A Reverse Mortgage Short Sale Conclusion!!

Westminster, CO -How many of you remember the TV Series, Quantum Leap, where Scott Bakula played a character named "Sam", and he would leap into other people's bodies and portray them in their era?

Whenever the show was to end, they would show Sam leap into a new body to create interest for the next TV show the following week.  Remember, what he would say, after he discovered the "new leap"?  Sam would mutter, "OH BOY!".

What does this have to do with my blog on a Reverse Mortgage conclusion?  It is how I felt every time I tried to resolve a reverse mortgage that we had hoped to make a short sale to help out a homeowner!!

A quick synopsis to this story can be found here, at Reverse Mortgage blog, and now I want to bring this story to a conclusion!!  

This is about a homeowner that was given foreclosure notice on his property, and he was never a part of the foreclosure process.  How was that?  His deceased Wife, is the one that went off and obtained a reverse mortgage, and she was NOT the only one on Title to this property!!  The reverse mortgage lender, James B. Nutter, only had done a loan with only ONE person on the note. 

Both parties have been on Title to this property since 1963!!  So when is wife died, the note became due, and since the other person on title was not part of the loan process he could not correct the issue.   After many discussions with him and real estate attorneys, it was determined based on Colorado statutes, that the living owner, and the lender are NOW co-owners as Tenants in Common!!

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 After many visits and calls to get my living seller back on track, I could not communicate with him any longer.  Now, this issue started about 18 months ago, and after about 6 months I could no longer spend time trying to help the homeowner.

In March of 2012, I discovered that the homeowner had passed away in September 2011.  I was informed by another broker in my office that had re-posted MY BLOG about this situation from last year.  He was contacted by the previous homeowners' Son, who was living in Chicago, and wanted to know what to do with the property!!   Strange, huh??

After further discussions, we all concluded that since the note was at $285,000 and the property was worth about $240,000, it was best to let it go into foreclosure, in which it had.  

NOW, I am dealing with another foreclosure issue, for a buyer on one of my listings!  A buyer that was Quit Claimed on title to a property that has gone into foreclosure, last April 2012, and she is NOT on the loan.  The Colorado foreclosure Attorneys that initiate the foreclosure notice to the Public Trustee, has her identified as a Grantor (borrower) for this foreclosure.

Of course, the NOTE only has ONE person on it.  So, the new lender for this buyer's loan has denied the approval, based on her name being on this notice of foreclosure!!  NOTHING is on her credit report!!!

Yes, my response to this, "OH BOY!"

 

 

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Thanks for reading this,  Dan Hopper. 
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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "A Reverse Mortgage Short Sale Conclusion!!"

Truth or Facts, It's Only A Perception Away!!

Westminster, CO - What is this all about??  Do the facts always state the truth, and will the truth define what the facts are?
The ole cliches', "The Truth will set you Free", "Stats always lie", and anything else you have learned and heard while growing up!!   Yes, we all have our lifestyles, our beliefs, our Faith, our convictions, that will impact what we hear and how we try to decipher this information in order to formulate a truth and / or fact!
Again, what is this all about?   As I sit down and reflect about the business, income versus expenses, and try to come up with my business plan for 2013, I cannot help but take in all the elements that will impact me as a small business owner, and a Realtor®.
All this talk about the Fiscal Cliff, and the issues of taxes do play a role in planning out the budgets for next year!!
Not to mention, the changes in FHA MIP being proposed for 2013.  The increase to 2% for the montly MIP really does eat into the buying power of the Buyers, and especially first time buyers.  Just imagine you buying your first home using FHA as a loan, knowing that 2% is for MIP, while the current market rates are less than 3.5%??

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  Oh, then toss in the "revenue" dialoque of the Congress, with the possibility of closing "tax loopholes", like eliminating the Mortgage Interest Deduction (MID) on the home loan borrower!!  Now, we do not know if this will impact anyone Below $1 million, or $500k, or even $250k.  But with the discussion of creating MORE revenue, this could be one of those items they eliminate!!

 WHERE DO YOU GET IMPACTED BY CONGRESS??

I cannot help but believe that all this "stuff" taking place now and in the future will impact our real estate industry!   I honestly believe that EVERYONE will see an increase in their taxes (regardless of what the politicians have told you).   The mere FACT that the Bush Tax Cuts go away, causes an INCREASE in your tax liability!!
 FNMA & FreddieMac, is looking for MORE bail-outs!!  They have YET to pay back ONE DIME of their previous 2 bail-outs!!
Everyone will have their own "perception" as to the Truth and the Facts as they are presented to the general Public, and HOW they will impact you, your business, and your family!!

AS FOR ME

I will continue to have my opinions and beliefs, and will always side with being mindful of the simple accounting principle of, your income should always outway your debts!!  Otherwords, you CANNOT borrow your way out of DEBT!!  Never... ever... nor should you try!! 

If this applies to my family and business.... WHY IS IT THAT the folks we vote into office DO NOT UNDERSTAND those simple principles????

Income tax is the greatest intrusion upon our Private Property Rights!!  Here, we are only concerned about real property!??  Folks, wake up...

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HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper.
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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Truth Or Facts, It's Only A Perception Away!!"

Another Successful SOLD Home in Adams County!

Westminster, CO - There is nothing more exciting than when a successful closing comes together in less than 29 days!!

