What About Bob - Real Estate Blog

Private Conifer Homesite With Fabulous Rock Outcrops!

2011-10-17T21:08:00.000-07:00

If You Love The Rocky Mountains, You'll Want To See This Fabulous Property! With a Large Rock Face And Multiple Smaller Outcrops, You'll Have An Outdoor Playground Right In Your Own Yard!

Conveniently Located At The Foot Of Conifer Mountain, This 13 Acre Property Offers Several Choice Building Sites. Place Your Dream Home Atop The Large Outcrop For Sweeping Panoramic Views And Sunshine, Or Amidst The Towering Pines And Whispering Aspens For Privacy.

Either Way You'll Find Abundant Wildlife And Unlimited Outdoor Recreational Opportunities.

The Property Is Just Off Of A Paved Road, 5 Minutes To Conifer Shopping, Yet Very Private. A Quick 20 Minute Drive Brings You To C-470 At Morrison With Nary A Stoplight.

Come Live The Mountain Lifestyle In Conifer! So Close To The City, Yet A World Apart!

Call Bob To Arrange A Guided Tour Of This Great Mountain Property.

Why Isn't Housing Recovering?

2011-05-26T16:17:00.000-07:00

Daily Real Estate News

CHARMING MOUNTAIN HOME ON 1+ ACRE IN BAILEY, COLORADO

2011-05-02T13:02:00.000-07:00

Welcome To 20 Long Ridge Drive, Nestled In The Mountains Of Beautiful Bailey, Colorado.

Bathed In Sunshine, This Lovely Home Sits On Over An Acre Of Gentle Land For Your Outdoor Enjoyment. Towering Pines Guard Your Privacy, Yet Allow Lots Of Sunlight. Rock Outcrops Are A Warm Reminder That You Live In The Majestic Rocky Mountains.

Four Decks And 2 Walkout Patios Offer Plenty Of Choices For Relaxing And Enjoying The Mountain Views. A Paved Circular Drive & Oversize 2 Car Heated Garage Provide Easy Access And Safe Storage For Vehicles. An Arched Trellis Graced With Vines Invites You Into The Beautifully Landscaped Garden Area.

Well Cared For, This Charming Home Has The Character To Be Your Mountain Hideaway, With Vaulted Ceilings, Large Windows And Skylights, New Boiler, Newer Roof, Paint And Much More It Needs Nothing - Just Move In And Enjoy.

Call Bob To Arrange An Appointment And See For Yourself. You'll Be Enchanted By This Unique And Affordable Home.

Fabulous Log Sided Mountain Home On 4 Acres

2011-04-01T08:36:00.000-07:00

SOLD IN 5 DAYS!!!!!

Everything You Ever Wanted In A Mountain Home!

Backing To The Fabulous Deer Creek Valley Ranch, Mill Iron D Estates Is One Of The Most Desirable Areas In Bailey. The First Thing You Notice As You Approach This Lovely Home Are The Four Fabulous Gabled Dormers Which Stand Above The Roofline.

Log Siding Gives The Warm Rustic Look You Love Without The 'Splitting' Headaches Of Traditional Logs. Log Accents Throughout Contribute To The Feeling Of Mountain Comfort.

Your Own Beautifully Treed 4 Acre Lot Provides Privacy & Mountain Views. The Paved Driveway With Rock Landscaping Offers Easy Access To Your Oversized 2 Car Heated Garage, As Well As Protection From Erosion.

A Strikingly Attractive Metal Roof Protects Against Damage From Wind and A Roof Heating System Protects Against Snow Buildup & Ice Damming. Covered Porches In Front & Back Provide Shelter From The Elements So You Can Enjoy The Outdoors In Relaxing Comfort. For Wildfire Protection The Property Has Been Professionally Mitigated.

At The Front Door You Are Greeted By An Enormous Great Room With Soaring Vaulted Ceilings And Formal Dining Room.

This Energy Efficient Home Features Double Pane Windows Throughout, Hot Water Heat System From A Natural Gas Boiler and In-Floor Radiant Heat.

The Large 13 x 18 Kitchen Has An Island For Convenience, Plenty Of Counter Space And A Marvelous Antique Hoosier Pie Cabinet Is Built In To Match The Cherry Cabinets Which Are Enhanced By Glassed Doors For A Touch Of Country Elegance. A Cozy Bump Out Eating Nook Features A Wall Of Windows To Draw In Light & Offer Views Of The Mountains.

An Elegant Master Suite Beckons You With 5 Piece Bath And Clawfoot Tub. The Spacious Master Bedroom Has Large Walk-In Closet, Wood Valances & Shutters.

6 Panel Wood Doors Grace This Home, With Nifty Pocket Doors. Main Floor Laundry Means Fewer Stairs To Climb And A Central Vacuum System Means You Won’t Have To Lug A Heavy Machine Around When You Want To Clean House.

As If All Of This Weren't Enough, The Sellers Have Cut, Split & Stacked Several Cords Of Firewood So You Can Relax On Those Chilly Winter Nights & Think About Hot Chocolate Instead Of Physical Labor.

This Is A Terrific Opportunity To Own A Wonderful Mountain Home At A Price That Is Downright Affordable. Call Or Email Bob Krus Today To Learn More And To Arrange A Showing. Once You See This Fabulous Home You Are Going To Fall In Love!

BOB DID IT AGAIN!

2011-03-16T13:59:00.000-07:00

Bob Did It Again!
Sold For Full Price!

34223 Ponca Road. Pine, CO

What About Bob?
For All Your Real Estate Needs

Click Here For Property Details

Housing Recovery Gaining Momentum! Existing Home Sales Up 5 Of Last 6 Months!

