529
and a deal that closed in cash, so There you
01:28:56.529 --> 01:28:59.489
have it yeah, you're right not the largest lot
01:28:59.489 --> 01:29:03.449
being on the lollipop you get that smaller front
01:29:03.449 --> 01:29:05.810
yard larger backyard which can be a nice little
01:29:05.810 --> 01:29:08.909
touch and I mean all the things that I would
01:29:08.909 --> 01:29:13.909
say as well the fire danger I think is The human
01:29:13.909 --> 01:29:16.930
mind is forgetful, but the NCAR burn scar is
01:29:16.930 --> 01:29:19.670
still there Granted, it's on the other side of
01:29:19.670 --> 01:29:25.029
NCAR. But no, a great little area. I shot this
01:29:25.029 --> 01:29:28.569
location with Ian not too long ago, and I can't
01:29:28.569 --> 01:29:31.390
identify where I got my shots. And I think the
01:29:31.390 --> 01:29:33.630
house to the left of it has been redone since
01:29:33.630 --> 01:29:36.170
then. Because there was a boulder, at least,
01:29:36.229 --> 01:29:40.279
that I remember in one of my shots. Little spot
01:29:40.279 --> 01:29:42.119
the house the house on the left side is sort
01:29:42.119 --> 01:29:43.699
of the ghost of Christmas future if you look
01:29:43.699 --> 01:29:47.039
at the aerial photos Who knows what you know
01:29:47.039 --> 01:29:48.979
what the potential build out really is for this
01:29:48.979 --> 01:29:51.439
lot? We haven't done that analysis and the tricky
01:29:51.439 --> 01:29:53.600
part is if you're in a bidding war for six days
01:29:53.600 --> 01:29:56.979
You don't have a lot of time So you you have
01:29:56.979 --> 01:29:59.800
to make fast decisions and therefore having a
01:29:59.800 --> 01:30:02.439
good knowledge base to make those decisions is
01:30:02.439 --> 01:30:05.000
vital Can you build a reasonable house on this
01:30:05.000 --> 01:30:08.100
thing? Probably is anybody gonna protest the
01:30:08.100 --> 01:30:12.000
1969 era house from being completely demoed Probably
01:30:12.000 --> 01:30:15.319
not is the tax assessor map a reasonable approximation
01:30:15.319 --> 01:30:19.579
of the lot lines Well, maybe but it's probably
01:30:19.579 --> 01:30:21.140
about right, but they're not gonna they're gonna
01:30:21.140 --> 01:30:23.039
tell you point -blank. It's not survey accurate
01:30:23.039 --> 01:30:25.439
So you're not gonna be able to determine exactly
01:30:25.439 --> 01:30:27.279
your buildout potential, but you can ballpark
01:30:27.279 --> 01:30:30.920
it you can spitball it And I think that I think
01:30:30.920 --> 01:30:32.920
that the buyer is gonna be happy in the long
01:30:32.920 --> 01:30:35.920
run for this particular house And I and I don't
01:30:35.920 --> 01:30:37.439
know if they're gonna they're gonna tear it down
01:30:37.439 --> 01:30:39.739
now or in five years But don't be surprised when
01:30:39.739 --> 01:30:42.739
it gets torn down if you're unhappy with it Go
01:30:42.739 --> 01:30:45.460
outside. Look at your open space, right? Just
01:30:45.460 --> 01:30:47.220
go hang out in the backyard and I think this
01:30:47.220 --> 01:30:49.340
is well made should change even though it was
01:30:49.340 --> 01:30:51.100
a frenzied You know, they went so much above
01:30:51.100 --> 01:30:53.880
list price. Yeah. All right. Our next one went
01:30:53.880 --> 01:30:58.979
the other direction 255 Linden Drive and Did
01:30:58.979 --> 01:31:00.439
I mention the address of the first one? I think
01:31:00.439 --> 01:31:02.159
I just jumped in with location All right. All
01:31:02.159 --> 01:31:04.359
right. So linden drive is right on the edge of
01:31:04.359 --> 01:31:08.659
spring valley spring valley road and lake briar
01:31:08.659 --> 01:31:11.960
are where Most people think of as spring valley,
01:31:12.000 --> 01:31:14.060
but there is a little pocket there. That's also
01:31:14.060 --> 01:31:16.359
part of spring valley and this house is in it
01:31:16.359 --> 01:31:20.060
and it may be one of these houses that is Not
01:31:20.060 --> 01:31:22.220
actually subject to the association even though
01:31:22.220 --> 01:31:24.720
it's in the subdivision Okay, because my listing
01:31:24.720 --> 01:31:26.779
a few years ago right right very close to this
01:31:26.779 --> 01:31:29.380
house was very much that situation Where it was
01:31:29.380 --> 01:31:31.579
technically in the association but not subject
01:31:31.579 --> 01:31:33.840
to the rules and had no dues and this had no
01:31:33.840 --> 01:31:36.680
folks either built in the 70s 3 ,000 square feet
01:31:36.680 --> 01:31:38.680
five -bedroom four bath with a two -car attached
01:31:38.680 --> 01:31:41.119
garage Downside is it's right on Linden. There's
01:31:41.119 --> 01:31:44.020
no hiding that it's right on Linden and it's
01:31:44.020 --> 01:31:45.939
right next to wild plum court You're gonna get
01:31:45.939 --> 01:31:49.520
some traffic exposure as cars turn up Go driving
01:31:49.520 --> 01:31:52.439
up Linden Drive their engines, you know down
01:31:52.439 --> 01:31:54.119
shifting you're gonna hear some traffic noise
01:31:54.119 --> 01:31:58.140
But you're so close to epic open space and social
01:31:58.140 --> 01:32:00.319
trails And you're actually not that far from
01:32:00.319 --> 01:32:02.800
downtown because you can easily cross onto the
01:32:02.800 --> 01:32:04.520
4th Street bike path right around the corner
01:32:04.520 --> 01:32:07.939
Yeah, so this is a really clutch location. It's
01:32:07.939 --> 01:32:10.039
elevated above Linden Drive. So you get really
01:32:10.039 --> 01:32:13.180
nice views 70s era construction is horrible,
01:32:13.239 --> 01:32:15.319
but you can live with it or you can tear it down
01:32:15.319 --> 01:32:18.100
and redo it And in this particular case, I think
01:32:18.100 --> 01:32:21.520
because of the proximity to Linden Drive, it
01:32:21.520 --> 01:32:23.640
sat on the market for almost 45 days before it
01:32:23.640 --> 01:32:25.819
went under contract. And the buyer negotiated
01:32:25.819 --> 01:32:28.920
a pretty decent 120 grand off of the list price.
01:32:29.319 --> 01:32:34.699
And it closed for with no additional concessions,
01:32:35.220 --> 01:32:39.260
not a cash deal. Known agents on both sides of
01:32:39.260 --> 01:32:41.539
the deal. I think well represented. I like, so
01:32:41.539 --> 01:32:42.979
if you look at the interior photos, Hamish, this
01:32:42.979 --> 01:32:45.739
one's got, you know, like they hired a painter.
01:32:46.390 --> 01:32:48.649
it went a little too on the white side a little
01:32:48.649 --> 01:32:51.210
cool side of today's looks a little warmer, but
01:32:51.210 --> 01:32:55.510
It this is how you help an older home sell is
01:32:55.510 --> 01:32:58.109
it's completely emptied The kitchen has some
01:32:58.109 --> 01:33:01.010
nice updates maybe from 10 or 15 years ago, and
01:33:01.010 --> 01:33:04.069
then it's sort of got a whitewash Natural wood
01:33:04.069 --> 01:33:05.970
tone look to it. This is what's current. It's
01:33:05.970 --> 01:33:11.170
not the gray stuff and If you can live with that
01:33:11.170 --> 01:33:13.930
Linden Drive issue, you got a pretty spectacular
01:33:13.930 --> 01:33:19.949
little perch Is it listed in April? One of the
01:33:19.949 --> 01:33:24.149
pictures off the porch dead grass and snow so
01:33:24.149 --> 01:33:28.109
a little bit earlier there, but yeah Yeah listed
01:33:28.109 --> 01:33:32.250
April 22nd. Yeah kind of a long contract process
01:33:32.250 --> 01:33:36.029
Now I guess it's a little more than 35 days is
01:33:36.029 --> 01:33:40.250
not exactly that long and then this to Last sold
01:33:40.250 --> 01:33:43.449
2019. Is that what you've got on urine? Can you
01:33:43.449 --> 01:33:45.569
tell if they did anything to it or if it's just
01:33:45.569 --> 01:33:50.270
a very fortunate holding period? You know, I
01:33:50.270 --> 01:33:52.529
don't see the previous listings. There's only
01:33:52.529 --> 01:33:55.510
the one for some reason and it last sold for
01:33:55.510 --> 01:34:01.029
1 .3 to an LLC. So unclear what, if anything
01:34:01.029 --> 01:34:04.270
they did, it wasn't on the market in 2019. It
01:34:04.270 --> 01:34:08.590
was a private sale. So from the trust to this
01:34:08.590 --> 01:34:13.109
LLC. Yeah. And so we don't really know what the
01:34:13.109 --> 01:34:14.550
house looked like. It doesn't look like there
01:34:14.550 --> 01:34:16.229
were massive improvements. It looks like a pretty
01:34:16.229 --> 01:34:21.390
cosmetic update and then cash out. So maybe let's
01:34:21.390 --> 01:34:25.029
call it generously $300 ,000 worth of work. And
01:34:25.029 --> 01:34:27.189
then we could do the internal rate of return
01:34:27.189 --> 01:34:29.250
if we wanted to see what their annualized rate
01:34:29.250 --> 01:34:32.489
of return was. But I will say. These listeners
01:34:32.489 --> 01:34:35.050
particularly on this episode from hearing our
01:34:35.050 --> 01:34:38.489
closing table would know some kind of next steps
01:34:38.489 --> 01:34:41.130
for inspection process. Say you were under contract
01:34:41.130 --> 01:34:45.460
on a home like this. I'd want some due diligence.
01:34:45.520 --> 01:34:48.180
I mean for sure the full inspection all the due
01:34:48.180 --> 01:34:50.260
diligence documents It looks like on the MLS.
01:34:50.279 --> 01:34:52.079
There was nothing actually disclosed, but you
01:34:52.079 --> 01:34:55.060
want the full disclosures and go deep down the
01:34:55.060 --> 01:34:59.479
rabbit hole Water is is a potential issue. This
01:34:59.479 --> 01:35:01.380
is this house is on Spring Valley water, which
01:35:01.380 --> 01:35:05.500
is its own little water district. Oh and So you
01:35:05.500 --> 01:35:07.640
want to investigate what that means and it probably
01:35:07.640 --> 01:35:10.479
means contacting Spring Valley water and talking
01:35:10.479 --> 01:35:13.840
to the neighbors The lot size is massive, but
01:35:13.840 --> 01:35:15.600
I'm pretty sure this is unincorporated Boulder
01:35:15.600 --> 01:35:18.720
County so let me just double check that because
01:35:18.720 --> 01:35:21.359
then you're subject to all of Boulder County's
01:35:21.359 --> 01:35:23.159
rules, even though it sure looks like it's in
01:35:23.159 --> 01:35:28.100
the city of Boulder and It is it is planted but
01:35:28.100 --> 01:35:29.960
it still may be unincorporated Boulder County.
