Colorado Springs Real Estate and Your Colorado Springs Realtor, Ron Mangiarelli

Short Sale - 10 Myths, 1 Fact!

2010-11-19T19:06:00Z

Myth 1: You must be behind on your mortgage to qualify for a short sale. Lenders look for three things: a "verifiable hardship," such as a job loss, pay cut, job transfer, divorce or serious illness; a monthly cash-flow short-fall or pending shortfall and insolvency; or lack of liquid assets that would allow you to pay down your mortgage.

Distressed homeowners often wait too long, and should consult with a qualified agent before burning through savings or trying such desperate measures as using a credit card to cover mortgage payments.

Myth 2: Short sales rarely get approved. There is approximately an 85 percent success rate for closing short sales. However, they still take patience, requiring anywhere from 30 to 120 days for lender approval.

Myth 3: Banks would rather foreclose than approve a short sale. Banks typically lose 35 percent more on a foreclosure than a short sale. They also avoid the hassle and liability of vacant properties if they can approve a sale before foreclosure.

Myth 4: There's no time to negotiate a short sale. It's always worth a try. In one instance, a broker associate learned on a Friday that an elderly couple's home would be foreclosed on the following Monday. With minutes to spare, she worked with the lender to postpone the foreclosure (the case is still pending).

Myth 5: It's fine to make simultaneous offers on short-sale properties. While it may be legal, multiple offers clog the system and could force sellers who think they have a solid offer into foreclosure when the offer is rescinded.

Myth 6: A short sale is a fire sale. Not just any offer will do. Home sellers may counter; their agents can only bring reasonable offers to the bank, which typically means a little less than market value.

Myth 7: Anyone can help navigate a short sale. Home-owners should find a broker associate with special training and the CDPE designation, to handle distressed properties.

Myth 8: A short sale is not worth the effort. For buyers, short sale properties are often in better shape than foreclosures and are priced to sell quickly. For sellers, there is no lasting stigma for completing a short sale.

Myth 9: Short sales are as financially damaging as foreclosures. Unlike foreclosures, short sales are not reported on a person's credit history and don't present problems with employment or security clearances. Home-owners who undergo a foreclosure are ineligible for a Fannie Mae-backed mortgage for five years, while a home-owner who closes a short sale is eligible for a Fannie Mae-backed mortgage after only two years.

Myth 10: Short sale negotiations are adversarial. Successful short sales are more a matter of communication and organization - having all the paperwork in order and knowing exactly who needs what and when in order to help banks approve a sale.

1 Short Sale Fact: It can be a hassle, but it beats a foreclosure!

New Bond Program

2010-10-25T18:40:00Z

El Paso County is releasing a new bond program, here are the particulars: 3.99% “Non-Assisted” loans without DPA(down payment assistance) and 4.50% “Assisted” loans with a 3% DPA grant. 30 Year fixed rates for first-time homebuyers. 3% down payment assistance grant is a true grant and non-repayable. CALL ME FOR MORE DETAILS ... ...

WE HAVE MOVED!

2010-10-11T18:35:00Z

I am happy to announce that Liz and I are now with The Platinum Group, REALTORS – the Number One Independent Real Estate Company in Colorado Springs! After 12 ½ years with RE/MAX, it was time for a change. I am really excited and proud to be working with such an elite group of outstanding, full-time real estate professionals who are committed to providing world-class customer care.

The premise of The Platinum Group is to provide the highest level of customer service possible to our clients, and to create a synergistic working environment where we learn from each other, and continue to grow in the ever changing world of real estate. The level of expertise in this company is unmatched in this city. In my continuing effort to provide the best possible service to my clients, you can see why this change was inevitable!

If not for the overwhelming support of friends like you, I would not have had the opportunity in my career to make this change, and be at this great point of time. Thank you so much for your support over the years, and your continued confidence and support in the future.
Please feel free to contact us www.ourdaddy.com ron@realtoRon.com or 719-536-4466.

