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Archive for October, 2010
A clear and marketable title passes to the new buyer through a Short Sale
Oct 29th 10
A clear and marketable title
passes to the new buyer through a Short Sale
With all the recent news reports and discussion regarding the alleged fraud and inappropriate paperwork processing many lenders have been accused of in their foreclosure filings it raises an interesting questions in regard to the marketability of the titles issued to subsequent home buyers of these properties.
A real estate transaction needs to have guarantees and assurances that the new buyer is purchasing a property with a clear title. This clear title is guaranteed by the Title Co which handles the transaction and insures that the property is transferred without any clouds on the title. This transfer of title is guaranteed by an insurance policy issued at the time of the transaction called Title Insurance.
With the questions being posed today in regard to fraud there remains a possibility that a new buyer of a foreclosed property assumes the risk of the previous owner suing for a reinstatement of their property rights on their foreclosed property. This issue needs to be addressed by the courts and it may be many months, if not years before a final legal decision will be in place to finally put this issue to rest.
When this same property is sold with a short sale the title is transferred at the time of the sale by the present owner before any foreclosure action is finalized. This eliminates the possibility of the previous homeowner raising any question in regard to a fraudulent foreclosure of their home. The title is transferred by the Title Company with the appropriate Title insurance policy and the new owner is issued a clear and marketable title without protest from the previous owner.
Email Lou for quick answers to your short sale questions.
- Should I Short Sale my Parker Colorado Home?
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
- How do I Price My Colorado Short Sale ?
- Short Sale Scams in Parker Colorado
- Short Sale Home Buyers in Parker Colorado
- Short Sales and Your Credit Score
Short Sales and your Credit Score?
Oct 29th 10
My credit score is taking a hit!
The following is one of the most posed questions I get on a regular basis from my clients. “Is the hit on my credit really less if I do a short sale opposed to letting my property go through foreclosure”?
With the secrecy surrounding the credit reporting agencies and their rating criteria I don’t believe that anyone really knows the true answer to that question, but this is what I do know.
Email Lou for quick answers to your short sale questions.
- Should I Short Sale my Parker Colorado Home?
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
- How do I Price My Colorado Short Sale ?
- Short Sale Scams in Parker Colorado
- Short Sale Home Buyers in Parker Colorado
FHA loans insured through the Department of Housing and Urban Development have a requirement that persons applying for a new loan with a foreclosure on a previous mortgage on their credit report will need to wait a period of up to five years before they can be eligible for a new FHA insured loan. Applicants who have a negotiated short sale settlement on their credit report from a previous mortgage will regain their FHA eligibility after a period of only 36 months.
The critical question which needs to be asked is, can I find a lender to lend to me when I regain my FHA eligibility after the required waiting period?
No one can say what the lending requirements will be in five years or even in 36 months. By negotiating a short sale with your lender it is reflected as a negotiated settlement on the credit report. One school of thought is this. If you negotiate a settlement with the lender, avoid a deficiency judgment and begin to repair your credit at the time of the short sale moving forward there is a much better chance to qualify for a new FHA insured loan after the required waiting period. The wise individual would make the choice to minimize the negative impact and begin repairing their credit at the earliest possible opportunity.
Short Sale Home Buyers in Parker Colorado
Oct 29th 10
Parker Colorado Real Estate
An influx of Short Sale buyers in
the Parker Colorado Real Estate Market.
As Foreclosuregate heats up in the upcoming months one thing remains clear. Buyers of foreclosed homes will be unsure if their property rights and entitlement to a free and clear title will be absolute.
With all the class action lawsuits and other legal actions by the Attorneys General of 49 of the states and The District of Columbia pending it is unclear how things will play out in the near or distant future.
A recent article in the New York Times, and posted by Mai Ling at MSN Real Estate says: If former homeowners can prove their foreclosures were incorrectly processed, the new buyers of their foreclosed properties could get stuck in the middle of a legal mess that we can’t even fathom at this point. One thing’s for sure: We’re going to be seeing a lot fewer homeowners willing to consider buying foreclosed homes.
Email Lou for quick answers to your short sale questions.
- Should I Short Sale my Parker Colorado Home?
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
- How do I Price My Colorado Short Sale ?
- Short Sale Scams in Parker Colorado
One thing is clear, these same buyers looking, for good value in a home purchase, are already flocking to the short sale market to provide them with a family home or investment property with a guaranteed marketable title.
If you are looking to sell your home in this market there is no better time to consider a short sale listing to attract these buyers and provide you the relief you are looking for from a pending foreclosure. Most lenders have their own specific requirements and federally insured loans require their own set of submittals. It is my recommendation to use a Realtor experienced with the processes and requirements specific to short sales.
5342 N. Citation, Parker, Colorado.
Oct 27th 10
The Pinery in Parker Colorado
This is a super nice home in The Pinery in Parker Colorado I just sold. Listed at $340,000 it is a super hot deal in the Parker Real Estate Market.
How To Buy A Foreclosed Home in Parker Colorado
Oct 26th 10
Here is a Top 5 in Real Estate video on “How to buy a foreclosed home. ”
Spanish Peaks Enduro, Trinidad Colorado 2010. Fun things to do.