2011-01-21T16:08:00.000-08:00

National Association Of Realtors statistics show that the housing market is in recovery, with a 12.3% gain in December, 2010 for single family homes. Condos/townhomes were even higher at 16.4%
Link To NAR Article

Turnkey Mountain Home On Sunny Lot! Needs Nothing, Just Move In!

2011-01-18T13:54:00.000-08:00

Quality Upgrades Throughout. New Kitchen W/Cherry Cabinets, Granite Counters, SS Appliances, HW Floors, Paved Driveway & Updated Baths. Newer Carpet, Double Pane Windows & Roof Make This Bright, Clean Ranch Style Home One You'll Want To See For Yourself!

Features Main Level Master, Large Wraparound Deck, Mountain Views And A Mud Room. Ideal Location For Outdoor Activities In Nearby Pike & Arapaho National Forests, New Staunton State Park, Or Numerous Jefferson County Open Space Parks. Fish In The S. Platte River Or Hike The Colorado Trail, Both Just Minutes Away.

Close Proximity To HWY 285 For Easy Access To Denver Or High Country. Half Mile To RTD. Two Storage Sheds: 8X10 Shed & 10X20 Barn Style W/Loft, Laundry Hookups On Main Or Lower Level. Family Room Wired For Surround Sound.

Beautiful Sunny Level Treed Lot

2010-12-01T13:16:00.000-08:00

NICELY TREED, MOSTLY LEVEL LOT. MATURE ASPEN & PINES. STREAM RUNS THRU. ADJOINING LOT & HOME ALSO AVAILABLE PLUS 1 OTHER LOT. SELL TOGETHER OR SEPARATELY. MLS#941352 & MLS# 948504

AFFORDABLE BAILEY HOMESITE

2010-12-01T13:09:00.000-08:00

MODERATELY SLOPING BUT VERY BUILDABLE .90 ACRE HOMESITE. NEIGHBORING PROPERTIES WITH HOMES ARE SIMILAR IN CHARACTER

ADJOINING LOT & HOME ALSO AVAILABLE. MLS# 941352 & MLS# 948490

Private Bailey Home On Acreage With Stream!

2010-12-01T12:51:00.000-08:00

This Affordable Mountain Home Is Ready To Move In As Is, Or Invest In Some Upgrades To Realize It's Full Potential!

You'll Be Nestled In Seclusion With Almost 2 Acres Of Privacy Among Mature Aspen & Pine Trees. A Live Stream Flows Through Your Back Yard On This Mostly Level Lot. A Wall Of Windows Will Make You Feel As If You're In The Great Outdoors, Even When You're Snug & Warm, Sipping Hot Chocolate By One Of The Two Beautiful Stone Fireplaces.

Privacy Doesn't Mean Isolation. You'll Have Easy Access To Shopping, With All Of Life's Necessities Only A Few Minutes Away. All This, Plus A Large Work Area Above The Garage Make This Home One You'll Definitely Want To See!

For Additional Privacy Add The 2 Adjoining 1 Acre Lots Which Are Also Available. MLS 948490 $45K, MLS #948504 $30K

We Have A Winner!!!!

2010-09-29T16:11:00.000-07:00

Congratulations to Brad Legg, who won the $100 gift certificate to Willow Creek restaurant in Evergreen!!! Last Saturday Brad visited my open house on Pine Crest Road.

http://www.willowcreekevergreen.com

Paint The Town Red With Keller Williams Foothills Realty!!!

2010-09-23T15:30:00.000-07:00

What: “Paint the Town Red” – Keller Williams Open Houses

When: Saturday, September 25^th from 12-4 p.m.

Come and visit all of these Open Houses! When you visit each house you will get the chance to win a $100 gift certificate to Willow Creek Restaurant in Evergreen… the more houses you visit the more chances to win!

Click The Link For The Houses And A Map:

Paint The Town Red

Come Join Us This Weekend! I'll Be Hosting 30162 Pine Crest!

Open House, Saturday, August 21

2010-08-19T17:36:00.000-07:00

8778 Black Mountain Road, Conifer, CO

Noon Till 4PM. Refreshments Served.

Come See This Terrific Mountain Home!

Just Sold In Evergreen

2010-05-21T16:57:00.000-07:00

Time For A Laugh!!!

2010-05-13T14:27:00.000-07:00

How Dinosaurs Became Extinct

Open House - Fabulous Golf Community Home In Willow Springs!!!

2010-04-09T17:17:00.000-07:00

Click The Link Above To View An Online Tour Of This Special Property!

From 10AM Till 2PM On Saturday, April 10 & Sunday, April 11 This Fabulous Home Will Be Open To The Public! Come See What It's Like To Live In Luxury At An Affordable Price!

This 2007 Semi-Custom Home Has Stucco Exterior, Cherry Cabinets, Slab Granite Counter Tops, Whole House Sound System, Guest Suite, Travertine Tile, Hardwood Floors, Vaulted Ceilings, Gourmet Kitchen, Large Wet Bar w/Wine Chiller, Exercise Room, Laundry Option On Main Floor Or In Master Suite, Extra Storage Space And Much More!!!

Easy Access To Highway 285 & C-470 Make This The Perfect Location!

Come Discover The Foothills Lifestyle That's Still Close To All That The City Has To Offer!!!

Click Here For Map

Free 1st Time Buyer/Real Estate Investing Seminar

2010-02-18T12:19:00.000-08:00

Let me know if you’re interested but unable to attend,

as we may be able to schedule additional dates in other

locations.

