Rob Kittle

Where to Retire magazine recently selected Water Valley subdivision in Windsor as a "Best Neighborhood." The subdivision will be featured in the September/October issue of the magazine. The lakes, championship golf courses, a variety of housing options and the recent opening of The Good Samaritan Society Senior Living Resort all contributed to the selection of Water Valley as the best neighborhood. The Good Samaritan Society Senior Living Resort offers residents apartments with meal services and housekeeping. Where to Retire magazine is published six times a year and has a national circulation of 220,000.

With Fort Collins being named #1 Best Place to Live in 2006, and #2 Best Place to Live in 2008 by Money Magazine and now Windsor's Water Valley being "Best Neighborhood" to retire in there's no doubt why I love living and selling homes in Northern Colorado!

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Let me be the first to welcome the Fort Collins Real Estate Company to Keller Williams Realty of Northern Colorado!

"Two growing real estate companies joined forces Tuesday to become one of the largest brokerages in Northern Colorado."

The merger between Keller Williams of Northern Colorado and Fort Collins Real Estate creates a 215-broker team that includes a new commercial division, KW Commercial, which was launched last week.

Fort Collins Real Estate owner Mike Jensen, who has specialized in commercial, investment and residential real estate focused in Old Town and the North College Avenue corridor, will lead KW Commercial.

"I'm most excited for the KW Commercial brand and the en-hancement that it will afford our agents," Jensen said. "We will maintain a strong down-town niche and together we will be a force to be reckoned with."

The combined company will have more than 215 agents in Northern Colorado, who had more than $300 million in sales last year.

In Colorado, Keller Williams has 28 locations and more than 2,800 agents.
In 2007, its agents sold more than $3.5 billion in property.

"The horsepower of an additional 190 agents that Keller Williams Residential brings to the table should bring even more success to our current residential projects, so our developers are very excited about that," Jensen said.

JoAnn Johnston, Keller Williams' operating principal, said Keller Williams of Northern Colorado will be the only real estate company in the area with full-service residential and commercial sales divisions under one roof.

Agents from both organizations learned of the merger this morning. Terms of the deal were not revealed.

In addition to Jensen and Johnston, the ownership group of Keller Williams of Northern Colorado includes Dave Pierce and Walter Weckbaugh.

Next month, Keller Williams of Northern Colorado will move from its home at 2809 E. Harmony to the Pads at Harmony near Front Range Village.

"This is going to be one of the most elegant, premier buildings in Fort Collins with great visibility along Harmony Road," Johnston said.

Jensen's office at 1220 S. College, will become the downtown office, said Jensen, who has owned Fort Collins Real Estate since 2003.

This truly is a great step forward for our company and the community!

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As home prices have dropped in some areas of the country, a growing number of homeowners are finding their home is worth less than the mortgage amount still owed to their lender (known as being "upside down" in their mortgage). Owners may find themselves in this situation because they purchased their home at the peak of the local market, just before prices began to drop. Or, using an interest-only or payment-option loan, their monthly payments did not reduce the principal owed--and the home's value dropped. Some tapped too much home equity through second loans or lines of credit, even as much as 125% of the home's value.

Those "upside down" mortgage holders who can still make their monthly mortgage payments are safe if they don't need to move. They can wait out the market--perhaps even benefiting from lower property taxes from a lowered tax assessment--until the correction is complete and home prices again begin to appreciate.

Others, however, find themselves caught by escalating mortgage payments and other household expenses they can no longer afford. Although some borrowers can negotiate "workouts" and "loan modifications" with their lenders, others don't have those options. The only choice left to avoid foreclosure is a "short sale"--where the lender agrees to accept, as fulfillment of the borrower's obligation, a sales price lower than the amount still owed on the mortgage.

If you find yourself in this situation, or you know someone who is, here are five critical factors every short-sale seller must know.

• Short Sale Beats Foreclosure On Credit Report
  A foreclosure is a court settlement process involving legal action and possible attorney fees. A short sale, on the other hand, is a negotiated settlement with the lender--no attorneys required. Both show up on the borrower's credit profile, but the difference between a foreclosure and a short sale is the difference between broken credit and badly dented credit. The "short sale" consumer has better options sooner in terms of buying another home, qualifying for loans or credit cards, securing reasonable interest rates, finding rental housing, even applying for insurance.
• Often Lenders Prefer Short Sales To Foreclosure
  Foreclosing is an expensive, time-consuming process for lenders (costing an average $50,000 per property, according to a 2007 report by the Joint Economic Committee of Congress). In a foreclosure, the lender sells the property at auction--which may also result in lower net than the outstanding mortgage--or repossesses and sells the property as "lender owned" real estate, which is a "non-performing asset" that negatively impacts the lender's ability to make loans. In short, lenders want your money not your home.
• You Need An Offer To Get Short-Sale Approval
  Lenders generally do not "pre-approve" borrowers to conduct a short sale. Instead, the seller-borrower finds a buyer, who makes an offer that is presented as part of a short-sale package for the lender's consideration. The package will include information such as the purchase contract, an estimate of the net from sale, a complete seller's financial disclosure and a hardship letter stating why the seller can no longer make payments. The lender often requires other information as well. If the lender is open to a short sale, their loss mitigation department orders a Broker's Price Opinion (BPO), asking a knowledgeable real estate professional to render an opinion on the market value of the property (by looking at sold prices of comparable properties, the cost of making repairs and any other factors that might impact the property's value). Assuming everything is to the lender's satisfaction, if the buyer's offer meets or exceeds the BPO, chances are the lender will accept the short-sale offer and "forgive" the difference between the offer and the outstanding mortgage.
• New Law Waives Income Tax On Forgiven Debt
  Until recently, mortgage debt forgiven by a lender was considered to be part of the borrower's taxable income, meaning the taxpayer would have to pay income taxes on the forgiven amount. That rule has changed: On December 20, 2007 President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007, which excludes forgiven mortgage debt from taxation. The exclusion only applies to a taxpayer's principal residence and to indebtedness forgiven between January 1, 2007 and January 1, 2010. The excludable amount of debt is limited to $2 million. Other restrictions apply; consult a knowledgeable tax professional for all the details.
• Short-Sale Process Requires Professional Help
  Conducting a short sale is not a simple process, as it requires negotiations with the lender (often more than one lender is involved) as well as the buyer, who may not understand the unique intricacies of the process. That's where our expertise becomes essential. We understand the complexities and critical timing of short-sale procedures and can guide you--whether you want to sell your property as a short sale or you're interested in purchasing a short sale. Please feel free to give us a call for more information. We'll be happy to discuss all your options!

