Memo for the Purchase of a Boulder Condo Intro to Real Estate

Memorandum

To: Dr. Daol

From: John Doe

Date: July 13th , 2011

Subject: Information for purchase of home

This project is worth 10% your grade and will involve purchasing a residential home. The process will be divided into 2 separate parts: ( Identification & Valuation, ( Financing, offer and closing particulars.

( Identification & Valuation (Due July 11th no later than the beginning of class):

1. Identify an existing residential property that is for sale and is listed in the MLS. To make this realistic assume that you are making $50-75K in verifiable income. This means that you need to limit your house to say three to five times the salary. Find the value using zillow.com or any one other valuation web site you deem appropriate. (See e.g. http://realestate.yahoo.com/Homevalues). If the house is not for sale, please come and see me. You will be “buying the house.”

2. Accessing the county’s property values, find two other houses of similar location style and size that sold in the last year, preferably in the last six-months. Use these houses to develop a range of values, by dividing the sales price by square feet.

3. Find the target house in the county assessment records. Print this out and attach to the memo. Use this information to help make a value assessment.

4. Make a copy of the MLS listing.

5. Find out what the taxes paid were last year. If possible, print this page and attach it to the memo.

6. Take a picture of the house (if possible—do not get into trouble taking a picture) and include it as part of the Memo report. No more than 2 written pages. Any attachments do not count against the 2-page total.

7. The memo should adequately describe the house, i.e. square footage, bedrooms, bathrooms, basement, year built, its peculiar features such as it has brick finish or has a large patio and why you decided to buy it. Mention the school district because that is very important to many families with children.

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