AboutMary Mahoney Expertise My area of expertise is helping buyers and sellers with the purchase and sale of property. Specifically, I deal with mostly with the older homes in Denver Metro and Golden neighborhoods. The company I work for is called Nostalgic Homes. I have extensive knowledge of all of the neighborhoods in these areas and can make excellent recommendations to fit my buyer's lifestyle and needs, whether they are looking for an already established neighborhood, or are interested in obtaining property in an up and coming area. Since the majority of the homes that I help buyers with are dated between 1860-1945, there can be various expensive items that an agent should pay close attention to, besides the obvious cosmetics. While many older homes have already been updated throughout the years, it's important that I am able to bring to my buyer's attention plumbing, electrical, sewer line, roof, structural, and other major systems that may or may not be in good condition. This gives my buyers a much better sense of what kind of 'fix-ups' that will or will not be in store for them after they make their purchase.
When assisting my sellers, in any market place, but especially now, it's important that sellers understand and know what to expect. I do extensive current market research of the neighborhood and area to inform them of how many days they can expect their house to be on the market, the best price they can achieve, given the current condition of their property, any fix-ups they can do to help achieve a higher price, and instruct them on how to stage and prepare their home for the public so that they can achieve the best offer with the shortest days on the market.
Experience I have been investing in real estate since I was 25 years old and own several properties. I've lived in Denver proper for the last 20 years. I have held a certified real estate license for the last 8 years and have been selling real estate full time since.
Organizations Denver Board of Realtors
National Association of Realtors
Education/Credentials My actual degree is a Bachelor of Fine Arts. I worked in this field for several years after college, before my love of real estate developed. As a licensed Realtor, I have taken a code of ethics, assuring all of my clients that they are treated fairly, with respect and knowledge of the field that of my expertise. I continually advance my knowledge of the field by taking many different courses that the Denver Board of Realtors offers each year to stay abreast of current and upcoming market conditions and certain problems to stay aware of to keep my clients fully informed as real estate changes.
Past/Present Clients Can provide a list of names, numbers and emails of current and past clients upon request.
Expert: Mary Mahoney Date: 4/2/2008 Subject: Contract and special deed
Question Hello!
My wife and I are buying a second house for rental investment in Colorado.
It will be a cash in full purchase.
The house is a REO property about fifty years old. (Thornton)
The seller has received a signed contract and earnest money from my wife and me.
We are told that the seller has excepted the contract, supposedly signed the contract but we haven' received a signed contract yet.
The date and time listed for the buyers to receive a signed contract has passed.
The contract also says that the seller will furnish a "special deed" as opposed to a warranty deed.
My question is
Will we have the same title guarantee coverage as the buyer with a Special Deed as we would have with a Warranty Deed?
And isn't it true that we have no contract until a signed contract is delivered to us and that we shouldn't pay for inspections etc. until we have a signed contract in hand?
Thank You for your expertise.
Answer Dear Jim~
REO's are a different game all together. I am a lisenced Realtor in the state of CO and play by the rules and regulations that our state commission puts forth, however, these bank owned properties are located in all 50 states and everyone has their own rules and regs. I have dealt, and am currently dealing, with bank owned properties for my buyers. It can be very frustrating when you are expecting to be 'under contract' with a bank and only get a verbal on it. If they have given you a verbal, you are good to go and must be patient. Tell your realtor to stay on it and keep making the calls necessary to get that document to you. You have to understand, these bank asset mangagers are not realtors, and have about 300 of these on their desk that they are trying to deal with everyday. While it is true you aren't 'officially' under contract until you get that signature, however, if you have a verbal, you're probably ok.
On the last note, all banks pass title through a Special Warranty Deed, so don't let that worry you. You probably got a great deal! I would go ahead and follow through with any inspections you might have,even though you don't have the contract signed. It'll keep you inline with a closing date, regardless of when you get that signature from the bank. Good luck!
