About Routt County, CO

As a Steamboat Realtor trying to stay ahead of the trends, I recently completed my Certified Distressed Property Expert certification to have a better knowledge of Steamboat area short sales and how to help homeowners avoid foreclosure.

If you are a Steamboat property owner who is behind on your payments and searching for options, selling your home in a short sale may be what you need to get out of debt and move forward.

Certified Distressed Property Experts (CDPEs) have reported a 49 percent decrease in the average time to complete a short sale after achieving the CDPE Designation, according to a new survey from the Distressed Property Institute. Before becoming a CDPE, the average time for these agents to close a short sale was 53.01 days, compared to 27.26 days after becoming a CDPE.

“No other real estate designation in the country can claim these results,” said Alex Charfen, co-founder and CEO of the Institute. “CDPEs are making a clear and definable difference in the real estate market by assisting distressed homeowners to stay in their homes or, when this is not possible, by helping them sell through a short sale.”

Many people behind on their mortgage (and nationwide it is 1 in 10 households) think foreclosure is their only option. Very few talk to a Realtor who has been trained in short sales about their options to save their credit while selling their house.

A successful Short Sale can impact a credit score by as little as 50 points if all other payments are made. The effect of a short sale on credit can be as brief as 12-18 months vs. at least 10 years for a foreclosure. Foreclosures also affect credit by lowering a score by 250-300 points.

The qualifications for a short sale include any or all of the following:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Steamboat saw a huge price increase and a record real estate year during the last year of free lending. Those mortgages are now being re-set and more people are falling behind.

The short sale process requires a lot more work than a straight sale, but having people able to get out from under the burden of debt while maintaining their credit score makes it worth it.

Please call Eliese at (970) 819-6372 to discuss listing your Steamboat home as a short sale.

Michelle and Clay Garner have joined Prudential Steamboat Realty and their network of Steamboat’s leading broker associates. The announcement was made by Cam Boyd, co-owner of Prudential last week. “These agents share Prudential Steamboat Realty’s commitment to client satisfaction and a competitive drive in the real estate market. They are exactly the type of associates we are seeking, as we continue to grow and develop as a company.”

Michelle and Clay come to Prudential with from Intrawest owned, Steamboat Ski & Resort Realty. Clay has lived in the Yampa Valley for over 20 years now, while Michelle fell victim to the Yampa Valley curse a few years ago. The Garner team is a great addition to the Prudential network, and we are happy to have their strong work ethic and professional approach on our team.

When asked about their decision to move their licenses to Prudential, Michelle said, “We asked ourselves "where do we want to establish our real estate business?" And the obvious answer here in Steamboat Springs is Prudential Steamboat Realty. Prudential offers a solid foundation for agents to build a successful career selling real estate. They have implemented systems and continue to perfect and build upon those systems, and this practice offers a great deal of support to an agent. Our business as well as our clients will benefit greatly from the professionalism of the firm.”

Prudential Steamboat Realty is Steamboat’s premier real estate brokerage. Prudential Steamboat Realty, Inc. has 44 licensed broker associates professionally trained and experienced in sales and development of Real Estate in Steamboat Springs. Our headquarters is an 8,000 square foot office located at the gateway to the ski area. Open seven days a week, we are highly efficient with the latest in technology and a superb support staff. For more information about Prudential Steamboat Realty, visit www.PrudentialSteamboatRealty.com.

Come to Steamboat for some Coffee!

Good news from the mountain as they are investing money into the kids program/building. Infrastructure plans also underway for promenade and Burgess Creek redirect. Showings and pending sales are definitely on the rise too. Our office reported highest showings per month in a very very long time.

Click on the Steamboat Pilot link for more on improvements:

Ski Corp. announces $2.5M in projects

http://www2.steamboatpilot.com/news/2009/aug/25/ski_corp_announces_25m_projects/

An insightful look at lending in the Steamboat Springs market provided by Kathryn Pedersen of Yampa Valley Bank:

First and foremost, lenders are still making loans. We had a record month in June and expect another great month in July. As a local bank we are still lending on vacant land and doing construction loans. In the mortgage department, a good portion of the homebuyers that we are seeing today are first time homebuyers. The $8,000 tax credit is working in our eyes. Remember, the tax credit is for qualified first time homebuyers that purchase a primary residence, and close by December 1, 2009. (Please consult your tax advisor for specific questions on your situation.) We expect lenders to get very busy as the deadline approaches, so it is important to get under contract by the beginning of October to take advantage of the tax credit.

Lenders are protecting their investment and they want to be absolutely positive that they have accurate information. This means that you will most likely have to submit tax returns, paycheck stubs, asset statements and other items with your loan application. In addition, lenders will also pull your tax return transcripts from the IRS to be sure that your reported income matches the application income. It is more important than ever to be upfront with your lender about any oddities of your income or write offs.

Rates have been through a wild ride. In the past it would be surprising to see our rates change an eighth of a percentage point in a week, now we may see a quarter to half percent change in a day. This makes working with someone with their finger on the trigger more important than ever. Just an eighth difference in rate can change the affordability of your payment.

Another flash back to the past is an increase in government loans including FHA, VA and USDA. These loans lost popularity with the rise of the subprime products, but they are making a comeback. Each product has its own advantages and disadvantages and they offer programs with lower down payments and flexible credit guidelines.

It is a great time to buy. There are great programs, rates and loans are available. However, it is more important than ever to surround yourself with professionals that understand this changing lending and real estate market.

Kathryn Pedersen is a VP and Mortgage Officer at Yampa Valley Bank. You can reach her at 970-875-1609 or kpedersen@yampavalleybank.com.

I write on this blog about Northwest Indiana Real Estate and Mortgages, that's my own personal industry and profession. But today a quick set of links to a friend and associate with an opportunity in Colorado.

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You really have to head to the Imagine Steamboat website, sign up for updates, and get summer special

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