Colorado Springs Real Estate, Getting a loan after Pre-Foreclosure Sale, Short Sale, or Deed-in Lieu of Foreclosure

2010-05-14T15:56:12Z

How Long Do I Have to Wait to Get a New Loan After a Pre-Foreclosure Sale or Deed-in Lieu of foreclosure? (from Fannie Mae Announcement SEL-2010-05)

Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure). The "waiting period" - the amount of time that must elapse after the preforeclosure event - is changing and may be dependent on the LTV ratio for the transaction and whether extenuating circumstances contributed to the borrower's financial hardship (for example, loss of employment). In addition, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.

Note: The terms "short sale" and "preforeclosure sale" are both referenced in this Announcement and have the same meaning - the sale of a property in lieu of a foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

This Announcement describes the policy changes in detail and identifies the specific Selling Guide topics that will be updated on April 30, 2010, when a new version of the Selling Guide will be released. Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure

Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure

Fannie Mae is changing the required waiting period for a borrower to be eligible for a mortgage loan after a preforeclosure event. The waiting period commences on the completion date of the preforeclosure event, and may vary based on the maximum allowable LTV, CLTV, and HCLTV ratios (referred to herein as LTV ratios) and occupancy of the property. These new policies will be updated in the Selling Guide, B3-5.3-07, Derogatory Credit Information, and in B3-5.3-10, DU Credit Report Analysis. The following table describes the waiting period policy changes

New Waiting Period Requirements (1) <>

2 years - 90% maximum LTV ratios <>

Preforeclosure Event	Current Waiting Period Requirements	New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure	4 years Additional requirements apply after 4 years up to 7 years	2 years - 80% maximum LTV ratios 4 years - 90% maximum LTV ratios 7 years - LTV ratios per the Eligibility Matrix
Preforeclosure Sale	2 years
Short Sale	No policy currently exists specific to
Preforeclosure Event	Current Waiting Period Requirements
Deed-in-Lieu of Foreclosure
2 years Additional requirements apply after 2 years up to 7 years
Preforeclosure Sale
No exceptions are permitted to the 2-year waiting period
Short Sale	No policy currently exists specific to short sales

The Importance of using a Colorado Springs Real Estate Broker

2010-05-13T20:11:00Z

Playing Poker Blindfolded - You All In?

With all the technological tools available to buyers today, why would they need the assistance and representation of a licensed Colorado Springs real estate broker? Buyers can search the internet & look at Colorado Springs real estate homes for sale endlessly through numerous sites - realtor.com, remax.com, zillow, trulia, personal websites (and more). This easy access to available properties for sale gives a buyer a tremendous amount of information, but only scratches the surface of what is actually occurring in a particular market. What is the long-term sales history of a particular property? What is the seller's motivation for selling? How severely will this property be influenced by foreclosures & short sales in the area? What is its "fair market value"? There is no website that can provide a buyer with an accurate, specific property value. That can be determined only through extensive research & knowledge of the general market and the specific area. By no means are all homes today for sale at "foreclosure prices" simply because there have been some foreclosures in the neighborhood.

Once a buyer decides to make an offer, what then? Buyers can download blank contracts from the internet & "fill in the blanks" with the misconception that they have done everything right, because it appears to be so easy. However, this is quite similar to an individual representing himself in a court of law. A contract to purchase a home is a legal & binding document which requires ongoing education to understand and properly execute. It requires specific verbiage, depending on the intent of the buyer. Even to a licensed & well-trained Colorado Springs real estate broker, Errors & Omissions Insurance is absolutely necessary in case of an unforeseeable mistake. What insurance do buyers, operating on their own, have to protect themselves? Needless to say, this is not a simple process. Most buyers, operating alone, are putting themselves at serious risk with the purchase of their greatest asset. Wouldn't it be prudent to seek the advice of a licensed, trained Colorado Springs real estate professional which...by the way...does not cost the buyer anything!

