Tuesday, June 23, 2009
Monday, June 22, 2009
Saturday, June 20, 2009
Wednesday, June 17, 2009
Down Payment with Tax Credit is Available in Colorado
From another lender friend:
The only place you can get a portion of the $8000 to use toward your down payment is CHFA. While FHA may say yes, I don’t know any mortgage lender that would advance the funds. CHFA’s program is called Jumpstart and you can get $6000 of the $8000 to use for your purchase. No interest or payments, but must be repaid by June 1, 2010 or payments and interest accrue.
See www.chfainfo.com for details. Biggest downside is CHFA’s interest rates are high.
Now for a note to any first time buyer: Take the FIRST TIME BUYER COURSE CHFA University offers online:
http://www.chfainfo.com/homebuyer/Homebuyer_Education_course_schedule.icm
Since 1985 I have been going to work every day for you and your friends, learning about our home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
The only place you can get a portion of the $8000 to use toward your down payment is CHFA. While FHA may say yes, I don’t know any mortgage lender that would advance the funds. CHFA’s program is called Jumpstart and you can get $6000 of the $8000 to use for your purchase. No interest or payments, but must be repaid by June 1, 2010 or payments and interest accrue.
See www.chfainfo.com for details. Biggest downside is CHFA’s interest rates are high.
Now for a note to any first time buyer: Take the FIRST TIME BUYER COURSE CHFA University offers online:
http://www.chfainfo.com/homebuyer/Homebuyer_Education_course_schedule.icm
Since 1985 I have been going to work every day for you and your friends, learning about our home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Tuesday, June 16, 2009
Tax Credit GOOD? But we won't lend them the money!
Just got this from a lender RE the $8000 tax credit:
"We’re an approved lender, but we will not loan the funds to the borrower. We’ve been working with many of the governmental agencies to create the funds (to no avail…yet)."
Wow are we screwed up!
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
"We’re an approved lender, but we will not loan the funds to the borrower. We’ve been working with many of the governmental agencies to create the funds (to no avail…yet)."
Wow are we screwed up!
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Monday, June 15, 2009
Appraisal Rule, Closings, & First Time Buyers Tax Credit
The May statistics are in and the new appraisal rules certainly affected the number of closings in 
May in Denver. Of course they were not the only reason closings were down but I will give them a 10% fewer closings due to the guidelines the appraisers and the loan officers must abide by. See below for more on those rules. Here is the chart for sales May since 2001. You can see the drop in demand.
Interestingly, the Realtors are NOT prohibited from speaking to the appraisers, only the loan company, and frankly I have only investigated a very narrow spectrum of these rule.
One other thing the new rules have caused; a price increase to pay for the Appraisal Coordination Service, so instead of $350 an appraisal might cost $400.
It seems the "wheel" could be problematic in that an appraiser from Greeley could be assigned to do an appraisal in Pueblo in spite of the fact the appraiser has never seen Pueblo and does not know there is a Pueblo West too. And I would not want a city of Denver appraiser doing a farm & ranch appraisal in Newcastle either. SO when you are getting an appraisal, there seems to be a couple of questions you might wish to ask the appraiser, BEFORE they start the process and finish spending your money.
Where are you located?
When was the last time you did an appraisal in this area?
How many appraisals have you done in this neighborhood?
The final item today that may have "slowed" the number of sales in May was the premature announcement by HUD that the $8000 tax credit could be used as down payment. The details of this proposal are still being worked out and the result is that quite a few buyers are sitting and waiting for the "OK" to go. A shame in that a loan from Grandma could get the job accomplished the same way. Talk to me or your lender of choice before you make a decision not to proceed. As John Wayne said in the movie The Cowboys 'we are burning daylight!'. Do not let this opportunity pass due to lack of action on your part. We are talking about up to $8000 of free money for the first time home buyer here.
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
May in Denver. Of course they were not the only reason closings were down but I will give them a 10% fewer closings due to the guidelines the appraisers and the loan officers must abide by. See below for more on those rules. Here is the chart for sales May since 2001. You can see the drop in demand.One of the other factors that affects the number of sales is the number of homes on the market 
as most folks sell and then buy. As the number of listings on the market falls it could predict the future health of the market...more listings=less healthy; fewer listings= more healthy. So I see the drop in active listings, year over year as very good for the market and indicating upward pressure on price in the future. Many folks have hunkered down and are awaiting a market turn before putting their homes on the market. National events certainly effect our personal perceptions of what is happening. Here is the chart for new listings entering the market.
as most folks sell and then buy. As the number of listings on the market falls it could predict the future health of the market...more listings=less healthy; fewer listings= more healthy. So I see the drop in active listings, year over year as very good for the market and indicating upward pressure on price in the future. Many folks have hunkered down and are awaiting a market turn before putting their homes on the market. National events certainly effect our personal perceptions of what is happening. Here is the chart for new listings entering the market.The new APPRAISAL RULES and what they could mean to you...refinancing or buying a home:
The long and short of the new rules are that the loan officer cannot talk to the appraiser, and the loan company cannot hire their own appraiser over and over. There is supposed to be a wheel to assign appraisers to files. That said the cost of the appraisal has gone up as there is now a 3rd party Appraisal Coordination Service (ACS) who has created the wheel and is supposed to assign an appraiser. This part is working fairly smoothly at this time.
