Because Short Sellers have worked with their lander to avoid
foreclosure and are not scheduled with a foreclosure sale date, the
Short Seller does not fall under the Colorado Foreclosure Act and the
regular Colorado Contract Buy/Sell Real Estate should be used with the
Short Sale Addendum, right? Not always.
I recently learned that even if a property is NOT scheduled for
Foreclosure, the Seller may in fact be protected by the Act, in which
case the agent is to use the Foreclosure version of the Contract. The
reasons are applicable whether or not the property is offered as a
Short Sale.
Paragraph 30.1 of the Foreclosure Contract states "The Colorado
Foreclosure Act applies when: (1) the Property is residential, (2) the
Property is Seller's Principal place of residence, (3) any loan secured
by the Property is at least thirty days delinquent or in default, (4)
Buyer does not reside in the Property for at least one year and (5)
Buyer is subject to the Act. The parties are further advised to consult
with their own attorney." If all five stipulations are true, then
Colorado Agents should use the Foreclosure version of the Contract to
make an offer.
I have a client who is a short sale investor who is subject to the
Act, so (4) and (5) are always true when I'm working with him. Because
(1) and (2) are typically the case in a Short Sale, it is delinquency
that I usually look for to determine whether to use the Foreclosure
version of the Contract.
In writing an offer on one particular short sale I learned that the
Seller, who I knew lives in our community, was delinquent in his
mortgage payments and initially I assumed this property was going to
fall under the Act. However, the house was vacant. Therefore, "(2) the
Property is Seller's principal place of residence," was not applicable,
and I was not required to use the Foreclosure version of the Contract.
I have since learned of another Short Sale property that is vacant.
I find that Short Sale properties are often delinquent or become
delinquent during the waiting period. I suggest being careful to check
all three points in regard to the Seller in Par. 30.1., and don't
assume that because the payments are delinquent the property will fall
under the Act.
Barcelona sounds fine to me! And if you need a Realtor® anywhere in the world, I can help! Please
keep me in mind and also click-thru to my website below to look at some
more of my favorite destinations, whether for vacation or investment.
Barcelona's Barri Gotic--the Gothic Quarter.
Do This When You're in Barcelona
International Living Postcards--your daily escape
Tuesday, July 14, 2009
Buenos días, guapa
(morning, lovely one) calls Juanito at Bar Pinotxo in the Boqueria food
market. This is where I've had a breakfast of fresh clam omelet and a
glass of cava every Saturday morning since I moved to Barcelona, Spain, eight years ago.
The
colorful La Rambla may be the city's most exotic urban sight, but I
tend to skip it in favor of the medieval streets and peaceful plaças of
the Gothic Quarter.
Tucked down the end of narrow alleyways,
these pint-sized town squares (that feel like villages) each have their
own personality. I go to Plaça Sant Felíp Neri to visit the shoe museum
and absorb the quiet. Shrapnel marks pock a wall in a school where a
bomb fell during the Spanish civil war, yet it exudes peace.
I
call in to visit the resident geese in the cloisters of the
cathedral--locals believe them to be lucky--and make a quick wish (you
never know). Then on to the stone courtyard of the Museu Frederic Marès. The crowds of the cathedral dissolve away like magic, and you're left in the shade of an orange tree sipping a perfectly made cortado (espresso with a shot of hot milk).
Weaving
back through the dark, heavy stone of the Palau Reial (the royal palace
of the Catholic Kings) I marvel at the Corinthian Columns still
standing tall and proud at the ancient Roman Temple of Augustus.
Across Plaça Sant Jaume (Barcelona's
equivalent of Parliament) I go, past the Formatgeria La Seu on
C/Dagueria--my favorite cheese shop on earth--to the Plaça Sant Just.
Here, at the church with the red door, if you believe your life to be
in mortal danger you can still make a legally binding will at the
altar, before popping into the fabulous Cafè de la Acadèmia for lunch.
