Real Estate Information

For many years, bank owned properties and short sales, provided opportunities around the country for investors or savvy buyers to pick up properties substantially below market value.  It wasn't until 2010 and 2011 that Summit County Bank Owned and Short Sale properties started to become available.  These listings helped reset the prices and finally create opportunities for buyers dreaming of that Ski Condo or Vacation Getaway, or for those diehard skiers from the Front Range to simply avoid traffic.  Even though the there has been minimal bank owned and short sale properties, 1-3% of the available market, it accounted for anywhere from 7-20% of total sales.  Banks are motivated sellers and unlike traditional sellers, if the property doesn't move, the Bank will continue to do systematic price reductions until the property does sell. 

Currently, the number of bank owned properties and short sales are down 50% over this time last year, which is a good sign for sellers and that the market it turning around.  However, prices are still low and there are some great values still to be found.  To sign up for a FREE SERVICE to be kept apprised of any new Summit County Bank Owned properties, please visit our website Summit County Bank Owned or call Kellie at 800-931-9947 to set up a time to take a look, who knows, you just might find that 'Dream Home'!

Summit County appears to be on the upswing after a 5 year decline in Gross Volume Residential Sales and 3 year decline in Average Residential Sale Price.  Below are 2 links complimentary of Land Title:

25 Year Residential Gross Volume Housing Index for Summit County

25 Year Residential Average Sales Price for Summit County

Summit County bank owned properties, including Breckenridge bank owned, are down from 2011.  December was the third best month of 2012 with transaction volume as buyers are feeling more confident in the market.

Sales prices are still down over the height as there are still deals to be found.  These numbers are encouraging for sellers who have been waiting to list their properties until the market rebounded.  Typically the Summit County resort marketplace follows the Denver market by 18 months, and as the Denver market begins to report shorter days on market, increased home prices, Summit appears set to follow that overall improvement.

If you want to be kept apprised of any SUMMIT COUNTY BANK OWNED AND SHORT SALE PROPERTIES, you can sign up for our FREE SERVICE at Summit County Bank Owned.

Mosquitoes Can Breed in the Oddest Places. Here’s Where to Look

By: Lisa Kaplan Gordon

Published: May 29, 2012

Experts say we’re in for a bad mosquito season. To prevent nasty bites and the West Nile virus, remove standing water from these unlikely places, and eliminate mosquito breeding grounds.

Mosquitoes spreading the West Nile virus are showing up across the country months before their usual summer schedule. So, it’s more important than ever to dry up wet breeding grounds in your yard.

Wading pools and birdbaths are obvious places for mama mosquitoes to lay their eggs. Change water weekly and add water wigglers like this sun-powered water fountain pump to prevent water from stagnating.

But mosquitoes can breed in tiny amounts of water, as small as a capful, making it tricky to spot and eliminate all birthing places.

Here are some places to look.

• Empty ceramic pots and saucers

• Discarded water bottle tops

• Old tires

• Clogged gutters

• Wheelbarrows

How do you defend your family from mosquitoes, ants, and wasps and other backyard pests?

Buying a Home Won't Get Much Cheaper --

CNNMoney | Posted May 3rd 2012, 1:02 pm

All you have to do is dig. Read

Visit houselogic.com for more articles like this.

© Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

March Madness. It’s the greatest time of year for basketball fans, and for fans in Denver the excitement is right in our backyard as the Pepsi Center plays host to the NCAA Women’s Final Four and on Sunday, April 1 and the National Title game on Tuesday, April 3.

The Final Four features the best of the best. On Sunday Notre Dame (34-3) plays Connecticut (33-4) at 4:30 and at 7 p.m. Stanford (35-1) faces undefeated Baylor (38-0).

While the games are the focus, they are far from the only thing in town. Other activities around the tournament are sure to entertain the entire family. Here is a look at what is going on this weekend.

Friday

Mile High Magic Salute Premiere —The welcoming party is at the Buell Theatre from 6-7:30 p.m. The red carpet arrival of the four teams is open to the public, but tickets ($20 general admission) are required to get into the event.

Tourney Town —Open every day at the Colorado Convention Center, Tourney Town is the center of weekend fun for fans and will host clinics, exhibits, interactive displays and concerts all weekend. It is free and open 10 a.m. to 7 p.m. through the championship game.

SATURDAY

Practices and autograph sessions —Practices at the Pepsi Center for all four teams are open and free to the public. Free posters will be given to fans, who can get them signed at autograph sessions after practices. Team times are: Notre Dame 11 a.m.-noon; Connecticut 12:05-1:05 p.m.; Baylor 1:35-2:35 p.m.; Stanford 2:40-3:40 p.m.

4Kay Run —The 4Kay Run starts at Civic Center Park, benefits breast cancer research and is in remembrance of the late North Carolina State coach Kay Yow. Prerace registration is 7:30 a.m., and the run begins at 9 a.m. Online registration is $20. Onsite registration is $25.

