Ruth's Blog

Academy District 20 Homes in Colorado Springs

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 02 Dec 2009 23:38:47 -0600

Academy District 20 homes in Colorado Springs have held their value (see the article below) largely due to the reputation of the high academic ratings. Academy District 20 homes support approximately thirty one schools with more being proposed. It's not uncommon for local conversations to not just be about the neighborhood you live in, but what school district you live in! Most owners of Academy District 20 homes know the history of this school district goes back to the 1900s, with a formal system developing in 1957. Many new buyers of Academy District 20 homes are shocked to see the number of volunteers involved in various activities. Owners of Academy District 20 homes realize this school system is about much more than providing an education in just reading, writing and arithmetic!

	Ruth Vogt Business Development Manager (LMB100023827)
6025 South Quebec, Suite 110 Englewood, CO 80111
Work: 720-489-0712 Fax: 720-489-0273 Other: http://www.dora.state.co.us/real-estate/index.htm
rvogt@wrstarkey.com
www.MyLenderOfChoice.com

Via Nancy Murray and Ann Knoll (Murray Knoll Partners, Keller Williams Clients Choice Realty):

Academy District 20 Homes. A recent analysis of home values in the area suggest Academy District 20 homes maintain their value better than other school districts in Colorado Springs.

Earlier this year we conducted an analysis of the homes sold in the three largest school districts in Colorado Springs, D-20, D-11, and D-49. At the time we conducted

the analysis, it was clear that Academy District 20 homes held their value better over the past 5 years than homes in the other two school districts.

We discovered that on average, Academy District 20 homes and price per square foot are higher than the other two school districts; Academy District 20 homes had

fewer properties sold at a loss (distressed); and despite the local decline in the market, Academy School District 20 homes actually appreciated over the past 5 years.

During the 5 years of the analysis, both D-11 and D-49 decreased overall in price per square foot, while Academy District 20 homes actually increased. The percentage of distressed properties for D-11 and D-49 were both significantly higher (over 35%) than Academy District 20 homes (20%).

The details of school districts analysis are available here: Academy District 20 homes

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Do I have to sell my home to qualify for the $6500 move up tax credit?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Tue, 01 Dec 2009 23:01:53 -0600

That is the question that came up in today's sales meeting with one of our real estate groups. Quite a bit of debate, however, the Q&A section found on the IRS website states "No". Think of the advantages we have here. If a seller is concerned about selling in this market, yet wants to take advantage of the real estate bargains available, they are not being forced to choose. They can have their cake and eat it too, so to speak.

Specifically, the Question asked is:

Q: I'm already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?

And the Answer per the IRS website states:

A: If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home touse as your principal residence. The requirements are that you must buy or enter into a binding contract to buy, the replacemnt principal residence after Nov. 6, 2009 and on or before April 30th, 2010, and close on the home by June 30th, 2011. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009.

For other interesting scenarios, please click IRS Q&A.

Note: the borrower should check with a tax professional to ensure compliance.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FHA Loans In Denver

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Tue, 01 Dec 2009 01:15:51 -0600

FHA Loans in Denver.

If you are looking for financing information on FHA loans, you most likely are also interested in hearing more about the Home Buyers Tax Credit. Below are some very valuable tips written by a real estate agent on the east coast that would also apply to buyers in the Denver area! Also remember FHA loans are not just for first time home buyers!

For information on maximum mortgage amounts for Denver county, click FHA LOANS. This article also gives insight if you are considering buying a duplex, triplex or fourplex property using financing provided using criteria specific to FHA loans. If it's the down payment that is giving concern about the purchase of your first home, please refer to the article, FHA LOANS, and read about the down payment assistance program available through Colorado Housing and Finance Authority that can be used in conjunction with FHA loans.

Buying a new home using one of the several options for FHA loans may be easier than you think.

Whether you are interested in FHA loans or other mortgage options, please give me a call! Or visit my website www.MyLenderOfChoice.com.

WR Starkey Mortgage - A different kind of company...where people come first!

	Ruth Vogt Business Development Manager (LMB100023827)
6025 South Quebec, Suite 110 Englewood, CO 80111
Work: 720-489-0712 Fax: 720-489-0273 Other: http://www.dora.state.co.us/real-estate/index.htm
rvogt@wrstarkey.com
www.MyLenderOfChoice.com

Via Jackie Connelly-Fornuff (Coldwell Banker Residential - Babylon Long Island):

House shopping usually slows down in the winter, as people put their home searches on hold to trim the tree, buy presents to put under it and avoid the chilly weather.

This winter, however, might be different, thanks to the extended -- and expanded -- first-time home-buyer tax credit.

"We're going to see far more interest in the fourth quarter than we generally do because of the tax credit," said Heather Fernandez, vice president of Trulia.com, a real estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she said.

The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now 10% of the home price, up to $8,000 for first-time buyers and up to $6,500 for repeat buyers. Read more about the home-buyer tax credit on the Internal Revenue Service's Web site.

All buyers must have a binding contract on a house in place on or before April 30. The sale must close on or before June 30.

To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased. The credit is only for principal residences.

Income limits have risen as well. According to the IRS, the home-buyer tax credit now phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.

Will credit spur more buyers?

The inclusion of move-up buyers might inspire homeowners to take action and list their house if they've been putting it off, said Carolyn Warren, a Seattle, Wash.-based mortgage broker and banker and author of the book "Homebuyers Beware."

"If somebody loves their home, it's not going to entice them to sell. If they've had it on the back of their minds and really would like to move up, it might push them into doing it sooner than later," Warren said.

The credit isn't expected to have as large of an effect on move-up buyers as it has on first-time buyers, according to the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. The maximum tax credit is about 4% of the average purchase price for first-time buyers, but about 2% of the average purchase price for move-up buyers.

"We estimate that the first-time home-buyer tax credit will result in a 10% increase in home sales from March through November of 2009," said Thomas Popik, research director for Campbell Surveys, in a news release. "We'd expect the effect of the proposed tax credit for current homeowners to be about half as large -- from December until the tax credit expiration in the spring of next year, it might be 5% of 3 million transactions, or about 150,000 incremental home sales. Incremental sales to first-time home buyers could be an additional 300,000, for a total of 450,000 incremental sales due to the tax credit extension."

Tips for buyers

Interested in buying a home and claiming the home-buyer tax credit? Below are five tips:

1. Don't procrastinate

Get searching now. Getting an early start will give you a better chance of finding the right house before the credit deadline.

"Go out and start as soon as possible. There will be people waiting until the end," said Pat Lashinsky, chief executive of ZipRealty, a residential real-estate brokerage firm.

When first-time buyers thought the credit would expire Nov. 30, people scrambled to find properties in September and October, he said. In some cases, "there wasn't inventory that fit people's needs," he said. In Phoenix, Chicago and parts of California, for example, some properties even had multiple bidders, Lashinsky said.