Feel free to invite friends but please RSVP.

Note: if links don’t work, simply call or email me.

Evergreen Lake Hoping To Open Dec 12!!!

2009-12-07T12:23:00.000-08:00

Hello Skaters!

Winter's fast approaching and winter weather has been here for a few weeks now.

The snow & cold weather can wear people down this time of year but don't despair! cold nights are great for building the ice layer on the lake.

Dig those rusty skates out of the closet, find a puck & a hockey stick if you're so inclined or just get ready to go out and do some triple Lutzs or Salchows. Well, even if your skates have 2 blades on each foot, it's fun to get out in the brisk mountain air and have a blast ice skating in the Heart Of Evergreen within sight of the 3 Sisters!

According to the folks at Evergreen Lake, there is now 10 inches of ice. Twelve are needed to open to the public for skating and they're hoping to reach that this week. If they do, then the lake will open on Saturday!

Click the link above for more info or call the Lake Hotline: 720-880-1391.

Soon we can be enjoying this fabulous benefit, one of many available to mountain dwellers - Flatlanders, don't be discouraged: you're allowed to skate on the lake too! I hope I'll soon be seeing you and your smiling faces out on Evergreen Lake!

Conifer Christmas Parade!

2009-12-06T14:15:00.001-08:00

Thanks to everyone who braved the weather and came out for this year's Conifer Christmas Parade! It was great to see you and share in this great community activity. For those who couldn't make it, I hope to see you at next year's parade - Well, I hope to see you before then

Here's a picture taken by one of my friends.

:-D

New Text Messaging Law

2009-12-06T14:11:00.000-08:00

There's been some confusion about whether persons above the age of 18 are allowed to use their cell phones while driving. Here's a link.

Does this clear it up? I don't know. If you take the letter of the law, then it would appear that even speed dialing would be illegal since that's technically data entry. I suppose the safest would be to use voice activation.

First Time Home Buyer Tax Credit Extended

2009-12-01T01:04:00.000-08:00

First Time Home Buyer Tax Credit Extended and Expanded

Click Here For Details

Evergreen Holiday Walk,Tree Lighting & Photos With Santa & Mrs. Claus

2009-12-01T00:32:00.000-08:00

Holiday Walk & Tree Lighting

5:00 PM - 9:00 PM Dec 04, 2009

Friday, December 4
Tree Lighting
5pm at the Lake House
Santa & Mrs. Claus arrive in a fire truck to light the tree and sing carols. Caroling led by Evergreen Lutheran Church Choir. Walk to downtown with Santa & Mrs. Claus at 5:45pm

Holiday Walk & Photos with Santa & Mrs. Claus
Take a stroll through historic downtown Evergreen. Join local merchants for a memorable holiday celebration. Take advantage of holiday specials, live entertainment throughout the evening and holiday treats. Photos with Santa & Mrs. Claus at Ice House Café.Photos begin at 6:45pm. Cost is $5

Shuttle Service Locations: Hiwan Homestead, Church of the Transfiguration, Lake House, RTD parking lot next to Christ the King on Hwy 74

Skate The Lake Winter Festival

2009-11-30T22:56:00.000-08:00

Skate The Lake

Ring in the New Year with Ice Skating, Fireworks, Hot Chocolate and Fun on Evergreen Lake!

A non-alcohol family event.

Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior

2009-11-30T22:21:00.000-08:00

Click Here

Some of this is a bit dry reading but a lot of good information about why loan servicers don't act more quickly on loan modifications and short sales.

New Phone Text Messaging Law Effective Dec 1, 2009!

2009-11-30T21:47:00.000-08:00

PHONE TEXT MESSAGING LAW PASSED:

Colorado drivers may NOT talk on their cell phones without the use of some sort of hands-free device, like BLUETOOTH.

Drivers under the age of 18 may not use cell phones AT ALL while driving.

Law takes effect on Tuesday, December 1, 2009

Fines for the first offense is $56.00, second offense is $106.00

Conifer Christmas Parade: 11AM Saturday, Dec 5th

2009-11-29T12:58:00.000-08:00

I'm inviting all of my friends to support their mountain community by attending the Conifer Christmas Parade this Saturday. Click Here for info.

It will be a fun time & a great way to get into the spirit of the season. Keller Williams Realty will have a float and we'll all be spreading cheer (Not that kind, but special arrangements can be made).

Hope you'll brave the weather and join us for a great time!

1st Time Homebuyer Tax Credit Info

2009-02-27T14:59:00.000-08:00

Thanks To Craig Gilcrease of Liberty Financial Group.

Tax Credit for Home Buyers
First-time home buyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their home within three years.

Tax Credit Versus Tax Deduction

It’s important to remember that the $8,000 tax credit is just that…a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a home buyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.

Better still, the tax credit is refundable, which means the home buyer can receive a check for the credit if he or she has little income tax liability. For example, if a home buyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit…and still receive a check for the remaining $4,000!

Phase-out Examples

According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

To break down what this phase-out means to home buyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:

Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase-out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Example 2: Assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

For those tracking the math in the examples above, you may be wondering where the “$20,000” came from—that is, why you divide “$10,000 by $20,000” in the first example and “$13,000 by $20,000” in the second example. Here’s where the $20,000 comes into play:

The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

In other words:

• $170,000 – $150,000 = the $20,000 in the first example
• $95,000 – $75,000 = the $20,000 in the second example

Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.

Homes that Qualify

The tax credit is applicable to any home that will be used as a principal residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principal residence also qualify.