Youth clinics —The clinics for boys and girls ages 8-16 are at Denver South and ThunderRidge high schools and will focus on basketball skills, conditioning and life skills with women's basketball coaches and student athletes, as well as collegiate administrators. The clinics are free.

Battle of the Bands —Bands from all four schools will have their own competition after the teams' practice sessions. 3:45 p.m.

High School All-America Game —The Women's Basketball Coaches Association will host the annual game of the best high school girls in the country at the Pepsi Center. 4:30 p.m.

Jewel concert —Going on at Tourney Town, singer and songwriter Jewel will give a free concert. 5:30 p.m.

SUNDAY

Semifinal games —At the Pepsi Center Notre Dame (34-3) vs. Connecticut (33-4), 4:30 p.m.Baylor (38-0) vs. Stanford (35-1), 7 p.m.

Mile High Dribble —Thousands of kids are invited to dribble a basketball from Civic Center Park to Tourney Town on Sunday morning. Participants who preregister can check in at 10 a.m. Day-of registration starts at 11, and the dribble begins at 11:30 a.m.

TUESDAY

NCAA championship game —Winners from the semifinals will meet at the Pepsi Center at 6:30 p.m.

If there is one thing that you will need for your short sale it will be patients.

Here is the Basics of a Short Sale

Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

A few examples of a hardship are: Unemployment / reduced income, Divorce, Medical emergency,  Job transfer out of town, Bankruptcy, Death

The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines but the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of:

    Letter of authorization, which lets your agent speak to the bank.
    HUD-1 or preliminary net sheet
    Completed financial statement
    Seller's hardship letter
    2 years of tax returns
    2 years of W-2s
    Recent payroll stubs
    Last 2 months of bank statements
    Comparative market analysis or list of recent comparable sales

Writing the Short Sale Offer and Submitting to the Bank

Before a buyer writes a short sale offer, the buyers agent should provide them with a list of comparable sales. Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value. The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.

After the seller accepts the offer, the listing agent will send the following items to the bank:

    Listing agreement
    Executed purchase offer
    Buyer's preapproval letter and copy of earnest money check
    Seller's short sale package

If the package is incomplete, the short sale process will be delayed.

The Short Sale Process at the Bank

Buyers may wait a very long time to get a response from the bank this is normal. 

Following is a typical short sale process at the bank:

    Bank acknowledges receipt of the file. This can take 10 days to a month.
    A negotiator is assigned. This can take 30 to 60 days.
    A BPO is ordered. The bank probably will refuse to share the results of the BPO.
    A second negotiator may be assigned. This can take another 30 days.
    The file is sent for review or to the PSA. This can take 2 weeks to 30 days.
    The bank may then request that all parties sign an Arm's-Length Affidavit.
    The bank issues a short sale approval letter.

 Some short sales get approval in 6 to 8 weeks. Others take 90 to 120 days, on average.

If you would like additional information on the short sale process please contact The City and Mountains Group
 

10212 Buena Vista Drive, Conifer and Pine Area.

This is a gorgeous gently sloping 1.4 acre lot in the desirable Shadow Mountain subdivision with beautiful mountain views and easy access.  Well is already drilled.  Incredible location with that perfect quiet mountain setting, yet only minutes to us 285 & HWY 73.

For more information contact Kellie Morrissey at toll free 800-931-9947

Few things are better than paying off a thirty-year real estate mortgage early. Not only will you be free of mortgage payments, you could also save thousands of dollars in interest payments over the life of the loan. Here are four ideas to help you pay off your mortgage early:

1. Apply any extra money you have available to your mortgage balance. Be sure to indicate that this is an extra payment and should be applied only to your principle.

2. Overpay a fixed amount every month. By sending in an extra fixed amount as an additional principal payment every month, you’ll reduce the length of time it takes you to pay off your mortgage. By sending in a fixed amount every month, you can easily automate this process.

3. Make bi-weekly mortgage payments. Making exactly one-half payment every two weeks will add up to a total of twenty-six half payments per year. Or, thirteen whole payments each year instead of twelve. That’s the secret to paying off a real estate mortgage early with bi-weekly payments. The interest rate itself isn’t reduced, but the amount of money you pay in interest on the principal is.

4. Use a prepayment calculator to figure out other ways to pay your mortgage off early. The free prepayment calculators available on the internet can also help you determine how quickly you can become mortgage free.

Before implementing any of these methods to pay off your  real estate mortgage early, contact your mortgage lender to find out if you’ll be incurring any additional fees. It’s also a good idea to ask your mortgage lender if there are any specific instructions you need to follow to be sure your payments are processed correctly.

Thinking about buying a home that you can pay off quickly? Call Kellie Morrissey now at
303-877-2813

Contributing write Sloan Holloway of Guaranteed Rate @ GuaranteedRate.com