01:35:30.060 --> 01:35:31.979
So hold on a second, but really big lot size,
01:35:31.979 --> 01:35:35.500
which is nice Since I brought it up. I'll show
01:35:35.500 --> 01:35:37.560
you how fast you can check this right like it's
01:35:37.560 --> 01:35:40.460
not that difficult to check Doing it live and
01:35:40.460 --> 01:35:43.079
I just closed my window for all the listings
01:35:43.079 --> 01:35:46.640
for the rest of fresh listings. So Yeah, unincorporated
01:35:46.640 --> 01:35:51.800
Boulder County. Yep. Okay. Yeah And that speaks
01:35:51.800 --> 01:35:54.399
to your experience seeing it knowing it's plotted
01:35:54.399 --> 01:35:56.939
but still having belief that it's unincorporated
01:35:56.939 --> 01:35:59.140
Well, you actually have I think I would even
01:35:59.140 --> 01:36:02.380
argue you have more stringent House size limits
01:36:02.380 --> 01:36:05.819
in unincorporated Boulder County. So that's something
01:36:05.819 --> 01:36:08.939
that's really important to understand Okay, let's
01:36:08.939 --> 01:36:14.199
move on. Yep. I Personally would say we have
01:36:14.199 --> 01:36:15.760
a potential seller. That's a little further up
01:36:15.760 --> 01:36:20.079
the road here and this price point is probably
01:36:20.079 --> 01:36:22.020
indicative and this house is a really good example
01:36:22.020 --> 01:36:24.460
of the work that you need to get done in order
01:36:24.460 --> 01:36:30.109
to make it more sellable and For Lyndon For a
01:36:30.109 --> 01:36:32.029
house that's on especially a house. It's a compromised
01:36:32.029 --> 01:36:34.430
location like Linden. It just is what it is There's
01:36:34.430 --> 01:36:37.170
no there's no sugarcoating it and any agent that
01:36:37.170 --> 01:36:39.390
pretends that this is not an issue is an agent
01:36:39.390 --> 01:36:41.489
That's lying about it. Like it needs to be priced
01:36:41.489 --> 01:36:45.130
aggressively and it needs to at least be Marginally
01:36:45.130 --> 01:36:47.869
improved cosmetically. Mm -hmm, and this was
01:36:47.869 --> 01:36:50.069
right. It's not amazement amazing improvement,
01:36:50.069 --> 01:36:53.829
but it's reasonable Yeah, like it's livable Same
01:36:53.829 --> 01:36:56.670
with holly berry You know you can go in there.
01:36:56.670 --> 01:36:58.569
It's certainly on the lower end of what the neighborhood
01:36:58.569 --> 01:37:00.970
supports But hollyberry is a much better buy.
01:37:00.970 --> 01:37:03.750
Yeah, hollyberry is an epic location Yeah, the
01:37:03.750 --> 01:37:06.810
spectrum of location difference is pretty dramatic
01:37:06.810 --> 01:37:12.550
between linden and hollyberry Okay, 3990 Pleasant
01:37:12.550 --> 01:37:16.130
Ridge Road is our third sale of the week built
01:37:16.130 --> 01:37:20.229
in the early 60s and on Pleasant Ridge, which
01:37:20.229 --> 01:37:24.449
is this little subdivision between the city of
01:37:24.449 --> 01:37:28.510
Boulder and Boulder Rez. So it's sort of northeast
01:37:28.510 --> 01:37:31.270
of the city of Boulder, but southwest of the
01:37:31.270 --> 01:37:34.329
Rez. It's kind of this farm belt of land and
01:37:34.329 --> 01:37:36.750
stuff here doesn't sell that often. It's a little
01:37:36.750 --> 01:37:40.050
swampy. Right the location is low land, but the
01:37:40.050 --> 01:37:42.289
ridge up here should have lifted it up So I think
01:37:42.289 --> 01:37:44.550
you're not going to have any water issues big
01:37:44.550 --> 01:37:48.029
lot almost um more than three -quarters of an
01:37:48.029 --> 01:37:52.329
acre and the house itself Sort of irrelevant
01:37:52.329 --> 01:37:54.510
to this right. This really is about the dirt.
01:37:54.510 --> 01:37:57.850
You're buying a lot of dirt Um, and the 60s era
01:37:57.850 --> 01:37:59.689
house is almost certainly going to get completely
01:37:59.689 --> 01:38:04.920
re You know redone. Yeah point place You know,
01:38:04.920 --> 01:38:06.699
the interesting thing about the photos is the
01:38:06.699 --> 01:38:08.460
ditch running through it. So I'm kind of curious
01:38:08.460 --> 01:38:11.060
about right, you know, flood mapping and how
01:38:11.060 --> 01:38:13.279
that all played out. But the fact it's on this
01:38:13.279 --> 01:38:15.920
elevated little perch means it's probably fine.
01:38:16.439 --> 01:38:18.279
But one of those that's one of those things where
01:38:18.279 --> 01:38:20.039
you have to make a determination really quick.
01:38:20.060 --> 01:38:22.859
And there are floodplain maps to make that determination.
01:38:23.239 --> 01:38:25.180
But what's astounding about this is how low it
01:38:25.180 --> 01:38:29.880
was listed. It was listed under 1 .5 1 ,475 ,000.
01:38:29.880 --> 01:38:32.319
I'm not sure what comps. They were using it because
01:38:32.319 --> 01:38:35.300
of how rare this listing is. We know the listing
01:38:35.300 --> 01:38:37.640
agent. She's very competent. I'm sure she knew
01:38:37.640 --> 01:38:39.960
what she was doing. But she got a bidding war
01:38:39.960 --> 01:38:43.560
and it sold for $2 million, which is $525 ,000
01:38:43.560 --> 01:38:46.779
over. So more than half a million over. The list
01:38:46.779 --> 01:38:50.460
price by a very reputable and well -known buyer's
01:38:50.460 --> 01:38:52.380
agent I kind of wonder if she was representing
01:38:52.380 --> 01:38:53.979
herself because she likes to be in the building
01:38:53.979 --> 01:38:56.380
game and and they recently closed the high dollar
01:38:56.380 --> 01:38:59.359
transaction For one that I think she was involved
01:38:59.359 --> 01:39:01.420
in the construction side. So or at least her
01:39:01.420 --> 01:39:04.260
family was so I suspect this is another like
01:39:04.260 --> 01:39:07.279
this is a lot that's gonna have like a $7 million
01:39:07.279 --> 01:39:09.640
house on it in five years. That's what you're
01:39:09.640 --> 01:39:13.340
looking at. Especially for the area. People really
01:39:13.340 --> 01:39:17.579
love this pastoral landscape with a view and
01:39:17.579 --> 01:39:19.659
the privacy of Pleasant Ridge Road which dead
01:39:19.659 --> 01:39:22.539
ends up here, right? It's a private, private
01:39:22.539 --> 01:39:25.960
spot. One of the due diligence items should be
01:39:25.960 --> 01:39:29.220
conservation easements around all the land that's
01:39:29.220 --> 01:39:31.500
protecting the view. So hopefully that's part
01:39:31.500 --> 01:39:33.539
of their due diligence or was and they buttoned
01:39:33.539 --> 01:39:35.619
it up and of course I'm sure. sure it was knowing
01:39:35.619 --> 01:39:37.920
the agents involved. They're very competent.
01:39:38.739 --> 01:39:42.840
So super interesting deal and gone in, you know,
01:39:43.140 --> 01:39:47.020
a blink of an eye listed on June 18th under contract
01:39:47.020 --> 01:39:49.319
officially June 26th, but probably a few days
01:39:49.319 --> 01:39:54.539
even earlier than that and closed on July 10th.
01:39:54.680 --> 01:39:57.159
So total time on market, you know, less than
01:39:57.159 --> 01:39:59.819
a week of availability and, and closed within
01:39:59.819 --> 01:40:04.520
three weeks. And of course cash deal gone. Yeah.
01:40:05.030 --> 01:40:07.029
When I'm surprised to see in the photo stack
01:40:07.029 --> 01:40:11.149
is a Monte this one just up the road, but I looking
01:40:11.149 --> 01:40:14.670
at it on maps. I think that's Probably the closest
01:40:14.670 --> 01:40:19.430
little shopping spot you've got You know, I don't
01:40:19.430 --> 01:40:21.210
know why a Monte's in the photo stack it's really
01:40:21.210 --> 01:40:24.569
not anywhere near a Monte kind of But with that
01:40:24.569 --> 01:40:26.789
said, you know, I guess you want to have some
01:40:26.789 --> 01:40:30.850
amenity photos It's it's not that far from a
01:40:30.850 --> 01:40:33.579
Monte Like we're walkable there in 30 seconds
01:40:33.579 --> 01:40:35.739
from here, but yeah, thanks to our sponsor, but
01:40:35.739 --> 01:40:38.560
I Mean there's other stuff you could have included
01:40:38.560 --> 01:40:40.539
too, right? Like they also have pearls fruit
01:40:40.539 --> 01:40:44.199
mall in here I know like the rez is in here the
01:40:44.199 --> 01:40:48.359
rez makes sense. Yeah, maybe and and then You
01:40:48.359 --> 01:40:50.560
know downtown pearl. I don't know about and see
01:40:50.560 --> 01:40:53.100
you why is Folsom field in here. I don't really
01:40:53.100 --> 01:40:56.560
know it's like You know, they're advertising
01:40:56.560 --> 01:40:59.340
solely selling they're selling boulders. Yeah,
01:40:59.500 --> 01:41:01.920
right. You're getting everything in Boulder.
01:41:02.520 --> 01:41:05.899
Okay, let's move on. But this is definitely a
01:41:05.899 --> 01:41:09.939
spec home or a custom home build in the next
01:41:09.939 --> 01:41:12.319
five years. Keep an eye on it. Easily, for sure.
01:41:12.960 --> 01:41:14.560
All right, we're still in the general vicinity
01:41:14.560 --> 01:41:17.880
and this is the Valhalla Subdivision. The address
01:41:17.880 --> 01:41:21.899
is 4774 Valhalla Drive. And all of these streets
01:41:21.899 --> 01:41:25.359
in this area are sort of named after Nordic themes.
01:41:25.659 --> 01:41:27.340
I love that, yeah. I think that's cool. You've
01:41:27.340 --> 01:41:32.079
got Odin Avenue. Thor Avenue, Valkyrie Drive,
01:41:32.380 --> 01:41:36.079
like this is very Nordic. And I don't know when
01:41:36.079 --> 01:41:38.720
this subdivision was created. My guess is the
01:41:38.720 --> 01:41:41.760
late 70s, early 80s. The house itself is from
01:41:41.760 --> 01:41:44.939
1982, and most of the lots in the subdivision
01:41:44.939 --> 01:41:48.380
are about an acre. So it all feels very spacious
01:41:48.380 --> 01:41:51.100
from each other. Nothing really has killer views
01:41:51.100 --> 01:41:52.960
in here that I recall having seen a few of these
01:41:52.960 --> 01:41:55.039
houses over the years But you're getting such
01:41:55.039 --> 01:41:57.739
close proximity to the rez. So if you're into
01:41:57.739 --> 01:42:01.180
water sports or Just like being close to the
01:42:01.180 --> 01:42:04.720
water. That's the big benefit of the ball the
01:42:04.720 --> 01:42:08.420
ball Hollis subdivision and It does feel a little
01:42:08.420 --> 01:42:11.500
more rural and private than saying being in the
01:42:11.500 --> 01:42:13.300
city limits itself But you're really close to
01:42:13.300 --> 01:42:16.380
the city just like the last one on Pleasant Ridge,
01:42:16.420 --> 01:42:19.520
but this one doesn't have the view It was listed
01:42:19.520 --> 01:42:21.920
so this is an 80s era house three bedrooms three
01:42:21.920 --> 01:42:24.279
baths only two thousand and eighty eight square
01:42:24.279 --> 01:42:27.359
feet So not a very large house, but I would call
01:42:27.359 --> 01:42:29.699
it traditional design with a nice wraparound
01:42:29.699 --> 01:42:33.100
front porch a paint scheme That's dated but not
01:42:33.100 --> 01:42:34.979
horrible. Like it's a paint scheme from maybe
01:42:34.979 --> 01:42:38.579
15 20 years ago The big selling point is that
01:42:38.579 --> 01:42:42.840
wraparound front porch and decent design Yeah,
01:42:42.859 --> 01:42:44.619
one bedroom on the main two in the basement.