Higher Loan Amounts

More good news – there is an extension on the additional tier of conforming loan amounts which had been first established in 2008. This tier of home loans are those greater than $417,000, and with a maximum that depends on the area, but is not greater than $729,750. These loans will again be eligible for rates that are slightly higher than conforming loan rates, but less expensive than the standard “jumbo” loan rates.

FHFA News Release -
http://www.mortgagemarketguide.com/download/022309_final.pdf

Additional Housing-Related Provisions

Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings — This provision provides $5 billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing — This provision provides a total of $6.3 billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance — This provision increases support for several critical housing programs. It includes $2 billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

More Help for Homeowners in the Future
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

The Economic Stimulus Plan is huge, and impacts a number of industries. I’ve highlighted some of the major provisions that may impact you now and in the future.

As always, if you have any questions or would like to discuss how this may specifically impact you, I’d be happy to sit down with you. Just call or email me to set up an appointment.

Craig Gilcrease
Senior Mortgage Consultant
Guild Mortgage Company
Ph: 303.986.3105 Ext.130
Fax: 303.648.5200
CraigG@LFGloan.com
www.LFGloan.com

First Time Homebuyer Seminars

2008-12-12T16:09:00.000-08:00

According to the US Federal Reserve Board, home owners had an average financial net worth of $184,000 compared to renters who averaged only $4,000!!!

There are currently some great 1st Time Buyer Programs available! Don't let the American Dream pass you by!

I will conduct seminars on an 'As Needed' basis to help you get into a home. Note that a 'First Time Buyer' is defined as anyone who has not owned a home within the prior 3 years, so you may qualify even if you've owned a home before!

Visit my website: www.whataboutbobre.com for information or to get a free copy of Gary Keller's great book, Your First Home, The Proven Path To Home Ownership.

With high housing inventories, falling prices and historically low interest rates, there may never be a better time to live the American Dream! Call Bob now to find out how!

What's Next For Real Estate?

2008-09-22T10:52:00.000-07:00

There is a lot of speculation regarding where the market is, where it's going and what the effect of the fed takeover of Fannie Mae & Freddie Mac will be. The general consensus is positive but that it may take some time before we see the full effect on the marketplace.

While we don't yet know all the details of how the new fed entity will work, some general assumptions can be made. Short term, it will free up money for banks so that they will be able to be more active in granting loans. This makes more money available for buyers & should result in a slight pickup of sales in the near term. As time goes on & more money becomes available this trend should build momentum. Longer term, it should have an impact on buyer & seller confidence producing more market stability.

The fed will pick up bad loans from participating lenders and, though they will be discounted, banks will be able to recoup cash more quickly than by doing short sales or foreclosures, adding more overall capital to mortgage markets. This means that there will be far fewer short sales - only non-participating lenders will still be doing them.

Opportunities for below market value purchases will still exist. Since the fed will be buying loans at a discount they will be able to sell them at a discount to investors and home buyers. Though this should contribute to market activity, it will have a negative impact on prices, though probably not any more than currently exists from short sales. It isn't yet clear how much the fed will discount the properties it acquires.

Independent of the fed actions, Denver home sales are up by 49% over 2007 and we are seeing more competition for properties in lower price points, often with multiple offers, resulting in bidding up the sale price. Though other local markets have not yet seen this trend, it seems pretty safe to say that the end of the buyer's market is already occurring in Denver and it is reasonable to expect that the fed's actions will result in this trend expanding to other markets over the next year.

While it is still possible for buyers to find properties priced below market value, expect the pool to shrink fairly rapidly in the coming months. Buyers who have been sitting on the fence waiting for the real estate market to bottom out may soon find that they've missed their opportunity.

While there's no way to be sure how long the market turnaround will take, things are expected to pick up considerably once the uncertainty of the national elections are behind us, regardless of which party wins.

Sellers who have not had success should ask themselves whether they want to sell quickly, in which case they should be considering price reductions. If you've had showings but no offers, buyers are telling you that you're priced too high. The alternative is to wait for the buyers market to subside.

Sellers, call me now to discuss your best strategy for selling your home in the shortest possible time and for your best possible net.

Buyers, call me now if you would like to take advantage of this rare opportunity to purchase built-in equity properties.

Study sets benchmarks for customer service

2008-09-18T21:44:00.000-07:00

A first-of-its-kind ranking of customer satisfaction with national real estate brokerages not only gives Keller Williams and Prudential something to crow about, but creates industry benchmarks local brokers can use to distinguish themselves from the competition.

(Read More)

Real Estate Market Statistics For Denver Metro & Foothills

2008-09-07T10:55:00.001-07:00

While most markets are substantially down vs. the same time
last year, with a 49% increase, Denver sales are booming! If
you are looking to sell a home in Denver now is a great time!

In my opinion this is because buyers and investors recognize
and are taking advantage of value inherent in reduced prices.

In contrast, other local markets are down from 22% in Boulder
and Jefferson counties, to a whopping 64% in Broomfield. While
this is generally not good news for home sellers in those areas it
could mean substantial leverage for buyers as sellers become
increasingly desperate, including bank owned and properties in
foreclosure.

The outlook is not totally bleak however for sellers in declining
markets. If they can make the mental adjustment and accept
that they're not going to get as much for their homes as they
had expected, sellers can still come out ahead if they will be
upsizing. Even though they'll get less for their homes, they can
expect an even more substantial break when purchasing their
replacement homes. This is because more expensive homes
are likely to sell at more of a discount than the less expensive
home that they're selling.

If you would like to know more about the opportunities that are
available, whether as a buyer, seller or investor, please contact
me for more information.