Before you start house hunting, get preapproved for a mortgage, said Eddie Fadel, a Miami-based mortgage banker and author of the book "Don't Rent, Buy!" And do a realistic assessment of what you can afford.

Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible, Fernandez said.

2. Don't count on another extension

The credit won't be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.

"This is a medication for the housing crisis. Once the patient -- which is the housing market -- cures, there will be no medication needed," he said.

3. Mind the interest rates

Mortgage interest rates are low right now, but will likely rise next year, Warren said. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying.

"It's pretty universally accepted that rates will be higher next year. What is unknown is how fast and by how much," Warren said.

Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise, she said. The Federal Reserve plans to end its purchase program in March.

4. Communicate with your lender

Throughout the process, make sure you're communicating with your lender regularly; if there's a piece of documentation you're asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time.

And think twice before pursuing a short sale if you want to make the credit deadline. That's where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner's lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property, Warren said.

5. Don't take shortcuts

Don't forgo any of the steps you would normally take just to make the tax-credit deadline. Make sure the house is a good fit for your needs and get a home inspection, Lashinsky said. Skipping steps could cost you in the long run.

"Don't let the tax credit get you to make a decision to buy a house that you wouldn't otherwise want to buy," he said. "Don't shortcut the process to get the tax credit."
Jackie Connelly-Fornuff
Coldwell Banker Residential
Babylon, NY
Direct: (631) 274-1937
Cell: (631) 703-0201
Email: Jackie.Connelly-Fornuff@cbmoves.com
Website: www.longislandrealestatelady.com
Blog: http://jackieconnellyfornuff.com

Lindenhurst New York Neighborhood News on Facebook

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

New Colorado Cell Phone Law goes into effect TOMORROW!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 30 Nov 2009 12:41:45 -0600

Effective tomorrow, Colorado drivers will be ticketed if an officer "sees" you texting while driving!

There is a rumor going around that the law also bans the use of hand held phones. But according to the website (http://www.drivinglaws.org/colorado.php) that's not true. I also contacted a state trooper that confirmed the law, created as a result of Housebill 1094, does not ban the use of hand helds for drivers 18 and older.

First offense is a $50 fine plus a surcharge of $6.

Second offense is $100 fine plus the surcharge of $6.00.

If you are curious what the individual state laws are, here's a chart I found linked to the website mentioned above. State Law Comparisons

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Mortgage Rate Indicators for Denver

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 30 Nov 2009 11:41:51 -0600

Mortgage Rate Indicators are always a good thing to keep your eye on if you are looking to buy a home. Even though Mortgage Rate Indicators are not in any way a guarantee of what the market is going to do, they will suggest on a short term basis whether the time might be right to lock.

If you are looking to buy a home in the Denver area, it might be wise to keep an eye on Mortgage Rate Indicators. If you would like to be put on my weekly update, please email me at ruth
@lifetimlender.com. Or visit my website for Mortgage Rate Indicators.

Market Comment - Week of November 30th, 2009

Mortgage bond prices rose last week pushing mortgage interest rates lower. The economic data continues to be mixed. Personal income, outlays, and PCE inflation data were stronger than expected. Trading was thin and erratic. Thin trading conditions, news of the looming debt crisis in Dubai and a continued influx of Fed money into the mortgage bond market helped rates improve.

Interest rates finished the week improved by about 1/2 of a discount point.

The employment report will be the most important release this week. This is one of those weeks where there are many economic releases classified as very important or important. The potential for market volatility is increased when these types of reports are released. Be alert throughout the entire week.

Economic Factors
Economic Indicator	Release Date Time	Consensus Estimate	Analysis
Construction Spending	Tuesday, Dec. 1, 2009	Down 0.4%	Low importance. An indication of economic strength. Significant weakness may lead to lower rates.
ISM Index	Tuesday, Dec. 1, 2009	54.8	Important. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.
ADP Employment	Wednesday, Dec. 2, 2009	-155,000	Important. A measure of employment. Payroll weakness may bring lower rates.
Fed "Beige Book"	Wednesday, Dec. 2, 2009	None	Important. This Fed report details current economic conditions across the US. Signs of weakness may lead to lower rates.
Revised Q3 Productivity	Thursday, Dec. 3, 2009	8.5%	Important. A measure of output per hour. Improvement may lead to lower mortgage rates.
Q4 Employment Cost Index	Thursday, Dec. 3, 2009	Up 0.4%	Very important. A measure of wage inflation. Weakness may lead to lower rates.
Employment	Friday, Dec. 4, 2009	Jobs -120,000, Unemp @ 10.2%	Very important. An increase in unemployment or a large decrease in payrolls may bring lower rates.
Factory Orders	Friday, Dec. 4, 2009	+0.2%	Important. A measure of manufacturing sector strength. Weakness may lead to lower rates.

Fed "Beige Book"

The Fed "Beige Book" is a summary of economic conditions from each of the 12 Federal Reserve regional districts. The release takes place eight times a year approximately two weeks ahead of each of the Federal Open Market Committee meetings. The report is used at the FOMC meetings, which tends to be one of the most influential events in the market.

Market participants are continually attempting to determine what FOMC interest rate policy will be ahead of the next meeting. Any deviation from expectations usually results in extreme short-term market volatility. The timing of the "Beige Book" provides analysts a valuable look at one of the many factors the FOMC considers in setting interest rate policy. If the "Beige Book" shows signs of inflationary pressures, the Fed's ability to keep rates lower may be somewhat restricted. However, if the report shows signs of difficulties, the Fed may keep rates low to stimulate the economy.

The "Beige Book" release on Wednesday should provide market participants with valuable insight into what the Fed will do and how mortgage interest rates will respond in the short-term. Be cautious heading into this and the other important releases this week.

WR Starkey Mortgage - A different kind of company...where people come first!

	Ruth Vogt Business Development Manager (LMB100023827)
6025 South Quebec, Suite 110 Englewood, CO 80111
Work: 720-489-0712 Fax: 720-489-0273 Other: http://www.dora.state.co.us/real-estate/index.htm
ruth@Lifetimelender.com
www.lifetimelender.com

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Home buying tips for Castle Rock Colorado

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Tue, 24 Nov 2009 23:36:26 -0600

Home buying tips for Castle Rock Colorado.

"I want to know what I don't know". That's how many people seeking home buying tips feel. They aren't sure what to ask simply because the entire language is foreign to them. They are at a loss of what home buying tips or topics for that matter, to even ask for more information about.

Below is an excellent article containing information provided by a well know real agent on the east coast. Whether buying there or in Castle Rock, the home buying tips she has written about apply in our market as well.

If it's the terms commonly used in the home purchasing process that are confusing to you visit our glossary of terms by clicking glossary of home buying tips.

We offer several classes as well as a home study course filled with home buying tips. Call or email us for more information!