01:42:44.640 --> 01:42:46.539
So it's a ranch with a basement right as small
01:42:46.539 --> 01:42:51.520
as beautiful type house detached garage and Listed
01:42:51.520 --> 01:42:55.720
at a million 250 May 28th under contract almost
01:42:55.720 --> 01:42:58.619
immediately, but that first buyer bailed out
01:42:59.210 --> 01:43:01.770
So I remember we tell our clients that even in
01:43:01.770 --> 01:43:04.550
a bidding war 1 in 5 is a good rule of thumb
01:43:04.550 --> 01:43:06.829
for it might come back and this one did so it
01:43:06.829 --> 01:43:09.069
was back on the market on the 10th and back under
01:43:09.069 --> 01:43:10.949
contract on the 11th probably to somebody who
01:43:10.949 --> 01:43:14.149
lost out in the bidding war and They got it for
01:43:14.149 --> 01:43:16.069
1 million two hundred and sixty five thousand.
01:43:16.090 --> 01:43:18.789
So a nominal fifteen thousand dollars over list
01:43:18.789 --> 01:43:21.510
With a small concession another fifteen hundred
01:43:21.510 --> 01:43:24.310
dollars for something or other that the seller
01:43:24.310 --> 01:43:28.470
paid for him kind of a slender home Slender.
01:43:28.729 --> 01:43:31.789
Yeah, like it's skinny. Yeah From the photos
01:43:31.789 --> 01:43:34.130
at least it looks like it's a you know, a little
01:43:34.130 --> 01:43:37.250
narrow and a little long. I Mean to me it just
01:43:37.250 --> 01:43:40.930
looks like a classic cottage you type house that's
01:43:40.930 --> 01:43:45.130
modeled after like the 40s era craftsman From
01:43:45.130 --> 01:43:48.149
Sears. Mm -hmm. And then it has some nicer things
01:43:48.149 --> 01:43:50.649
like vaulted ceilings and decent closets. It's
01:43:50.649 --> 01:43:53.050
like that detached garage It's the garage that
01:43:53.050 --> 01:43:55.090
really caught my idea because if you look closely
01:43:55.090 --> 01:43:56.930
you'll see it's not just the two -car garage
01:43:56.930 --> 01:43:59.529
There's an annex to it and then the photos you
01:43:59.529 --> 01:44:02.750
see like this. I mean it It looks very home -done
01:44:02.750 --> 01:44:04.569
right the insulation is poking out but you have
01:44:04.569 --> 01:44:07.529
a big workshop with a fridge in there a bunch
01:44:07.529 --> 01:44:09.510
of dangerous extension cords dangling all over
01:44:09.510 --> 01:44:12.630
the place but um, and then the walkout basement's
01:44:12.630 --> 01:44:18.789
cool with the the um The ivy growing on the decking
01:44:18.789 --> 01:44:20.609
like that looks like a nice cool spot to hang
01:44:20.609 --> 01:44:23.229
out on a summer day Like it feels very oasis
01:44:23.229 --> 01:44:27.090
and in the woods You've got the little you've
01:44:27.090 --> 01:44:28.670
got I mean so much land you've got the little
01:44:28.670 --> 01:44:32.399
garden plot and the mature trees Like it's really
01:44:32.399 --> 01:44:34.560
it's really quaint really cute a little on the
01:44:34.560 --> 01:44:38.920
small side. Yeah Yeah, I think it'll be developed
01:44:38.920 --> 01:44:41.800
I don't know about that. I think that it may
01:44:41.800 --> 01:44:45.479
be It also is a home that at this price point
01:44:45.479 --> 01:44:47.699
could be an end user that is just in love with
01:44:47.699 --> 01:44:50.239
it and it's cute It's it's gotten adorableness
01:44:50.239 --> 01:44:53.520
to it. It just has kind of a muted paint scheme
01:44:53.520 --> 01:44:55.760
with a more current paint scheme It they probably
01:44:55.760 --> 01:44:57.399
could have bumped that price 50 grand if they
01:44:57.399 --> 01:45:01.159
painted it Yeah, and yeah, it's missing sizzle
01:45:01.289 --> 01:45:03.449
But it is cute. You're right. It doesn't have
01:45:03.449 --> 01:45:05.369
like I I think it's sort of curb appeal if you
01:45:05.369 --> 01:45:09.390
can look past the paint scheme. Mm -hmm This
01:45:09.390 --> 01:45:11.329
can't be the last one we're rocking through it
01:45:11.329 --> 01:45:14.630
we're rocking through 1060 35th Street so the
01:45:14.630 --> 01:45:17.109
baseline neighborhood is sandwiched between what
01:45:17.109 --> 01:45:21.229
I call the research side of CU yeah, the more
01:45:21.229 --> 01:45:24.489
serious side of CU and It does have a lot of
01:45:24.489 --> 01:45:26.489
students in the neighborhood, but it's not the
01:45:26.489 --> 01:45:30.159
party zone like the hill so it also has a mix
01:45:30.159 --> 01:45:32.800
of families and young professionals living in
01:45:32.800 --> 01:45:36.619
the baseline neighborhood and This is your typical
01:45:36.619 --> 01:45:38.500
entry -level house where they've done a garage
01:45:38.500 --> 01:45:42.159
conversion three -bedroom two baths 1 ,323 square
01:45:42.159 --> 01:45:45.850
feet no basement Decent 8200 square foot lot
01:45:45.850 --> 01:45:47.970
almost 8300 square foot lot the home was built
01:45:47.970 --> 01:45:50.789
in the 60s The location is kind of interesting
01:45:50.789 --> 01:45:53.170
because it's it's on the corner of Madison and
01:45:53.170 --> 01:45:56.289
35th and Madison gets some traffic But I wouldn't
01:45:56.289 --> 01:45:58.750
say it's a super busy spot Really what you're
01:45:58.750 --> 01:46:00.970
getting is such close proximity to town I mean
01:46:00.970 --> 01:46:02.970
you're right in the center of town and you're
01:46:02.970 --> 01:46:06.430
on the serious side of see you so very rentable
01:46:06.430 --> 01:46:08.569
When you look at the photos, you see, you know
01:46:08.569 --> 01:46:13.270
the garage Conversion is maybe with looking like
01:46:13.270 --> 01:46:14.869
it might have been without a permit who knows
01:46:14.869 --> 01:46:17.109
we'd want to check permits on it nice vaulted
01:46:17.109 --> 01:46:22.310
ceilings tidy backyard livable house and The
01:46:22.310 --> 01:46:24.449
lack of a garage is a big deal for a lot of people
01:46:24.449 --> 01:46:26.409
moving here They want to have at least one spot
01:46:26.409 --> 01:46:29.289
to park the car out of the snow or at least stash
01:46:29.289 --> 01:46:31.210
all their gear, right? The camping gear the bike
01:46:31.210 --> 01:46:33.729
gear all of that's really important to them.
01:46:34.770 --> 01:46:38.609
So I'm kind of surprised that it didn't sell
01:46:38.609 --> 01:46:42.109
faster and for more money. It was listed in May
01:46:42.109 --> 01:46:46.909
at 8 .45. They cut the price after about a month
01:46:46.909 --> 01:46:49.789
to 8 .29 .5 and then eventually it went under
01:46:49.789 --> 01:46:52.130
contract not once but twice. The first buyer
01:46:52.130 --> 01:46:54.609
bailed. The first buyer went under contract May
01:46:54.609 --> 01:46:59.250
29th, bailed out. 10 days or 11 days later Second
01:46:59.250 --> 01:47:01.470
buyer put it under contract a week after that
01:47:01.470 --> 01:47:04.630
and it closed for 795 which is you know a nice
01:47:04.630 --> 01:47:08.390
$35 ,000 $36 ,000 discount to the list price
01:47:08.390 --> 01:47:14.170
Yeah, and you know about rights these basic branches
01:47:14.170 --> 01:47:19.390
750 is sort of the floor For baseline and Martin
01:47:19.390 --> 01:47:21.350
acres baseline being a little lower and this
01:47:21.350 --> 01:47:24.289
house had vaulted, you know, it's had some some
01:47:24.289 --> 01:47:28.180
skylights That add architectural detail the kitchens
01:47:28.180 --> 01:47:30.800
done. I think it's actually a pretty good deal
01:47:30.800 --> 01:47:34.420
the sunroom addition With the stove looks really
01:47:34.420 --> 01:47:37.779
tidy and nice. I don't know about the arts. It's
01:47:37.779 --> 01:47:40.800
cool It's a cool house. I think it's a decent
01:47:40.800 --> 01:47:43.460
deal. The one thing is that it also is radiant
01:47:43.460 --> 01:47:48.119
heat you can see that in the photos and so You
01:47:48.119 --> 01:47:50.460
probably cannot easily add forced air. You're
01:47:50.460 --> 01:47:53.739
probably in the land of many many split but the
01:47:53.739 --> 01:47:56.539
one thing that is pushing down on the valuation
01:47:56.539 --> 01:48:00.300
is the 100 -year flood. So it looks like it's
01:48:00.300 --> 01:48:02.779
in the 100 -year flood and that gives you permit
01:48:02.779 --> 01:48:05.319
restrictions as well as requiring you to have
01:48:05.319 --> 01:48:08.439
flood insurance if you have a mortgage. And those
01:48:08.439 --> 01:48:10.880
homes are also harder to sell and creates downward
01:48:10.880 --> 01:48:14.000
pressure on pricing. But I don't know, it seems
01:48:14.000 --> 01:48:17.260
like a fair deal. Our usual advice for the 100
01:48:17.260 --> 01:48:20.340
-year flood is don't, right? Because of all the
01:48:20.340 --> 01:48:24.840
restrictions and the flood risk. This time will
01:48:24.840 --> 01:48:28.180
be coming from skunk Creek Unless you're getting
01:48:28.180 --> 01:48:30.640
a trade -off like if you're getting an incredible
01:48:30.640 --> 01:48:33.539
view or you're getting right downtown Yes, I'm
01:48:33.539 --> 01:48:35.779
going to make up, you know something to reattract
01:48:35.779 --> 01:48:38.100
the buyers that were initially scared away from
01:48:38.100 --> 01:48:40.439
the floodplain But the house doesn't have a basement
01:48:41.110 --> 01:48:43.470
So the other piece is that you're not gonna have
01:48:43.470 --> 01:48:45.350
a flooded basement if there's a flood event,
01:48:45.510 --> 01:48:48.449
but you could have water damage anyway. So we
01:48:48.449 --> 01:48:50.289
would strongly advise you get that flood insurance
01:48:50.289 --> 01:48:52.250
and understand the permit restrictions for the
01:48:52.250 --> 01:48:54.779
future by being in the 100 year flood. First
01:48:54.779 --> 01:48:57.260
I was really shocked by the price and I was like
01:48:57.260 --> 01:48:59.140
there's no way this would you know This is like
01:48:59.140 --> 01:49:01.739
dilapidated Martin Acres home pricing it but
01:49:01.739 --> 01:49:04.560
it's in the flood and it's based on one level
01:49:04.560 --> 01:49:06.939
And it doesn't have a garage and when you add
01:49:06.939 --> 01:49:08.920
those factors in that's how you get to a totally
01:49:08.920 --> 01:49:11.020
makes a reasonable price and it's updated Yeah,
01:49:11.260 --> 01:49:12.960
right. So here's the thing if you buy a house
01:49:12.960 --> 01:49:14.640
that's in a compromised location like in the
01:49:14.640 --> 01:49:17.390
floodplain you actually are going to spend money
01:49:17.390 --> 01:49:19.970
to update it in order to get it sold because
01:49:19.970 --> 01:49:21.909
a lot of or you're going to discount it by even
01:49:21.909 --> 01:49:24.770
more in order to get it sold because buyers are
01:49:24.770 --> 01:49:27.770
not dumb. And so under and but although some
01:49:27.770 --> 01:49:29.569
of them don't understand the floodplain and some
01:49:29.569 --> 01:49:33.069
are misrepresented, but some agents don't advise
01:49:33.069 --> 01:49:34.689
their clients about the floodplain. We don't
01:49:34.689 --> 01:49:37.829
know the situation with this particular deal
01:49:37.829 --> 01:49:40.189
other than the listing side. Very competent and
01:49:40.189 --> 01:49:42.029
very clearly disclosed in the hundred year flood.