Written by Tara Stevens For International Living
Digressions from the CAR Annual Conference
Last week I attended the Colorado Association of Realtors Annual Conference in Crested Butte. It was extra-fun for me because I can say “I grew up there.” The quotes are intentional, because I don’t mean I grew up there in the traditional sense—but then nothing about Crested Butte is traditional. I arrived there in my fully-packed 1969 VW bug in 1971 after a two-year stint in the corporate world of Chicago, where I was born and raised. One visit to Crested Butte and I just had to “tune in, turn on, and drop out!” I’m sure many of you can understand my wanting relief from the city life in 1971. My, my, how Chicago has improved since I lived there! So, what was the draw to Crested Butte?
First of all, my favorite sister (both my sisters are my favorites) was living there with my two favorite nieces (all my nieces are my favorites), and as you can tell, I love my family! Second, the sun shone the whole time I visited. The hiking was exhilarating and almost all the residents were close to my age! Everything was in walking distance, all 500 residents were friendly, and when passing by strangers it was protocol to flash the peace sign and say “peace” or “peace, man.” This was a long way from the Windy City and corporate life! Oh, and my first winter there proved that the winters felt much warmer in the Rocky Mountains than in Chicago, and skiing was a great sport.
The opening event at the Conference was held at a Maxwell’s restaurant on Main Street. It was originally built in the early ‘80’s by a family I knew well, the Garcia family, and was known as The Idle Spur. Gary Garcia (who passed away a few years ago) and his wife, Carol, are native Mexicans. Gary was an Eastern Airline Captain. He humbly claimed the only reason they hired him was to meet their minority quota. I have lots of great stories about the Garcia family and the Idle Spur (which was very creatively re-named by the locals while imbibing there). So if you ever catch me in a bar, just ask me to tell you the stories, including when Gary ran for Mayor. (Please don’t ask me for the locals’ name for the Spur. You can figure that out on your own.)
So I’m in Maxwell’s, certain I will know at least a few Realtors, and wondering if the man I met on Match is there. I wander around the tables and recognize a face here and there, people I didn’t know very well but I know weren’t Realtors back then. I am invited to park with some folks from Grand Junction. We have a friendly chat and then I’m off to the appetizer buffet. In line there is a cute, short, stocky balding man ahead of me. We chat along the way and he flirts and starts to fill my plate.
He asks to sit at my table, then introduces himself as “Mickey.” Surprised that I hadn’t recognized him, I blurt: “Mickey Cooper!” He looks taken aback, wondering who I am. After I blow his mind back with who I am, I introduce him to the other folks at our table, and explain that he once was the Mayor of Crested Butte. They were impressed, I’m sure.
Mickey and I reminisced about some of our greatest shots (of both kinds) playing pool in the yesteryear at Kochever’s turn-of-the-century bar, which exists exactly as it did when I left there twenty-something years ago: Same bartenders and same locals holding up the same bar! We also recalled a particular hot tub party we had attended (we were so daring when we were young), and Mickey brought up the disgusting “Bath House,” which fortunately was short-lived. I know a very respectable man in Steamboat who claims to have frequented that Bath House on his weekend trips to CB from Denver. You know who you are, and I promise not to tell.
Maxwell’s also offered a fabulous steak dinner, of which a plate for me appeared thanks to my old friend. The Man from Match showed up and we talked until my favorite niece, Sherrie, stopped by to make sure I had seen all the Realtors she knew I knew. As with Mickey, I hadn’t recognized any, so she guided me around to visit them, some of whom weren’t so titled when I left there in 1985 for my 12-year jaunt in Denver on my way to Steamboat Springs. We wandered, visited, and reviewed in sound bites the status of folks we knew in common, our lives, our children—the ones I knew as toddlers now grown (like my oldest), some with families of their own, others I never met and now away at college (like my youngest). It was a gratifying experience, indeed!
The rest of the conference was also very educational and fun. The Keynote Speaker at our luncheon meeting, Terri Norvell, was terrific! She provided a physical demonstration that what we think of ourselves is far more powerful than what anyone else thinks. The two classes (legal update and short sales facilitator) were full of info I needed. That evening I took a break and missed the cocktail party and silent auction (where’s that Realtors’ $200 Paper Trail book I bid on at lunchtime? I was sure I would win it for $40), but came rested and fully costumed in my “Hippie” clothes for the “Flower Power” dinner and dance. I sat at a table with the Man from Match and met Realtors from CB, Pueblo, and Grand Junction. We shared regional stories like mine about the peace sign and we danced to the DJ’s ’70-‘80’s era music. It was a blast!