WR Starkey Mortgage, LLP, NMLSR # 2146

WR Starkey Mortgage - A different kind of company...where people come first!

	Ruth Vogt Business Development Manager (LMB100023827)
6025 South Quebec, Suite 110 Englewood, CO 80111
Work: 720-489-0712 Fax: 720-489-0273 Other: http://www.dora.state.co.us/real-estate/index.htm
ruth@Lifetimelender.com
www.lifetimelender.com

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Via Jackie Connelly-Fornuff (Coldwell Banker Residential - Babylon):

"Ignorance is bliss" was never said about real estate purchases for 7 good reasons:

1. "Knowledge is bliss" may not make it as a buyer's slogan either, because you don't have to know it all—just what's relevant to success as you define it. Different sets of knowledge are important in different buying situations, so the "bliss" generalization may not be specific enough to be useful. "If it is to be, it's up to me" could be an excellent mantra since determination will drive buyers, both to discover what they don't know and then, to fill that knowledge gap. This combined effort will assure a buyer is well equipped to make confident buying decisions.

2. Generalizations are self-defeating when evaluating properties since it is how each is unique that addresses specific value to a specific buyer—if you'll excuse the generalization. All first-time buyers should not seek the same type of real estate solution just because they have never owned real estate before. Each of these buyers, whether they purchase alone, as a couple or with several friends or family members, has a different set of needs, weaknesses and advantages. When generalities are stressed, real estate solutions often concentrate on weaknesses like low down payments. Customized solutions, based on real estate knowledge, should focus on strengths which would counterbalance apparent weaknesses. For instance, first-time buyers may have more creative determination, which can allow them to tolerate living with boarders or tenants. These contributors to mortgage payments create a number of financial benefits and can turn an otherwise financially-out-of-reach property into a great investment solution. (See Pur-Plexing for more on this topic.)

3. Assumptions cost money and waste time. Assume nothing, including that you know what you don't know. Experienced real estate professionals have a wealth of practical knowledge available to fill your knowledge gaps, but you have to be receptive to gain the full benefit. For instance, do you ask questions and listen to the answers? Find out what you're assuming when you view properties, evaluate value and prepare an offer to purchase. The conscious effort and deliberate intent of this clarification means money in your pocket. Determination will enable you to put your advantages into action and use the real estate professional's knowledge to overcome weaknesses. Remember the parsing of "assume" ( make an "ass-[out of]-u-[and]-me" ) if you find yourself thinking or saying, "But I assumed…" and get back in control.

4. Fear has driven too many buyers to act in haste and repent in "if only I'd…" whining that can go on for years. Fear of missing out in a down market or in an up market, or in a variety of other "losing out" scenarios, can cause buyers to dive into a buying or not buying decision which may not be in their best interest. That's why working with a buyer agent, who places your interests first, can be a great strategy for ensuring you have all the knowledge necessary to protect yourself and gain financial advantage at the same time.

5. The impossible may just take a little longer in real estate, but the impossible can happen. Your dream property can be within reach wherever you start financially, but you'll need a solid set of strategies to get you there, not just dreams. Serious about owning your own horse ranch or waterfront castle? Talk to an experienced real estate professional who works in your ideal location to chart a reverse-engineered, long-term course toward that goal. With each property you buy along this clear path, you'll move closer to your high-value goal. It may take two or more real estate purchases and some clever investing, but if will be an interesting progression. If you're determined and build the right team—real estate professional, lawyer, mortgage broker, home inspector…—what's impossible?

6. The unexpected must be expected when buying a home, cottage or investment property. Worst case scenarios, contingency strategies and "Plan B" alternatives are creative tools in preparing to achieve financial gains and desired priorities. These approaches help you react favourably to the unexpected, but hopefully not unanticipated, and take advantage of the opportunities that lie there. Experienced professionals can predict the types of expected and unexpected happenings relevant to your situation. It could be taking advantage of the timing for new listings or the types of lenders beyond banks that hold financing choices for you. Negotiations are all about the unexpected. Most buyers are so focused on purchase price they forget that closing date, number of conditions, what's included in the purchase and other factors can weigh in to reduce the final sale price—that's where professional negotiators come in.

7. Cashflow is king. Beyond the purchase price, cash is necessary to pay for lawyer fees, title insurance or a survey, reimbursing sellers who paid the whole year's property taxes, and on the list of closing costs goes. The professionals involved will provide you with details on possible expenses. While you may have enough cash to close, do you have enough cashflow for owning? Over the first year, unexpected expenses can crop up, so create a projected ownership budget at the same time you go over purchasing costs. This foresight should keep you out of the "house rich—cash poor" category.

This article was written by PJ Wade
Jackie Connelly-Fornuff
Coldwell Banker Residential
Babylon, NY
Direct: (631) 274-1937
Cell: (631) 703-0201
Email: Jackie.Connelly-Fornuff@cbmoves.com
Website: www.longislandrealestatelady.com
Blog: http://jackieconnellyfornuff.com

Lindenhurst New York Neighborhood News on Facebook

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Mortgage Rate Indicators

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 23 Nov 2009 11:49:30 -0600

Market Comment - Week of November 23rd, 2009

Mortgage bond prices rose last week pushing mortgage interest rates lower. Mixed data resulted in up and down trading but within a relatively narrow range. Things were going well the first part of the week with rates improving until Wednesday when the consumer price index and the core came in higher than expected. Inflation, real or perceived, erodes the value of fixed income investments causing prices to fall and rates to rise. We saw some of that mid-week. Despite this, interest rates finished the week improved by about 1/8 to 1/4 of a discount point.

The US Treasury will continue the record Treasury auctions with a $44 billion 2-year note auction Monday, $42 billion 5-year note auction Tuesday, and a $45 billion 7-year note auction Wednesday. The bond market will be closed Thursday for Thanksgiving and will have a shortened trading session Friday.

Economic Factors
Economic Indicator	Release Date Time	Consensus Estimate	Analysis
Existing Home Sales	Monday, Nov. 23, 2009	Down 0.5%	Low importance. An indication of mortgage credit demand. A significant decrease may lead to lower rates.
Preliminary 3Q GDP	Tuesday, Nov. 24, 2009	Up 3.0%	Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.
Consumer Confidence	Tuesday, Nov. 24, 2009	47.5	Important. An indication of consumers' willingness to spend. Weakness may lead to lower mortgage rates.
Personal Income and Outlays	Wednesday, Nov. 25, 2009	Up 0.2%, Up 0.5%	Important. A measure of consumers' ability to spend. Weakness may lead to lower mortgage rates.
PCE Core Inflation	Wednesday, Nov. 25, 2009	Up 0.1%	Important. A measure of price increases for all domestic personal consumption. Weakness may help rates improve.
Durable Goods Orders	Wednesday, Nov. 25, 2009	Up 0.5%	Important. An indication of the demand for "big ticket" items. Weakness may lead to lower rates.
U of Michigan Consumer Sentiment	Wednesday, Nov. 25, 2009	66.5	Important. An indication of consumers' willingness to spend. Weakness may lead to lower mortgage rates.
New Home Sales	Wednesday, Nov. 25, 2009	Up 2.9%	Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.

