Colorado

While snowplowing after last weeks mini blizzard, I heard one of those sounds that you don't want to hear when parts are moving; or should I say, were moving. I stopped and looked to see what was wrong. I discovered that the scraper blade had come loose on one end and become entangled in the blades which wrapped that scraper right aroung the drive shaft. Well, needless to say, it was going to take someone much stronger than me to unbend that piece of steel from around the shaft.

So off to the local small engine repair shop with my problem sitting in the bed of the pickup I did go. I could tell that the proprietor of the shop had seen this type of problem before. He tried not to chortle, and he asked if I had checked this and that, or had I noticed this was happening, etc. I said it did seem to bounce a lot when traversing over the pavement and that it ran rougher than it did when I had first purchased it from Sears six long winters ago.

He took this opportunity to explain that equipment needs periodic servicing. Spark plugs and oil weren't really designed to last 6 years, especially when the blower sat idle most of the time. And it was a good idea to periodically check the loose bolts and the alignment feet to keep the blower from running right on top of the pavement. I thanked him for the advice and have made a comittment to do a better job in the future.

As I later thought about this incident, a number of concepts came to mind. At first it didn't seem like much, but then it occurred to me that much of life required the periodic maintenance that our mechanical equipment needed. All too often, it seems, that our daily routine can slowly drive us into the proverbial rut.

There have obviously been a number of various challenges facing each of us during these interesting economic times. In our chosen sales profession, our attitude is of utmost importance in these instances. Our old mental sparkplug and emotional oil need to be changed and renewed on a regular basis. Good books, tapes and seminars can be beneficial when looking for new perspectives and fresh ways to approach old problems. Aligning yourself with a good positive group of associates is another often overlooked resource when attempting to renew your outlook. Another excellent resource to rely on is the blog site of Active Rain. There are over 165,000 active members willing to share all sorts of ideas and approaches to the task of effectively serving our clients and customers. One can not help but recharge your battery for another day by reading and conversing with so many others who have found a number of new and unique ideas to share.

So you want to buy a house in the beautiful Denver area, but you’re nervous because you’ve heard horror stories about what can go wrong. I’m here to tell you, while there truly is a lot that can go wrong, these problems can almost always be addressed and solved.

As long as home owners want to sell a house, and home buyers want to buy a house (and not TOO MUCH changes in the political realm), things can be worked out.

There’s a lot of annoying things that can happen in the loan process. It’s important to remember that your lender wants you to get a loan, and in fact will not get paid if you aren’t successful. In other words – don’t forget that you’re on the same side!

First, your lender will give you a list of things to do and not to do in the interim before closing, such as, “Don’t buy a car, don’t change jobs”. They may also get very nosey about things like, “Where did this big cash deposit come from?” and ask you to prove your answer. And if your credit score needs a bump up, the lender may say pay off some debts, or contact the credit reporting bureaus to get some things cleaned up.

It’s totally annoying to do what you’re told, but please – in the interest of getting into that new home - Do as they ask. Don’t get creative, don’t get advice from a TV personality or your best friend’s cousin. Some of these tasks will be real, time-consuming work. But they won’t assign anything that’s impossible, just keep pushing and you’ll get through it.

If you chose a good lender, and did all they asked, they most likely will have all they need a few days before closing on your new home. You can relax and start packing. If you chose a not-so-good lender, they will still be working on your package the day you’re supposed to close, and there’s not many things more annoying than that.

Sometimes, even a good lender has trouble getting a difficult loan finalized. But a good lender would have explained what might go wrong and how they’ll try to fix it. And even though not getting the loan would be much worse than annoying, at least you should end up knowing the lender did all they possibly could.

And the best lenders would stick with you, and help you change the situation, so you can get the loan next time.

If you need to find a lender, I can give you names and numbers of a couple of good ones. I don’t receive any kind of financial payback for dong so, just the satisfaction of knowing they’ll do the best job for you.

Here’s some blog posts written by actual lenders, that will help you understand more about getting a loan to buy a house.