Next morning, at the International Committee business meeting, I sat with the CB Realtor I met at my table the night before. All present agreed that because there is not a lot of business to discuss at our meetings, we will begin to have speakers on international subjects and the global economy. I can’t wait for the next meeting!
I have learned so much about the business and have made so many contacts since I began travelling for Realtor expos, conferences, and classes. Everywhere I go and meet other brokers, I have a great time learning, making connections, seeing old friends, and making new friends. Next stop is the FIABCI-USA (International Federation) Fall Business Conference in Denver, September 11-13. I couldn’t ask for a more interesting job, especially given the current economy. I am creating an enjoyable career and look forward to many more years of connecting, having fun, and doing deals with people from around the globe!
Look at this new direction foreign markets are moving in!
Excerpted from The Wall Street Journal, Wednesday, 29 April 2009
Some Nations Make It Easier for Nonresidents to Buy Property
Qualified buyers willing to pay $2 million to $25 million for a lot in Mr. Johnson's Oil Nut Bay,
an 88-home, low-density development under construction in Virgin Gorda,
will benefit from a new 90-day automatic approval for a landholder
license.
As
property markets fall world-wide, one of the few consolations for
real-estate investors is that some governments have become more open to
nonresident property owners. A growing number of them are considering
loosening or temporarily suspending foreign property-ownership
restrictions in a bid to stimulate their real-estate markets. In
January, for example, Beijing issued a one-year suspension of a one-year residency requirement for foreign nationals buying a house.
The Cayman Islands and Australia have also recently loosened their rules. Meanwhile, the issue is being discussed in numerous other countries, including the Philippines.
Developers are stalled and need capital and buyouts! Home prices keep dropping!
Steamboat Springs is ON SALE!
Get in on these fabulous opportunities in a Colorado world-class ski resort!
Ski
in/ski out developments, premier golf course community lots ready to be
built on, gentleman ranch developments, and many other types of
developments in need of capital or buyout.
Also, many individual owners of luxury homes are selling at greatly reduced prices—prices far below the cost to build!
You missed Aspen; You missed Vail; Don't Miss the 'Boat!©
Steamboat Springs, Colorado is ON SALE!
What makes Steamboat Springs a good investment?
Read this:
“…according
to real estate market analysts such as renowned economist Harry Dent,
the success of the resort/vacation/second home arena is truly nothing
more than a simple 'numbers' game -- driven by the sheer volume of Baby
Boomers venturing ever closer to the retirement horizon. ‘Rising Baby
Boom birth trends...show a rising wave of peak vacation-home buyers
from 2000 into 2024,’ according to The Next Great Bubble Boom (H. S.
Dent, 2006).
Indeed,
the combination of the financial resources of the post-WWII generation,
coupled with the continual rise of technological advances indicate a
profound reinforcement of this prediction. No longer tied to the
physical constraints of living in the city to remain commercially
productive - Boomers are now recognizing their ability to live where
they can play.......and rely on technology to maintain their career
connection. The next great migration wave is off to the small towns and
resort communities.........and that's precisely where the
resort/vacation lifestyle is to be found.
“While resorts like Aspen, Vail, Sun Valley and Jackson Hole are in their "maturing" stage, look towards those areas that have just recently "hit the radar screen"
By
purchasing in one of these "up and coming" resort areas, a smart buyer
can still stumble into a ground-floor opportunity - similar to those
seen in Vail and Aspen twenty years ago.”
Article Source: http://EzineArticles.com
Because of the current recession-caused sale prices, it's even better than anyone thought it would be.
Contact me for info on development and luxury home opportunities today!
The message below from Denver Post article is:
Don't price real estate based on expected lower offers because you may miss a selling window of opportunity. No room for error. See How to Price Your Home So It Sells.
The following article has been taken directly from Denver Post!