Oct 23rd 10
Spanish Peaks Enduro Colorado
October 17th, 2010 was my first ever Rocky Mountain Enduro Circuit event. I have never entered an Enduro but have always wanted to give it a try. With very little effort I was able to talk my good friend and riding buddy Kelly Patterson into joining me on this adventure.
We were both pumped and ready to go.
For our group we had to complete two laps of ~ 23 miles. Doesn’t sound like too much does it? Well trust me completing nearly 50 miles of this terrain in the amount of time they give you is not easy. Your bike and your body all have to be in good shape and not to mention your head.
The conditions were dusty , dry and made for a very serious vision problems in certain areas. The course was well laid out and was as fun and demanding as you would expect from an enduro race. About 50% of the race is done below ground level in the creek bottoms, ditches and wash outs you normally find in desert riding.
I’ll post several links to videos of the ride below so you can see firsthand how much fun/difficulty is involved.
MORE VIDEOS BELOW
Video 2 Spanish Peaks Enduro 2
Congratulations to Kelly for completing the race and earning his finishing pin. I can tell you he was one beat down tired guy when he finished. A few Ibuprofen later he was back in action. I’m sure he was glad to be done.
I had the miss fortune of breaking my hand two miles into the first 23 mile lap. Yes I completed the first 23 mile lap but did not even start the second lap… too much pain to handle. I hope to earn a finishing pin next year.
I loved the ride and the people we met and highly recommend this to anyone that has always wanted to give it a try. Frame Twisters Motorcycle Club and RMEC really do a nice job. Thank you!
Start of the Spanish Peaks Enduro, Trinidad, Colorado 2010.
Video of the Enduro Cross Section Spanish Peaks
Denver Zoo – Fun but packed.
Oct 21st 10
fun things to do
fun things to do denver colorado
fall colors in denver co
Parker Colorado Townhome for Rent
Oct 20th 10
Flat Acres Farm-Parker Colorado Fun Things to Do
Oct 20th 10
Flat Acres Farm Parker Colorado
Looking for fun things to do in Parker, Colorado? Check out Flat Acres Farm on Twenty Mile Road in Parker, Colorado. Our kids love this place.
Flat Acres Farm is just starting their development into what will become I predict a Parker mainstay. They will be “the place to go” for seasonal fun. Expect to see yearly Halloween & thanksgiving items for your yard and home as well as a full line of Christmas decorations. Their Christmas Tree farm will open sometime just before thanksgiving.
Parker Colorado Christmas trees
Yesterday we headed over there to pick out our Halloween Pumpkins and ended up staying for 2 hours. Yes they have a huge selection of seasonal decration items but also fin things for kids.
Here are a few of the things we did while we were there.
- 750 foot Snake maze. (5 year old loved it!)
- 3 Acres of corn maze. (Big fun for all)
- All kids under 5 get FREE small pumpkin!
- Bouncy houses
- Petting zoo with farm animals.
- Hay bail maze for small children.
- Hay rides behind a 1948 John Deer Tractor.
Coming soon they will soon add a brand new nursery that will rival Tagawa and we will have it right here in Parker, Colorado.
Parker Colorado Water and Sanitation District Wants to Raise your Rates AGAIN
Oct 14th 10
Parker Water and Sanitation District
Urgent Notice! Your Parker Water and Sewer Bill May Be Increasing in 2011!
The Parker Water and Sanitation District Board of Directors will be discussing the following items on October 14, 2010 at 7 p.m. at 18100 E. Woodman Drive, Parker, CO 80134 (Just off Parker Road, north of E470 behind the Loaf & Jug).
“These items will impact ALL Parker Water and Sewer Customers.”
Adoption of the 2011 Budget which includes:
Significant changes to water rates and billing structure. Customers who used 20,000 gallons in a month in 2010 paid $70 in water charges. The proposed billing structure will increase water charges for the same usage in 2011 to $106.
An increase in the 2010 property taxes of over 400%! Property taxes assessed on a home valued at $350,000 in 2010 were approximately $100 – property taxes on the same home will increase to $418 in 2011.
Sewer charges in 2011 will be charged based upon your average water usage in November and December of 2009 and January 2010 resulting in higher bills for most families.
The Board will be considering adoption of a resolution authorizing the issuance of $59 million in revenue bonds to build a water treatment plant necessary for the operation of Reuter-Hess Reservoir. Revenue bonds are guaranteed by water and sewer fees and consequently the issuance of revenue bonds will increase customers’ bills by approximately an additional $30 per month.
The Board feels forced to act on the issuance of revenue bonds due to the threat of the passage of Amendment 61 which if passed will limit the repayment of debt to a ten year period – making the building of necessary infrastructure nearly unaffordable.
All Board members live in Parker Water & Sanitation District and are trying to make decisions they feel are in the best interest of all customers of the district.
Your input as a member of the community is important. Help the Board act appropriately on these important issues by voicing your opinion at the meeting on October 14, 2010 at 7 p.m. Go to www.pwsd.org to see the agenda for the October 14, 2010 meeting and to review the entire proposed 2011 Budget.
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