01:49:42.989 --> 01:49:46.880
So it is what it is. Say love you. Okay, that's
01:49:46.880 --> 01:49:48.920
our sales of the week this week and we went through
01:49:48.920 --> 01:49:52.659
it pretty quickly because Clients are calling.
01:49:52.880 --> 01:49:55.140
Yeah, we are getting there on time. So we're
01:49:55.140 --> 01:49:57.840
how far away shameless self -promotions next
01:49:57.840 --> 01:50:01.079
and we were actually at about two hours, so Okay,
01:50:01.159 --> 01:50:03.939
we got some moving to do we might skip news again
01:50:03.939 --> 01:50:06.119
just because we know well we're gonna touch base
01:50:06.119 --> 01:50:08.840
on it really quick but Shameless self -promotion
01:50:08.840 --> 01:50:11.340
is our segment where we take a few minutes to
01:50:11.340 --> 01:50:14.579
talk about a client and what their needs are
01:50:14.579 --> 01:50:18.560
and this is a client who owns a really really
01:50:18.560 --> 01:50:23.300
attractive house that fronts on Wonderland Lake
01:50:23.300 --> 01:50:26.840
and They've spent a lot of money updating this
01:50:26.840 --> 01:50:29.779
house. It is stunning And they want to move to
01:50:29.779 --> 01:50:32.680
a ranch style horse property, right? Like they
01:50:32.680 --> 01:50:35.359
want, I kind of call it the Yellowstone fantasy
01:50:35.359 --> 01:50:37.439
house, respectfully, right? They don't necessarily
01:50:37.439 --> 01:50:39.520
need a giant lodge like the Yellowstone. Hobby
01:50:39.520 --> 01:50:42.279
ranch. But a hobby ranch, horse property, something
01:50:42.279 --> 01:50:44.199
that they could have a few horses and have some
01:50:44.199 --> 01:50:46.880
nice views. Maybe some toys. Maybe some toys
01:50:46.880 --> 01:50:49.500
and be out of the city, right? This feeling of
01:50:49.500 --> 01:50:51.359
just being in that pastoral landscape around
01:50:51.359 --> 01:50:53.960
the city is something that they're looking for.
01:50:54.340 --> 01:50:57.420
And this type of property, I... find really juicy
01:50:57.420 --> 01:50:59.479
as a search because there's so much to learn
01:50:59.479 --> 01:51:02.680
and understand. Water rights, the value of water
01:51:02.680 --> 01:51:05.180
rights are all over the place. And sometimes
01:51:05.180 --> 01:51:07.220
we see homes that are underpriced. More oftenly
01:51:07.220 --> 01:51:09.220
we see houses that they pretend like the water
01:51:09.220 --> 01:51:11.899
rights aren't an issue, but they are, particularly
01:51:11.899 --> 01:51:16.539
if you have ag use in mind. And that ag use can
01:51:16.539 --> 01:51:19.039
save you a lot of money on taxes, even if you're
01:51:19.039 --> 01:51:22.079
not the farmer. Ag land, right? Ag zoning? Ag
01:51:22.079 --> 01:51:24.800
zoning with ag use, you could save a lot of money
01:51:24.800 --> 01:51:27.560
in taxes. we continue to be on the hunt if you
01:51:27.560 --> 01:51:30.659
own property between the city of Boulder and
01:51:30.659 --> 01:51:34.600
the city of Longmont and that is pastoral and
01:51:35.210 --> 01:51:38.109
would be perfect for horses. It actually doesn't
01:51:38.109 --> 01:51:41.090
need to be turnkey. This buyer would prefer it
01:51:41.090 --> 01:51:43.250
not to be turnkey. It's actually looking for
01:51:43.250 --> 01:51:45.470
a home that probably is gonna get torn down and
01:51:45.470 --> 01:51:48.210
redone in the next five years. So they would
01:51:48.210 --> 01:51:51.090
like to, it's really about the land, the views
01:51:51.090 --> 01:51:55.050
and the potential and the water rights and understanding
01:51:55.050 --> 01:51:58.510
those water rights is really clutch to a successful
01:51:58.510 --> 01:52:00.930
sale. But if you are an owner and thinking about
01:52:00.930 --> 01:52:04.109
selling in that zone, Reach out to us if you've
01:52:04.109 --> 01:52:06.109
got something. I don't know the actual price
01:52:06.109 --> 01:52:07.789
cap of where we want to go and I don't want to
01:52:07.789 --> 01:52:10.170
reveal it necessarily because that could compromise
01:52:10.170 --> 01:52:13.369
our client, but it's substantial. So don't hesitate
01:52:13.369 --> 01:52:14.890
to reach out if you happen to have a property
01:52:14.890 --> 01:52:19.310
like that. Yeah. I'm meeting them today for the
01:52:19.310 --> 01:52:22.329
first time. Yep. So that's right. I don't know.
01:52:22.409 --> 01:52:24.449
Next week I'll tell you if Ellsman's on the money.
01:52:25.970 --> 01:52:27.750
I've got a feeling you're here on the money.
01:52:28.350 --> 01:52:30.010
All right, we're gonna do hot takes on the news
01:52:30.010 --> 01:52:32.050
really fast because it's sort of a slow news
01:52:32.050 --> 01:52:34.850
day when we're celebrating the launch of unleaded
01:52:34.850 --> 01:52:40.050
avgas And what's really funny about this article
01:52:40.050 --> 01:52:41.850
and put a link into it. So this is the airport,
01:52:42.010 --> 01:52:44.909
right? Basically the movement to try to create
01:52:44.909 --> 01:52:47.649
housing at the airport is dying for a variety
01:52:47.649 --> 01:52:51.529
of reasons Not least of which is common sense
01:52:51.529 --> 01:52:53.989
in my opinion. Like this is not necessarily the
01:52:53.989 --> 01:52:57.220
best thing to do is to have More housing in our
01:52:57.220 --> 01:53:00.880
only general aviation Airport in the city of
01:53:00.880 --> 01:53:03.279
boulder or close to the city of boulder I mean
01:53:03.279 --> 01:53:06.640
longmont's not that far away, but a lot of people
01:53:06.640 --> 01:53:10.920
recreate and use the airport And it's been there
01:53:10.920 --> 01:53:12.659
for a long time, right? So get trying to get
01:53:12.659 --> 01:53:16.800
rid of it feels very I don't know Very progressive
01:53:16.800 --> 01:53:19.819
shall we say? And this avgas article just makes
01:53:19.819 --> 01:53:22.119
me laugh because it's celebrating the arrival
01:53:22.119 --> 01:53:26.899
of unleaded aviation fuel But as you know, damn
01:53:26.899 --> 01:53:29.399
well, Hamish, the majority of people with older
01:53:29.399 --> 01:53:31.500
aircraft are probably going to start using additives
01:53:31.500 --> 01:53:33.659
if they can't get unleaded. The old heads for
01:53:33.659 --> 01:53:37.159
sure. I think to it says here it's compatible
01:53:37.159 --> 01:53:42.100
with 70 % of piston engine aircraft. I am. I
01:53:42.100 --> 01:53:44.180
don't remember a lot of the comments that I've
01:53:44.180 --> 01:53:47.119
seen in like I'm in a airplanes and coffee group
01:53:47.119 --> 01:53:50.180
on Facebook that I somehow became part of, but
01:53:50.180 --> 01:53:52.720
not this article. They were commenting on something
01:53:52.720 --> 01:53:56.550
similar and. I think it's it's a choice of economics
01:53:56.550 --> 01:53:58.770
right or if it's the same price or something
01:53:58.770 --> 01:54:01.069
then they'll go for it But there's a lot of old
01:54:01.069 --> 01:54:03.850
heads that swear by you know Nothing runs better
01:54:03.850 --> 01:54:06.689
than leaded and I've got it have it in all my
01:54:06.689 --> 01:54:09.109
cars even the modern ones So I don't know about
01:54:09.109 --> 01:54:11.010
that. That's like a destroyer catalytic converter.
01:54:11.449 --> 01:54:13.890
Yeah, this is I don't think you can use leaded
01:54:13.890 --> 01:54:16.069
fuel in a Vehicle that's designed for unleaded
01:54:16.069 --> 01:54:19.430
but these old aircraft were built were engineered
01:54:19.430 --> 01:54:23.420
for leaded fuel. Yeah soft valves and There was
01:54:23.420 --> 01:54:25.479
one comment where he's like I run it in my get
01:54:25.479 --> 01:54:27.699
lawnmowers because it runs better and I'm like,
01:54:27.699 --> 01:54:29.859
okay Your lawnmower is not gonna drop out of
01:54:29.859 --> 01:54:32.880
the sky. Yeah, but with that said like the ul
01:54:32.880 --> 01:54:34.979
-94 and I'm not an expert in this in any way
01:54:34.979 --> 01:54:38.699
shape or form Is supposed to be used it's supposed
01:54:38.699 --> 01:54:41.840
to be an option for up to 70 % of piston engine
01:54:41.840 --> 01:54:46.140
aircraft and that and you can convert your Your
01:54:46.140 --> 01:54:48.760
plane that was designed to run on leaded fuel
01:54:48.939 --> 01:54:51.979
to now run on unleaded fuel, but it does incur
01:54:51.979 --> 01:54:54.119
cost, and we're talking about something that
01:54:54.119 --> 01:54:56.520
can drop out of the sky, so I think the vast
01:54:56.520 --> 01:55:01.300
majority of these owners are probably gonna continue
01:55:01.300 --> 01:55:04.479
to use leaded fuel, and if it becomes unavailable,
01:55:04.560 --> 01:55:06.140
they're probably just gonna switch to leaded
01:55:06.140 --> 01:55:09.970
additives, because... Because because it falls
01:55:09.970 --> 01:55:12.510
out of the sky, you know because humans right?
01:55:12.670 --> 01:55:15.170
Yeah, I think it's cool that unleaded fuels available
01:55:15.170 --> 01:55:18.050
I also think it's this idea that we're celebrating.