Bob Krus
Keller Williams Foothills Realty
303 902 4948
email: bob@whataboutbobre.com
Web: www.whataboutbobre.com

When Banks Fail, What Does it Mean to My Mortgage?

2008-08-15T12:19:00.000-07:00

Last month, the fallout from the mortgage crisis took a rather unusual turn. For the first time in 20 years, several US banks went belly-up, most notably IndyMac Bank, the second largest financial institution to fail in US history, and one of the largest mortgage lenders in the country. Suddenly, IndyMac's bank account and mortgage holders found themselves in uncharted territory – what did this mean to their money and, more importantly, what did it mean to their homes?

Over the next few days and weeks, the Federal Reserve, which seized IndyMac's assets, did its best to assure IndyMac's customers that their bank accounts were protected by the Federal Deposit Insurance Corp (FDIC). This meant that typical checking and savings accounts were protected up to $100,000 per individual and up to $250,000 for retirement accounts, such as an IRA.

Mortgages, however, are not protected by the FDIC. What's more, the bank or entity that just went out of business, in this case IndyMac, may not be the actual "owner" of your mortgage. In the February issue of YOU Magazine, we showed you how mortgages and the rights to service them are often bought and sold by many investors.

Many of these investors hire a mortgage servicing company to collect and process each payment of your mortgage, and never actually receive any payments directly from consumers. This is why nearly half of all outstanding mortgage debt in the U.S. today is "purchased" or "owned" by either Fannie Mae or Freddie Mac.

Keep Paying Your Mortgage. Combined with a slowing economy and falling real estate values, additional banks will feel pressure if mortgage delinquencies continue to increase in the coming months. In fact, one banking analyst, Gerard Cassidy, of RBC Capital Markets, predicted last month that as many as 300 banks could fail in the next three years!

If you happen to hold a mortgage with a bank that goes down, the first thing you need to know is that your mortgage does not go away, so keep paying your mortgage payments on time every month. Remember, the entity that funded your mortgage may or may not be servicing it. So, keep detailed records of what you've paid and when, including any billing statements, canceled checks, or bank account statements. According to the FTC, there is a 60-day grace period after the transfer during which you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer – but don't count on this!

Unfortunately, mistakes are made, so continue to make your mortgage payments, and keep copies of any and all letters and/or documents for your records. You have the right to dispute errors on your credit report that may result from a transfer of service, but you will not successfully challenge the credit bureaus without accurate documentation, even if you're telling the truth.

It's important to note that the company responsible for servicing your mortgage is required to send you a letter 15 days in advance of any transfer. In addition, the new company responsible for servicing your loan must advise you that your mortgage has been transferred 15 days after the transfer has occurred.

According to the Federal Trade Commission (FTC), the notices must also include:

The name and address of the new servicer;
The date the current servicer will stop accepting your mortgage payments;
The date the new servicer will begin accepting your mortgage payments;
Toll-free and collect-call telephone numbers (for the current and new mortgage servicer);
Information about whether you can continue any optional insurance; what action, if any, you must take to maintain coverage; and whether the insurance terms will change; and
A statement that the transfer will not affect any terms or conditions of your mortgage, except those directly related to the servicing of the loan.
Be aware: there are plenty of scammers out there that try to take advantage of people during this confusing transition. If you receive notification that your mortgage has been sold, make sure all of the above information is given and use it confirm that the transfer is legitimate before you send a payment to the new company. Don't be afraid to pick up the phone and call your existing mortgage company to find out the truth.

In the past, scammers have sent very convincing, professional-looking letters to homeowners stating that their mortgage or mortgage servicing has been sold. Before the fraud can be discovered, the homeowner's credit may have already been damaged and, even worse, they're unable to recover any of their money they lost to the scammers.

Don't let this happen to you or someone you know. If your mortgage company goes out of business, remember that the terms of your mortgage, and your mortgage itself, will not go away. Keep paying, but be on the lookout for any information regarding the servicing of your mortgage and take the time investigate, confirm, and document the transfer of service. Remember, this is your hard-earned money and credit on the line, and it's up to you to protect it.

Reprinted From You Magazine article provided by:

Craig Gilcrease
Sr. Residential & Commercial Loan Strategist
Liberty Financial Group
Phone: 303.986.3105 Ext.130
Fax: 303.648.5200
CraigG@LFGloan.com
www.LFGloan.com

2008-07-30T09:27:00.000-07:00

RISMEDIA, July 30, 2008- (MarketWatch/MCT/ RISMedia) - The Senate cleared a massive housing bill on Saturday designed to prop up the struggling U.S. housing market and put in place a U.S. backstop for giant mortgage-buyers Fannie Mae and Freddie Mac.

Senate lawmakers approved the bill, which contains billions of dollars in loan guarantees, a tax break for first-time home buyers and many other provisions, by a vote of 72-13.

The bill now will go to President Bush, who has indicated he will sign it despite objections about a provision directing $4 billion in emergency aid to local communities to buy and rehabilitate foreclosed homes.

The measure, approved during a weekend session in the Senate, allows homeowners who cannot afford their monthly payments to refinance into government-backed loans. The bill also offers temporary financial help to Fannie Mae and Freddie Mac.

The bill won approval in the House on Wednesday by a vote of 272-152, overcoming Republican objections about extending an unlimited line of credit to the two government-sponsored mortgage-finance titans.

The bill gained momentum as worries about the health of Fannie Mae and Freddie Mac spread. Some House and Senate Republicans were skeptical of a plan unveiled by Treasury Secretary Henry Paulson on July 13 that extends a line of credit to the two and allows the government to buy their stock if necessary.

