Posted by Michael Hughes
“The sclerotic process of short sales will become streamlined in the future. Streamlined meaning will take only 2-5 months.”
Are you late on your mortgage payement(s)? Do you have a hardship? Either medical, divorce, loss of job, family issues or any of the multiple others? Why do a Short Sale? That’s easy because it is 5-8 years less (credit) impacting than a foreclosure. Do you qualify? Call me; in about 20 minutes I will know whether you have a great chance of qualifying or not. Regular Boulder real estate or Luxury Boulder real estate many are in danger of foreclosing because of financial and other hardship.Do you think this will impact the market for sellers and buyers?
A Short Sale as opposed to a Foreclosure is much more advantageous for the Seller. Credit reports typically show it as “settled.” Any tax implications to the seller/home owner should be reviewed by their independent real estate attorney or accountant. A 1099C may be issued for the short fall and is handled somewhat differently than a 1099. Pre-foreclosure or short sale involves the sale of the property by the borrower to a third party for less than the amount owed (short sale) to satisfy the delinquent mortgage, as agreed to by the lender, investor and the mortgage insurer. I underline investor as this is where most of the delay happens. While this is getting better all the time due to delegated authority to the lender. Short sales are getting faster and there is no reason to go into foreclosure. Together we can explore all options to foreclosure: Refinance, Financial Counseling, Modification, Short Sale, Deed in Lieu and lastly the “F” word Foreclosure.
If you or anyone you know are 30 days or more late on your/their mortgage payment call me or give them my name and number lets see if we’re a good fit.
If you have questions regarding this article or have any questions about Boulder, Boulder real estate or would like information about Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO.
Posted by Michael Hughes-Sotheby’s International Realty-Boulder, CO
Everyone is focusing on the fact that there are foreclosures and cheap housing to be had; all things being relative that doesn’t really relate to Boulder real estate because we have so few foreclosures. Ok yes we have some foreclosures and some short sales. But everyone is looking “over there” and not looking at the impact of what may likely be the biggest housing shortage of all time. The thought right now is with fires, teardowns, lack of new builds and worn out properties, we need at least 1.6 million new homes (in the U.S.) right now to just keep up with the population growth. Housing starts are down. The population is growing. When we have job growth; Lookout!
According to RealtyTrac 315,716 properties had foreclosure filings last month. The filings included default notices, auctions and bank repo’s. Mortgage rates are very low. Mortgages are not difficult to find if you have a solid job and good credit. Investors and savvy buyers are snapping these properties up to add to their portfolios. Smart buyers are buying now. When you think of vineyards you think of micro-climates. Boulder is one such micro-climate in the U.S. real estate market. Boulder is the beacon of value and prices staying at a good and sustainable level. Once the job creation is back in place we will have some double digit years of appreciation coming in the Boulder real estate and the Boulder luxury real estate market.
If you have questions regarding this article or have any questions about Boulder or would like information about Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO.
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Posted by Michael Hughes
Bank of America has recently announced a halt on all the foreclosures it is processing throughout all of the United States including some house in Boulder. They said that they were taking these measures in order to investigate a “few flaws” in the process that they might have found, according to a statement made by the banking giant.
Bank of America decided to freeze all foreclosures only 7 days after one of the biggest banks in America announced it was doing the same thing in 23 states that require a court approval in order to proceed with a foreclosure.
The foreclosure process will still continue on, however it will stop before it gets to a judgement ruling or a foreclosure sale. Somewhat like traffic on highway 36 going out of Boulder at 5 pm. To say that the pipeline is clogged would be putting it mildly. This was the process that was going to put our housing market back on track. When you have a fever you take ibuprofen or something to keep the fever down until your bodys’ natural defenses can kick in. In this case you work your way through all the foreclosures when you have an ailing housing sector until they are all but diminished to a natural level. The freeze is only supposed to last a few weeks. I guess we’ll see. The banks are having a tough time working through all these foreclosures. Does that mean that the short sales will take an indefinite detour or backseat? This is not a good thing for the housing community. We need to continue to work through these foreclosures and get them done as quickly as possible. JPMorgan Chase also halted foreclosures on 56,000 people who own homes in the U.S. they also said they would be reviewing how the approval process was working. Apparently some of the employees who review and approve the files were not following the guidelines. In the past few days most banks have followed suit. This is not only bad news for foreclosures but also for short sales of Boulder real estate in the county. Short sales were on the back burner and took a very long time, until this is sorted out and untangled they will not be moving forward.
We have been very lucky with Boulder Real Estate. There are not a Tsunami of foreclosures like the sand states. What do I say? Get it done. Of course follow the proper procedures but pull the band aid off quickly and move along! Read the entire story.
If you have questions about this article or anything Boulder TEXT or give me, Michael Hughes a call at 303-359-6627 and you can also visit my website or the Boulder MLS. You can also facebook me.
Filed under Boulder County, Boulder MLS, buy home boulder, buy house boulder, foreclosure, global housing market, investors, Real Estate Investing, relocating, relocating to boulder, relocating to boulder county, short sale, short sale agent, Sotheby's International Realty-Boulder