01:55:18.069 --> 01:55:20.890
It is sort of silly I'm hopeful it takes the
01:55:20.890 --> 01:55:23.310
heat off of people trying to close the airport,
01:55:23.310 --> 01:55:28.710
but I'm doubtful at the same time so All right
01:55:28.710 --> 01:55:32.310
bicycles bicycles According to Mitchell Byers
01:55:32.310 --> 01:55:35.970
our former daily camera reporter and favorites
01:55:35.970 --> 01:55:39.880
Twitter Ex user I guess you could say the commissioners
01:55:39.880 --> 01:55:42.680
have say they're no longer gonna pursue the alternate
01:55:42.680 --> 01:55:48.140
trail access days trying to Segment segregate
01:55:48.140 --> 01:55:51.779
our our hikers bikers and equestrians I think
01:55:51.779 --> 01:55:54.960
there was enough of a backlash against clear
01:55:54.960 --> 01:55:58.539
levy in particular for pushing for this despite
01:55:58.539 --> 01:56:02.260
the polling that said they didn't want it And
01:56:02.260 --> 01:56:05.159
the biking community is getting more aggressive
01:56:05.159 --> 01:56:07.819
and frankly maybe they should be because they
01:56:07.819 --> 01:56:09.659
don't have a lot of options compared to hikers
01:56:09.659 --> 01:56:12.260
and equestrians and When you think about it,
01:56:12.260 --> 01:56:14.579
really they don't yeah, but I think there is
01:56:14.579 --> 01:56:16.880
there's a huge opportunity for training, right?
01:56:16.960 --> 01:56:19.960
So every once in a while, I will go hike Betasso
01:56:19.960 --> 01:56:22.119
on a day that the cyclists are using it and boy
01:56:22.119 --> 01:56:24.680
It's dangerous because there's so many blind
01:56:24.680 --> 01:56:27.600
turns and some of those cyclists are hauling
01:56:27.600 --> 01:56:30.380
Hauling and as fast as I can and it's a narrow
01:56:30.380 --> 01:56:32.539
trail with steep drop -offs So there are some
01:56:32.539 --> 01:56:35.039
places where I get alternate access days makes
01:56:35.039 --> 01:56:37.479
a lot of sense But there's also a lot of places
01:56:37.479 --> 01:56:40.180
where education can solve this like I get it,
01:56:40.220 --> 01:56:42.579
right? It's scary having a bicyclist come come
01:56:42.579 --> 01:56:44.859
raring at you and you have the right away Yeah,
01:56:44.859 --> 01:56:46.460
right and that's the part that a lot of cyclists
01:56:46.460 --> 01:56:49.039
don't get is that they actually need to be more
01:56:49.039 --> 01:56:52.159
courteous Especially older hikers right like
01:56:52.159 --> 01:56:55.340
their balance isn't as good It's such a no -brainer
01:56:55.340 --> 01:56:57.079
that cyclists are creating their own problem
01:56:57.079 --> 01:56:59.460
and I am a cyclist. Okay, you're allowed to say
01:56:59.460 --> 01:57:01.680
it's not all cyclists I love mountain biking,
01:57:02.100 --> 01:57:04.380
but I also have been a hiker and been scared
01:57:04.380 --> 01:57:05.840
out of my wits of somebody coming around the
01:57:05.840 --> 01:57:07.949
corner and yelled at them Where they came around
01:57:07.949 --> 01:57:10.310
the corner really fast and almost crashed into
01:57:10.310 --> 01:57:13.310
me on a blind turn with the drop off I mean,
01:57:13.310 --> 01:57:15.609
I don't want to make this like a anti -cyclist
01:57:15.609 --> 01:57:19.470
thing in a genuinely like kind of You know, there
01:57:19.470 --> 01:57:21.930
should be more trails and stuff, but I am so
01:57:21.930 --> 01:57:25.750
tired of driving on like some sketchy roads and
01:57:25.750 --> 01:57:27.750
I try to give cyclists as much room as I can
01:57:27.750 --> 01:57:29.829
but they're they don't have any room to be on
01:57:29.829 --> 01:57:32.409
the road to begin with i'm like Why are you here?
01:57:32.529 --> 01:57:35.079
You know, I get that you want to bike but There
01:57:35.079 --> 01:57:38.100
is no shoulder and we are okay. So this is where
01:57:38.100 --> 01:57:39.659
you and I are gonna get into it because I got
01:57:39.659 --> 01:57:42.220
to tell you Hamish They're so vulnerable. They
01:57:42.220 --> 01:57:46.600
are so vulnerable and It only delays the driver
01:57:46.600 --> 01:57:49.079
a few seconds to wait until there's a safe place
01:57:49.079 --> 01:57:51.979
to pass. Totally. And I do. OK. Right. All right.
01:57:52.159 --> 01:57:54.260
Why are they there? Because they have the right
01:57:54.260 --> 01:57:56.899
to be there because cycling is healthy because
01:57:56.899 --> 01:57:58.760
it's a great way to experience nature and all
01:57:58.760 --> 01:58:01.779
Boulder has to offer. And drivers, I'm with you.
01:58:01.859 --> 01:58:03.659
Right. It can be frustrating, but at the same
01:58:03.659 --> 01:58:06.039
time, boy, just just calm down. You're only going
01:58:06.039 --> 01:58:08.819
to lose a few seconds. Wait for a moment where
01:58:08.819 --> 01:58:11.859
it's safe. Do not take a risky pass. Oh, yeah.
01:58:12.000 --> 01:58:15.199
Do not lay on your horn right next to this. Cyclists
01:58:15.199 --> 01:58:18.060
like give them a break and I don't do any of
01:58:18.060 --> 01:58:21.420
that and when I it's one of the like few Sanctions
01:58:21.420 --> 01:58:23.239
times that you can cross the double yellow and
01:58:23.239 --> 01:58:25.439
go all the way over so I do that I think it's
01:58:25.439 --> 01:58:28.939
really fun and I like to be like here cyclists
01:58:28.939 --> 01:58:33.630
have as much room as you can but For more than
01:58:33.630 --> 01:58:36.130
anything it just creates concern for the cyclist
01:58:36.130 --> 01:58:39.050
whenever I see that I'm like this is so clearly
01:58:39.050 --> 01:58:41.529
an unsafe space and I'm paying attention I see
01:58:41.529 --> 01:58:43.970
you I'm giving you room but boy I cannot speak
01:58:43.970 --> 01:58:46.029
for the other motorists that I've had to honk
01:58:46.029 --> 01:58:47.750
at because they were coming into my lane and
01:58:47.750 --> 01:58:50.210
you know it's just it frets me and yeah they've
01:58:50.210 --> 01:58:53.649
got the right they actually shouldn't avoid these
01:58:53.649 --> 01:58:56.590
roads because the drivers are unsafe the drivers
01:58:56.590 --> 01:58:59.560
need to wisen up But it worries me. So that's
01:58:59.560 --> 01:59:01.479
where else I'll be at. All right. I'll let you
01:59:01.479 --> 01:59:04.619
have the last word on that one. Do you think
01:59:04.619 --> 01:59:06.619
we've got it? No, I think we're mostly in agreement.
01:59:06.619 --> 01:59:08.819
Yeah, I feel like there's much debate here. Yeah,
01:59:08.880 --> 01:59:11.359
you bring it. You're right. Other than I guess
01:59:11.359 --> 01:59:14.859
I have some latent anger to your Boulder County
01:59:14.859 --> 01:59:17.140
cars that pass too close to me when I'm on a
01:59:17.140 --> 01:59:20.779
bicycle. Yeah. And create unnecessary risk to
01:59:20.779 --> 01:59:23.239
save a few seconds when we're coming up close
01:59:23.239 --> 01:59:26.680
to a stop sign and I literally catch. The car
01:59:26.680 --> 01:59:29.359
that did an unsafe pass is the most embarrassing
01:59:29.359 --> 01:59:32.659
thing to do and one of the biggest areas of Conflict
01:59:32.659 --> 01:59:35.239
I personally have had is Boulder Canyon Mm -hmm
01:59:35.239 --> 01:59:38.640
because that dirt path that runs along the side
01:59:38.640 --> 01:59:41.079
of Boulder Canyon that then turns into a paved
01:59:41.079 --> 01:59:44.000
multi -use path For some reason drivers feel
01:59:44.000 --> 01:59:46.819
like all cyclists should use that all the time.
01:59:46.819 --> 01:59:50.090
Yeah And the problem with that is that cyclists,
01:59:50.170 --> 01:59:52.109
particularly on the downhill stretch, can be
01:59:52.109 --> 01:59:54.710
going 35, 40 miles an hour. They need a road
01:59:54.710 --> 01:59:56.569
which is way faster than you're allowed to go.
01:59:56.750 --> 01:59:58.729
It's a multiple of how fast you're allowed to
01:59:58.729 --> 02:00:01.069
go on the bike path. And it's a misunderstanding
02:00:01.069 --> 02:00:03.750
for drivers that all cyclists should be on the
02:00:03.750 --> 02:00:06.470
bike path when the bike path is not actually
02:00:06.470 --> 02:00:09.369
a commuting or professional cycling or even amateur
02:00:09.369 --> 02:00:13.149
cycling route. And even I can, as an out of shape
02:00:13.149 --> 02:00:15.970
cyclist, can go 35 miles an hour down the boulder.
02:00:16.489 --> 02:00:19.489
Boulder Canyon between Four Mile and downtown.
02:00:19.970 --> 02:00:23.609
And there's a Narrows portion where that bike
02:00:23.609 --> 02:00:26.369
path is, and there's a concrete wall. And the
02:00:26.369 --> 02:00:29.270
last time I was going down that, and I was going
02:00:29.270 --> 02:00:33.829
almost 40 on my e -bike, a pickup truck pulled
02:00:33.829 --> 02:00:36.250
up right next to me. And instead of passing safely,
02:00:36.590 --> 02:00:39.329
decides to stall there right next to me and start
02:00:39.329 --> 02:00:42.229
yelling at me. And then a car is coming the other
02:00:42.229 --> 02:00:45.479
way. I literally slammed both brakes to create
02:00:45.479 --> 02:00:47.380
space for this pickup to come back into the lane.
02:00:47.600 --> 02:00:49.380
I don't know why he felt like they needed to
02:00:49.380 --> 02:00:50.859
park right next to me and start yelling. I couldn't
02:00:50.859 --> 02:00:52.560
even hear what he was saying. The wind's rushing
02:00:52.560 --> 02:00:54.100
through my ears. All I had to do was look over
02:00:54.100 --> 02:00:55.199
and I realized there's a guy with his window
02:00:55.199 --> 02:00:57.680
down in the oncoming lane of traffic next to
02:00:57.680 --> 02:01:00.039
me, yelling at me about not, and he's pointing
02:01:00.039 --> 02:01:01.760
at the bike lane. So he's yelling at me for being
02:01:01.760 --> 02:01:06.619
in the roadway. And it gave me such a panic attack.
02:01:07.180 --> 02:01:09.520
And so I hit the brakes, he swerves back in.
02:01:09.800 --> 02:01:11.880
And I literally am behind the guy the whole way
02:01:11.880 --> 02:01:13.819
down the rest of Boulder Canyon. I caught him
02:01:13.819 --> 02:01:16.520
at the ninth street intersection, ninth and Canyon.
02:01:16.720 --> 02:01:18.680
I caught him. He rolls down his window and is
02:01:18.680 --> 02:01:21.140
yelling at me again as he stopped in traffic.