Paulson’s plan is included in the bill passed by the House and the Senate, and he praised its passage Saturday.

“I want to commend the Senate for moving swiftly to pass important GSE legislation that will provide temporary authorities to give confidence to markets and will create a strong, independent regulator better able to address the risks these enterprises pose,” Paulson said in a statement.

“As the President has said, we are disappointed that the legislation includes extraneous provisions that can hinder our efforts to get through the housing correction quickly,” he said. “But it is of the utmost importance to our market and economic stability that the GSE portions of this bill become law. These components are orders of magnitude more important to turning the corner on the housing correction.”

Reactions within the industry have been mostly positive as well.

“The mortgage mess is so big, with some many culprits and so many victims, there is no perfect solution, but, by all accounts, this seems like a step in the right direction,” stated Saul Klein, president/CEO, InternetCrusade and CEO of Point2 Technologies.

After the bill passed the House last Wednesday, NAR president Dick Gaylord praised the effort, urging that it be finalized and passed into law immediately.

“Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” says NAR President Dick Gaylord. “We look forward to prompt Senate action to finalize this bill, helping ensure that every American who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it. This bill must get to the president quickly, and we urge him to act immediately to sign it into law.”

David Charron, president and CEO of Maryland-based MRIS, the largest MLS in the nation, noted that the bill gives Realtors an opportunity to reach out to homeowners.

“First of all, this action bodes well for the consumer,” Charron said. “Realtors may ultimately see benefits but only after the consumer understands what these benefits are. This decision is a perfect opportunity to for the real estate professional to establish a meaningful and valuable conversation with homeowners.”

Added Mike Parker, a principle at the Blackwater Consulting Group, which specializes in online marketing for real estate professionals: “The housing bill is a very good thing for our industry for three primary reasons: It sends an unmistakable message to the American people that the government is not going to allow chaos to proceed; it contains a significant tax credit for first time buyers that will spur home buying by that segment and it removed the need to foreclose on many homeowners; many will now be saved. In a macro sense, there were better solutions, but we got this one. I see the glass as half full.”

With home prices down 16 percent from their 2006 peak and foreclosures at a record high, lawmakers have been working on the housing bill for months in an effort to help homeowners and the overall market.

The bill contains a tax break of as much as $7,500 for first-time home buyers, creates a new regulator to oversee Fannie Mae and Freddie Mac and allows the government to insure up to $300 billion in refinanced mortgages.

Shares of both Fannie Mae and Freddie Mac have seesawed in recent weeks as they faced concerns about their capital levels.

House Financial Services Committee Chairman Barney Frank, D-Mass., said the overall bill deals with a housing crisis brought about by “bad decisions and inaction and malfeasance from years before.”

The rescue plan would extend an unlimited line of credit to the two mortgage-finance giants for 18 months and give the Treasury the authority - also for 18 months - to buy Fannie and Freddie shares if the Treasury deems the companies’ capital to be inadequate.

Some lawmakers have been skittish about the administration’s plan for the GSEs, calling it a “blank check” that potentially puts U.S. taxpayers on the hook.

But opponents of the bill acknowledged that they didn’t have enough allies to block the backstop for the government-sponsored enterprises.

A Freddie Mac spokesman recently praised the bill in a statement.

“Passage of this bill sends a helpful signal of confidence to housing markets and investors. Freddie Mac will continue doing its part to help the economy by raising private capital, helping put families into homes through sound underwriting, and helping troubled borrowers avoid foreclosure,” Doug Duvall said.

Fannie Mae CEO Daniel Mudd said “the legislation should reinforce confidence that the GSEs will be able to serve the housing finance system now and in the future.”

On Tuesday, the Congressional Budget Office said the plan could cost the government up to $25 billion. However, the same report said chances are better than 50 percent that the government wouldn’t need to help the companies out.

RISMedia Online Managing Editor Beth McGuire contributed to this report.

Slash Drive At Elk Creek Fire Department June 14-15, July 26-27

2008-06-02T16:50:00.000-07:00

Slash Collection June 14-15, July 26-27 at Conifer High School.

For More Info Call 303.816.9385

National Trails Day Work Party At Matthews-Winters Park, Sat, June 7th

2008-06-02T16:35:00.000-07:00

National Trails Day is Saturday, June 7th. The slogan is, Get Out And Play In The Dirt.' Jefferson County Open Space will be holding a volunteer work party at Matthews-Winters Park in Golden.

Date: June 7th, 2008
Time: 8AM-3:30PM
Place: Open Space Offices, 700 Jefferson County Parkway, Golden, CO.

Volunteers will be transported to the work site.

Grab your boots & gloves and join us! Call 303 271 5971 for more information & to pre-register by Wed, June 4th.

Ritter Property Tax Freeze Ruled Unconstitutional

2008-06-02T16:33:00.001-07:00

Ritter tax freeze ruled unconstitutional
By John Ingold
The Denver Post
Article Last Updated: 05/30/2008 07:09:13 PM MDT

A Denver District Court judge ruled today that Gov. Bill Ritter's controversial mill-levy freeze is unconstitutional.

"However well-intentioned and commendable the purpose and consequences ... this Court must be concerned only with enforcement of the Colorado Constitution," District Court Court Judge Christina Habas wrote in her 15-page ruling. "While this Court candidly expresses its concern as to the resulting consequences of this decision, it must nonetheless perform its duties in a manner consistent with its oath to uphold the Constitution."

A group of taxpayers, organized by the conservative Independence Institute, filed suit late last year against the Colorado Department of Education, arguing that the property-tax freeze
Unconstitutional

* Read Judge Habas' 15-page ruling. (PDF)

amounts to an unconstitutional tax increase because voters did not directly approve it.