Preliminary GDP

The Gross Domestic Product (GDP) is one the most important reports during any given quarter. GDP is a measure of US economic output and spending. The report is significant in that it provides investors, analysts, traders, and economists with a comprehensive report of the direction of the economy. In addition, it also influences the decisions of Federal Reserve policy makers, Congressional budget employees, and corporate financial planners.

GDP is the sum total of goods and services produced by the United States. The initial report is often based on incomplete data. Therefore, additional revisions are released over the following two months. There are often substantial differences between the initial release and the revisions. The mortgage-backed security market generally responds favorably to weaker GDP growth. The preliminary third quarter gross domestic product data this week has the potential to move mortgage interest rates. Be cautious.

WR Starkey Mortgage, LLP, NMLSR # 2146

WR Starkey Mortgage - A different kind of company...where people come first!

	Ruth Vogt Business Development Manager (LMB100023827)
6025 South Quebec, Suite 110 Englewood, CO 80111
Work: 720-489-0712 Fax: 720-489-0273 Other: http://www.dora.state.co.us/real-estate/index.htm
ruth@Lifetimelender.com
www.lifetimelender.com

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Can a house have too many Christmas trees?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sun, 22 Nov 2009 11:08:32 -0600

Have you gone to Christmas parties that have "designer trees" in each room??? Do you envy them or does it turn you off?

I, for one, want just one tree that is very well "put together". So you know what I do? I actually bought it when we moved into our home about 10 years ago... how could I resist? It won first place but that's not why. It was named "To Grandmothers house we go!". That did it. I bid on it (good cause for charity!) and it's been my main tree since then. We never "undecorate it". I had my Dad help me mount it on a piece of square plywood with wheels on the bottom that I can wrap and roll! At the end of the season, it gets wrapped and rolled into storage. At the beginning of the season, it gets rolled out and unwrapped. Wa-la! That's a perfect example of "plug and play". Plug in the lights, pour an egg nog, and play Christmas carols!

But that's not my only tree, nor my favorite tree. Each of my grandkids has a tree of their own. They decorate it. Doesn't matter what it looks like. Doesn't matter. It's about love. And that's what I see when I look at them! Each year each grandchild gets an additional ornament to put on their tree. My oldest granddaughter is now 17. My youngest are twins at 3. We love this tradition. What's yours?

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FSBO homes for sale in Castle Rock Colorado

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sun, 22 Nov 2009 10:16:55 -0600

FSBO homes for sale in Castle Rock Colorado.

Once you decide to sell your home, many sellers contemplate selling the homes without the assistance of a licensed real estate agent. Thus, the term For Sale By Owner, most often advertised as FSBO homes for sale.

Before advertising your property as one of the FSBO homes for sale, there are many things to take into consideration. This is information originally posted by an agent in New York, however, the points she has highlighted apply to FSBO homes for sale in Castle Rock, also.

One additional point to take into consideration that affect our FSBO homes for sale locally is the additional cost to provide title insurance. For more information on title insurance, visit my website FSBO homes for sale.

When the time comes to decide whether to list your home with a professional real estate agent, or as one of the FSBO homes for sale, please give me a call to discuss additional reports and statistics comparing the two options. I also maintain a list of reputable real estate agents to recommend should you decide you don't have the time or expertise to market your home as one of the FSBO homes for sale in Castle Rock.

If you have a buyer that you would like prequalified to buy FSBO homes for sale, they can apply on line at my FSBO homes for sale website.

Via Jackie Connelly-Fornuff (Coldwell Banker Residential - Babylon):

Ah, you feel so proud after you've placed the For Sale By Owner sign on your front lawn. And you can't wait for those offers to come flying in! You are even saving the Realtor commission!

Are you really?

Saving the Commission - The principle objection raised with the most frequency is that you can save the commission by selling your home yourself. Experience proves that this usually is not the case. Buyers today are knowledgeable. They feel, whether it is true in particular instances or not, that:

a. owners overprice their homes

b. what the owner really expects and wants to get for his home is inflated by the amount of the commission, so that in case he can't sell the home himself the selling price will include enough to pay the broker's commission and still net him what he is seeking to get out of the sale.

Thus, buyers dealing with home owners will argue and insist, in most cases, on a reduction in price at least equal to what the commission would be. If you, the owner, has to sell at the same price you would net from a sale by the Agent, you are the loser because of time, effort, expenses, etc.

Under pricing Danger - You may not be familiar with often rapidly changing market conditions, and the characteristics of the supply and demand for particular types of homes in particular locations. As a result, you may under price your home and by the time all costs and expenses are paid, considerably less is netted than if the sale were handled through an agent. Here is a perfect example: I spoke with a For Sale By Owner this past Thursday. I looked up his home and immediately saw he under-priced it. I did a comparison and found he under-priced it by $50,000.00 When I spoke with this very nice homeowner and he knew he under-priced it and doesn't care. He came up with his price because his neighbor sold his home for $450,000.00 so he priced his at $400,000.00 I, as a homeowner myself, doesn't understand how anyone can be happy with losing that much money.

Qualifying Inexperience - Unless you are a former real estate agent with applicable experience, you probably don't have the training nor experience in qualifying buyers from all aspects, including financial ability and qualification of the purchaser to buy your home. Thus, prospects are either lost through poor qualifying, or as in many cases, contracts are signed with buyers who cannot secure the necessary financing. The contract is not only lost but also much valuable time and often expenses are spent and you must start all over again.

Get "Lookers" - Home owner ads bring a great many lookers who aren't qualified to buy, wasting your time and perhaps losing a real prospect for you. Realtors bring people to inspect homes who are qualified financially to buy and who are definitely interested in the specific type and location of your home.

Difficulty in Purchaser Negotiations - Since you may be inexperienced in real estate transactions, you can frequently encounter difficulties in negotiations on possible concessions, price and other matters, which might lose a qualified prospect. As your Agent, I am the "impersonal, professional go-between" and I’m in a far better position to handle negotiations that will lead to a sale.

Prospects Hidden Objections - Prospects often are reluctant to bring out and discuss objections with you as an owner because of the personal element involved. They often do not want to put you in a position of defending your own home. Thus, you can't represent yourself properly with many prospects because you may not know that the prospects have unrevealed objections. As your Real Estate Agent, however, I’m in an impersonal position and the prospect expects to be able to take objections up with me that they would not feel comfortable discussing with you.

Inexperience in Handling Objections - Techniques for handling objections professionally and effectively are the most difficult of all techniques to master in selling. Almost never does a home owner have any such training and experience. Thus, when major objections of any type are raised, which the professional real estate representative can handle, you may not know how to proceed properly. Buyers are certain to raise as many objections as they can, putting you at a serious disadvantage in trying to sell your home.