02:01:21.500 --> 02:01:22.899
And I'm like, dude, like literally you saved
02:01:22.899 --> 02:01:26.220
no time and you created so much risk. And I really
02:01:26.220 --> 02:01:29.880
wish I had my camera going to watch this ridiculous
02:01:29.880 --> 02:01:32.960
situation unfold. Yeah. Um, I hate you ridiculously
02:01:32.960 --> 02:01:34.680
drain dangerous. And dude, if you're listening
02:01:34.680 --> 02:01:38.220
to this in your black Toyota Tacoma and you had
02:01:38.220 --> 02:01:40.100
mountain bikes on the back. of your car, I just
02:01:40.100 --> 02:01:42.359
don't understand what you were thinking that
02:01:42.359 --> 02:01:44.340
that was a good moment to lecture me about lane
02:01:44.340 --> 02:01:48.000
use down Boulder Canyon. So anyway, yeah, I get
02:01:48.000 --> 02:01:49.960
it. People get angry and I still have some latent
02:01:49.960 --> 02:01:53.720
anger at somebody almost killing me down Boulder
02:01:53.720 --> 02:01:56.640
Canyon. And then it's the vulnerability is like
02:01:56.640 --> 02:02:00.359
cars are death machines. You know compared to
02:02:00.359 --> 02:02:02.420
a bike you're in a cage. You're in a metal cage
02:02:02.420 --> 02:02:04.699
surround it to have some patience Yeah, wait
02:02:04.699 --> 02:02:06.420
ten seconds. You're gonna end up at the same
02:02:06.420 --> 02:02:08.939
place. Maybe you lost one light and in this case
02:02:08.939 --> 02:02:12.319
no lights I caught the guy Yeah, and it's it
02:02:12.319 --> 02:02:14.859
is my favorite guilty pleasure is to go all the
02:02:14.859 --> 02:02:17.039
way in the other lane to avoid a bike I don't
02:02:17.039 --> 02:02:18.800
know why it's a guilty pleasure because I'm like,
02:02:18.800 --> 02:02:23.079
oh, I'm back in New Zealand All right, let's
02:02:23.079 --> 02:02:25.119
get into our carve outs Hamish because i've got
02:02:25.119 --> 02:02:27.359
that was almost work on an inspection resolution
02:02:27.359 --> 02:02:30.500
and we're running out the clock We are it's your
02:02:30.500 --> 02:02:33.699
first. Tell us about your event I think you should
02:02:33.699 --> 02:02:38.199
go first Perfect It's me first. Uh, i'll tell
02:02:38.199 --> 02:02:40.220
you guys about this movie. It's called obsession
02:02:40.220 --> 02:02:42.720
obsession. Have you heard anything about it?
02:02:42.720 --> 02:02:45.659
Really nothing. Okay, who's in it? Uh, nobody
02:02:45.659 --> 02:02:49.800
big it was built or filmed on a 750 000 budget
02:02:49.800 --> 02:02:53.069
and I believe it's hitting I think it's in the
02:02:53.069 --> 02:02:54.649
hundreds of millions at this point in the box
02:02:54.649 --> 02:02:57.890
office. It's one of the highest returning films
02:02:57.890 --> 02:02:59.529
ever. It's actually in theaters. It's not just
02:02:59.529 --> 02:03:01.170
going direct to Netflix or whatever. Oh, no.
02:03:01.329 --> 02:03:03.449
It's actually extended time in theaters. I think
02:03:03.449 --> 02:03:08.090
it just hit voodoo. Weird. Really big. So funnily
02:03:08.090 --> 02:03:11.529
enough, there's a Reels comedy sketch group called
02:03:11.529 --> 02:03:15.130
That's a Bad Idea. And they do quite a lot of
02:03:15.130 --> 02:03:17.029
sketches, most of them inappropriate. None of
02:03:17.029 --> 02:03:19.010
them like embarrassing or gross or anything,
02:03:19.069 --> 02:03:21.560
but just funny. But you can always tell watching
02:03:21.560 --> 02:03:24.939
it that they were grading their footage. They
02:03:24.939 --> 02:03:27.399
had specific LUTs that they were using. The footage
02:03:27.399 --> 02:03:29.699
in the film that they were... The video that
02:03:29.699 --> 02:03:31.880
they were presenting was, like, far and above
02:03:31.880 --> 02:03:33.640
beyond somebody just taking it with an iPhone.
02:03:34.880 --> 02:03:37.500
Okay, so... Let me pause your video. All movies
02:03:37.500 --> 02:03:40.539
are graded. Is it graded in a certain style that
02:03:40.539 --> 02:03:42.779
you like? These are the real skits from the group.
02:03:42.859 --> 02:03:45.340
That's a bad idea. Just the skits and the reels
02:03:45.340 --> 02:03:47.819
that you would see on social media were like...
02:03:47.470 --> 02:03:49.550
Professionally done. Okay, and so it kind of
02:03:49.550 --> 02:03:52.770
like piqued my interest last year curry barker
02:03:52.770 --> 02:03:56.050
Yeah, I'm giving you the great. Yeah, this is
02:03:56.050 --> 02:04:00.210
the story Yeah, so any last year curry barker
02:04:00.210 --> 02:04:03.229
the director and writer of obsession Released
02:04:03.229 --> 02:04:05.970
a short horror film called milk and cereal on
02:04:05.970 --> 02:04:09.369
YouTube and that did very very well And it was
02:04:09.369 --> 02:04:11.909
a little one. It's cool to watch it milk like
02:04:11.909 --> 02:04:14.569
milk and then cereal like serial killer. It was
02:04:14.569 --> 02:04:17.640
kind of neat Well, yeah, he ended up getting
02:04:17.640 --> 02:04:20.960
a deal to put together and write and film and
02:04:20.960 --> 02:04:23.100
direct this movie called Obsession. And it's
02:04:23.100 --> 02:04:25.640
quite creepy. It's a wish horror. So, you know,
02:04:25.760 --> 02:04:28.260
somebody in there makes a wish. and then it goes
02:04:28.260 --> 02:04:31.939
terribly wrong. And the way that it was shot,
02:04:32.340 --> 02:04:34.720
everything, I was on edge the entire time. I
02:04:34.720 --> 02:04:37.760
was very stressed. I was unhappy as I was watching
02:04:37.760 --> 02:04:39.520
it, which is to say it was a really good horror
02:04:39.520 --> 02:04:41.859
movie. Were there like a lot of jump scares or
02:04:41.859 --> 02:04:45.659
was it more like in your, more of a psychological
02:04:45.659 --> 02:04:49.140
frightening? It was very psychological. And then
02:04:49.140 --> 02:04:52.760
the jump scares, I was genuinely disarmed at
02:04:52.760 --> 02:04:56.100
the times when they happened. Or I kind of knew
02:04:56.100 --> 02:04:58.279
that something was going to happen, but I couldn't
02:04:58.279 --> 02:05:01.220
place where the horror, you know, like if you're
02:05:01.220 --> 02:05:03.420
being hunted by a Sierra killer or there's a
02:05:03.420 --> 02:05:05.300
ghost or something, you can kind of anticipate
02:05:05.300 --> 02:05:08.079
when the ghost is going to be violent or to what
02:05:08.079 --> 02:05:11.000
degree the violence is going to happen. But the
02:05:11.000 --> 02:05:13.899
way that it went from like, okay, this is creepy,
02:05:14.159 --> 02:05:17.060
but I don't know how bad it's going to get yet.
02:05:17.820 --> 02:05:21.579
to holy cow, we've jumped the Rubicon, we're
02:05:21.579 --> 02:05:25.319
beyond murder, we're in like an insane culty
02:05:25.319 --> 02:05:27.779
thing. Like that happened and it felt like 10
02:05:27.779 --> 02:05:31.859
minutes of watching the movie. And your heart's
02:05:31.859 --> 02:05:34.199
beating out of your chest. I mean, horror movies
02:05:34.199 --> 02:05:37.779
usually don't stick on me. This one, it got to
02:05:37.779 --> 02:05:39.659
me. I get chills thinking about it. There are
02:05:39.659 --> 02:05:41.479
a couple scenes that are like - You went to the
02:05:41.479 --> 02:05:43.220
theater to see it? I did, yeah. Was this a date
02:05:43.220 --> 02:05:49.970
night? It absolutely was. Soft launch. Hard launches
02:05:49.970 --> 02:05:51.909
like you post a picture of them and you want
02:05:51.909 --> 02:06:01.750
us to go But no is um really good movie and it
02:06:01.750 --> 02:06:04.170
was cool to see curry Barker went to film school
02:06:04.170 --> 02:06:07.750
in New York and You know now he's like getting
02:06:07.750 --> 02:06:09.470
a lot of praise and stuff But it was cool to
02:06:09.470 --> 02:06:13.149
see from comedy sketches on on Facebook to a
02:06:13.149 --> 02:06:15.949
full -fledged production movie and he spent 750
02:06:15.949 --> 02:06:20.489
,000 on making a Feature film. Yeah. Wow tiny
02:06:20.489 --> 02:06:23.130
budget and of course There's a bunch of complaints
02:06:23.130 --> 02:06:24.890
from like the grips and everybody that worked
02:06:24.890 --> 02:06:27.430
on the set not getting paid But the deal is it's
02:06:27.430 --> 02:06:29.590
flat rate, you know, right? You don't know how
02:06:29.590 --> 02:06:31.729
much it's gonna gross and all that stuff. Huh?
02:06:31.949 --> 02:06:33.770
Yeah Well, that's interesting. I mean have you
02:06:33.770 --> 02:06:36.909
heard of the Rocky Mountain wharf? Tongues that's
02:06:36.909 --> 02:06:38.810
a cult following. Yeah, right. Yeah the picture
02:06:38.810 --> 02:06:41.329
show. No, no, no, no, no. Oh, I mean, there's
02:06:41.329 --> 02:06:43.810
a film festival I think it's called the Rocky
02:06:43.810 --> 02:06:47.329
Mountain Horror Film Festival Mm -hmm, or the
02:06:47.329 --> 02:06:49.329
Colorado work. There is one. There's a horror
02:06:49.329 --> 02:06:52.130
film festival here in Colorado. I think it's
02:06:52.130 --> 02:06:54.409
in the fall You may want to check. I didn't know
02:06:54.409 --> 02:06:55.710
you were in a horror films. You may want to check
02:06:55.710 --> 02:06:59.470
it out I'm really not really into horror movies
02:06:59.470 --> 02:07:02.109
It was the fact that I'd watched these guys on
02:07:02.109 --> 02:07:04.329
Facebook and I liked their skits and then seeing
02:07:04.329 --> 02:07:06.010
all the reception and stuff for I was like, yeah
02:07:06.010 --> 02:07:08.229
Sure, why not? I like horror films, but not you
02:07:08.229 --> 02:07:10.329
didn't worry ones I like the ones that are psychological
02:07:10.329 --> 02:07:15.449
thrillers like Baba Duke and which Like the Baba
02:07:15.449 --> 02:07:21.609
Duke one This one it's pretty light in the gore.