Homes For Sale in the Colorado Springs Area; Preparing your Colorado Springs Real Estate Home For Sale

2010-05-10T20:56:00Z

The opportunities for Colorado Springs Real Estate buyers that were looking to take advantage of the tax credit by being under contract before midnight April 30th are gone, but you still need to sell your house; what's next?

With nearly 5,000 homes for sale in the Colorado Springs area as of today, it's very important that your home shows at it's very best because Colorado Springs Real Estate buyers have a lot of other homes to choose from and will likely make their decision within the first 90 seconds inside the door. First, however, you have to get them IN the door.

CURB APPEAL: Think fresh and manicured. Take a walk around your neighborhood and notice the well-maintained yards and good looking homes. Then work your way back to your house, approaching slowly, making note of both the good and not-so-good. What is the first impression of your yard and house? Can you make small changes to improve the curb appeal? You should always keep the lawn cut and edged, have bushes trimmed neatly, fresh paint and trim on the house and fence, and clean windows. An extra nice touch is bright flowers in no more than 3 different colors that coordinate with the house. Be sure there are no obstructions to the pathways and driveway. Now stand on your front porch, where they buyers will be standing for a few minutes while their Realtor is fiddling with the lockbox and keys. What do you notice? Is there a clean welcome mat by the door? Are there cracks in the concrete pathway that need to be repaired? Is the light up to date and clean? Are there birds' or wasps' nests that need to be removed? Are the gutters secure and without sign of leaks?

This is just one of the many steps in preparing your Colorado Springs home for sale . Please visit my website and check out the complete checklist to be sure you're ready when the buyers come along! For a free analysis of your house value and free consulting of what I'd suggest before you put your home on the market for sale in the Colorado Springs area, please contact me at (719) 264-5434. I'll be happy to give you my opinion of how your house shows compared to all the homes for sale that I show to home buyers in your neighborhood, along with the latest values.

Moving to Colorado Springs: Cost of living in Colorado Springs

2010-04-29T17:30:00Z

Thinking of moving from or to Colorado Springs? Your not alone. 24% of our population is transient every year - meaning that 24% of our population moves in or out of Colorado Springs each year. It's not only the real estate markets that differ from town to town - the Cost of Living does, too.

Insurance costs, tax bills and just plain, day-to-day living will dent a household budget differently depending on where that household is. It can be a nerve-wracking fact for families moving..

Bankrate.com keeps a Cost of Living Comparison Calculator on its website and you can access this information for free. The calculator asks 3 questions: (1) Where do you live now, (2) Where you are moving to, and (3) What is your salary. It then gives you a detailed, 58-item cost comparison list between the two cities. According to BestPlaces.net, "Compared to the rest of the country, Colorado Springs' cost of living is 8.52% Lower than the U.S. average."

For example, if you compare Denver to Colorado Springs, you can make 9.81% LESS in Colorado Springs and still maintain the same standard of living as you would in Denver. Here are some statistics when it comes to comparing Denver and Colorado Springs real estate.

In Colorado Springs (compared to Denver), homes are cheaper, mortgage payments, rent and energy bills are lower, as well!

How does Colorado Springs (population 380,307) compare to other like-sized cities across the US? Moving to Colorado Springs CO from ...

Raleigh NC (pop.392,552) - You may take a 8.33% decrease and still maintain your standard of living.
Minneapolis MN (pop. 382,605) - You may take a 19.64% decrease and still maintain your standard of living.
Honolulu HI (pop. 374,676) - You may take a 44.46% decrease and still maintain your standard of living.
Wichita KS (pop. 366,046) - You will need a 1.13% increase to maintain your standard of living.

If you are looking to take advantage of the lower cost of living by moving to our area, check out the homes for sale in Colorado Springs, or give me a call at 719-264-5434.