The Urgency Situation - When the time in which a home must be sold is limited it is unwise for an owner to take any of that time to try to sell the home without the aid of an Agent. If an attempt is made to sell, and the attempt fails, the Agent finally selected does not have enough time to market the home properly to get it sold, depending on the market, before the owner moves out to leave the house vacant.

Problems on Financing - Even though the buyer is theoretically supposed to secure their own financing for the purchase of a home, the financing normally is arranged by the selling broker. Since the selling broker is placing a great many loans, and usually through several lending institutions, he is in a position to get a quicker and often more favorable loan than the purchaser can on her own or working with you the home owner/seller.

Lack of Prospect Sources - It is a truism in real estate selling that the more exposure the home has to qualified buyers, the more likely there will be a quicker and more favorable sale. Most owners are very limited in their sources for prospects, friends and neighbors, organization bulletin boards and home owner advertising. At Coldwell Banker, we have a constantly renewing flow of prospects from which to choose as buyers for your home.

Lack of Advertising Exposure - As the owner you are advertising one home - your own. As a Real Estate Agent, I am advertising many homes by comparison. It is frequent that a prospect will call us on one ad but buy a home other than the one he called in on first. Thus, through advertising, I provide many more possibilities for qualified prospects.

Lack of Follow-up System - Homes are frequently sold on second visits, which have been brought about by the real estate representative. I have a follow-up system on prospects who haven't yet bought. Usually the Agent accompanies prospects on inspections of other homes, and when the situation is logical, brings the prospects back to a home they've already seen and which seems better than anything else they've inspected. You can take none of these steps. Often, visitors to your open house will refuse to give their names so that you can follow- up with them later. Again, you as the owner will be at a distinct disadvantage.

If Purchaser Has Home to Sell - A prospect may want a home that you are offering for sale, but must sell his or her own home before a purchase can be made. In such a situation, your position is virtually hopeless.

Owner Expenses - As a For Sale By Owner, you may incur considerable expense while marketing your home, while possibly selling at a somewhat reduced price. Such expenses can include newspaper advertising, cost of a for sale sign, legal fees, etc. When the amount of the price reduction and the expenses are added up, you may net little - if anything - over what you would get from an Agent sale. When you fail to make a sale, these costs are pure loss. Myself, along with Coldwell Banker provides, as a part of our services, the expense of advertising.

Lack of Home Selling Experience - Home buyers today are usually "shoppers", that means they want to see several homes as a basis for comparison in making a decision. As the For Sale By Owner, you are again at a disadvantage. Home selling has become a profession requiring a high degree of skill and experience. Without previous real estate selling experience, you may not know how to show a home professionally, to present benefits, or to use closing techniques that bring results. Thus visitors, whom our sales experts could turn into buyers, are lost and more time passes without the home being sold.

Buyer's Reluctance on Inspection Details - Many buyers, when they are going through a home with an owner are reluctant, or will not, open closet doors, cupboard doors, medicine cabinets, etc., because they feel they are intruding on the privacy of the owner. This feeling does not exist with the impersonal real estate representative. Not inspecting important areas such as cabinets, closets and cupboards can dampen interest and lose a sale.

Don't Know How to Justify Selling Price - Most prospects do not make buying decisions until they feel the selling price is right and justified. Rarely does an owner of a home have a record of sales of closely comparable homes in a general area as one justification for the selling price. Nor does the owner know how to "build up" facts and features about the home, the area, and possible future developments that will result in a good appreciation in value, which is a significant factor in justifying the selling price.

Not at Home Problem - Rarely can you be at home virtually all the time to receive visitors. When the visitors often find nobody home they go on to look at other homes and do not return to the home which had no one to receive them. As a Real Estate Agent, with a key to the home, I am available to show the home at virtually any time. When prospects drive by and like a property from the outside, they simply take the Agent's phone number from the sign and a showing is arranged.

Strangers Have Access to Your Home - The "For Sale By Owner" sign on the front yard is an invitation to anyone to ask to see your home. While such occurrences may be infrequent, it can and has happened, that an undesirable individual can gain access to your home. There have also been instances where thieves have posed as prospective buyers to learn what might of value in a home, which they can steal later when no one is at home. If the sign is up only when you are home, this means good drive-by prospects may be missed. Real Estate Agents, on the other hand, pre-select those who will be shown the home, making as certain as possible that the people are legitimate home buyers. Those with any criminal intent usually do not take the risk of being accompanied by a licensed representative who could later be a witness against them.

Problem of "Outside Lookers" - Some potentially good prospects for a home will drive by, see the "For Sale By Owner" sign but for some reason may not be impressed with the exterior. What they may not know is that the interior is just what they are looking for. Since they only saw the outside, they keep driving by, and the prospect is lost. With a Coldwell Banker sign on the lawn, there is a reasonably good chance that the "drive-bys" will call me about the home, thus learning that the interior offers what they really want.

Lack of Future Interest - Many buyers often feel that the owner has no future interest in them, as Real Estate Agents will. The owner sells, moves away and no local and personal contact can be established in case any problems arise that were not evident at the time of purchase. The buyer knows that Coldwell Banker has a future interest in him or her as a satisfied customer. Thus, the buyer accepts far more readily the representations of our sales agents. Thus, with some buyers this knowledge or supposition of a lack of future interest deters or prevents the buyer from negotiating directly with an owner.

Emotions Problem - Many buyers feel that sellers are not objective about their homes and are emotionally involved whereas real estate professionals are not. Emotional involvement means that the owner sees everything about the home in a much more favorable light than may be justified objectively. Many buyers take what a home owner says "with a grain of salt" because they know their opinions are biased towards their emotional feelings of the home. They have gotten used to things many buyers may not like. Again, this puts the home owner/seller at a disadvantage.

The "Settlement" Problem - Once a contract is signed by you and the buyer, a complicated process starts which leads to the date of settlement. The process involves loan processing which can cause "snags" or problems to arise, the legal aspects of title and deeds and possible easements and other factors involving the final transfer of property from the old owner to the new owner. These and other matters must be coordinated on a time schedule that will assure completion of the various steps in time for the settlement date. The purchaser must be advised on all that must be done and it must be assured that what is required is completed, such as bringing a certified check that will be required at settlement. When concessions are involved and the owner must fulfill certain conditions before settlement, such conditions must be met before settlement can occur.

Rarely, by experience or competence can the owner set up the necessary program schedule that will lead to the settlement and make sure that everything is done when it should be done, including preparation with the closing agent.

Market Age Problem - If you should fail to sell your home yourself and the home is on the market for any fairly long period of time, it acquires what is known as "market age". Market age is a deterrent to later selling at the proper market price. Buyers invariably ask, "How long has this home been on the market?" If your home has been on the market for a lengthy period of time, including your FSBO time, buyers tend to think something must be wrong or the home would have been sold. Thus, they become more objective and you risk getting less for your home than you would have had it been on the market for a shorter time and priced at market value.

