by neil kearney | Feb 13, 2008 | Uncategorized
Short Sale Basics
Like it or not the short sale has become a part of the real estate landscape. The two factors that are driving this market are; (1) many homeowners are hurting financially and are in the process or in danger of losing 
their homes to foreclosure. (2) Mortgage companies are not in the business of owning and selling homes and want to avoid the losses associated with the foreclosure process.The process:
What is a short sale? A short sale is an agreement from a mortgage holder to accept from a mortagee less than the principle owed on a home. When the homeowner takes out a mortgage, they make a promise to pay back a certain amount with interest. During a short sale the homeowner asks the bank to take less.
You may run across advertisements of homes that have words to the effect of “subject to short sale approval”. A short sale is a process that takes time and requires patience and acceptance of uncertainty.
- Homeowner needs to sell their home but the current market does not allow them to attract a buyer willing to pay a price high enough to pay both the costs associated with selling and the amounts owed to the bank.
- In order for a short sale to be a possibility the Seller must be able to prove their financial hardship. These people cannot have the money available to make up the shortfall. Having money in a retirement account or in a college savings plan will usually disqualify a Seller from a short sale. The bank wants to see the writing on the wall, if we can’t make this work we will have to foreclose.
- Once a need and a hardship are established the next step is to establish a price that will attract buyers.
- Once a prospective buyer makes an offer, subject to short sale approval, the process begins. A packet of information is prepared to send to the bank. The packet needs to include at least the following; the purchase offer, a HUD -1 showing where all of the money will go from the transaction, the letter stating hardship and financial records of the seller. Individual banks may require more information. A complete and neat package will insure that your situation is considered in a timely manner.
How much time will it take? The time required for an answer varies. The typical time it takes to receive an answer is 6-8 weeks. During this time the bank varifies all information and completes at least one appraisal. At the end of the wait the bank can approve, reject or send back a counterproposal.
So what happens if the bank approves the short sale? The buyer and seller proceed to closing as usual. The bank then has two options with concern to the shortfall. They can either issue a promissory note to be signed by the Seller stating they are responsible for the shortfall or they can issue a 1099. With the issuance of a 1099 the Seller would need to consider the shortfall income and pay taxes on that amount.
No two short sales are the same and you need experienced real estate professionals in order to help you successfully through the maze.
by neil kearney | Feb 9, 2008 | Uncategorized
Boulder Colorado Neighborhood Profile
KEEWAYDIN MEADOWS
Boulder, Colorado 80303
http://maps.google.com/maps/ms?ie=UTF8&hl=en&msa=0&msid=100893337875923978529.0004454e097220c2c0ab5&om=0&s=AARTsJpVN-QZTrFk-ZlRoBW1iZ0WQCKYrg&ll=40.014994,-105.241814&spn=0.09203,0.145912&z=12&output=embed
View Larger Map
Keewaydin Meadows is an established neighborhood in East Boulder. People love to live in Keewaydin because it is a quiet neighborhood that has easy access to all that Boulder has to offer. One of the best parts about this area is the proximity to the East Boulder Recreation Center. The newest of Boulder rec-centers offers great amenities including full gym and workout facilities, an indoor pool, a climbing wall, many classes, tennis courts, athletic fields and much more. Also on the property is a fenced-in dog park with access to a pond and the East Boulder Senior Center. From the rec-center, it is just an easy stroll to the extensive Boulder Open Space trail system. Manhattan Middle School with its acres of athletic fields, is in the center of the neighborhood. Many houses have great views of Green Mountain, South Boulder Peak and The Flatirons. This is one of Boulder’s backbone neighborhoods with many long time residents.
http://picasaweb.google.com/s/c/bin/slideshow.swf
Neighborhood Snapshot
- Number of Homes – 410
- Percent Owner Occupied – 87%
- 2007 Median Price – $495,000
- 2007 Price Range – $357,000 – $560,000
- Years Homes were built – 1965 – 1978
- Distance to Pearl Street Mall – 4 miles
|
| Neighborhood Amenities
- East Boulder Recreation Center
- Easy access to East Boulder Trail and Open Space
- RTD bus line runs through neighborhood
- Close to shopping
- Easy access to the Boulder – Denver Turnpike
|
by neil kearney | Feb 7, 2008 | Uncategorized
Boulder Resident John McWethy Dies in Ski Accident
I usually don’t report on this type of current event and this is definitely not an obituary column. But the news of John (Jack) McWethy’s untimely passing conjured a few thoughts.