Home Mortgage Options: Bi-Weekly Mortgage Payments

2010-04-28T17:55:00Z

Many banks offer bi-weekly payment programs for borrowers to be able to prepay their mortgage easily and conveniently. It is automatic and you just have to remember to make sure to put that payment in your check register every 2 weeks. In effect, you are making an extra month's payment every year that goes towards paying down principal by making payments 26 times throughout the year of an amount of half your normal monthly payment, rather than making 12 monthly payments.

BEST OPTION?

But is this really the best option? If you have difficulty putting money into savings every paycheck, this may be the best option for you because it is automatic and pays down your mortgage without you having to think about it. Most people are not disciplined when it comes to money. If you are one of the disciplined people out there, another option may fit you better. And that is to pay that same amount of extra principal with your regular monthly payment. You can still set up automatic payments through your electronic bill payment service at your bank or through your mortgage lender. But you do have to let your lender know the extra is going towards principal and not escrow for your taxes and insurance. The benefit is that you actually pay down your mortgage faster by doing it this way!

I'm sure you've heard of the concept of buying term life insurance, which has lower premiums in the earlier years than whole life, rather than buying whole life and then putting the difference you save between the 2 types of insurance in investments instead. The only problem is that the majority of people never put the difference in investments. A bi-weekly mortgage payment works the same way. If you need the discipline of a structured program, then a bi-weekly program (or whole life if you are buying insurance) can get you where you'd like to go financially.

MORE CONTROL

If however, you are a person who likes to have more control, will pay the extra towards principal every month, and wants to have more equity at the end of every year than you would with a bi-weekly program, then using an automatic payment that you control can get you there even faster. Doing it this way also allows you to increase the amount of extra principal paid as your income increases or as you pay down other debt and have additional money you can apply to your mortgage. But, in any event, it is always good to pay extra toward your mortgage if your goal is to increase the equity in your home. You can compare by using a bi-weekly calculator and a mortgage payoff calculator and looking at the difference in your principal balance at the end of each year. These calculators are readily found on the web. I found a bi-weekly calculator at bankrate.com. Your own bank probably has one or both on their website.

TURNING A 30 YEAR INTO A 15 YEAR LOAN

If that isn't enough, let me give you one more way to accelerate your payments and turn your 30 year mortgage into a 15 year mortgage without having to commit to a 15 year payment schedule. Pull out your amortization schedule for your mortgage or create one on any of the mortgage payment calculators available on the internet. The bank where you having checking and savings probably has one on their website. Now, look at the amount that goes into principal each month from your payment. When you make your next payment, double the principal. If the principal portion is $200, add $200 to your next payment. You are effectively getting rid of one payment every time you do that. And you can see that if you keep it up, your interest portion keeps reducing and the principal portion keeps growing. You get rid of half your payments over the life of the loan. This works because the ratio of principal to interest is calculated every month as your balance declines, so you accelerate your principal reduction. What a deal!

FLEXIBILITY

So, you decide whether a structured method that is automatic or a more flexible method that can still be automatic is the best choice for you. The advantage of the flexible method is that you can change the extra amount at any time, either increasing, decreasing, or eliminating it, or by adding lump sums (like your tax refund) to one payment to accelerate the loan even faster. You choose. Until the real estate market provides appreciation once again, principal reduction is a good way to add value to your home and to your net worth. Isn't that part of the reason you purchased real estate to begin with? Don't ignore this powerful tool for creating wealth.

New EPA Rules for Lead-Based Paint

2010-04-26T17:03:00Z

New EPA rules regarding renovation, repair and painting activities that disturb lead-based paint are now in affect and have been since April 22, 2010. This applies to activities designed to update, maintain or modify buildings built before 1978 or Child Occupied facilities. Lead is especially dangerous to children under the age of 6. Lead can affect children's brains and developing nervous systems. Lead is also harmful to adults it can cause high blood pressure and lead can also be transferred to the fetus in pregnant women. Dust is the main problem and the most common way to get lead into the body. Common renovation activities like sanding, cutting and demolition can create lead dust and chips.

