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
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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
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| 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
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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.