What's the Safer Loan?

What is Mortgage APR, Can You Explain It?

Rates, apr, points, fees, gfe's - How the Playing Field is Still Crooked

Why Loan Officers Kill Deals, Cost You Time and Money, and Anger Customers

 (This is the second post in a series. See the first post.)

I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the 'flavor' of our community, in case they're new or moving to Denver area.

I am a residential real estate agent, and would love to assist you if you're considering buying a home or selling a home in the northwestern Denver suburbs.

Find homes for sale in Arvada and nearby communities.

Check out my website.

According to a report released Thursday by the Department of Local Affairs' Division of Housing, Larimer County had 555 foreclosure fillings for the third quarter, compared with 346 in 2008. Larimer County had 225 foreclosure sales in the third quarter compared with 242 last year.

The economic downturn continues to take its toll on homeowners everywhere. While adjustable rate mortgages contributed to the first wave of distressed homeowners, now the rising unemployment rate and credit crisis is beginning to dig in. Even in the residential rental market, rents are staying flat and even coming down to accomodate the smaller pocket books of the increasing tenant population.

What does this mean? It means that a long term solution to the situation must be put in place! Many of today's homeowners may not be able to remedy their situation with moratoriums and loan modifications. While loan modifications seem like a good option and an opportunity to stay in the home, the results can be somewhat contrary. Short sales are becoming more and more the option for a long term solution.

Check out some of the information in a study that was done by the Federal Reserve Bank of Boston, published July 6, 2009. The study had some valid points:

• Lenders are reluctant to modify mortgages. Only 3% of seriously delinquent loans have had modifications.
• Percentage-wise, lenders are modifying FNMA/FHLMC and mortgages held on their books the same.
• 30% of delinquent loans become current with no intervention by the lender.
• Most modifications result in an increased loan balance as back payments are rolled into the loan amount.
• More and more modifications are being done and resulting in lower homeowner payments.
• 26% of modified loans in the 4^th quarter of 2008 resulted in lower payments.
• Payment decreases before the 3^rd quarter of 2008 ranged from 10-14%.
• Payment decreases in the 4^th quarter 2008 averaged 22%.
• 30-45% of modified mortgages redefaulted within 6 months of a modification.

These are all interesting statistics. The financial "experts' all seem to focus on the fact that 30-45% of modified mortgages redefault, while ignoring one important fact - only 26% of the loans modified resulted in a lower payment. Wow! Only 26% of the 3% of seriously delinquent loans are modified to lower payments! So only 0.78% of delinquent loans are modified to lower payments. Let me say this again...

Only 0.78% of delinquent loans are modified to lower payments!

I am a Realtor that provides you with several options to put in place a long term solution to the situation. From working with my investors who will buy your property directly from the bank without even listing it on the market, to listing it with my short sale negotiating team and getting it SOLD! Don't wait, call today: 970-219-8595!!!

What makes Colorado real estate different?

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

I recently took some accreditation classes in another state. It was eye-opening for me to understand how much the laws vary from state to state. Since a major portion of my business is from Internet leads and from people moving to Colorado Springs from other parts of the country, these classes were very helpful.

Some other articles that could be of interest:

• News Flash - Colorado Springs ranked Fittest City
• Moving to Colorado Springs, check out Zip Skinny
• El Paso County taxes are some of the lowest in the nation!
• Colorado Springs in ratings for Best Places to Start Over

Did you know ?