The new rules apply when your activities disturbs more than 6 square feet of interior surface or 20 square feet of exterior surface. There are exemptions: homes built in 1978 or later, homes built before 1978 certified to have lead-based paint hazard removed, housing for the elderly where no one under 6 resides, zero-bedroom dwellings (studio apartments, dormitories, etc.). The new rules will ALWAYS apply when replacing windows! There is currently an Opt-Out provision for certain qualifying owners. The Opt-Out is being challenged in court right now.

What does this mean to me if my property is not exempt? If you are the owner/occupant you may do your own work and do not have to meet the new standards. If you are the owner of a rental property, which you don't occupy, you will have to meet the new standards, even if you do the work yourself. Painting, if you are not disturbing the surface (sanding, scrapping, etc.) is exempt from the new rules.

The new rules applies to renovation performed for compensation that disturbs lead-based paint, including the work of; contractors, painters, plumbers, carpenters and electricians, to name a few. The contractor/sub-contractor must be certified and follow strict new rules. The contractor/sub-contractor must provide Pre-Renovation Education to you or your tenants. Set-Up Safe Work Areas. Inside: keep residents and pets out, remove furniture and belongings or cover with plastic, use plastic on the floor, seal vents and work area. Outside: mark off work area, cover ground and plants, close doors and windows, cover or move play areas. Minimize Dust by using safe practices including HEPA filter vacuum attachments on power tools. They must leave the work area clean; properly remove trash and debris, HEPA vacuum the area, wash and clean the area. The contractor/sub-contractor is responsible for maintaining records for 3 years.

Contractors can be Certified by taking the required 8 hour class, which is available locally. An organization can have only 1 certified person as long as they supervise the work.

If your property falls under the new rules; remember to ask the contractor/sub-contractor; If they are certified and provide proof. Is the cost of compliance figured into their estimate or contract? How to they intend to meet the new requirements? What are they going to do for final clean-up? If you are concerned enough or just want to be sure, you can always have testing done at your own expense. If you feel the contractor/sub-contractor is or was negligent in the duty to protect you or your family or tenants, you may make a complaint to the EPA.

Check the details for yourself at: www.epa.gov/lead/pubs/renovation

Government Tax Credit Extended for members of the Military

2010-04-23T17:38:16Z

Good News for Military Buyers who would still like to take advantage of the $8000 Tax Credit.

Here is the IRS Rule on this:

Additionally, there are new benefits for members of the military and certain other federal employees:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer's principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual's spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer's principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Give me a call about "Military First"....My way to say "thanks" to our military or check out the program here

Annual Colorado Springs Home Values Report Released

2010-04-20T16:54:00Z

There are lots of ways that home values get reported in Colorado Springs. Many of us as agents track this tightly, the Pikes Peak Association of Realtors definitely makes a major effort, and the El Paso County Assessors office takes its own swing at the issue. But this is one area where I really have to tip my hat to our only daily Colorado Springs newspaper, The Gazette.

The other day they released their annual Home Values section. I like this particular section, because it is probably the most in-depth look at housing values at a neighborhood level that we ever see without doing it ourselves. They include the assessors office data, and they identify foreclosure information, too often overlooked in other analysis. I don’t always agree with the way they break down the neighborhoods, there can be a huge swing in the number of homes they include in each, but none of this kind of work is perfect.

Their numbers correlate with, but don’t match, prior analysis released by PPAR. They show prices fell 8% during 2009 (compared to 6.2% reported by PPAR). The online version of the report is very interactive, enjoy playing with it! The Gazette’s Online Annual Home Values Report

Tips for Selling Colorado Springs Real Estate

2010-04-13T01:19:00Z

In today's buyer's market, it's more important than ever to be sure your house is ready to sell and shows better than the competition. Here are some helpful tips if you're considering selling your house in 2010:

Step 1: Interviewing real estate agents: It's more important now than it was even a few years ago to acquire professional guidance to get your house sold for a reasonable amount in a resonably short period of time. Finding that top agents is critical. Here are a few questions you should ask before listing with any agent:

Are you a REALTOR (member of the National Association of Realtors)?
How long have you been selling real estate in Colorado Springs?
How many homes do you sell per year, on average?
Can you give me references / contact information for people you've sold homes for in Coloraro Springs?
What was the average selling price of those homes in relation to the list price?
What is the process for selling my home?
What do I need to do to my house to prepare for potential buyers?
What can I do to make my house sell quickly?
How many houses like mine are currently for sale and how much are they listed for?
What is your marketing plan to sell my house?
How will you determine the list price of my house?