Having the Right property, at the Right location, with the Right Condition, with the RIGHT PRICE, to procure the Right Buyer to have a successful Closing, is the RIGHT way to do it!!

Taking the time to prepare your Seller to do the necessary updates, clean-ups, painting, etc, will make the difference is marketing a HOME that is ready to sell versus one not so ready for the market.  That main difference is getting the home SOLD in a timely manner!
 I would say, that placing a home on the market, obtaining a solid offer in 1 day, and having a successful closing within 29 days, and this was an FHA Buyer, is what you were hired to do!!

I have so much gratitude towards my Sellers for doing exactly what was asked of them to prepare their home for the market.  Not rushing in to getting it on the market prior to all the items it needed done, first, made this selling experience a very satisfying one for my clients!!

We walked the home, a month prior to placing it for sale, and discussed the items that needed to be updated, painted, and personal items removed.  The next important issue to address were the big ticket items.  The roof and furnace are always those items the cost lots of money to repair or replace.  

In this case, the roof was NOT an issue, but the furnace ended up needing to be replaced.  So, after this was done, we were able to adjust our listing price to accommodate for this NEW item.

Many times I have suggested to my clients (sellers) to have a pre-listing inspection performed so that they will have an idea of what the buyers will have concerns about.  Sellers should NOT be afraid to discover something they may not know because of this inspection.  Also, they can provide it to the buyer!! 

Remember, the RIGHTS of placing a home on the market!!  They are:

The Right Property, Right location, Right condition, Right PRICE, will result in the Right Buyer bringing you the Right offer!  These will result in the successful closing!!

Take the right step and move forward in promoting the greatest product on the market... Real Estate!! For more blogs continue here... Real Estate Advocate

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HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Another Successful SOLD Home in Adams County!"

Strive To Be the Best, For The Love of Real Estate!

Westminster, CO- I took a moment to post a video of a Football Super Bowl commercial of the past.  It has a simple message, "maybe a tongue in cheek comment", but it does promote one thing.

That one thing being the LOVE OF FOOTBALL!!

This can be applied to anything you aspire to achieve, and why not our real estate profession??  Not for the glory of negotiations, writing contracts, property inspections, appraisals, closings and escrows... BUT for the LOVE of Real Estate!!

What real estate really means here in the United States!!  Land... homeownership... property rights ... the Freedom and Liberty of what this means!!  What helps define, the rights of our citizenship here in the best country in the World ... the United States!!

A country that has the BEST Constitution to abide to, that defines our way of equality, life, freedom, and liberty!!

Enjoy... OH, by the way.... this guy has a great name, too!!


Take the right step and move forward in promoting the greatest product on the market... Real Estate!! For more blogs continue here... Real Estate Advocate

Search Westminster properties under $250,000.

HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


Search for homes, foreclosures, below:
      


FOLLOW DAN HERE:

    

Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Strive To Be the Best, For The Love of Real Estate!"

Updated 2012 Economic Outlook in the Broomfield/Westminster Areas!

 Westminster, CO -  How is the 2012 Economic Outlook in your areas?   Here is what we are finding in the Broomfield / Westminster areas of our office location.

For Broomfield/Westminster, single family homes sales are UP 15.46% YTD through

October/2012 when compared to through October/2011.   

Active listings for single family homes were down approximately 23% at

the end of October/2012 when compared to the end of October/2011 (782 vs. 1,019) and down

approximately 50% when compared to the end of October/2010 (782 vs. 1,570).

The Absorption Rate (the length of time it takes for the market to fully turn, assuming a

continued level of sales activity and no new inventory coming into the market) stands at 70 days

YTD at the end of October/2012 for single family homes in Broomfield/Westminster. The

Absorption Rate for single family homes at the end of October/2011 for Broomfield/

Westminster was 105 days. On average single family homes are selling 33% quicker thus far this

year than they did last year.

(Statistics courtesy of MetroList – Denver Metro MLS)

View Broomfield / Westminster Areas! in a larger map

Look for the Broomfield/Westminster real estate market to continue its customary path this fall as sales activity and inventory levels decline through the balance of the year.
Home mortgage interest rates should remain around 3.25% to 3.5% for the traditional thirty-year fixed-rate
loan.
New home construction will continue to increase across the Denver Metro area, Boulder Valley, and Northern Colorado as new subdivisions come on-line and in-fill projects are built out.

As noted by the chart above, home values have increased over the past year in Broomfield/Westminster. With the increase in sales activity and decrease in available inventory … scarcity will create demand!!
© 2012 RE/MAX Alliance. All rights reserved.

Thanks for reading this,  Dan Hopper.
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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "2012 Economic Outlook in the Broomfield / Westminster, CO Areas!"

Pre-Foreclosure Brick Ranch in Westminster!!

 Westminster, CO - Jump on this short sale opportunity!  Price right to move!!  
New kitchen, newer furnace and some updated windows, hardwood floors under the carpet, and ready to start negotiating with the seller's lenders!!



This Brick ranch is ready for your TLC, make the decision to buy this property, be patient and the rewards will come your way!!   


View Larger Map

Search Westminster properties under $250,000.

HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


Search for homes, foreclosures, below:
      


FOLLOW DAN HERE:

    
Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Pre-Foreclosure Brick Ranch in Westminster!!"