Buying Through Auction? - 06/24/09 08:46 PM
Hudson and Marshall Auction is on it's way to Denver again on July 15, 2009.  Even if you are not interested in bidding on anything, just go to see what it's like.  If you do bid on anything, make sure you do your homework ahead of time, as you have to have all your ducks in a row, once the bidding starts.  You have no time to make any decisions them.  Make sure you know the value of the property, as you don't want to get caught up in the heat of the moment and bid too much.  Know your limit … (0 comments)

$8000 First Time Homebuyer Tax Credit Basics - 06/24/09 08:16 PM
Who Qualifies?  Any First Time Homebuyer who purchases a home between Jan. 1 and Dec. 1, 2009.
Whom is a First Time Homebuyer?  Anyone who has not owned a residence during the last three years.
How Much Will the Credit Be?  10% of the purchase price up to $8000.
Are there Income Limitations? Single buyers with annual incomes up to $75,000 or married couples up to $150,000 may receive the maximum tax credit of $8,000.  The tax credit decreases for single buyer income between $75,000 and $95,000, and for married couples between $150,000 and $170,000.  Singles over $95,000 and married couples … (0 comments)

Offers on Short Sale - Accept one or all? - 06/15/09 12:29 AM
"Seller has the right to accept subsequent offers from other buyers prior to Short Sale Acceptance without liability to Buyer".  This is a direct quote from the Short Sale Addendum, which is part of a contract on a Short Sale offer here in Colorado.  Some agents continue to only accept a single offer on their short sale listing subject to bank approval, of course, while other agents accept them all and forward all the offers onto the banks.  It isn't always up to the listing agent, as many banks are dictating on how the multiple offer situation will be handled.  Some say, "only have … (0 comments)

Foreclosure VS Short Sale - 06/15/09 12:06 AM
Both the Foreclosure Process and the Short Sale have consequences for the homeowner, but the Short Sale has  much less of an impact on the homeowner's credit and ability to secure a loan in the future on a new home. For instance:
Foreclosure                                                                               Short Sale
5 Yrs. to secure a Fannie Mae backed loan                               Only 2 years
Credit score lowered 250-300 points                                        Lowered as little as 50 points
Affects credit score for over 3 years                                          Affects credit score as little as 12-18 mos.
Public records with reflect on credit history for                             
 10 yrs. or more                                                                         Not reported on a credit history
So you can see where … (0 comments)

Colorado Foreclosure Notice of Election and Demand - 06/12/09 01:20 AM

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Low Supply of REO Properties in Colorado - 06/12/09 01:10 AM
It appears that the moratorium that began before the holidays is still not lifted as listing agent's supply of REO properties is way down.  This actually appears to be affecting the supply and demand whereby the norm now is that potential buyers can expect to pay at the very least the listed price, and most times over that price by thousands, depending on the price point of the property.  This can result in the average sold price increasing and actually making it appear like the market may be rebounding.  But I am wondering when the floodgates do open back up, where will that take us? 
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