Notice the list price question came last. Too often sellers interview agents and list their house with the agent who comes up with the highest price. In a buyers' market, the highest price may cause your house to sit on the market longer, usually resulting in a much lower sale price months down the road than if it had been priced right from the beginning. Find the agent who will partner with you to get your house sold in a reasonable amount of time for a reasonable amount of money, and give you honest, helpful feedback along the way.

Benefits of Home Ownership

2010-04-06T14:17:00Z

Owning a home is the American Dream. A home not only provides financial benefits, but it also provides shelter and security to families.

Did you know that:

Home owners move less often and are more likely to vote and volunteer time for political and charitable causes than renters?
Children of homeowners tend to perform better in school and attain higher levels of education than children of parents who do not own a home?
Dollar for dollar, the rate of return on an individual's cash down payment on a house is substantial? Given the leverage in purchasing a home, the average return on a 5% down payment over 10 years is usually three to five times greater than stock market returns?
When you own a home you may be able to deduct the property taxes and mortgage interest from your income taxes?
In most cases the gains that you make when you sell your primary residence are tax free?
As a first time buyer, if you qualify and have an accepted contract on a home before April 30, 2010, the you're eligible for an $8000 tax credit - also, the FHA, at the urging of the National Association of Realtors, has changed the rules to make this money available to you at closing!

Don't think you can handle homeownership?

A new website helps homeowners make the most of their investment everyday. When a wall oven breaks down, homeowners face an immediate decision. Should they fix it or replace it? It often depends on what the first service person who calls back has to say. When hail storms come in the summer, homeowners make a similar leap of faith in hiring a transient roofing company. And consumers who've heard about an energy tax credit for installing new windows sometimes miss out because they cant find the details.

Becoming a well informed homeowner has just become a whole lot easier. www.HouseLogic.com puts the power of the National Association of Realtors behind you, giving you a world-class resource for information about protecting, maintaining, and increasing the value of your home. Here's a sampling of the site's expert advice:

When to make an insurance claim and when to skip it
How to start a neighborhood letter writing campaign
Signs of energy leaks
How much value will a 2 story addition add?
Spring and summer maintenance guide

There has never been a better time to buy a home......

get inspired and get going!

Understanding the difference between Foreclosures & Short Sales.

2010-04-01T20:34:00Z

Homeowners throughout our country are experiencing difficulties that they would never have anticipated a few years ago. Many have lost jobs or taken substantial pay cuts that leave them struggling to meet their mortgage payments each month. As they become more overwhelmed & discouraged, it is difficult to believe there is a solution short of bankruptcy and foreclosure, but there are other options! And we can help homeowners explore those options - loan modification, repayment plans, "help for homeowners" plans. If these are not feasible, a homeowner should still consider a short sale before he just "throws in the towel" and walks away. Consider the difference in long-term implications:

Foreclosure: Can lower one's credit score by 200 points or more;

Remains a public record and on credit history for 7 years;

Fannie Mae guidelines state that, after a foreclosure, borrower cannot be considered for a loan for 5 years. For years 6 & 7, the borrower must have a 685 Fico score & 10% down payment;

Short Sale: May possibly only lower credit score by 50 points;

Avoids a bankruptcy & foreclosure on one's record;

Fannie Mae guidelines state that, after a short sale, borrower can (if he qualifies) apply for any Fannie Mae loan products after 24 months;

Needless to say, this is not a simple process, no matter what route one chooses & we encourage you to seek the help of professionals as you work through the process.