1. Colorado is an "actual knowledge" state, which means as Colorado Realtors we only need to disclose facts that we know and we must disclosure material facts. Some states are "imputed knowledge states", which means Realtors are expected to know certain things.
2. Most Realtors in Colorado list properties for sale in their local MLS and ask for 1% for Earnest Money. Some areas in the U.S. ask closer to 10% for Earnest Money.
3. The majority of Colorado Springs homes get listed in some type of MLS database; and many homes get listed in multiple MLS's. There are some major cities in the U.S. that don't have an MLS.
4. Colorado doesn't have dual agency. Many states still have dual agency. In Colorado you can only be an agent for either the Buyer or the Seller, you can not be an agent for both.
5. In Colorado, real estate contracts are in writing. In some states, real estate contracts can be oral and are enforceable in a court of law.
6. In Colorado, the homes listed in the MLS include basement (below ground) square footage. In some states, the MLS will only allow Realtors to list above ground square footage. This can cause some challenges for national databases and consumer sites, including Zillow.
7. In Colorado, every listing must include a Square Footage Disclosure which shows were the broker obtained the square footage information. Many states don't use this type of disclosure.
8. In Colorado, lawyers are often times not involved in real estate contracts. In many states, lawyers are almost always part of the transaction. Colorado Realtors are allowed to use approved Colorado Real Estate Forms; but any new forms should be done by a lawyer.
9. A sales representative working for a builder is NOT required to be a Realtor in Colorado. In fact, most sales reps aren't licensed Colorado Realtors.
10. Every Real Estate broker in Colorado carries their own Errors and Omissions Insurance. There are states that don't require Realtors to carry this insurance.
11. Colorado's Contract to Buy Sell is currently 16 pages. Some states only have a 3 page buy sell contract.

Do you have anything I should add to my list?

Original Article was posted at: 10 things to know about Colorado real estate

A Colorado Springs Real Estate Agent You Can Trust

Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com and www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by Kathy Torline - Nordstrom

Is your Colorado Mortgage Broker Licensed?

Does the Colorado Realtor you are working have an active License?

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

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I got an email this week from DORA (Colorado Department of Regulatory Agencies) about the number of Mortgage professionals who just had their licenses inactivated; and realized it was a great idea for a blog post.

According to an article in 5280, The Colorado Division of Real Estate inactivated 4,560 mortgage-broker licenses-more than half the licenses in the state-because brokers didn't keep up with their licensing paperwork. It's unclear how many of those brokers remain active, but some may have simply left the business as the economy struggles.

Also, according to an article in the Denver Post " More than half of Colorado's mortgage brokers have had their licenses inactivated because they failed to comply with new education and testing requirements that took effect early last month. The Colorado Division of Real Estate on Monday inactivated 4,560 licenses of brokers who have failed to comply with the law. About a third of those were held by out-of-state brokers.

Real Estate License Requirements

As a Realtor, there are many things I have to do to keep my license in good standing, including paying lots of money for dues, having current Errors and Omissions Insurance; and completing a certain amount of continuous education on a yearly basis. When I originally got my license, I had to complete a specified amount of coursework, pass a comprehensive test, as well as go through a background check by the Colorado Bureau of Investigation. Yes, I did get fingerprinted.

New Mortgage Professional License Requirements

Mortgage brokers in Colorado until recently didn't have licensing requirements. But they are now required to also go through a background check, have a surety bond, secure Errors and Omission Insurance, as well as complete coursework and pass a test.

According to the DORA web site, "On and after August 5, 2009, all mortgage loan originators conducting business in this state must be licensed with the Division of Real Estate pursuant to House Bill 1085 . Only those mortgage loan Originators who are licensed or exempt from licensee by law may originate a mortgage, offer to originate a mortgage, act as a mortgage loan originator, or offer to act as a mortgage loan originator." Also, if I understand the law correctly, mortgage loan originators who work for a bank are not required to be licensed. If you want more info, go to the DORA web site; and it gives specifics.

Do your research

If you ever want to double check and make sure the person you are working with has an active license, DORA has a great search page. As an example, when I went to the search page, I put in Kathy as a first name, and 12 pages of Realtors and Appraisers came up.

Also, if someone is involved in a disciplinary action, this information will also show up in this web search, see right hand column in the screen shot picture.

As a licensed Colorado Real Estate Broker, I take my license very seriously. I also feel I have a responsibility to the general public to help inform and educate them.

Make sure you know who you are doing business with.

Original article was posted at: Research who you are working with

A Colorado Springs Real Estate Agent You Can Trust

Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com and www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by Kathy Torline - Nordstrom