02:07:21.609 --> 02:07:25.010
There's a couple of scenes, but it really it's
02:07:26.270 --> 02:07:28.869
It's the the individuals involved in it. Nobody's
02:07:28.869 --> 02:07:31.930
a hero Nobody you'd necessarily like which is
02:07:31.930 --> 02:07:33.789
a fun one because your brains trying to find
02:07:33.789 --> 02:07:37.369
someone Yeah, I'm trying not to spoil it. But
02:07:37.369 --> 02:07:40.329
check it out. Like if you yeah, all right, I
02:07:40.329 --> 02:07:45.010
will do Leah does not like horror films So it's
02:07:45.010 --> 02:07:46.829
rare that I can get her to watch one with me,
02:07:46.829 --> 02:07:48.810
but I will try it sounds interesting I doubt
02:07:48.810 --> 02:07:50.770
we'll go to the cinema. We just don't like yeah
02:07:50.770 --> 02:07:53.850
It's on voodoo now, I guess. Okay. All right.
02:07:53.850 --> 02:07:57.260
We'll check it out. Yeah All right, my carve
02:07:57.260 --> 02:08:04.979
out. Where do I start with this? So if you are
02:08:04.979 --> 02:08:10.479
into van life or into adventure vans, I have
02:08:10.479 --> 02:08:17.229
one for sale. And I built out this van. I got
02:08:17.229 --> 02:08:21.930
Van Brain, hashtag Van Brain. This is like 2016,
02:08:22.229 --> 02:08:25.310
2017, and after searching for the better part
02:08:25.310 --> 02:08:28.409
of a year, and making the decisions, right? This
02:08:28.409 --> 02:08:30.529
is before the all -wheel drive Sprinter was available,
02:08:31.270 --> 02:08:33.149
or the all -wheel drive Transit. There were no
02:08:33.149 --> 02:08:35.569
all -wheel drive vans, really, that were camper
02:08:35.569 --> 02:08:38.939
van type options that made any sense. So a lot
02:08:38.939 --> 02:08:41.319
of people were converting Ford economy lines
02:08:41.319 --> 02:08:43.739
and and after doing a ton of research I came
02:08:43.739 --> 02:08:45.600
to the conclusion. There's two companies There's
02:08:45.600 --> 02:08:47.060
a company on the west coast and a company on
02:08:47.060 --> 02:08:49.640
the east coast and the company on the west coast
02:08:49.640 --> 02:08:51.920
Does a conversion that's push button but not
02:08:51.920 --> 02:08:54.560
as rugged Like literally push a button on the
02:08:54.560 --> 02:08:57.659
dash and the company on the east coast does a
02:08:57.659 --> 02:09:01.060
complete front axle transplant from basically
02:09:01.060 --> 02:09:06.319
an F450 or 550 truck with big brakes, leaf springs,
02:09:06.539 --> 02:09:09.039
gets rid of the entire front end. It's solid
02:09:09.039 --> 02:09:13.100
axle front and puts in Detroit True Track, which
02:09:13.100 --> 02:09:15.600
is like a form of limited slip on the front end
02:09:15.600 --> 02:09:19.460
and individual wheel lockers and does it as part
02:09:19.460 --> 02:09:23.340
of a... Six inch lift and puts the the van on
02:09:23.340 --> 02:09:26.800
35s. So now it is a totally different machine
02:09:26.800 --> 02:09:31.800
monster van it's like monster van ish and I decided
02:09:31.800 --> 02:09:33.279
if we're gonna do this human as a go with this
02:09:33.279 --> 02:09:35.840
company and I called them and I researched their
02:09:35.840 --> 02:09:38.960
reputation online their company called you joint
02:09:38.960 --> 02:09:42.300
off -road and I decided all right if I find a
02:09:42.300 --> 02:09:44.479
van I maybe I'll take it to them for the conversion
02:09:44.479 --> 02:09:47.380
I shopped a bunch of local van builders and none
02:09:47.380 --> 02:09:49.079
of them were building things that look like they
02:09:49.079 --> 02:09:52.130
were well done Yeah, and could retain the what's
02:09:52.130 --> 02:09:54.789
called RSC, which is which is roll stability
02:09:54.789 --> 02:09:57.350
control. Oh wow. Yeah, that's so the four -wheel
02:09:57.350 --> 02:09:59.550
drive conversion that you joint does retains
02:09:59.550 --> 02:10:04.170
the RSC and everything just works so I Found
02:10:04.170 --> 02:10:06.630
a van. I think it was like in the Kansas City
02:10:06.630 --> 02:10:10.590
market and the guy originally ordered it with
02:10:10.590 --> 02:10:16.010
a rear AC and AC air conditioning. Okay, and
02:10:16.010 --> 02:10:19.229
carpet, but that was it and then wood paneled
02:10:19.229 --> 02:10:21.949
the interior and did basically no other mods.
02:10:22.510 --> 02:10:24.409
And I think he used it as a tow vehicle, because
02:10:24.409 --> 02:10:26.289
I pulled up the address on Google Maps of where
02:10:26.289 --> 02:10:28.789
it was parked, the address in the old one of
02:10:28.789 --> 02:10:31.289
the old receipts. And there was the van next
02:10:31.289 --> 02:10:33.710
to a boat. And the van was also ordered with
02:10:33.710 --> 02:10:36.380
a tow package. It was a small boat. and it's
02:10:36.380 --> 02:10:38.899
in the Lake District. So I think this guy used
02:10:38.899 --> 02:10:41.819
it as a van to take his boat to the Lake, and
02:10:41.819 --> 02:10:43.920
it had 11 ,000 miles on it when I bought it.
02:10:43.939 --> 02:10:48.119
It was a 2011 body, 2011 engine, and I bought
02:10:48.119 --> 02:10:52.600
it in 2017 or early 2018, and I took it to U
02:10:52.600 --> 02:10:55.659
-Joint in North Carolina and had them do the
02:10:55.659 --> 02:10:57.960
conversion, drove it back, and then a year later
02:10:57.960 --> 02:11:02.479
I had Colorado Camper Van do the top. And then
02:11:02.479 --> 02:11:04.720
I had Titan vans, which is based here in Boulder,
02:11:05.020 --> 02:11:07.699
install Sienna seats, which have integrated seat
02:11:07.699 --> 02:11:10.680
belts using DOT quality hardware so it's safe.
02:11:11.140 --> 02:11:13.720
On L -Track, so you could pop it on, you could
02:11:13.720 --> 02:11:16.039
take it on and off, take these seats in and out
02:11:16.039 --> 02:11:17.920
literally in minutes. They're so easy to pop
02:11:17.920 --> 02:11:20.039
in and out. They're captain's chairs. Yeah, they're
02:11:20.039 --> 02:11:22.039
captain's chairs. The legs go up and you have
02:11:22.039 --> 02:11:24.039
like recliners back there. The back seats are
02:11:24.039 --> 02:11:25.979
better than the fronts. It's got swivels in the
02:11:25.979 --> 02:11:29.300
front. It's got the camper van top and it's got
02:11:29.300 --> 02:11:34.060
L -Track. track in the back where it's sized
02:11:34.060 --> 02:11:37.220
for van trays, which are the one -up bike rack.
02:11:37.680 --> 02:11:39.779
Bike trays that you could put in place there
02:11:39.779 --> 02:11:42.800
that will easily hold bicycles So the idea was
02:11:42.800 --> 02:11:44.920
you could tear out all the interior in minutes
02:11:44.920 --> 02:11:46.340
or you could put whatever you want You could
02:11:46.340 --> 02:11:48.359
put in cabinetry and you've got a full -size
02:11:48.359 --> 02:11:51.380
bed on top. So it's really comfy. It's really
02:11:51.380 --> 02:11:54.359
rugged and it's been a great van It's also getting
02:11:54.359 --> 02:11:57.300
older and I got a fantastic deal on a replacement
02:11:57.300 --> 02:11:59.239
van. So this one's got to go I can't have two
02:11:59.239 --> 02:12:02.020
adventure vans, right? The only tricky part is
02:12:02.020 --> 02:12:03.939
it has a weird thing going on with the emissions
02:12:03.939 --> 02:12:06.319
monitoring system that I'm gonna solve. It's
02:12:06.319 --> 02:12:09.300
not failing emissions, it can't get tested for
02:12:09.300 --> 02:12:11.000
it's not beginning emissions, because it's not
02:12:11.000 --> 02:12:12.840
ready for emissions. And there's something going
02:12:12.840 --> 02:12:14.380
on in the power training control module that's
02:12:14.380 --> 02:12:16.560
been driving me crazy. I've taken two different
02:12:16.560 --> 02:12:18.340
shops and it's going to the Ford dealership next
02:12:18.340 --> 02:12:20.939
week, we're gonna solve it. But the van only
02:12:20.939 --> 02:12:24.460
has 51 ,000 miles on it list price is 55. Which
02:12:24.460 --> 02:12:26.920
if you look at what this thing is, you know,
02:12:26.920 --> 02:12:28.659
the conversion on the full drive system alone
02:12:28.659 --> 02:12:31.199
today would cost you 35. And that's without the
02:12:31.199 --> 02:12:34.579
luminous bumpers in the back. Yeah, you've got
02:12:34.579 --> 02:12:37.699
the whole rear box in the back. the ladder, the
02:12:37.699 --> 02:12:39.800
front has got fog lights and the U -joint front
02:12:39.800 --> 02:12:43.359
end. It looks great, it functions really well,
02:12:43.420 --> 02:12:45.359
it's really rugged, it can be converted back
02:12:45.359 --> 02:12:47.439
into a cargo van in minutes if you need it for
02:12:47.439 --> 02:12:50.279
work. I've used it to haul motorcycles. I've
02:12:50.279 --> 02:12:52.460
put in place a little piece of L -track to mount
02:12:52.460 --> 02:12:56.619
a electric winch, which I then do a snatch block
02:12:56.619 --> 02:12:59.060
to the front. between the seats, put a rope between
02:12:59.060 --> 02:13:01.560
the seats on those bases, which are also U -joint
02:13:01.560 --> 02:13:04.000
bases. And I've got the ability to pull 500 pound
02:13:04.000 --> 02:13:06.579
adventure bike into the van easily. And the van
02:13:06.579 --> 02:13:08.560
carries it like it's nothing. Yeah, the van carries
02:13:08.560 --> 02:13:11.340
it like it's nothing. I also added airbags to
02:13:11.340 --> 02:13:13.680
the back, mostly to smooth out the ride because
02:13:13.680 --> 02:13:16.979
I realized the airbags in my plow truck. make
02:13:16.979 --> 02:13:19.060
that when they're inflated, make the ride really
02:13:19.060 --> 02:13:20.659
smooth. So I'm like, let's make the ride really
02:13:20.659 --> 02:13:22.979
smooth. So I had U -joint put in airbags in the
02:13:22.979 --> 02:13:25.760
back. And so the van has been really well maintained,
02:13:25.899 --> 02:13:28.699
full synthetic oil changes. And it only has 51
02:13:28.699 --> 02:13:31.439
,000 miles. It has the 5 .4 liter two valve.
02:13:31.920 --> 02:13:34.640
Which is not to be confused with the 5 .4 liter
02:13:34.640 --> 02:13:37.039
three valve that's in the Triton series trucks
02:13:37.039 --> 02:13:38.859
that has problems with the spark plugs, right?
02:13:38.979 --> 02:13:42.039
This does not have that problem. And so it's
02:13:42.039 --> 02:13:44.279
a super reliable engine, although not exactly
02:13:44.279 --> 02:13:47.039
a powerhouse. I would not use this to tow heavy
02:13:47.039 --> 02:13:50.399
things. I did put a does have a rebuilt transmission.
02:13:50.579 --> 02:13:52.359
So the transmission had an issue in Billings,
02:13:52.420 --> 02:13:55.960
Montana. And in 2019, it was there for like.