Prices cut on 1 in 5 homes
The metro-area figures show that some spots are hit more severely.
By Aldo Svaldi
The Denver Post
Posted: 04/24/2009 12:30:00 AM MDT
Updated: 04/24/2009 09:39:32 AM MDT
Nearly one out of five homes listed for sale in metro Denver have had price cuts, with reductions averaging 7 percent, according to a first-time market survey by online real estate search site Trulia.
Sellers usually know within a month, if not the first two weeks, whether the market has rejected their price.
Missing that window of opportunity can prove costly in both time and money.
"If you overprice by 5 percent, you are going to have to end up going below the market by 5 percent to make up for it," said Chuck Gadway, a broker associate with Coldwell Banker in Broomfield.
Overpriced homes that linger on the market cease to be the "shiny" penny on the table, requiring a larger discount to attract buyers, he said.
"When the market was shooting up, you had room for error," said Shellee Scherr, a broker associate with Signature Realty in Wheat Ridge. "There isn't a lot of room for error. You want to reduce your price before the listing goes stale."
Although brokers have long tracked price changes on individual listings, Trulia has aggregated the information and made it available online, said spokeswoman Heather Fernandez.
She disagrees with the idea that once a home owner is forced to reduce a price that it's labeled damaged goods. Sometimes a price reduction in this down market can draw attention to a property rather than stigmatize it.
"Buyers in the market today are looking for value," Fernandez said.
Trulia's data covers 48 ZIP codes in the metro area and captures about 75 percent of the listings in the market, not counting foreclosures.
Of those listings, 18 percent got the original listing price wrong and had to cut.
That was the lowest mispricing rate among 15 metro areas Trulia examined. In New York City, 39 percent of listings end up getting reduced, while a third of Los Angeles listings were reset lower.
But in five metro ZIP codes, 30 percent or more of listings suffered price cuts: Montbello's 80239, old Westminster's 80030, Lowry's 80230, northern Commerce City's 80022, and Green Mountain's 80228.
The biggest average price reduction was 15 percent in Federal Heights' 80260 ZIP code.
With so much information available on what homes sell for, why do so many properties list too high out of the gate?
For starters, big price cuts locally tend to correlate with areas of high foreclosures and distressed sales.
Sellers know their maintained homes should be worth more than heavily discounted bank-owned properties, but figuring out how much is more art than science.
"It is hard to sell a property in good condition when you are competing with something that is costing $50,000 or $70,000 less," said Betty Luce, a real estate agent with Nostalgic Homes in Denver.
Short sales, where a bank agrees to accept a sale for below the mortgage amount to avoid a foreclosure, are another complication.
Sometimes sellers price high initially to show the holder of the second mortgage, who is most at risk, that they have tested the market, and then come lower, Gadway said.
In some areas, sellers must also compete against homebuilders who are discounting heavily. That appears to be the case in the 80022 ZIP code, which includes the Reunion development.
Psychology is another factor. Some sellers, remembering an appraisal from a refinancing two or three years ago, prefer to price on hope. And with listings harder to come by, some real estate agents will tell them what they want to hear rather than what they need to hear, Gadway said.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
How to price your home so it sells
Setting the right listing price for a home is important in a buyer's market. Here are some tips on how to do that from day one.
• Understand the trend. When home prices are moving lower, start at just under the market rate to avoid playing catch-up. Some savvy sellers price low enough to draw competing bids, netting more than they might have by starting higher.
• Know your home. Some sellers overprice their homes because they don't appreciate the upgrades and extras that comparable homes on the market have. Just because homes are nearby doesn't mean they have similar values.
• Know your neighborhood. Are buyers in the area seeking a fix-and-flip or a trophy home? First-time buyers, a larger share of the market this year, want a good value without major renovations, while investors are often focused on the bottom line.
• Measure your endurance. Study how quickly homes are selling in the area, the absorption rate, and price accordingly. Some sellers price too high given their ability to wait out the market, only to surrender months later with a huge price cut.
• Don't kill the messenger. Some real estate agents tell sellers what they want to hear. The experienced and ethical ones will suggest a price even if the seller doesn't want to hear it. The first sell hope, the second will sell your home.