I had the pleasure to meet and play golf with Jack a few times last fall. I found him engaging, funny, humble and overall all a really happy person. Someone you wanted to spend more time with. As a new resident, he was embracing the Boulder, Colorado lifestyle and loving it. He is one of those many people who could live anywhere in the world and chose our beautiful area in order to enjoy the outdoor activities and the college town atmosphere. He was building a house on the 12th hole of Flatirons Golf Course. It’s a shame he won’t be able to enjoy the views. My sympathies to his family.
AP – KEYSTONE, Colo. — Retired ABC News correspondent John McWethy died Wednesday after crashing into a tree while skiing at the Keystone resort, the Summit County coroner said.
Witnesses said McWethy, 61, was skiing fast on an intermediate trail when he missed a turn and slid chest-first into the tree shortly after 10 a.m., Coroner Joanne L. Richardson said. She said he died of blunt force chest injuries. He was pronounced dead at Summit Medical Center at about 2 p.m. McWethy had moved to Boulder after he retired.
He was a 1969 graduate of DePauw University, which awarded him an honorary doctorate in 2002. He also held a master’s degree from Columbia University’s journalism school.
The longtime ABC correspondent was at the Pentagon when an American Airlines plane hijacked by terrorists crashed into the building Sept. 11, 2001.
by neil kearney | Feb 2, 2008 | Uncategorized
This is the time of year when the furnace works hard to keep our homes warm. It is also the time of year when energy bills spike. With that in mind I thought I would give a few ideas and resources on how to save some money and save the planet at the same time.
For a quick idea on how much you may be able to save on a yearly basis go to Home Energy Savers website. I found out that I could save about $1,000 a year!
The government gets in the act with Energy Savers: Home. This site give ideas on how to save energy in all facets of life.
From the American Council for an Energy Efficient Economy: Here is a good list of what you can do to help. It’s not that hard to make a difference.
To Do Today
Turn down the temperature of your water heater to the warm setting (120°F). You’ll not only save energy, you’ll avoid scalding your hands
Start using energy-saving settings on refrigerators, dishwashers, washing machines, and clothes dryers.
Survey your incandescent lights for opportunities to replace them with compact fluorescents (CFLs). These lamps can save three-quarters of the electricity used by incandescents. The best targets are 60-100W bulbs used several hours a day. New CFLs come in many sizes and styles to fit in most standard fixtures.
Check the age and condition of your major appliances, especially the refrigerator. You may want to replace it with a more energy-efficient model before it dies.
Clean or replace furnace, air-conditioner, and heat-pump filters.
If you have one of those silent guzzlers, a waterbed, make your bed today. The covers will insulate it, and save up to one-third of the energy it uses.
This Week
Visit the hardware store. Buy low-flow showerheads, faucet aerators, and compact fluorescent light bulbs, as needed. These can be purchased from any hardware or home improvement store. CFLs are now sold at some drug stores and grocery stores.
If your water heater is old enough that its insulation is fiberglass instead of foam, it clearly will benefit from a water heater blanket from the local hardware or home supplies store. (To tell the difference, check at the pilot light access (gas). For electric water heaters, the best access is probably at the thermostat, but be sure to turn off the power before checking.)
Rope caulk very leaky windows.
Assess your heating and cooling systems. Determine if replacements are justified, or whether you should retrofit them to make them work more efficiently to provide the same comfort (or better) for less energy.
This Month
Collect your utility bills. Separate electricity and fuel bills. Target the biggest bill for energy conservation remedies.
Crawl into your attic or crawlspace and inspect for insulation. Is there any? How much?
Insulate hot water pipes and ducts wherever they run through unheated areas.