02:13:56.010 --> 02:13:58.449
three weeks and they put in a, it's not a brand
02:13:58.449 --> 02:14:00.569
new transmission, it's a completely rebuilt transmission.
02:14:01.189 --> 02:14:03.829
And Brown's transmission in Billings is a giant
02:14:03.829 --> 02:14:06.770
facility. While I was there for a few days, not
02:14:06.770 --> 02:14:08.890
happily stranded, I talked to all their shop
02:14:08.890 --> 02:14:11.149
people and literally the guy with the least amount
02:14:11.149 --> 02:14:13.590
of experience I could find had like 11 years
02:14:13.590 --> 02:14:16.130
at Brown's. Like these were all really experienced
02:14:16.130 --> 02:14:19.210
guys, like really experienced shop, do the transmission
02:14:19.210 --> 02:14:21.590
and it's had no issues since. But I went ahead
02:14:21.590 --> 02:14:23.369
and put in a cooler as well because one of the
02:14:23.369 --> 02:14:26.189
things they told me is that Transmissions fail
02:14:26.189 --> 02:14:28.739
due to heat. And so you really if you're gonna
02:14:28.739 --> 02:14:31.100
run a big adventure van down the highway in Billings,
02:14:31.260 --> 02:14:32.779
Montana You want to keep an eye on the transmission
02:14:32.779 --> 02:14:34.800
temperature and I didn't even think about that
02:14:34.800 --> 02:14:36.399
That's why the transmission likely failed So
02:14:36.399 --> 02:14:38.479
I put in a big cooler in the front and I've been
02:14:38.479 --> 02:14:40.420
monitoring the transmission through the OBD port
02:14:40.420 --> 02:14:43.119
and it never gets hot So it's been fantastic
02:14:43.119 --> 02:14:46.020
ever since no issues on that front and the only
02:14:46.020 --> 02:14:47.899
thing that drives me crazy is this emissions
02:14:47.899 --> 02:14:49.840
readiness monitor? That's just not triggering
02:14:49.840 --> 02:14:52.479
and the Ford dealer I'm sure hopefully will solve
02:14:52.479 --> 02:14:55.659
this but even if it needs a new ECU or powertrain
02:14:55.659 --> 02:14:59.010
control mod It's 500 bucks on eBay and they'll
02:14:59.010 --> 02:15:00.729
program it to your van. You just need to give
02:15:00.729 --> 02:15:03.109
them the VIN So I could just swap that out myself.
02:15:03.189 --> 02:15:05.489
It's a couple of plugs and it attaches to the
02:15:05.489 --> 02:15:08.170
wall So this is not it's like swapping in a motherboard
02:15:08.170 --> 02:15:10.390
on your computer or something. It's not that
02:15:10.390 --> 02:15:12.430
complicated So we'll solve that use part being
02:15:12.430 --> 02:15:14.130
so cheap The one thing that I was not thrilled
02:15:14.130 --> 02:15:16.930
about is the TPMS sensors were taken out from
02:15:16.930 --> 02:15:19.710
the original van But those pressure wheels so
02:15:19.710 --> 02:15:23.619
much higher. Yeah The van ECU cannot be no one
02:15:23.619 --> 02:15:25.500
wants to program it for lower pressure. Maybe
02:15:25.500 --> 02:15:27.920
because of liability or something Yeah, so the
02:15:27.920 --> 02:15:30.739
TPMS lights on it's always been on it annoyed
02:15:30.739 --> 02:15:32.500
me in the first week of having the van in fact
02:15:32.500 --> 02:15:35.119
I think I had Chris do this and at Fletcher in
02:15:35.119 --> 02:15:36.920
Fletcher, North Carolina at you join I had him
02:15:36.920 --> 02:15:39.020
put a little piece of electrical tape right over
02:15:39.020 --> 02:15:41.880
that like TPMS light because it's annoying and
02:15:41.880 --> 02:15:43.640
I don't want to see that Yeah, so that's the
02:15:43.640 --> 02:15:45.500
only weird that those are the two things the
02:15:45.500 --> 02:15:48.159
emissions readiness monitors and the TPMS light
02:15:49.400 --> 02:15:53.800
It had a ARB awning on the side of it which I
02:15:53.800 --> 02:15:56.359
had attached with Z brackets and that darn thing
02:15:56.359 --> 02:15:58.460
fell off and scratched the side a little bit.
02:15:58.680 --> 02:16:00.920
So I will include the Z brackets. I think the
02:16:00.920 --> 02:16:03.819
solution is to go through the body with set screws
02:16:03.819 --> 02:16:06.279
and that way it can't fall off and then put the
02:16:06.279 --> 02:16:08.279
ARB awning back up or awning of your choice.
02:16:08.380 --> 02:16:10.579
I wasn't planning to include the awning. It's
02:16:10.579 --> 02:16:12.279
also wired in the back with a house battery.
02:16:12.399 --> 02:16:14.560
The top goes up and down, giant full -size bed.
02:16:14.960 --> 02:16:17.539
It's a pretty amazing van. It could be your van,
02:16:17.739 --> 02:16:20.479
Hamish, for 55 grand. Well, gee, thanks for the
02:16:20.479 --> 02:16:23.539
offer Yeah, I brought it up to my contractor
02:16:23.539 --> 02:16:26.619
and he's like, oh no He was looking for a Sprinter
02:16:26.619 --> 02:16:30.000
too. I mean, it's got new tires on it a new battery
02:16:30.000 --> 02:16:32.120
I just did the brake flush yesterday. It's been
02:16:32.120 --> 02:16:34.139
really well maintained. It's got a super low
02:16:34.139 --> 02:16:36.440
mileage Yeah, the equivalent sports mobile is
02:16:36.440 --> 02:16:38.899
a hundred thousand dollar van with way more mileage
02:16:39.640 --> 02:16:41.659
So genuinely this is better than a sportsmobile
02:16:41.659 --> 02:16:44.040
because you don't need a kitchen and the equipment
02:16:44.040 --> 02:16:46.020
today is far better than what sportsmobile used
02:16:46.020 --> 02:16:48.239
to equip that Equip their vans with and the four
02:16:48.239 --> 02:16:49.819
-wheel drive system is the best in the business
02:16:49.819 --> 02:16:52.139
Not unlike in fact people bring their sportsmobile
02:16:52.139 --> 02:16:55.059
to to you joint to have them converted and there
02:16:55.059 --> 02:16:57.040
is a u -joint Colorado to even service it It's
02:16:57.040 --> 02:16:58.860
on the western slope. So they used to be right
02:16:58.860 --> 02:17:01.000
here in Boulder County, but they moved to the
02:17:01.000 --> 02:17:03.139
western slope Yeah, as you're making a case for
02:17:03.139 --> 02:17:06.379
the maintenance on it, but Not even a shill here
02:17:06.379 --> 02:17:08.860
Osmond is like the most maintenance minded and
02:17:08.860 --> 02:17:12.340
focused on mechanical Everything that I've seen
02:17:12.340 --> 02:17:15.840
it's a little obsessive to to to focus on well
02:17:15.840 --> 02:17:18.899
It's a damn think good thing for resale. So yeah,
02:17:18.899 --> 02:17:20.899
you're solid Maybe the one thing I didn't do
02:17:20.899 --> 02:17:22.799
and I've done this with past vehicles is create
02:17:22.799 --> 02:17:24.879
a white letter You know white paper of all the
02:17:24.879 --> 02:17:26.680
maintenance and then all the photos and documents
02:17:26.680 --> 02:17:28.260
I didn't do that with this van because I wasn't
02:17:28.260 --> 02:17:30.760
intending to sell it. So you're gonna I mean
02:17:30.760 --> 02:17:33.850
I have a lot of You could go through my Amazon
02:17:33.850 --> 02:17:35.750
purchase history and see all the synthetic oil
02:17:35.750 --> 02:17:37.790
changes I bought or all the oil filters I bought.
02:17:38.250 --> 02:17:40.010
But it's sort of a pain in the butt to have to
02:17:40.010 --> 02:17:41.770
recreate all of that when I didn't do it originally.
02:17:41.909 --> 02:17:44.530
I got a little lazy with documentation. But for
02:17:44.530 --> 02:17:47.389
sure this fan gets oil changes regularly and
02:17:47.389 --> 02:17:51.770
with the most expensive oil I could find, AMSOIL.
02:17:52.010 --> 02:17:55.870
you know, signature series, like AMS oil filters,
02:17:56.110 --> 02:17:58.209
like it's sort of off the charts maintenance
02:17:58.209 --> 02:18:00.729
on this thing. So it should take you easily to
02:18:00.729 --> 02:18:02.770
100 ,000 miles and a lot further without any
02:18:02.770 --> 02:18:05.190
problems. Especially being like forward and originally
02:18:05.190 --> 02:18:08.440
like a work van. Well, also yeah, well all the
02:18:08.440 --> 02:18:10.379
parts are also forward so things are cheap unlike
02:18:10.379 --> 02:18:12.600
a sprinter Yeah, everything's cheap and you any
02:18:12.600 --> 02:18:14.459
dealer should be able to service it There's nothing
02:18:14.459 --> 02:18:17.659
in the van that is custom to a point where it's
02:18:17.659 --> 02:18:20.040
unavailable And you joint continues to support
02:18:20.040 --> 02:18:22.079
it because I've asked that guy questions Chris
02:18:22.079 --> 02:18:23.799
as I've gone through this what's going on with
02:18:23.799 --> 02:18:25.680
the emissions monitoring thing He's like he said
02:18:25.680 --> 02:18:28.379
that these PCM is occasionally power trading
02:18:28.379 --> 02:18:30.440
control modules sometimes fail But he's actually
02:18:30.440 --> 02:18:33.700
never seen one mm -hmm fail like okay super rare
02:18:33.850 --> 02:18:36.469
Yeah, weird problem. I got faith in the dealership.
02:18:36.569 --> 02:18:38.370
They better just have like a spare they can swap
02:18:38.370 --> 02:18:41.159
in. You know, but I guess it needs to be programmed
02:18:41.159 --> 02:18:42.940
to the bin, but then they're the dealership.
02:18:43.079 --> 02:18:44.819
They have the equipment to do that. They could
02:18:44.819 --> 02:18:47.100
reprogram. Yeah, then right. They better be able
02:18:47.100 --> 02:18:48.920
to help. They will let me buy an aftermarket
02:18:48.920 --> 02:18:53.479
because if they say it costs $3 ,000 for power
02:18:53.479 --> 02:18:56.219
turning control module, I'm going to say, uh,
02:18:56.219 --> 02:18:58.719
I'll bring one in. Yeah. But then they're going
02:18:58.719 --> 02:19:02.360
to say, great. I've got one problem and we'll
02:19:02.360 --> 02:19:05.620
have a debate over that. You're the guy to debate.
02:19:06.270 --> 02:19:08.750
If anybody's good at it, your diagnosis is right.
02:19:08.770 --> 02:19:10.690
It doesn't matter if it's the factory part or
02:19:10.690 --> 02:19:13.309
not. No, let's try the non factory part. Yep.
02:19:13.610 --> 02:19:17.870
Yeah, we'll see. Okay. I think you can wrap us.
02:19:17.870 --> 02:19:20.250
You can take us out Hamish. Oh, wow. It has been
02:19:20.250 --> 02:19:22.049
a long time. Let me scroll back to our little
02:19:22.049 --> 02:19:26.149
wrap up notes. Dear listener, thank you very
02:19:26.149 --> 02:19:30.469
much for joining us for podcast 126. If you'd
02:19:30.469 --> 02:19:34.649
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