"All that's required to raise taxes in this state is to ask first. Only the most arrogant do it without asking," said Independence Institute President John Caldara, who learned of the ruling while attending a Republican Assembly in Westminster today.

Ritter's spokesman, Evan Dreyer, said the state will appeal the ruling to the state Supreme Court and also ask for a stay of the ruling, so that the state can continue to collect revenue from the mill levy freeze in the next fiscal year.

"It's not a surprise," Dreyer said. "We knew all along that this was going to be decided by the Supreme Court regardless of what happened at the district court level."

Dreyer said the state's appeal would come "fairly quickly."

The freeze holds mill levies - the rate at which taxes are charged - in place when they normally would fall, allowing local school districts to collect more tax money. The state, in return, can use the money it saves for other purposes.

Word of the decision that the freeze was unconstitutional quickly spread to GOP lawmakers via text message. They soon began exchanging high fives and handshakes in the Capitol hallways and at the Republican gathering in Broomfield.

Republicans tried unsuccessfully in the most recent legislative session to repeal the freeze, to refer it to voters and to set aside the money collected in the first year, an estimated $117 million, in the event the state lost the suit.

"That's huge. The governor's entire budget is built around this mill levy freeze," said Rep. Cory Gardener, R-Yuma.

"It's another huge loss for Bill Ritter," said Sen. Josh Penry, R-Grand Junction.

Ritter and his supporters have argued the freeze was constitutional under TABOR because it would only go into effect in the majority of the state's school districts that have already passed so-called "de-Brucing measures" to shed certain revenue limitations.

But Judge Habas found that argument unconvincing because she said none of the measures said that voting for them would result in an increase in property tax revenue collected.

"This Court concludes that the purpose of the TABOR voter approval requirements advising voters of potential changes in property tax revenue amounts were not met by those de-Brucing measures," Habas wrote.

Dreyer said the state is not coming up with contingency plans in the event it ultimately loses the lawsuit, and he said Ritter has no plans to set aside money.

"That's a bridge we are nowhere near," Dreyer said.

Ritter intended the money from the freeze to go into the state education fund to help at-risk kids attend preschool and full-day kindergarten.

http://www.denverpost.com/breakingnews/ci_9430933

Lawmakers Raise Lending Limits

2008-02-12T21:34:00.001-08:00

Stimulus Package: Lawmakers raise lending limits
Do you qualify for a better rate?

The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. While a lot of media attention has been focused on the $600-$1,200 rebate checks that millions of taxpayers will begin receiving this spring, the new bill is also designed to help certain "high-cost regions" of the struggling housing market by:

Temporarily increasing the "conforming loan limit" from $417,000 to as high as $729,750 in specified areas; and

Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas.

If you're looking to purchase or refinance a home in a "high-cost region," this is great news. These temporary increases could help you avoid the higher interest rates associated with "non-conforming," or jumbo, loans. Although these new limits only apply until the end of 2008, the legislation does not exclude the refinancing of any past mortgages into these new "conforming loans." That means, if you qualify, you can take advantage of the new limits no matter how many years have passed since you obtained your mortgage.

While this is great news, qualification standards are tougher than ever. So your credit score and credit worthiness are more important than ever.

Do You Live in a High-Cost Region?
Not everyone will benefit from these temporary loan limit increases, but experts estimate that areas in at least 17 states will be able to take advantage of it. So how do you know if your neighborhood qualifies?

It is the responsibility of the Department of Housing and Urban Development (HUD) to determine, within the next 30 days, what the median home price is for regions across the country. But don't wait until HUD makes its determination; Give me a call today or call one of the recommended lenders on my website to review your options and see if this legislation can work for you.

285 Corridor Rider's Alert

2008-02-05T23:40:00.000-08:00

Most of you are aware of the impending residential growth in western Jefferson and eastern Park Counties - approximately 800 known dwellings are planned or in process. RTD is threatening closure of the Pine Junction Park-n-Ride. 100-115 vehicles would be forced onto Highway 285 every day. These vehicles would either be forced to use other Park-n-Ride locations or commuting to metro Denver. The impact would be higher air and traffic pollution. If you are concerned about this, please help form a positive partnership with the community, RDT and CDOT to develop a permanent Pine Junction Park-n-Ride, please take action.

Jefferson County Commissioner Kathy Harrison is an ally in the effort to prevent closure of the Pine Junction Park-n-Ride. She is encouraging concerned citizens to send emails by the 'hundreds,' in order to get the attention and support of her fellow commissioners. Please take a few moments to email her why you believe the Pine Junction Park-n-Ride is important to you and our community, or simply copy the message below and send to Kathy at commish3@jeffco.us.

Dear Commissioner Hartman,

As a resident of ____________ county and an advocate for safe commuting, I request the support of Jefferson County in our quest for development of a permanent Park-n-Ride in Pine Junction. Thank you for your help in this matter.

Be sure to sign your name and please copy the RTD Board at caitlin.magee@rtd-denver.com and pib@gallagherenterprises.com. A few moments of your time can make a major difference in the future of our mountain community. Thank you for your support

Home Prices Unlikely To Decline

2008-02-04T23:09:00.000-08:00

Home prices called unlikely to decline in Denver A risk-index model shows a less-than-5-percent chance prices will be down by 2010.

By Margaret Jackson - The Denver Post
Article Last Updated: 01/15/2008 10:58:59 PM MST

Denver is among those cities at the lowest risk nationwide for a decline
in home prices in the next two years, according to a report released
Tuesday.

