Real Estate News - Denver, Colorado | Page #36
Denver Real Estate Blog

 Denver Short Sales

A short sale in Denver  is a transaction where the seller's mortgage lender agrees to accept a payoff that is less than the balance due on the loan, usually as an alternative to foreclosure. The process is extremely complicated, and a short sale can be difficult to negotiate and achieve, as banks will look out for their own interests. Here is the basic gist of the short sale process:

Eligibility for  Denver Short Sale
Banks will only grant short sales if the seller a) owes more on the mortgage than the house is worth, and is experiencing some kind of hardship, such as:

–Unemployment
–Loss or reduction of income
–Divorce
–Out-of-town job transfer
–Bankruptcy
–Death

Required Documentation

Banks require sellers to submit a

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Resales of Denver-area luxury homes rose 70 percent in January from a year ago, while selling prices were down, according to Metrolist Inc. data released Wednesday.

Sales of previously-owned residential  Luxury properties priced at $1 million or more increased to 34 last month from January 2010's 20. Of the 34 properties sold in January, 32 were standard homes and 2 were condos.

 

Meanwhile, the average sold price for luxury homes was $1.5 million, down 11 percent from January 2010, and $1.16 million for luxury condos, down 25 percent. The median sold price also dropped just slightly from $1.3 million to $1.29 million–a 3.4 percent change.

 

The highest sold price for a  Denver Luxury house in January was $4.8 million, while the lowest sold price…
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Getting A Mortgage in Colorado With A Chapter 7 Bankruptcy

“Pointers” and “Things” You Need to Know

If you have had a Chapter 7 Bankruptcy and have been thinking about refinancing a current mortgage or purchasing a new home, here are a few pointers and things you need to know.

First off, it’s very important to know the wait period from the discharge date. 

If you are thinking of conventional lending, the waiting period for getting a mortgage loan after the discharge date of the Chapter 7 Bankruptcy is 4 years.  However, if the bankruptcy was due to extenuating circumstances beyond your control the waiting period can be as little as 2 years.  Two examples of extenuating circumstance might be death of a spouse or a serious accident with large

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There are lots of ways you can get a great deal on a Denver hud-owned home. For instance, HUD has several sales programs aimed at building communities and making housing affordable, one of them being the Good Neighbor Next Door (GNND) program.

GNND offers a huge incentive for law enforcement officers, firefighters, emergency medical technicians and teachers (pre-K through 12) to buy a Denver HUD home. Qualified buyers can receive a fifty percent discount off the list price of specified HUD properties, including single-family homes, townhouses and condos.

With GNND, HUD aims to revitalize communities by encouraging homeownership and drawing in dedicated public servants. The program is available in designated "Revitalization Areas," chosen by HUD based

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Pricing a Denver-area home so that it will sell with the best possible outcome for the seller can be complicated. You don't want to overprice the house, of course, because this can drive away potential buyers and severely delay the sale. If you price it slightly below market value, you could generate interest and drive up the price with a bidding war, but that can also be tricky.

There are several things to consider when picking an informed and strategic list price for your Denver-area home:

Median Home Value
A good starting point is to check the median home value for your area. Median home values are less affected by the luxury home sales that often skew the mean. Unless you are selling a large estate or mansion, you can expect to list your home at

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Denver Foreclosures

The foreclosure process in Denver is complicated and unique. Here is a breakdown of the process, from filing to closure:

Power of Sale
In Colorado, lenders may foreclose on a property either by a judicial or non-judicial process, depending on whether the mortgage includes a “power of sale” clause. By agreeing to a “power of sale” clause, the borrower has pre-authorized the sale of property to pay off the balance on the defaulted loan.

Judicial Foreclosure
When there is no power of sale indicated in the mortgage, the lender files a lawsuit to obtain a court order to foreclose on the defaulted borrower’s property–the first step in the judicial foreclosure process. Generally, after the court declares a foreclosure, the borrower’s

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Purchasing a Denver Short Sale Property

Purchasing a short sale home is one way you can get a good deal on Denver-area real estate, but it’s not always so cut and dry. Finding a great home on short sale and placing a bid that will be acceptable to the seller and the lender can be a complicated and drawn-out process. If you decide to bid on a Denver short sale home, here are some things to keep in mind:

Is It Worth It? Short sale transactions can be complicated and generally take much longer than standard purchases. Make sure you’re getting a good enough deal to justify the extra time and energy.

Bank Approval
Make sure the bank has already approved the short sale. The seller usually has to be in default, owe more than the home is worth, and be

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It's That (Taxing) Time of Year
Put Your Mortgage to Work for You

It's that time of year again. Not college basketball season, but income tax filing season. If you own a home, make sure you take the time to proactively organize your documents to maximize your tax deductions. Proper planning and organization will help minimize your taxable income.

There are many tax benefits to  Collorado home ownership. The three main deductable items are:

  • Mortgage interest
  • Property taxes
  • Mortgage insurance

Here are some important documents that you'll need handy for preparing your tax returns...and maximizing those deductions! First, make sure to have the Form 1098 that was sent to you by your mortgage company. This will list the mortgage

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Hidden Dangers of Carbon Monoxide in Denver

Beware! According to the U.S. Consumer Product Safety Commission, an average of 170 people die every year in the U.S. from carbon monoxide (CO) produced by generators, fireplaces, water heaters, furnaces and similar products.

Since people can't see or smell CO, many people who are exposed to it are completely unaware. Mild symptoms from exposure to CO range from flu-like symptoms (minus the fever) to more severe exposure, which can lead to confusion, loss of muscular coordination, unconsciousness, and even death!

So, what should you do? The International Association of Fire Chiefs recommends installing a carbon monoxide detector on each level of your home even the basement. Detectors should be located

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 Denver HUD Homes for sale

Though HUD itself does not provide financing, there are several ways to finance the purchase of a Denver HUD Home. You can use a standard home loan, an FHA-insured loan, or cash. Keep in mind that when bidding on a HUD-owned home, you will have to prove to HUD that you will be able to make good on your bid in one of these ways.

Non-FHA Financing 
If you are planning to purchase a HUD home with a standard home loan, the loan will not be insured by FHA. When submitting a bid, you will have to include a pre-qualification letter from your lender.

Paying With Cash
If you are planning to purchase a HUD home with cash, you will need to provide your bank statement or a letter from your bank showing that you have adequate funds

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Metrolist Services Inc (Colorado) Logo Terms and Conditions: The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC., DBA RECOLORADO® Real estate listings held by brokers other than Kenna Real Estate are marked with the IDX Logo. This information is being provided for the consumers personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.

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Listing information last updated on May 29th, 2020 at 12:35pm MDT.