Monthly Archives: December 2009

Buying a Foreclosure

Buying a Foreclosure in Boulder County

By Michael Hughes   January 3, 2010

Buying a foreclosure is enticing and finding a good one can be a challenge.

While foreclosure inventory is down a bit right now there is an escrow of foreclosed properties coming on to the market in 2010 that may dwarf the past inventories.  Many owners were allowed to stay in their homes as the bank saw this as an opportunity to have someone in the house keep it warm, vandal free and protect their asset.

While not all homes are in pristine condition, you will most likely from a visual inspection see if there is any additional work.  Occasionally people who are being foreclosed on will vandalize and/or strip the property of appliances, counters, cabinets, etc.  When this happens at a greater level it is difficult for a bank to loan on that property.  Many of the holding banks know this and will generally replace the kitchen so that it is functional.

Buyers with cash will often but not always win a bidding war even at a lower price. The word “foreclosure” does not necessarily mean “good deal.”  Previous owners have been known to damage the property.

Start searching. I have many REO or “Bank Owned” properties in Boulder County.  Call me today 303-359-6627 or go to my website and sign up for the REO or Foreclosure update. I work with REO’s often and know where they can be found.

Lenders won’t be able to give you a property disclosure as they have not lived in the property. In this instance while the bank may say “As Is Where Is” you should still have a full inspection once your offer is accepted.  Don’t get me wrong there are great deals out there, some not so much, definitely buyer beware. Inspect thoroughly.

Other issues could pop up due to the property being vacant. Large banks will often hire a field service to cut the grass, shovel the snow and winterize a home, yet when homes aren’t occupied, it’s harder to catch small problems before they become big ones. The water, gas and electric will need to be turned on for a full inspection.  Sometimes the bank will charge a buyer for this, usually under $150 and can be negotiated.

The time it takes to complete the sale can vary from lender to lender. In some cases, the process goes smoothly. Other lenders are overwhelmed with the number of foreclosures on their desks and/or disorganized. It really depends with which bank and who you are doing business with. Writing a clean offer helps streamline the process.

For your best chance at having an offer accepted and for a quick closing process, have everything in order before making the offer. This includes having the financing firmed up and writing a clean offer. In other words factoring something you want fixed in to your offering price.

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But don’t expect to bargain the listing price way down right away.  Also, don’t be surprised if the bank that is selling the property asks you to get an approval from its mortgage operation; you more than likely don’t have to take the loan from their company, but they may want to get a closer look at your finances to make sure you’re a real buyer and able to make payments.  I have submitted and had accepted many offers for bank owned properties and have found following their directions when in the best interest of my buyer is the fastest approach to closing the property with all partys content.

For help with REO’s or foreclosures call me Michael at 303-359-6627 or contact me at and sign up for the REO update.


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Gratitude for 2009-Thank You !

Posted by Michael Hughes   January 2, 2010

“Gratitude unlocks the fullness of life. It turns what we have, into enough, & more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend. Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow.” – Melody Beattie

Many thanks to all my family, friends, colleagues and clients for a fantastic 2009.  Please let me know if you or anyone you know is buying or selling or needs help with a real estate question.  Michael Hughes-Fuller Sotheby’s International Realty    303-359-6627

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New Years Day-Polar Bear Plunge!

New Years Eve Boulder 2009-2010

By Michael Hughes  January 1, 2010

According to the Urban Dictionary the definition of ‘amateur night’ is:  “Euphemism for New Year’s Eve. When millions of people fill up all the bars get drunk and generally act like real drinkers do on a normal Tuesday.”

I myself am going out on New Years’ but will limit my intake. Because I will be on the first chair up Copper Mountain on January 1, 2010 with my girlfriend and my daughter.

Rumor has it that many people will have hangovers and don’t really want to get the boards out, strap them to their feet and go whizzing down a mountain half blind at Mach II speeds when they have an extreme sensitivity to noise, wind and that slight feel of nausea.

What I suggest is this.  If you have a hangover and I am not making this up.  Go to the Boulder Reservoir.  You can go and pay to jump in a freezing cold Boulder Reservoir to the cheers of the many (who are not jumping in the reservoir).  There are also hot tubs at the res if it is too cold (when has this event ever been warm?).  This will give you a huge disconnect between pain and the reality of your pounding head.

If you are wanting to take the plunge in to Boulder Real Estate or Boulder Luxury Real Estate. Call me today.

Have a great night and if you do drink please do not drive.  Please leave a comment.  Thank you.

If you have questions regarding this article or are thinking you will Buy A Home In Boulder please call me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO

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What to do in Boulder for New Years Eve 2009

What to do on New Year’s Eve in Boulder Colorado?