The long and short of the new rules are that the loan officer cannot talk to the appraiser, and the loan company cannot hire their own appraiser over and over. There is supposed to be a wheel to assign appraisers to files. That said the cost of the appraisal has gone up as there is now a 3rd party Appraisal Coordination Service (ACS) who has created the wheel and is supposed to assign an appraiser. This part is working fairly smoothly at this time.
Interestingly, the Realtors are NOT prohibited from speaking to the appraisers, only the loan company, and frankly I have only investigated a very narrow spectrum of these rule.
One other thing the new rules have caused; a price increase to pay for the Appraisal Coordination Service, so instead of $350 an appraisal might cost $400.
It seems the "wheel" could be problematic in that an appraiser from Greeley could be assigned to do an appraisal in Pueblo in spite of the fact the appraiser has never seen Pueblo and does not know there is a Pueblo West too. And I would not want a city of Denver appraiser doing a farm & ranch appraisal in Newcastle either. SO when you are getting an appraisal, there seems to be a couple of questions you might wish to ask the appraiser, BEFORE they start the process and finish spending your money.
Where are you located?
When was the last time you did an appraisal in this area?
How many appraisals have you done in this neighborhood?
The final item today that may have "slowed" the number of sales in May was the premature announcement by HUD that the $8000 tax credit could be used as down payment. The details of this proposal are still being worked out and the result is that quite a few buyers are sitting and waiting for the "OK" to go. A shame in that a loan from Grandma could get the job accomplished the same way. Talk to me or your lender of choice before you make a decision not to proceed. As John Wayne said in the movie The Cowboys 'we are burning daylight!'. Do not let this opportunity pass due to lack of action on your part. We are talking about up to $8000 of free money for the first time home buyer here.
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Wednesday, June 10, 2009
And now to other news...
Denver Tops Rebounding Housing Markets Barbara Corcoran highlights Denver as the number one recovering housing market on NBC's Today Show saying, "Everything about Denver is pointing Up, Up, Up!" watch video here
Jobs May Recover First in Colorado: If you want to be in the right place when the recovery starts, that place may be in Colorado, Idaho, Oregon, Texas or Washington. The recession didn't start at the same time in every state, and it won't end at the same time either. A new forecast from Moody's Economy.com predicts that jobs growth will return first in those five states, starting in the last quarter of this year. read more here
Colorado Business Conditions Improve, Goss Index Shows: A monthly indicator of expected business activity in Colorado improved in May to its highest level in several months, Creighton University economist Ernie Goss said Monday in his monthly regional Business Conditions Index survey. read more here
City of Grand Junction Selected as Large Community of Year: GJEP nominates City based on economic development accomplishments. Each year EDIE awards are given by the Economic Developers Council of Colorado (EDCC) to acknowledge individual, corporate and community contributions to the economic development of Colorado. read more here
Boulder Named “#1 Town to Live Well” by Forbes: Data came from ZoomProspector.com, a San Francisco-based consulting firm specializing in corporate relocation. It evaluated areas of the country with less than 100,000 people and named Boulder as number one town. read more here
Pending Home Sales Increase Nearly 7 Percent: The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.Lawrence Yun, NAR chief economist, says buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he says. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.” read more here
All from Jim Renshaw's positive perspectives. Thanks Jim
Since 1985 I have been working for you and your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Jobs May Recover First in Colorado: If you want to be in the right place when the recovery starts, that place may be in Colorado, Idaho, Oregon, Texas or Washington. The recession didn't start at the same time in every state, and it won't end at the same time either. A new forecast from Moody's Economy.com predicts that jobs growth will return first in those five states, starting in the last quarter of this year. read more here
Colorado Business Conditions Improve, Goss Index Shows: A monthly indicator of expected business activity in Colorado improved in May to its highest level in several months, Creighton University economist Ernie Goss said Monday in his monthly regional Business Conditions Index survey. read more here
City of Grand Junction Selected as Large Community of Year: GJEP nominates City based on economic development accomplishments. Each year EDIE awards are given by the Economic Developers Council of Colorado (EDCC) to acknowledge individual, corporate and community contributions to the economic development of Colorado. read more here
Boulder Named “#1 Town to Live Well” by Forbes: Data came from ZoomProspector.com, a San Francisco-based consulting firm specializing in corporate relocation. It evaluated areas of the country with less than 100,000 people and named Boulder as number one town. read more here
Pending Home Sales Increase Nearly 7 Percent: The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.Lawrence Yun, NAR chief economist, says buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he says. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.” read more here
All from Jim Renshaw's positive perspectives. Thanks Jim
Since 1985 I have been working for you and your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Saturday, June 06, 2009
Tax Credit For Downpayment?
