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Looking for an Alternative to Foreclosure

iStock_000007789001XSmallReally?  Not a short sale?  Not a foreclosure?  It’s called a ” Deed in Lieu of Foreclosure” which actually lets a homeowner voluntarily turn over the deed to their house to the lender!    This is not a new concept, however, neither is foreclosure, but this crazy real estate market we are living in now requires that you cover all you bases before making a final decision on how to get out from under your mortgage.  Even thought the federal government launched some new rules earlier this month concerning short sales, some homeowners might not quality for a short sale because they have no hardship. Could this be you?  Read on please…. Read the rest of this entry »

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Why Coldwell Banker? The Whole Story.

The Coldwell Banker StoryColdwell_Banker_LogoI’ve been on a lot of listing appointments lately with spring arriving here in Boulder Colorado and included in the listing presentation are reasons why to choose Coldwell Banker.  I, myself even had to ponder the reasons why to choose one brokerage company over another when becoming a real estate agent.   Upon intensive research and endless appointments with recruiting office managers, I went with Coldwell Banker Residential Brokerage and The Troia Team.  Here’s why I did and why you should as well.

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Bear Aware in Boulder

We pay a premium to live close to the hiking and biking trails in Boulder Colorado.  Situated at the base of the foothills to the Rocky FathersDayButterfly 005Mountains, our premium also comes with a responsibility.  A recent increase of  sightings this past year in Boulder of bears and mountain lions in our city of 100,000 people have prompted quite an alarm and it makes your realize “we’re not alone” as humans in Boulder.   Living in the Wonderland Hills neighborhood which directly abuts the foothills, we often wake up to a dozen mule deers roaming our front yard or cul-de-sac, as well as an early morning mountain lion or a momma bear and her cub roaming the open space where I walk the dog on the trails everyday. Read the rest of this entry »

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Buying a HUD home? Confused? It’s not that hard!!

  So you are in the market for a HUD home.  What is HUD, where do I find the, how do I get one??????  This can overwhelm you and may seem confusing but trust me it’s not. 

Confused? Don't Be

Confused? Don't Be

 

If a loan insured by the Federal Housing Administration or FHA goes in default, the FHA takes certain steps to collect on their loan.  This may result in the lender taking possession of collateral real estate. If this happens the lender may submit a claim against the FHA insurance fund and convey ownership to the United States Department of Housing and Urban Development or HUD.  HUD then in turn lists the property at market value and sells it as fast as possible.  Click this link for more info.  This is the exciting part.

Anyone can buy a HUD home, as long as they have an insured loan or are paying with cash.  To go and look at these homes call a local realtor who has NAID membership and a HUD key to get you into the home.  COLORADO REALTORS WHO WANT TO APPLY FOR A HUD KEY CLICK HERE. Just ask your realtor for details.  After seeing the home and deciding you want to make an offer on it consider yourself “in auction”, only electronically.  Your realtor will make an electronic bid for you within the bidding time frame.  Have your HUD contract 9548 (1/99) in front of you and get on the Internet.  Along with some basic buyer and broker information, this is all you will need to make your electronic bid. Read the rest of this entry »

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For Sale by Owner – Buyers Beware

I recently had the unpleasant experience of dealing with a “For Sale by Owner” seller.  My buyer decided that we should look at a house that was listed in Longmont, Colorado. The Sellers representing themselves, paid a fee to have an agent enter the listinfsbog on the MLS system.  After viewing this home, my buyer decided she wanted to make an offer since the home appeared to be what she was looking for.  I cringed knowing that I would now be interacting directly with the Seller, although this shouldn’t be an issue, it was. I prepared the offer and submitted it to the Sellers, who then had tons of questions and their own opinions of Real Estate contracts and Real Estate Law. After several long phone conversations, I was able to educate these Sellers about the Contract and Contract dates and deadlines. We finally went under contract and my buyer was ready to perform her due diligence by getting the home inspection. As it turns out, this home had inspection issues, and had not been properly maintained. We submitted an Inspection Notice to the Sellers to correct many deficiencies. We also asked for documentation relating to radon, which the seller had in their possession. The Sellers refused to give us the radon documentation and refused to disclose the radon reading.  They also refused to correct most of the inspection items, claiming there were no problems and ignored the recommendations of our licensed Inspector. There were electrical issues, furnace problems, the roof had hail damage and there was much pet hair in the ducts and behind the appliances that needed cleaning. The Sellers refused to correct the inspection issues which convinced my buyer that she could not trust these people because they were not truthful and refused to disclose any adverse material facts about the home, such as the radon. Read the rest of this entry »