Sources:
http://www.denverpost.com/search/ci_12214254?source=email
Coldwell Banker, Signature Realty
Do you know about 1031 Exchanges? Please hold off on visiting my website until further notice. It is currently under construction to add new technology displaying some of the world's best newly-built resort properties located in the most attractive vacation spots around the world. This is in association with my recently becoming a candidate for Certified International Property Specialist and also earning my Resort and Second-Home Property Specialist designation (RSPS). I want to introduce you to what I have learned about the potential of such vacation property investments and the tax advantages for United States investment properties.
While these properties can provide you and your family a beautiful vacation spot, they also have the potential to pay for themselves through rentals while at the same time appreciating in value. Foreign property purchases may have currency exchange rate advantages as well. And if your United States investment property is placed under the 1031 exchange tax code, it may be exchanged for a new property investment (i.e., new vacation spot) and eventually--don't tell the kids--inherited tax-free by your heirs. I am not a tax advisor, and I advise you to seek professional tax advice for your 1031 exchanges and all your investments.
Considering a tangible investment that doesn't "disappear" (the word I hear lately from many people describing their stock market losses) can make a lot of sense, especially when prices are down. I would love to have the opportunity to discuss with you the specific advantages that could be had with exchanging other investment property for something new, or adding to your real estate investment portfolio.
Please call me if you would like to know more about locking in good currency exchange rates or the general rules for 1031 exchanges, and be sure to talk with your professional tax advisor before making any property investments.
I will be letting you know as soon as the New Resort Developments section is ready for viewing on my website. Thanks for reading!
Margie Callahan, Broker, Realtor, ePro, TRC, RSPS
International Realtor
Steamboat Springs, Colorado, USA
Visit My Website: http://CoolColoradoRealEstate.com
cell: 970-846-7012
e-mail me: Margie@CoolColoradoRealEstate.com
Text "Margie" to 48696
I’d like to start out by telling you a little about myself, then about the great place I live, Steamboat Springs, Colorado, as both a community and a ski resort. Then I’d like to quote one of the world’s premier economists about places like Steamboat Springs as a real estate investment!
About Me
I am an independent Realtor® with a lifetime of training and designations to help me provide the ultimate in service to my clients! You will see more information on my website! Recently I became a candidate for Certified International Property Specialist. This means I am trained in the issues foreigners are concerned with such as taxes, area conversion, currency exchange, buying currency futures to make the most of the exchange, and projected return on investment. I have met all the requirements for the CIPS (Certified International Property Specialist) designation--classes and points--with the exception of two more transactions representing foreigners. Then I will be a “CIPS.”
If you are not a foreigner engaging in buying or selling a property, I can help you in ways Realtors® without the CIPS training cannot! There are only approximately 6,000 real estate agents worldwide with this training and the global affiliations I have. And there are only 3 of us in Steamboat Springs, Colorado! I’m not going to spoil my fun by telling you who the other two are, but I will tell you this means I have a better connect for my listings than all but two other Realtors in Steamboat! As for my two competitors here in Steamboat, I intend to outdo them with technology, so they better watch out!
Steamboat Springs, named for one of its odd-sounding hot springs
That hot spring is a story all its own, and you’ll have to visit our art depot, town museum, or take a guided bike ride to learn all the unique history about our little town. Steamboat Springs, Colorado, USA has been nick-named “Ski Town, USA.” However, it offers far more than just skiing! More activities abound here than one can possibly partake (though maybe you want to take on a similar challenge to mine, to outdo everyone else here)! The Yampa River courses through our cute town rife with boutique shopping and fabulous restaurants competing for the best happy hour that can be offered. The river offers terrific kayaking holes, swimming holes on its banks warmed by many hot springs for you and the kids and a great bounty of fish for the Angler. Paths along and over the river for viewing the action invite you to bike or hike through and beyond town onto the mix of forested and open trails for every sort of hiker, young and old. Take a horseback ride from Spring through Fall from the base of Howelsen Hill in town or from one of the many dude ranches on the outskirts and in the hinterland. Or meet a local horse-person (like myself) and go for a real “out-West” ride! (Yes, that is a personal invitation!) Enjoy your choice of “civilized” hot springs, along with swimming pools and water slide at our downtown location, or the hot springs at Strawberry Park (so named for its high production at one time of lettuce and strawberries shipped by train in the yesteryear) ten minutes up the road in mountain terrain. If the water slide doesn’t satiate you or the kids, try The Howler alpine slide, on Howelsen Hill in town.
