Newest Listings in Littleton, Colorado!
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Closing Documents To Retain
Courtesy of Esther Harnsberger, Broker Associate – SwanRealtorGroup.com
Have you closed recently on a home or condo? Were you overwhelmed at the paperwork involved with the transaction? There’s even more paperwork when a lender is involved!
If you closed on a property in 2010, remember that your HUD-1 Form has information you will want to report on your income taxes. Be sure you supply this to your tax advisor or CPA.
Finally, what documents should you safeguard? Below is a list I extracted from the Realtor on-line resource site. I hope it is helpful. ******************************* On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference.
As a member of the Swan Realtor Group, I've been working with buyers who are interested in short sales. Ideally, I try to remember to send buyers or hand them the short sale information below. If not, it's something I certainly share verbally. Without a doubt, no one likes disappointments. By proactively educating buyers upfront, hopefully there will be no unexpected surprises during the buyer's experience with a short sale. Our goal is a satisfied customer. Education- Education- Education is Key and is as important as Location- Location- Location!
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Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
It pays to know a little about the seller's situation before you make an offer.
A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.
· You're very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
· Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you're preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
· You don’t have any contingencies. If youhave a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.
*** If you're serious about purchasing a short-sale property, it's important for you to have expert assistance.***
Here are some people you want to work with:
· A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they've represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)
· Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it's much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.
Some of the other risks faced by buyers of short-sale properties include:
· Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you'll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.
· Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you've already negotiated, which may not be agreeable to you.
· No repairs or repair credits. You will most likely be asked to take the property "as is."; Lenders are already taking a loss on the property and may not agree to requests for repair credits.
The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.
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Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved. * Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR's strict code of ethics.
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.
Dynamic Courtesy of: Esther Harnsberger, Broker Associate, SwanRealtorGroup.com
For those of you that love stats, I am posting (courtesy of Land Title Guarantee Company) what I call “Dynamic,” as you know, means periodic refreshment. The links below display December 2010 Denver Real Estate stats. Take note that the link to these stats will automatically update to the January information within the first week of February and at that time the December links will then be inactive. Should you wish to retain the December information, , save the December PDF files to your computer. Any questions about these stats? Total MLS
Denver Metro Real Estate Statistics
Hey there!
Dynamic Denver Metro Real Estate Statistics.
Please email me or call me at 303-902-1435.
All Metrolist Areas as one download
Aurora North (AUN)
Aurora South (AUS)
Brighton, Fort Lupton (BFL)
Broomfield (BRM)
Douglas County West (DCW)
Douglas Elbert Parker (DEP)
Douglas Highlands Ranch Lone Tree (DHL)
Denver Northeast (DNE)
Denver Northwest (DNW)
Denver Southeast (DSE)
Denver Southwest (DSW)
Downtown Denver (DTD)
East Suburban North (ESN)
East Suburban South (ESS)
Jefferson County Central (JFC)
Jefferson County North (JFN)
Jefferson County South (JFS)
Jefferson County West (JFW)
Jefferson County Northcentral (JNC)
Jefferson County Southcentral (JSC)
Lafayette (LAF)
Mountain Clear Creek (MCC)
Mountain Conifer Pine (MCP)
Mountain Evergreen North (MEN)
Mountain Evergreen South (MES)
Mountain Gilpin County (MGC)
Mountain Jefferson County (MJC)
Mountain Jefferson North (MJN)
Mountain Jefferson South (MJS)
Mountain Park County (MPC)
Mountain Park East (MPE)
North Northeast Suburban (NNE)
North Northwest Suburban (NNW)
North Suburban Central (NSC)
North Suburban East (NSE)
North Suburban West (NSW)
South Suburban Central (SSC)
South Suburban East (SSE)
Superior (SUP)
An Interactive Video - Foreclosure Options
Courtesy of: Esther Harnsberger, Broker Associate, Swan Realtor Group
Courtesy of: Esther Harnsberger, SFR,CHRE,MCP Phone: 303-902-1435 Office: 303-985-1901 Email: ESTHERSELLSHOMES@GMAIL.COM
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Guiding you through the real estate transaction processes, whether you are buying or selling is what you'll like about the way I do business.
Representing you whether buying or selling !
Esther Harnsberger's 32- year career in Corporate America provided her with a cache of business acumen which she utilizes in her daily real estate prospecting, marketing and sales endeavors. Her operational work experience has been in network, sales, risk management, marketing, information technology, project management, and accounting. Additionally, Esther is familiar with software applications, operating systems, internet technology, social networking and website development.
Esther graduated from Regis University with a B.S. in Business Administration. She is a former Certified Fraud Examiner (CFE). Born in Wyoming she has resided in Denver since 1982. Esther volunteers with the Denver Police Department. In her spare time enjoys fly fishing and camping. Esther is a full time licensed Colorado Realtor with Keller Williams Realty Success in Littleton, Colorado. She enjoys educating her buyers and sellers by sharing processes of what to expect during the transaction. Her belief is that building rapport and creditability with her clients is the life blood of a successful real estate broker.
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