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RATES FLAT DESPITE MORE NEGATIVE ECONOMIC DATA

Mortgage interest rates were mostly flat this past week despite continued negative economic data. Today’s January employment report showed that the unemployment rate jumped from 7.2% in December to 7.6% in January. This is the highest unemployment rate in 16 years. Non-Farm Payrolls declined 598,000 on expectations that they feb-6-rateswould decline by 500,000. This is the largest monthly decline since December of 1974. Weekly jobless claims increased 35,000 on expectations that they would increase only 4,000. December Personal Income was down 0.2% and Spending was down 1.0%. The ISM Manufacturing and Services Sector indices were slightly better than expected but both indices still showed contraction within their respective sectors.
 
The Dow Jones Industrial Average is currently at 8,221, up over 200 points on the week. Crude oil futures are currently trading at just over $39 per barrel, down over $2 per barrel on the week. The Senate may vote on the stimulus package today.
 
Next week look toward Wednesday’s International Trade Report, Thursday’s Retail Sales and weekly jobless claims, and Friday’s Consumer Sentiment Index as potential market moving events.

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Boulder County Tax Lien Sale is a Safe Place to Stick Some Dough

It has been a while since my last blog and I am trying to get over a severe case of writers block.  With the holidays and my writers block, blogging just wasn’t working for me, so this one is a little out of date, but definitely something that needs to be discussed, so here we go.  I hope it finds everyone well and enjoying the first part of 2009.

Last month I had the opportunity to go to the Boulder County Tax Lien Sale at the Boulder County Courthouse.

Boulder Courthouse

Boulder Courthouse

I have always wondered about buying tax liens and the process and how one might benefit from it. Read the rest of this entry »

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Water, Colorado’s Liquid Gold

Where do we get our water?  Yes, you turn on the kitchen tap and viola, there’s water.  Seriously where does our precious water originate.  Most of Colorado’s water is largely dependent on Colorado’s winter weather, from the mountain snow-melt.  Once the snow melts it either streams east toward the Atlantic or West towards the Pacific oceans.   Some water is diverted, some replenishes our aquifers and the rest is captured in our reservoirs.   

Because most of Colorado’s population is on the east side of the Rockies or Continental Divide, Pacific bound water is transported to the east side reservoirs.  Did you know that 90% of Colorado’s water usage is for agriculture! Pipelines have been established to move water through the Continental Divide moving water from the Western Slope to the Front Range. Read the rest of this entry »

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RATES INCREASE SLIGHTLY ON TREASURY DEBT AUCTIONS

 

Today’s Market Commentary:

Interest rates increased slightly this past week as the US Treasury auctioned off $55 billion of debt. Economic data continued to be negative. Weekly jobless claims jumped by 32,000 claims on expectations that claims would actually fall by 2,000. Continuing claims increased to 3.9 million from 3.84 million the previous week. October Retail Sales fell by 2.8% on expectations that sales would fall by 1.2%. Excluding auto sales, Retail Sales fell by 2.2% on expectations that sales would fall by 0.9%. Fannie Mae and Freddie Mac reported third quarter losses of $29 billion and $25.3 billion respectively. Markets increasingly expect the Fed to cut short term interest rates by 50 basis points again at their FOMC meeting December 16.

The Dow Jones Industrial Average is currently at 8,503, down about 440 points on the week. Crude oil futures are currently trading at just over $56 per barrel, down almost $5 per barrel on the week. China announced a $586 billion stimulus package to keep their economy growing.

Next week look toward Monday’s Industrial Production, Tuesday’s Producer Price Index (PPI), and Wednesday’s Consumer Price Index (CPI) and Housing Starts as potential market moving events.

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Explanation of Fannie Mae Math

[youtube]http://www.youtube.com/watch?v=KjRpLag8Twg[/youtube]I came across this video that someone emailed me and I just had to post it. It’s not something I produced but I thought it was pretty funny. It’s Fannie Mae Math explained to Americans and it’s probably the best explanation I’ve seen so far! Does anyone have a better explanation?

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