By Michael Hughes December 31, 2009

The list of activities is lengthy. There is something for everyone on New Year’s Eve in Boulder.

Hotel Boulderado throws one of the most elegant celebrations in town and it all began the eve before their grand opening in 1909. The gala includes a dinner and dance package with lavish food and music provided by Dressed In Black.

Leftover Salmon is playing at the Boulder Theater – a 20 year legacy.

If you’re looking for great food, consider Jax Fish House. Reservations will be needed for this 4 course meal at @ $75. More dining opportunities include Centro, Salt, and join Bacaro this New Year’s Eve for an evening full of celebration! They will serve a 4 course meal with a glass of champagne at $45.00 per person. Along with a midnight toast.

This sounds like fun. Boulder Museum of Contemporary Artfrom 9-1 and tickets are $20 in advance or $25 at the door. Wear your best black and silver cocktail attire and enjoy local art, live music, and free desserts + a champagne toast. 100% of proceeds to benefit the museum and support 2010 arts programming.

Family friendly activities include the Children’s Musuem of Denver, WOW Children’s Museum in Lafayette WOW! Children’s Museum, and Ice Skating in Boulder at the check their site for times at .

The Children’s Museum of Denver is ringing in New Years Eve just like Times Square! With five ball drops every hour from 10am-2pm, children of all ages can yell the countdown, watch colorful confetti splash. Make cool art activities and watch exciting theatre performers.

Contact me today regarding Boulder or the surrounding area for an acquisition or sale of your fine residence. e-Mail Direct 303-359-6627 Website:

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The Silver Lining in Boulder Real Estate

The Boulder Real Estate market

By Michael Hughes December 30, 2009

The past couple of years may have been a stormy time for those buying or selling real estate but I see many silver linings. One of those is a return to family values that has buyers focusing more on the value of the home as a place to live and build dreams, rather than an investment stand point of how much will their property be worth in a few years.

Wherever you live you have to separate the screaming headlines and broadcast media sensationalism at a national level from what is happening at a local level. What is happening in a distant part of the country has little relevance in our local real estate market.

I have noticed a significant uptick in sales activity in and around the Boulder area recently. There is still a strong demand for property that is well-marketed and appropriately priced. It’s crucial to work with a realtor that understands how to manage the expectations of both buyers and sellers.

In a time of global communication and markets there is only one true international real estate brand; Sothebys International Realty with unparalleled worldwide reach.

Contact me today regarding Boulder or the surrounding area for an acquisition or sale of your fine residence. e-Mail Direct 303-359-6627 Website:

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Where the Jobs will be 2010

Where the Jobs Will Be in 2010

Posted by Michael Hughes December 29, 2009

Regions across the U.S. will see job growth in the first quarter of 2010. But the growth will be sporadic and many areas will continue to lag

16. Boulder, Colo.
Q1 2010 annualized job growth: 1.2%
Q3 2009 annualized job growth: -3.7%

First quarter of recovery: Q1 2010
Unemployment rate: 5.8%
Median household income: $71,027

Boulder, about 35 miles northwest of Denver, has a stable housing market partly because it is home to so many strong employers, including the University of Colorado, as well as a base of affluent residents. The supply of homes in Boulder is limited by the mountains to the west and its tens of thousands of acres of protected open space
Click here to see America’s 25 next recovering job

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Having fun around Boulder-Fitness

Posted By Michael Hughes

Here’s to fitness and momentum 2010!

Snowshoeing near Boulder; Local Trails

Crosscountry Skiing near Boulder; One of the best quick crosscountry trails is North Park near 9th and Balsam. A great track fun and quick if you have limited time. If you would like to go in to the mountains nearby check out

Ice Skating near Boulder; Numerous locations in Boulder County. Check it out at Ice Skating

Sledding near Boulder; About six locations around Boulder. Check it out at Sledding

Running near Boulder; Probably the best place to run during the winter months is up the south facing slope road of Mount Sanitas or the Boulder Creek Path which is sometimes cleared sooner than the roads we drive.

Riding bicycles indoors in Boulder. Want to see how exciting this velodrome is to ride? Check out the Helmet cam at: Indoor Cycling

Rock Climbing in Boulder. Check out the Boulder Rock Club or what is known as the BRC at

Drop in Fitness at 24 Hour Fitness in Boulder. Get a free 7 day pass by going to 24 Hour Fitness

Relocating to Boulder? Questions about the area or neighborhoods? I can help you, give me a call or text me at 303-359-6627 or you can also reach me Here

Fuller Sotheby’s International Realty Michael Hughes


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