At the other end of the spectrum, UNCLE SAM IS GIVING AWAY MONEY, but time is running out! This is an incredible opportunity for 1^st time homebuyers to receive an $8,000 tax credit if they put a home under contract by April 30, 2010 and close on the home by June 30, 2010. Buyers who have lived in their previous home for 5 of the last 8 years qualify for a $6,500 tax credit if they purchase & close by those same dates. We cannot expect this offer to be extended, so if you know anyone who might want to take advantage of this "gift from Uncle Sam", tell them to call me!

Understanding the Home Affordable Foreclosure Alternatives Program (HAFA)

2010-03-31T16:57:00Z

For those facing foreclosure and considering a short sale instead (a process where your lender agrees to accept less than you owe on your home), the government is implementing a new program to facilitate the process. The new program, which starts on April 5, 2010, is called the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA goals are to encourage short sales as an alternative to foreclosure by streamlining and standardizing the short sale process and by offering incentives to borrowers and lenders in connection with a short sale. Why would lenders want to consider a short sale? Because it has been shown that the average loss to a lender on a home that goes through the foreclosure process is 70%, whereas the average loss to a lender through a short sale is 30%.

Highlights of the program include:

Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

Most homeowners facing financial hardship are eligible for the HAFA program. For a loan to qualify, it must meet the following criteria:

The property is the borrower's principal residence
The mortgage loan is a first lien mortgage originated on or before January 1, 2009
The mortgage is delinquent or default is reasonably foreseeable
The current unpaid principal balance is equal to or less than $729,750
The borrower's total monthly mortgage payment exceeds 31 percent of the borrower's gross income
The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac

Loan servicers participating in the loan modification program, Home Affordable Modification Program (HAMP), are also required to comply with HAFA. Visit MakingHomeAffordable.gov for a list of participating servicers.

If you are facing foreclosure, please contact me, a Realtor who has a CDPE designation (Certified Distressed Property Expert) and is educated on the short sale process

Now is the Time to Buy

2010-03-29T19:08:00Z

Housing affordability is still at record highs. The population in the U.S. is still growing but the number of homes sold has dropped and it's due mostly to the fear buyers have had to jump into the market. Well let me tell you, friends, NOW IS THE TIME TO BUY A HOME!

Financing the purchase of a new home is very affordable, the number of homes for sale is still very good but since builders drastically reduced the number of homes they've built in the last few years, and inflation is just around the corner... the next housing boom is on it's way. Demand for homes is increasing and supply is getting reduced while more home buyers are figuring out that we're at the bottom of the market. NOW IS THE TIME TO BUY A HOME!

Builders are anxious to sell you a new home with more environmentally-friendly features than were available even 5 years ago. The advanced technology available in today's new homes is staggering and exciting, appealing to all age groups and available in all price ranges of new homes for sale. Many builders are throwing in all kinds of extras to sell you their homes. And, you can have FREE REPRESENTATION with a builder of new homes by hiring a real estate agent before you go visit the model homes. NOW IS THE TIME TO BUY A HOME!

Create your own wealth by buying a home now. Even in a down market, over the long-term home prices appreciate more than the stock market. Home prices and home values are expected to increase as more offspring of the baby boomers enter the market in record numbers. Many are even buying more than one home and renting it out as the rental market has been taking off as an affordable alternative for some home owners. NOW IS THE TIME TO BUY A HOME!

The Tax Credit is expiring April 30, 2010. Qualified first-time home buyers - who have not owned their principal residence in the past three years - may be eligible for a tax credit of up to $8,000. And repeat buyers may be eligible for up to $6,500. NOW IS THE TIME TO BUY A HOME!

Have I convinced you, yet? If not, call me and I'll be happy to discuss your concerns. If so, call me and let's get started. NOW IS THE TIME TO BUY A HOME!

HOMEBUYER TAX CREDIT EXTENDED!!!!