Seal up the largest air leaks in your house—the ones that whistle on windy days, or feel drafty. The worst culprits are usually not windows and doors, but utility cut-throughs for pipes (“plumbing penetrations”), gaps around chimneys and recessed lights in insulated ceilings, and unfinished spaces behind cupboards and closets. Better yet, hire an energy auditor with a blower door to point out where the worst cracks are. All the little, invisible cracks and holes may add up to as much as an open window or door, without you ever knowing it!
Set your thermostat back (forward) when you can accept cooler (warmer) conditions. This generally includes night time and whenever you leave your home for several hours. Many people find it easier to use an ENERGY STAR programmable thermostat that will automatically adjust the thermostat based on your time-of-day instructions.
Schedule an energy audit for more expert advice on your home as a whole, or learn how to conduct your own by visiting the Home Energy Saver Web site. A directory of available energy audit services by state is available at RESNET.
This Year
- Insulate. If your walls aren’t insulated have an insulation contractor blow cellulose into the walls. Bring your attic insulation level up to snuff.
Replace aging, inefficient appliances. Even if the appliance has a few useful years left, replacing it with a top-efficiency model is generally a good investment.
Upgrade leaky windows. It may be time to replace them with energy-efficient models or to boost their efficiency with weatherstripping and storm windows.
Have your heating and cooling systems tuned up in the fall and spring, respectively. Duct sealing can also improve the energy efficiency and overall performance of your system (warm-air furnace and central air conditioners).
Know that you are making a difference!
by neil kearney | Jan 29, 2008 | Uncategorized
Mystery Buyer Snaps up Storage Tek Site
Great News for Boulder County Real Estate
An undisclosed buyer closed on the 412 acre Storage Tek campus in
Louisville, Colorado recently. It has been speculated that the buyer is a large technology firm such as Microsoft or Google, but literally no body knows. The deal was done through a national search firm and the buyer is an LLC set up just a few weeks ago. Sun Microsystems, the former owner will lease back for the remainder of 2008. The purchase price was $55.4 Million.
The introduction of another large company, if that is the case, in the area will certainly be a boon to the local economy and the real estate market. When Level 3 and Sun Microsystems moved to Broomfield in the late 1990's our area became the top rated area in the country for home appreciation. When those companies stopped hiring and started layoffs our local market fizzled just as the rest of the country was heating up.
The jobs that are currently being done out of the Storage Tek buildings will be moved over across the street to the Sun Microsystems campus. New labs will be constructed this year.
Now is a great time to buy real estate! Contact me at 303-413-6624
by neil kearney | Jan 26, 2008 | Uncategorized
Chinook Winds a Blowin’
“Those who have not the warm, invigorating Chinook winds of this country, cannot well comprehend what a blessing they are. The icy clutch of winter is lessened, the earth throws off its winding sheet of snow. Humanity ventures forth to inhale the balmy spring like air. Animated nature 
rejoices.” (1900–Calgary
weekly Herald)
As a Boulder Native I have seen the seasons come and go many times. The favorable climate is one of our secrets that is little known throughout the country. Most people assume that we are in the mountains and snowed in most of the winter. It doesn’t help that most of the instances that the Denver Broncos have played on Monday Night Football the game has been accompanied by a blizzard.
In my opinion the past two winters have been especially cold. Last year we had tons of snow and this year it has been consistently cold, not frigid, but not comfortable. The great thing about the Colorado climate is that it changes quickly. Snow one day, sun and melting the next. Last night the Chinook winds starting blowing. The Chinooks are down slope winter winds that bring warm, dry air to the area. The winds can be quite strong and in years past these winter blows have caused much property damage. I’d say today’s wind is moderate. Not enough to cause much damage but plenty to keep you up at night and clean the streets of dust and debris.
The best part about the Chinook is the warming air. As the wind subsides, as it is doing this afternoon, we are treated to higher than normal temperatures and quicker than normal snow melt.
I always make sure that my clients know about the possibility of wind, especially if they are looking in South Boulder. South Boulder seems to be especially hard hit because the valley between Green Mountain and South Boulder Peak funnels and intensifies the wind.