Are you or do you know someone that is interested in buying a short sale?

A big part of our job is matching sellers with buyers. Be sure to call us if you're looking to buy a short-sale home! Rob Kittle Team, 970-690-4920 or visit us at www.RobKittle.com.

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In an effort to stimulate the economy, legislation was recently enacted that provides a tax credit of as much as $7,500.00 for first-time home buyers. Here are a few key points to understanding this first-time home buyer tax credit:

• The tax credit works like an interest-free loan and must be repaid over a 15-year period.
• The tax credit is available for first-time home buyers only. The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests homownership history of both the buyer and his/her spouse.
• The maximum credit amount is $7,500.00.
• The tax credit is available for home purchased on or after April 9, 2008 and before July 1, 2009.
• Single taxpayers with incomes up to $75,000.00 and married couples with incomes up to $150,000.00 qualify for the full tax credit.
• Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums.

You can learn more abou the First-Time Home Buyer Tax Credit by visiting www.FederalHousingTaxCredit.com, or by contacting your tax accountant.

To find that perfect home to purchase in Fort Collins or Northern Colorado, call Rob Kittle at 970-690-4920 or visit www.RobKittle.com today!

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25TH ANNUAL FESTIVAL OF MOUNTAIN AND PLAIN ... A TASTE OF COLORADO

Labor Day Weekend - Civic Center Park - Downtown Denver

Colorado's annual Labor Day weekend celebration, Festival of Mountain and Plain ... A Taste of Colorado, returns to Downtown Denver's Civic Center Park for its 25th year on Friday, Aug. 29 through Monday, Sept. 1, 2008. A Taste of Colorado will open at 4 p.m. on Friday, Aug. 29 to accommodate the Democratic National Convention.

As the state's largest free-admission outdoor event, A Taste of Colorado draws more than 500,000
visitors annually. Seven entertainment stages include national, local, and ethnic music in a variety of genres, children's performers, and much more. Festivalgoers also can try a variety of culinary delights from over 50 of Colorado's favorite food establishments, including a fine dining area and culinary showcase. Plus, visitors can enjoy the offerings of over 250 marketplace artisans and vendors, as well as educational programs promoting the diverse cultural and western heritage of the region.

The Taste of Colorado comes to Denver but once a year, but it always means a great time! From the great music to the fantastic food there's something for everyone to enjoy! This years great headliners for entertainment include Big Bad Voodoo Daddy, Mitch Ryder, Little Feat, The Fabulous Thunderbirds, Heidi Newfield, John Waite and Herman's Hermits starring Petter Noone.

Festival of Mountain and Plain ... A Taste of Colorado is a community celebration that is produced by
and benefits Downtown Denver Events, Inc., the Downtown Denver Partnership family's community events
nonprofit organization. The Festival is an opportunity for people throughout the region to come together to experience and appreciate our diverse cultural traditions, and to learn more about our state's Western heritage. The Festival highlights visual and performing arts in addition to featuring educational programs and culinary demonstrations.

FESTIVAL FACTS

• Dates: Aug. 29 - Sept. 1, 2008
• Festival Hours: Friday 4 p.m. to 10 p.m.; Saturday & Sunday 10:30 a.m. to 10 p.m.;
• Monday 10:30 a.m. to 8 p.m.
• Location: Civic Center Park, Downtown Denver
• Admission: FREE
• Festival of Mountain and Plain ... A Taste of Colorado is produced by Downtown Denver Events, Inc.

FOR YOUNG FESTIVALGOERS

• The always popular KidZone will provide play equipment and hands-on craft activities where children can express their creativity. Kids can write a poem about freedom (to be displayed in the KidZone),
  create a U.S. flag pin and learn about the history of the flag, make a President's placemat, create a patriotic pinwheel, and more, as Denver celebrates the upcoming Presidential election.
• The Party City KidzStage presented by MIX 100 will showcase the talents of local children's performers, including singers, clowns, magicians, dancers, and comedians.
• Carnival Rides and Games, presented by KOOL 105, will offer thrills and excitement for children of all ages

SHOPPER'S PARADISE

• Festivalgoers will find unique arts and crafts, home and gift items, furniture, jewelry, imports, and more, in over 250 booths of the Arts & Crafts Marketplace. Check out original works of art in a variety of mediums created by artisans from around the country.
• Shoppers can also explore the Home & Lifestyles area, which features a variety of exhibitors displaying products and services such as window installation, kitchen remodeling, cookware, basement refinishing, and salons and spas.

You are promised a great time of entertainment, food, shopping and fun. This is just one more reason you live in Colorado! The great people of Colorado is why I love selling Northern Colorado Real Estate - see you at the festival!

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