This wonderful community has plenty of unusual flavor generated by its events such as our real Rodeo events all summer long, and Winter Carnival where you can watch Skijoring (horses towing kids—and crazy grown men--down Main Street on skis, shovels, and other makeshift items making their way through mazes and off jumps). Winter Carnival has one of the best ski hill shows you could possibly imagine, with The Lighted Man (loaded with blasting fireworks) skiing down Howelsen Hill which is our ski hill in town (where the most U.S. Olympic skiers have been produced, and you can watch them train all winter long). Also, you won’t want to miss our Cowboy Downhill event, where real local cowboys (who don’t know how to ski) compete in a race on our big ski mountain. Now that I’m choked up just thinking about all the wonderful offerings here in Steamboat Springs, Colorado, USA, I wonder if I have to urge you to come visit this Paradise and find out what investment opportunities are still available for those who missed out on Aspen, Telluride, Vail, and Jackson with their pricier versions for the active, outdoorsy type.
About Steamboat Springs Ski Resort
Intrawest is not simply a company which owns and successfully operates ski resorts and manages many other resorts, hotels, and properties worldwide. The company targets destinations which have year-round attractions… they understand that what makes a vacation product a good value is the experience.
Intrawest liked Steamboat Springs because…it is a “ski town without an attitude.” In other words, unlike many ski towns, the locals still live here and are friendly and welcoming to its visitors… Steamboat Springs is truly a community above all else…built by the hardy souls of its founders who long ago instituted winter events to relieve the pressure of cabin fever. That legacy lives on year-round…and you can read the article written by…yours truly…by logging on to my website, CoolColoradoRealEstate.com
Don’t miss the ‘Boat!
The following is an excerpt from an article which addresses what respected economist Harry Dent predicts about just this type of small resort town. This simple information is based on sound principles of real estate investment combined with technological advances.
My favorite economist, Harry S. Dent, Jr. says:
“Baby Boom[er]…trends...show a rising wave of...vacation-home buyers from 2000 into 2024.” The Next Great Bubble Boom, 2006.
“Real estate markets…vary…by region, and there will be many pockets of real estate opportunity in the…Rockies during the downturn ahead.” The Great Crash Ahead, 2008.
Related comments in an EzineArticles.com article include:
“By purchasing in one of these "up and coming" resort areas, a smart buyer can still stumble into a ground-floor opportunity - similar to those seen in Vail and Aspen twenty years ago. While resorts like Aspen, Vail, Sun Valley and Jackson Hole are in their "maturing" stage, look towards those areas that have just recently "hit the radar screen."
Article Source: http://EzineArticles.com
Do you think they are talking about Steamboat Springs???? Thus my slogan, “You missed Aspen, You Missed Vail, Don’t Miss the ‘Boat!” Lucky for investors, second home buyers, or retirees, Steamboat Springs is poised to come on the radar screen, with prices about half those of Vail and Aspen. With Intrawest Corp. and a forward-thinking community, this resort town won’t be a sleeper for long!
Certainly you or someone you know has thought about buying real estate in Colorado. This is definitely a Buyer’s Market in Steamboat Springs, which hasn’t happened here in many years. With all the market indicators in place, this isn’t expected to last! To look at properties for sale, read timely economic reports about real estate trends and mortgage fluctuations, and learn how I help my clients take advantage of any market, whether it is a Buyer’s Market or a Seller’s Market, please visit my website. You’ll find out how I differ from most real estate agents by using technology and reaching worldwide to make it always an Active Market!
Thanks for tuning in, and next time I plan to tell you a little bit about Denver, Colorado, where I go to get my “Big-City” fix!