2009-11-05T23:00:00Z

This is supposed to be signed tomorrow November 6, 2009....Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven't owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1, 2010 and close before July 1, 2010. Read more here http://news.yahoo.com/s/ap/20091105/ap_on_go_co/us_homebuyers_tax_credit_10 or give me a call TODAY for more information. ...

$8,000 Tax Credit Extention

2009-10-16T14:26:00Z

Great news! Congress moved yesterday to give American Service Members an additional 12 months to claim the $8000 tax credit provided they served 90 consecutive days overseas. It passed unanimously! You have until November 30, 2010 to get the incentive ...for Military families. CALL ME TODAY FOR MORE INFORMATION.... ...

WE NEED YOUR HELP...VOTE YES ON 2C!

2009-10-12T21:59:00Z

Our city is in grave danger of losing many of the assets that will significantly impact our quality of life. The city budget has a current projected shortfall of $25.4 million in 2010, which will include cuts in ALL City departments including our Police and Fire Departments, our parks and basic street maintenance. Please support the ballot initiative 2C on November 3,2009. Without this initiative, Colorado Springs will see a significant decline in our quality of life. Strong police and fire departments and well-maintained parks and streets protect our property values and ensure Colorado Springs remains a great city for families and for corporations who are looking at moving here bringing jobs to the local market. The cost the first year will be $126 or less than $2.50 a week for the owner of an average-priced home of $262,000.

Failure of this initiative would force the following cuts in 2010:
35 positions eliminated from the fire department - 24 positions eliminated from the police department - The Pioneers Museum will be closed - Six community centers will be closed - Minimal irrigation and maintenance for 128 neighborhood parks - No bus service on holidays, in the evening, or on weekends - No bus service to Ft. Carson or Shreiver

To learn more please visit www.cityworthfightingfor.com and visit the Property Tax Calculator at www.cityworthfightingfor.com/pages/property_tax.php

Colorado Carbon Monoxide Bill...Mandatory July 1, 2009

2009-05-14T00:04:00Z

This law goes into effect July 1, 2009 for every home bought or sold in the State of Colorado. Also landlords must comply with this as well so read up kids and give me a call with any questions! Remember "A recession is a terrible thing to waste"! Buy a rental property TODAY!

1. The CO detectors can be battery powered, OR hardwired, OR hardwired with a battery backup.

2. They can be combined with a smoke detector in one unit if the alarms are a different alarm.

3. They are required in virtually all dwellings, including condos, rental units, and apartments. Fuel-fired appliances include wood stoves and wood fireplaces, as well as gas-fired appliances, water heaters, space heaters, cooking stoves. They are required if the dwelling has an attached garage, whether there are gas appliances, a fireplace, or not.

4. Any interior alterations, or additions, or repairs, or replacement of fuel-fired appliances that require a building permit will require CO detectors in the dwelling.

5. Each listing contract for a dwelling has to disclose the requirements. Each single family home or unit in a mult-family OFFERED FOR SALE or transfer after July 1,2009 will have to comply with CO Detectors.

6. If you have a rental property(s), you must comply with the requirements at the time you change tenants, or an alteration that requires a building permit, or if it has an attached garage, or if it has fuel-fired appliances. In addition, every time you change tenants, you have to give the new tenant extra batteries.

7. Placement needs to be within 15 feet of any bedroom OR room that can be used for sleeping. This will be fun! I can see property inspectors asking for a CO Detector if there is a fold-out couch in the living room!

Regional Building, and they are NOT going to inspect, or require them to get a permit. It is STATE requirement, and RBD is staying out of it.

Detectors should be mounted close to the ceiling or on the ceiling (out of reach of kids, pets, etc). Do not install them in utility rooms beside, above or near a gas-fired appliance . Install them at least 15' away from gas-fired appliances and/or fireplaces. Do not put them in humid areas like bathrooms. If bedrooms are adjacent to each other, only ONE detector is required as long as it is located within 15' of the two rooms, (i.e. a hallway).