Seriously think about all these things before selling your own home. That is in your best interest!
Jackie Connelly-Fornuff
Coldwell Banker Residential
Babylon, NY
Direct: (631) 274-1937
Cell: (631) 703-0201
Email: Jackie.Connelly-Fornuff@cbmoves.com
Website: www.longislandrealestatelady.com
Blog: http://jackieconnellyfornuff.com

Lindenhurst New York Neighborhood News on Facebook

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

WR Starkey Mortgage voted one of best companies to work for in Denver!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 21 Nov 2009 12:36:59 -0600

WR Starkey Mortgage voted one of best companies to work for in Denver!

Do you enjoy WHAT you do for a living? But a better question is whether or not you like the company you represent!

The Denver Business Journal announced the top ten winners of the best companies to work for in Denver at an awards banquet on Friday, November 20th, with approximately 600 in attendance. WR Starkey Mortgage was proud to be announced as one of the top five best companies in Denver in the large employer category. This award is given based on confidential online surveys provided by the employees themselves!

This award cannot demonstrate more clearly the meaning of the WR Starkey Mortgage tagline: A different kind of company where people come first. At WR Starkey Mortgage, we take that to mean not just our valued clients, customers and referral sources, but most importanly: our employees!

To see the article, please read "Best Companies to Work For". WR Starkey Mortgage.

WR Starkey Mortgage was also awarded the best Mid Sized company to work for in 2006 by the Colorado Biz Journal.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Current Mortgage Interest Rates

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 21 Nov 2009 10:06:48 -0600

Current Mortgage Interest Rates

Below are economic indicators that are affecting current mortgage interest rates.

Nationally, housing starts came in lower than expected and banks are maintaining the current pace at which they put foreclosures on the market. Both of these have the effect of keeping inventories in line and home prices stable, thus affecting current mortgage interest rates.

The Consumer Price Index came in at an annual rate of 3.6% and , at its current pace, the Fed will run out of money to buy mortgages next March. Both of these have the effect of pushing current mortgage interest rates up.

What does this all mean? Housing prices will not go down and rates will most likely go up, by the end of March, 2010. Folks, this is not rocket science. Homebuyers take note: current mortgage interest rates are quite likely the best you will see for quite some time, if ever.

Yes unemployment is high, but it is a lagging indicator. It will continue to go up even as the economy improves, and won't come back down significantly until 2011. But if your buyers pay attention to the doom and gloom, they will miss out on the MOST affordable housing and best current mortgage interest rates homebuyers will see in their LIFETIME.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Conventional Conforming Loan Limits Extended

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 14 Nov 2009 10:39:41 -0600

Conventional Conforming Loan Limits Extended

In a previous post last month I expressed a concern about the conforming loan limits, which has now been extended.

Ruth Vogt,
Business Development Manager (LMB100023827)

720-489-0712

ruth@Lifetimelender.com
www.lifetimelender.com

6025 South Quebec, Suite 110
Englewood, CO 80111

2007 WR Starkey Mortgage, LLP. All rights reserved. All artwork, products, designs, logos, graphics, and content contained herein are the exclusive property of WR Starkey Mortgage, LLP, and may not be reproduced, in whole or in part, without the express written consent of WR Starkey Mortgage, LLP. http://www.dora.state.co.us/real-estate/index.htm

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FHA Loans in Denver

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 13 Nov 2009 18:47:42 -0600

FHA Loans in Denver

Maximum FHA loans in Denver can go as high as $406,250 for a single family home making FHA loans viable financing vehicles even if it's NOT your first home.

If you look at the chart below, you'll see the average price in the Denver area is well below the maximum amount established for FHA loans:

Denver Recently Sold Homes

Many times FHA loans are mistakenly thought of as just a first time homebuyer option. Why? Probably because of the low down payment requirements, low FICO score requirements, and even lower asset requirement. Read FHA LOANS for more qualifying details.

But that doesn't mean buyers can't have higher than the minimums to make FHA loans their best bet! Probably the only time you might want to consider conventional loans over FHA loans is when you are thinking about putting 20% or more down to avoid mortgage insurance. BUT WAIT... is that what you really want to do? Did you know it's much more difficult to pull money out of the house with a refinance than it is to simply qualify for the higher loan amount with your initial purchase? And more costly, because even though some companies advertise "no cost refinances", there really is no such thing.

Another frequently forgotten fact is that FHA loans can be used to buy a duplex, tri-plex or even 4-plex property. As long as the buyer intends to occupy one of the units! The more units, the higher the maximum loan amount (still requiring just 3.5% down payment). Here's an example of the limits for FHA Loans in Denver county:

Maximum FHA Loans available on Two unit dwellings: $520,050

Maximum FHA Loans available on TriPlex properties: $628,650

Maximum FHA Loans available on FourPlex units: $781,250

So, I ask you, where else can you get financing for a duplex, triplex, or four plex with only 3.5% down payment except using one of the FHA loans as described above?

Let's do a few comparison options between conventional loans and FHA loans. Buying three investment properties using conventional financing with an average sales price of $150,000 would require a down payment of $90,000. (Typical investor down payment is now 20% per home due to the current limitations that mortgage insurance companies no longer are willing to insure investment properties.)

Now let's consider buying a four-plex unit, occupying one of the units and applying one of the available FHA loans on the entire building. Even if the average sales price was still $150,000 per unit, which is not likely as the land cost alone would be much lower on a four plex vs a single family dwelling. But let's just say for the sake of comparison the total purchase price was $600,000, down payment for an FHA loan would only be $21,000! Not only do you have a substantial savings in your down payment that is considerable, but you have rental income from three properties that will help offset the monthly housing payment.

It's time to take another look at FHA loans! It's not just for first time home buyers, but an excellent financing vehicle for move up buyers as well as 2 to 4 unit properties.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Tax Credit Extention Comparison

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 13 Nov 2009 18:26:47 -0600

Tax Credit Extention Comparison

What's new? What's the same? Here's a nice little graph that will help you see the variances at a glance:

Ruth Vogt,
Business Development Manager (LMB100023827)

720-489-0712

ruth@Lifetimelender.com
www.lifetimelender.com

6025 South Quebec, Suite 110
Englewood, CO 80111

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FHA Loans in Denver available on HUD homes for $100 down!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 11 Nov 2009 20:15:09 -0600

FHA loans in Denver available on HUD homes for only $100 down!

So, what's a HUD home, you ask?

A HUD home is a one to four unit property that has gone into foreclosure whereby the original loan was insured by a division of HUD called the Federal Housing Administration (FHA). FHA loans insure lenders for a portion of the loss should the homes go into foreclosure. Once foreclosure proceedings have been completed, HUD takes title of the homes and resales them in hopes of recouping a part of the FHA loan insurance expense.