We have heard about this (see May 14 post) coming but there are no specifics yet. FHA/HUD has to agree that certain lenders can loan you the money you would get as tax credit/refund. They need to work out those very tough details. And the current state of affairs with lenders due to their "new rules" about market value and underwriting have created enormous work flow issues.
A client recently figured out he could do it faster and cheaper if his grandma would loan him the $8000 (FHA is OK with that) and immediately after closing amend last year's tax return and get the credit refunded, they say within 12-16 weeks. So in 4 months he can pay back grandma. If you would like to talk further about this, let me know.
Also news: If a buyer has owned a "NON-PRINCIPLE RESIDENCE" like a rental property, but has not lived in it as a principle residence for the last 3 years, they may qualify for the TAX CREDIT as well. I just got this from a loan officer who is working with some clients in this situation and she tells me it is CPA approved. Check with your CPA.
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
A client recently figured out he could do it faster and cheaper if his grandma would loan him the $8000 (FHA is OK with that) and immediately after closing amend last year's tax return and get the credit refunded, they say within 12-16 weeks. So in 4 months he can pay back grandma. If you would like to talk further about this, let me know.
Also news: If a buyer has owned a "NON-PRINCIPLE RESIDENCE" like a rental property, but has not lived in it as a principle residence for the last 3 years, they may qualify for the TAX CREDIT as well. I just got this from a loan officer who is working with some clients in this situation and she tells me it is CPA approved. Check with your CPA.
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, June 05, 2009
Wednesday, June 03, 2009
Hunkered DOWN? An "AH-HA" moment
Now More Than Ever - I need Your Help.
An "AH-HA" moment...
I had one the other day when I realized my friend Tom from Leads Club needed to meet Denver area “BUILDING MANAGERS”. I made some introductions and he got 2 plumbing jobs the 1st day. Since the words "Building Managers" rang in my head there have been 3 more jobs.
Robert had one when his attorney told him “Pete knows more about the foreclosure process than I do”. Robert had introduced me to the attorney who was to help him in his foreclosure. We got his house sold fast and got him the equity he had earned over 10 years.
WHY NOW MORE THAN EVER?
Frankly, it seems that a lot of folks have “HUNKERED DOWN” and decided that moving across Denver now is not a good idea. And they are assuming everyone else feels the same way.
Yet there are folks who need to move. They just need to sell their house. They may have gotten laid off or been transferred to another work location, or they just have too many kids in a 2 bedroom apartment. I really need this kind of introduction now more than ever. There just are not as many of these opportunities as have been in the past. SO please give me a call when you learn of someone who could use my services.
Sometimes these AH-HA moments pop up in conversations or across a crowded networking event. Or in a quiet conversation over coffee, at the neighborhood BBQ, or at a soccer game. Yet invariably they all result in the receiving person being aware of the other person’s needs, and that my skill sets could help them solve a problem they are sharing. Just so you know a great intro to me is "Pete has been a FULL TIME Colorado Real Estate Broker for over 24 years. I will have him call you." Then, please call me with their name and number. Thanks.
Since 1985 I have been going to work for you or your friends, learning about their new home town! Whether it is Highlands Ranch, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Lone Tree, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com if you want a list of my carrot words.
An "AH-HA" moment...
I had one the other day when I realized my friend Tom from Leads Club needed to meet Denver area “BUILDING MANAGERS”. I made some introductions and he got 2 plumbing jobs the 1st day. Since the words "Building Managers" rang in my head there have been 3 more jobs.
Robert had one when his attorney told him “Pete knows more about the foreclosure process than I do”. Robert had introduced me to the attorney who was to help him in his foreclosure. We got his house sold fast and got him the equity he had earned over 10 years.
WHY NOW MORE THAN EVER?
Frankly, it seems that a lot of folks have “HUNKERED DOWN” and decided that moving across Denver now is not a good idea. And they are assuming everyone else feels the same way.
Yet there are folks who need to move. They just need to sell their house. They may have gotten laid off or been transferred to another work location, or they just have too many kids in a 2 bedroom apartment. I really need this kind of introduction now more than ever. There just are not as many of these opportunities as have been in the past. SO please give me a call when you learn of someone who could use my services.
Sometimes these AH-HA moments pop up in conversations or across a crowded networking event. Or in a quiet conversation over coffee, at the neighborhood BBQ, or at a soccer game. Yet invariably they all result in the receiving person being aware of the other person’s needs, and that my skill sets could help them solve a problem they are sharing. Just so you know a great intro to me is "Pete has been a FULL TIME Colorado Real Estate Broker for over 24 years. I will have him call you." Then, please call me with their name and number. Thanks.
Since 1985 I have been going to work for you or your friends, learning about their new home town! Whether it is Highlands Ranch, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Lone Tree, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com if you want a list of my carrot words.
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