A Successful Home Purchase in Wheat Ridge, CO For This Group Of Buyers!
Updated: 6 days ago
Group Buying A Single Family Home in Wheat Ridge
Alex and Katie were referred to me by Alex’s brother, Ian, whom I helped purchase a property a few years prior. Shoutout to Ian and Meg for putting in a good word!
Alex, Katie, Timothy, and Heidi all reached out, letting me know that they were interested in purchasing a property in the Denver area. We quickly set up a consultation where I discovered that it would be all four of them purchasing the property here in Denver - a structure I like to call "group buying". Because there were several people involved, it was really important during this initial phone call that we came to some agreements on how decisions would be made, who would be on title, and who would be on the loan.
[Group buying - Group buying situations can be extremely advantageous to buyers. Group buying allows for multiple people to share the risk of an investment, contribute towards the down payment / improvements, or bring strong lending power to the loan side of things to make the overall payment lower! However, it is incredibly important that in order to preserve relationships, we clarify what the expectations and dynamics will be before getting started. We can discuss what legal documents you'll want in place and how to structure the contract to hit your goals!]
After our initial consultation, they went ahead and got pre-approved and then set up a trip to come out to Denver to look at properties. Over the course of a couple of days, we looked at about 10 to 15 homes. We really narrowed down exactly where Alex and Katie wanted to live, as well as what the right layout and overall condition of the home would be (aka - move in ready vs total fixer vs move-in ready with cosmetic updates needed).
Naturally, just a couple of days after they flew out of Denver, a property popped up that seemed to be a great fit. I went and checked out the property without them. As a standard part of my out-of-state buyer process, I recorded detailed videos and notes about my concerns regarding the condition of the major systems and so forth, so that they could make as educated of a decision as possible. If I ever see a home that raises concerns, red flags, or that I don't think is a fit, I'm very happy to directly say that to a client. In this case, I thought the home was perfect for them!!
After reviewing the photos and videos and having some conversations, they ultimately decided that they did want to pursue the property. We got an aggressive offer together and sent it over to the seller. As expected, the seller countered back with exactly where we wanted to be. These guys went under contract with a healthy amount of concessions upfront in order to buy down their interest rate!
Upon going under contract and completing an inspection, we discovered that there were a few issues with the house that needed to be addressed. In addition to the original concessions received, we also negotiated almost $9,000 in sewer work to be completed, as well as $2,500 in other repairs.
All in, these guys walked away with over $25,000 in concessions from the seller. Given the amount that they were putting down on the property, they were able to receive an appraisal waiver, meaning they did not have to pay for an appraisal on the home which just saved them some extra money!
Once we got through all of the negotiations, the deal was incredibly smooth! Although it is worth mentioning that we had extra hoops to jump through with who would be flying in for closing, who would be signing, and so forth. Every part of a group buying process is just a tad bit different, and despite having 4 decision makers on this one, we were able to navigate each and every hurdle that came our way! Nonetheless, the deal got wrapped up, and Alex and Katie closed on their first property together!!
Congratulations to the entire Coyle family! You were an absolute joy to work with, and I am so happy that you got an amazing property and a great deal.
Property Highlights:
3 Bedrooms, 2 Bathrooms
1,096 Finished Sq Ft
9,322 Sq Ft Lot
Fresh, Brand-New Interior Paint
Beautifully Refinished Hardwood Floors
Large Windows Providing Abundant Natural Light
Kitchen with Granite Countertops
Stainless Steel Appliances
Charming Breakfast Area
Detached 2-Car Garage
Parking for Up to 7 Vehicles
Mature Trees and Spacious Yard
Located on a Quiet Street in a Wonderful Wheat Ridge Neighborhood
Fresh, Bright, and Move-In Ready
Convenient Location with Character, Space, and Flexibility
Bright and spacious living room inside 6634 W 45th Avenue, CO Bright and spacious living room inside 6634 W 45th Avenue. CO Dining area inside 6634 W 45th Avenue, CO Comfortable bedroom in 6634 W 45th Avenue, CO bedroom in 6634 W 45th Avenue, CO featuring a spacious layout Bedroom in the 6634 W 45th Avenue, CO featuring a spacious layout Updated kitchen in the 6634 W 45th Avenue, CO home featuring modern finishes and ample counter space Updated kitchen in the 6634 W 45th Avenue, CO featuring modern finishes and ample counter space Updated kitchen in the 6634 W 45th Avenue, CO featuring modern finishes and ample counter space Bathroom inside the 6634 W 45th Avenue, CO featuring a clean and functional layout. Bathtub in the 6634 W 45th Avenue, CO bathroom with a clean and functional design. Rear exterior view of 6634 W 45th Avenue, CO home featuring its spacious backyard and outdoor area. Detached garage at 6634 W 45th Avenue, CO Rear exterior view of the 6634 W 45th Avenue, CO featuring its spacious backyard and outdoor area.
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