So the benefit to a Denver HUD home buyer is the ability to get an FHA loan for only $100 down!!

Who can buy a Denver HUD home?

Anyone who meets the FHA loan qualification which includes:

1. 1. Must be the buyer's primary home residence
  2. Minimum FICO score of 620 (required by lenders of FHA loans)
  3. Two year work history which may include education
  4. Limited or no asset requirements for reserves

For a complete ITEMS NEEDED checklist that you may be asked to provide, please click www.LifetimeLender.com.

What are advantages of using FHA loans for the purchase of a HUD home?

FHA regulates lender and title company closing costs
Up to $5,000 repair escrow (if contract submitted properly) for those properties that have minor repair needs!

Click to get an idea of available Denver HUD homes.

(Offers can only be made by approved HUD agents. Contact us for the list of approved Realtors.)

FHA loans are also available to purchase homes NOT owned by HUD, but have a few different qualifying requirements. For instance, there is not a standard escrow of $5,000 allowed, and the down payment requirement is 3.5%. However it is possible to combine FHA loans with a Colorado Housing and Finance Authority loan thereby financing most of your down payment as well! For more information click CHFA/FHA loans in Denver.

NOT ALL LENDERS ARE APPROVED TO OFFER FHA LOANS IN DENVER.

Click to submit an online application to be preapproved for your FHA LOAN

REALTORS: click for more information on how to be sign up as a Denver HUD approved agent.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Homebuyer Tax Credit Extended and Expanded - $8000 for First Time Homebuyers and $6500 for Move-Up Buyers

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 09 Nov 2009 08:57:47 -0600

I couldn't have said it better, so why try? After reviewing a couple dozen blog posts, this seemed to be written the best, so I'm sharing it with you.

Via John Jones (Keller Williams Elite, Dallas/Park Cities):

The $8000 Homebuyer Tax Credit has been officially extended and expanded to include a new $6500 tax credit for move-up buyers. Dallas area first time homebuyers and move-up buyers now have until April 30, 2010 to obtain a written, binding contract and until June 30, 2010 to close the transaction.

Some of the details and guidelines for the homebuyer tax credit were changed slightly with passage of this new legislation. Some of the guidelines were loosened while others were tightened. And there is a sepearate set of guidelines for the new $6500 tax credit for repeat buyers as well.

EXTENSION OF THE $8000 FIRST TIME HOMEBUYER TAX CREDIT

The new legislation extends most of the guidelines of the previous $8000 first time homebuyer tax credit with the exception of the deadline extension, increased income limits and a few other details:

Guidelines that REMAINED THE SAME:

Amount of tax credit remains the lesser of $8000 or 10% of the purchase price.

Home must be primary residence that will be occupied by the owner. Investors do not qualify.

The tax credit does not have to be repaid unless the homeowner sells the home in the first three years.

Guidelines that worked out BETTER for homebuyers:

Deadline to obtain a WRITTEN AND FULLY EXECUTED CONTRACT is now April 30, 2010 and the transaction must CLOSE ON OR BEFORE JUNE 30, 2010. The previous program had no specific date to obtain a fully executed contract, but the deadline to close the transaction would have been November 30, 2009.

MILITARY SERVICEMEMBERS who were on active duty overseas for a period greater than 90 days in 2008 or 2009 will be allowed until April 30, 2011 to claim the first time homebuyer tax credit.

Income limits for single taxpayers raised from $75,000 to $125,000. The program phases out completely at $145,000.

Income limits for married couples raised from $150,000 to $225,000. The program phases out completely at $245,000.

Guidelines that became MORE STRICT for homebuyers:

Maximum purchase price cap is now $800,000. Previous program had no price cap.

Requires written proof of home purchase in the form of a certified HUD-1 closing statement. Also, the IRS has more authority to conduct oversight on claims for the tax credit. The previous program was plagued with fraud since it did not require homebuyer to show any proof of purchase.

CREATION OF THE $6500 TAX CREDIT FOR MOVE-UP HOMEBUYERS

This is a completely new program that was passed as part of the legislation that expanded the first time homebuyer tax credit. Current homeowners who are "moving up" will quaify for the $6500 tax credit beginning with all purchases that close after November 6, 2009 and who meet the other guidelines listed below. Many of the guidelines and deadlines are the same or close to the same as those of the first time homebuyer tax credit:

General guidelines (beginning after November 6, 2009):

Amount of tax credit is the lesser of $6500 or 10% of the purchase price of a new home.

Homebuyer must have owned and lived in their previous home for at least five consecutive years out of the last eight years.

Home purchased must be a primary residence that will be occupied by the homebuyer. Investors do not qualify.

Maximum purchase price is $800,000.

Tax credit does not have to be repaid unless the owner sells the new home in the first three years.

Income limits are the same as for the $8000 first time homebuyer tax credit ($125,000 for single filers and $225,000 for married couples, phases out completely at $145,000 and $245,000 respectively).

A written, binding contract must be signed on or before May 1, 2010 and the transaction must close on or before July 1, 2010. This is ONE DAY LATER than the deadline for the first time homebuyer tax credit for some reason, perhaps because simultaneous closings can often take two days to fully consummate.

IRS will require proof of purchase for the new home and will likely require proof that the previous home was both owned and occupied by the homebuyer.

Stay tuned for some additional updates and some frequently asked questions. If you have any questions about the extension and expansion of the homebuyer tax credit, please email me.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

A renter tracked me down through AR!!!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 06 Nov 2009 00:23:39 -0600

I couldn't believe this! I had a rental property that I placed on a website on Monday night. By Tuesday at noon I had about a dozen emails in response to the ad. But you can imagine my surprise when I noticed an email with the "Sent via Active Rain" return address notification and subject was my rental property. Of course I had not posted my rental on AR, so it obviously peaked my curiosity.

I immediately responsded to her telling her the property had already been rented, but inquired as to how in the world she found me on Active Rain. Here was her response:

"Actually I don't know what Active Rain is. Is that your website? Because I saw your name at the bottom of the rentals.comad and I googled it and it pulled it up. Hope that was ok."

***eyebrows raised*** Ok? I'd say!!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Oh my! Background check for lenders but not for NURSES?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Thu, 05 Nov 2009 23:38:35 -0600

A very sad story was just reported on one of the local television shows from a father's perspective about a nurse stealing pain killing drugs from his recently deceased daughter, a 28 year old melonoma patient.

That is the very sad part. The shocking part is who regulates that industry... DORA! The same regulatory agency that governs mortgage lenders and real estate agents! Ok, are you sitting down??? THERE IS NO REQUIREMENT FOR BACKGROUND CHECKS FOR NURSES!! Why? They say because of the expense???

WHOA... as professional lenders, it was legislated that we had to pay the expense for a background check if we wanted to be licensed. Yet, the same is not expected of a professional who is responsible for our lives???

Is it me, or is something a little strange here???

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Holiday Homes for Sale Tour

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 04 Nov 2009 20:13:28 -0600

Have any of you put together a Holiday Homes for Sale Tour? I'm looking for any input, ideas or examples that you have heard about or done in the past to give sellers a reason to list NOW. Afterall, when does their home look better, smell better, and show better than over the holidays? And let's face it, if you have a buyer over the holidays, they are serious!

We all have a tendency to tell ourselves that things practically stop over the holidays. Maybe that's just what we tell ourselves?? Maybe we need to create some excitement and a call to action to get those listing contracts signed??? Maybe we need to start some campaigns that suggest to buyers that this year instead of wondering why tree to put under their roof, they should think about a new roof over the tree???

Looking for some brainstorming here. All ideas welcomed!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Grandma Got Run Over by a Reindeer

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 04 Nov 2009 17:06:29 -0600

I couldn't help but think of that song when I heard a report today giving the top five states drivers are most likely to hit a deer. But what REALLY surprised me was that Colorado was not even in the top ten!

The estimates shown below are based on a comparison of an insurance company's "deer accident" claims with vehicle registrations from the Federal Hiway Administration. Here's the list to see if you are in a state living "deerangerously" every time you get behind the wheel:

West Virginians drivers have a 1 out of 39 chance of hitting a deer in the next 12 months.

Next were Michigan, Pennsylvania, and Oregon.

Then Montana with a 1 out of 104 chance.

Wyoming was 1 in 183,

And Idaho was 1 in 305.

So if you are live in West Virginia... be VERY careful... I think they are looking for YOU!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Mortgage Lender in Englewood, CO couldn't be happier!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 02 Nov 2009 12:47:44 -0600

As a mortgage lender in Englewood, Colorado, a suburb of Denver, I can't tell you how excited we are about the article recently published by the Denver Business Journal!! The heading says it all: Denver Home Prices Rise for Sixth Straight Month! Even though we are a mortgage lender in Englewood, that's close enough for us to stand up and yell "HOORAY"!

The report indicates our area home prices were still down 1.9% in comparison with August home prices a year ago, However, I feel confident that Denver (including Englewood!) is headed in the right direction with a one percent increase of July, 2.5% increase over June, 1.3% in May, and 1.5% in April. I know we still have a ways to go, but for now it's enough to have this happy mortgage lender dancing in the streets!

All markets being tracked show a decline in values from August of last year to August of this year. The one city that had less of a decline than Denver was Dallas with a 1.2%. Whether you're a realtor or a mortgage lender in Englewood... and surrounding Denver areas... I think it's okay to celebrate the small victories along the way to an eventual recovery.

Combine that good news with other good news from the perspective a mortgage lender such as the hope that HVCC might be eliminated, maximum loan amounts could possibly stay at the current higher levels, and the probability of the tax credit being extended and this mortgage lender is quite certain that 2010 will be a much stronger year in Englewood.

I'm trying hard as a mortgage lender not to be premature in my celebration, but on the other hand I don't want to let the opportunity for spreading the good news here in Englewood, Colorado, to go unnoticed!

For a glimpse at the report that has this mortgage lender in Englewood, Colorado jumping for joy, click here: DBJ.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Are you having issues this morning???

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 02 Nov 2009 07:33:13 -0600

It's now taken me 45 minutes just to get logged in and get a photo posted! What's up this morning??? Is it just me, or is EVERYONE having issues this morning??? Not the best way to start a Monday morning!!!

Guess I'll give this up for awhile and find something else to do before my caffine gets the best of me!!!

grrrrrr.....

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Goodbye Jack-0-Latern!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 02 Nov 2009 07:16:43 -0600

Well, Halloween is past, so I dropped the jack-o-lantern profile picture ...but couldn't give it up without explaining.

You see, last year my granddaughter (who was TWO at the time!) created this piece of art for us (completely unassisted, I might add!). I found it interesting that she had the correct features, just sideways. Other than that, she did a great job, I thought!She has a twin sister and a sister two years older that also did some fancy stuff, but the cropping of the photo that was done by AR automatically cut the other two out of the picture??

I'll miss seeing her creature ... but of course they created new ones for us this year to use next year!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

I've seen ghost lights and so has National Geographic!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 31 Oct 2009 16:23:08 -0500

In the spirit of Halloween, I just had to share the following account of an actual sighting.

We sometimes camp along the Arkansas River near Howard, Colorado, which is where the cemetery is located that initially sparked our curiosity. We'd heard about the "dancing lights" at a local restaurant, so one night a bunch of us piled in the car after dark hoping to see them for ourselves. And much to my shock, WE DID! It was such a show of lights that when I got back to Denver, I went to the public library to do some research as there had to be a logical explanation for what we had observed!

What I found was an article from National Geographic (August 1969, Volume 136, No. 2). They had actually conducted a study at another cemetery in Silver Cliff not far from Howard. Of course our next visit to the area meant another cemetery trip, but this time to the one in Silver Cliff so we could compare "sightings". The light show was again spectacular!

Think I've lost it? Let me support my story by linking you to an article written by Rocky Mountain News referencing Silver Cliff and it's Ghostly Spirits.

And if you're ever near Silver Cliff OR Howard, Colorado, plan a visit to the cemetery after 9:00! OH... and I should mention there are plots still available at both cemeteries. I hear they are both so popular people are just dying to get in!! ha-ha-ha-ha!!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

The Realtor that cried "Wolf, Wolf"??

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 30 Oct 2009 15:41:26 -0500

How many times have we heard or read over the past couple of weeks the GREAT NEWS about the 1st Time Homebuyer Credit being extended? A dozen, or more, maybe?? Yet, is it? NOPE!

We need to be very, very cautious about spreading "good news" that is premature, and becoming known as the Realtor that is crying "Wolf, Wolf" one too many times!

Do I personally think the tax credit will be extended? Probably. But has it been? NO. So why all the confusion? There is a great post by Tiffany of California that I read last night on Active Rain that gives clarification of the process: Proceed with Caution.

But today a letter came out from the President of the National Association of REALTORS that helps put the irregularity of what is going on into perspective:

FROM: Charles McMillan, NAR President

Jerry Giovaniello, NAR Senior Vice President Government Affairs

DATE: 30 October 2009

RE: Tax Credit Extension and Expansion

Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.

The Senate is expected to vote, Monday evening, for a 'Motion to Invoke Cloture' if 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action.

Please urge your REALTORS® to respond to our Call for Action

Additionally, we ask that you, NAR's leaders, call your United States Senators and ask them: 'To vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.' This will keep the legislative process moving.

NAR will continue to provide updates on the tax credit as events warrant.

There was an additional development in the Senate yesterday:

The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.

SO, if it's at all important to you to turn this hope to extend the homebuyers tax credit into a reality, call your Senators and ask them to vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827