Based on a risk-index model developed by Walnut Creek, Calif.-based
PMI Mortgage Insurance Co., Denver has a chance of less than 5
percent that home prices will decline two years from now. The model
takes into account five factors: foreclosures, number of homes for
sale, unemployment rate, housing affordability and past changes in
home prices. Denver fared well in all categories but foreclosures.
"This puts Denver in a pretty good position nationally in terms of the
risk of home-price declines," said David Berson, chief economist and
strategist for the PMI Group Inc.,which operates PMI Mortgage
Insurance as a subsidiary. "Believe me, you're no Las Vegas, where we
think there's an 89 percent chance that prices will be lower two years
from now."

Since peaking in the second quarter of 2005, nationwide home-price
appreciation has decelerated for eight of the last nine quarters,
according to the Office of Federal Housing Enterprise Oversight.
National home values were only 1.8 percent higher at the end of the
third quarter than their levels a year ago.

Get Discounts On National Western Stock Show Tickets

2008-01-16T18:14:00.000-08:00

The Keller Williams Colorado Region and the National Western Stock Show have partnered to offer you
an opportunity to go to the stock show at a discounted rate. These discounts are off most of the standard ticket rates plus the stock show is waiving their $3.75 per ticket service fee and the $2.25 per order transaction fee. For a family of four, these savings could amount to in excess of $25.00.

Click on Book a Reservation button in center of page, Enter our group name = “Keller Williams” to access our special arrangements

(OR)

Phone Reservations by calling: 303-295-3959 (this number also answers our questions)

Your reserved seats are assured to be the best available as soon as your order is received -- So act early!

Book Your Reservations

National Western Home

Mortgage Brokers Emergency Rule: Prepayment Penalties

2008-01-03T19:44:00.000-08:00

From The Director Of The Division Of Real Estate, Mortgage Brokers (Excerpt):

The Director has learned that some extended prepayment penalties lead to higher rates of foreclosure. Specifically, prepayment penalties which extend past the adjustment date of a mortgage loan often severely restrict the ability of the borrower to refinance or sell their property. Additionally, in higher rate environments, borrowers often have only two viable options, to absorb a much higher monthly payment or lose their home through foreclosure proceedings. The Director adopts this rule in order to address the high rate of foreclosures in Colorado resulting from particular prepayment penalties.

Pursuant to § 12-61-904.5(1), C.R.S, mortgage brokers have a duty of good faith and fair dealing in all communications and transactions with a borrower. This duty includes, but is not limited to making a reasonable inquiry into a borrower’s ability to repay a loan and recommending or inducing a borrower to enter into only those transactions that have a reasonable, tangible net benefit to the borrower.

The purpose of this rule is to clearly notify the mortgage industry that transactions do not contain a reasonable, tangible net benefit if they contain a prepayment penalty that extends past the adjustment date of any teaser rate, payment rate or interest rate included in a mortgage loan.

Without the immediate adoption of this emergency rule, the public’s interest is not served. Wherefore, the Director, pursuant to § 24-4-103(6), C.R.S. has an obvious and stated need to adopt this rule.

Section 3. Definitions

1. “Adjustable rate mortgage” means a mortgage in which the teaser rate, payment rate or the interest rate changes periodically, according to corresponding fluctuations in an index or mortgage product guidelines.

2. “Adjustment date” means the date the teaser rate, payment rate or interest rate changes on an adjustable-rate mortgage.

3. “Interest rate” means the rate used to calculate a borrower’s monthly interest payment.

4. “Payment rate” means the rate used to determine a borrower’s monthly payment.

5. “Teaser rate” means a temporary and often low introductory rate on an adjustable rate mortgage.

6. “Prepayment Penalty” means a fee assessed pursuant to the terms of the loan on a borrower who repays all or part of the principal of a loan before it is due.

Section 4. Applicability

This rule applies to all mortgage brokers as that term is defined in § 12-61-902(5), C.R.S. and includes those persons who broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker.

Section 5. Rules Regarding Prepayment Penalties.

Pursuant to § 12-61-904.5, C.R.S., individuals who broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker are prohibited from recommending or inducing a borrower into a transaction that does not contain a reasonable, net tangible benefit.

2. Mortgage brokers who recommend or induce a borrower into a transaction that contains a prepayment penalty which extends past the adjustment date for any type of an adjustable rate mortgage shall be presumed to have violated their duty of good faith and fair dealing requirement pursuant to section 12-61-904.5, C.R.S. This includes, but is not limited to:

a. Prepayment penalties that extend past the adjustment date of any teaser rate used to calculate a borrower’s monthly mortgage payment;

b. Prepayment penalties that extend past the adjustment date of any interest rate used to calculate a borrower’s monthly mortgage payment;

c. Prepayment penalties that extend past the adjustment date of any payment rate used to calculate a borrower’s monthly mortgage payment; and

d. Prepayment penalties that extend past the adjustment date of any like tool or instrument, similar to the teaser rate, payment rate or interest rate defined in this rule, used to calculate a borrower’s monthly mortgage payment.

3. Individuals who violate this rule shall be subject to disciplinary action pursuant to § 12-61-905, C.R.S. Disciplinary action includes, but is not limited to:

a. Revocation;

b. Refusal to renew a license;

c. Fines; and

d. Restitution for any financial loss.

Section 6. Effective Date

This emergency rule shall be effective December 14, 2007.

To track the work of the Task Force, visit: www.dora.state.co.us/real-estate/Meetings/meetings.htm
The Mortgage Broker rules are available on the Division’s website at www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm