Real Estate Activity for the Willow Springs Subdivision of Fort Collins, Colorado

I evaluated the single family detached real estate sales activity in 2007 for the Willow Springs Subdivision located in southeast Fort Collins near Kechter & Timberline.

Here is the sales activity for 2007:

Homes Sold = 11

High = $455,000

Low = $280,500

Avg = $377,177

Median = $394,650

These homes sold on average for 99% of the listing price with an average number of days on the market of 70.

There were 2 withdrawn listings and 1 expired listings.

This is a solid amount of activity with 79% of listed homes selling.  In 2007, the percentage of single family detached homes sold compared to listed homes in Fort Collins was 62%.

For more information about home sales in your subdivision or to find your home’s value in today’s real estate market, please contact me at my email: Mike@MikeMalvey.com or visit my website.

Instant Home Valuation Estimate for Fort Collins, Loveland, Windsor & all of Northern Colorado

Wow!  I am really excited to present this unbelievably powerful home valuation estimate for any home in my working area of Fort Collins, Loveland, Windsor, Greeley, Longmont, Wellington and all the surrounding Northern Colorado areas.  But it will work actually for anywhere in the United States so it is useful for people who may be moving away from Colorado or thinking about relocating to our great state.  The home valuation estimate along with my free Market Snapshot are two very valuable tools in preparing to buy or sell a home in Northern Colorado so please sign up for the Market Snapshot and add the home valuation page to your “favorites” site for easy reference.

This home value estimate combines public records AND Multiple List Service (MLS) property information producing greater accuracy.  Other online websites do NOT have access to the MLS therefore they produce more inaccurate and dated information.

My home valuation allows clients and you (hopefully a future client!) the ability to:

• Search by address & choose aerial, road & bird’s-eye views, plus parcel layers on the map.
• Look at Market Trends for the past year.
• View comparable active and sold properties.
• Receive email notifications when nearby homes sell (from your email address).
• Change the value of the home by adjusting square footage, bedrooms, and bathrooms.
• Keep track of favorite homes and rank them.

If you are interested in finding the value of your home or another home you are considering purchasing then click here and simply enter the address…it’s that easy…and you will immediately receive an aerial view with an estimate of that particular home’s value.

This is not meant to take the place of a more detailed comparable market analysis (CMA) that I provide for free without any obligation so if you would like a CMA then please email me, Mike@MikeMalvey.com, with the property address or enter the information at the bottom of the home valuation page.

This is FREE information so please take advantage of this opportunity to gain more insight into your local Northern Colorado real estate market and consider me as your local expert when you need more assistance. 

If you know someone that might find this information valuable, would you please email them the link?  I’d greatly appreciate it if you could.  Thanks!

Real Estate Activity for the Timber Creek Subdivision in Fort Collins, Colorado

I evaluated the single family detached real estate sales activity in 2007 for the Timber Creek Subdivision located in southeast Fort Collins near Harmony & Timberline.

Here is the sales activity for 2007:

Homes Sold = 14

High = $387,400

Low = $249,900

Avg = $309,370

Median = $290,000

These homes sold on average for 99% of the listing price with an average number of days on the market of 44.

There were 2 withdrawn listings and zero expired listings.

This is a very healthy amount of activity with 88% of listed homes selling.  In 2007, the percentage of single family detached homes sold compared to listed homes in Fort Collins was 62%.

For more information about home sales in your subdivision or to find your home’s value in today’s real estate market, please contact me at my email: Mike@MikeMalvey.com or visit my website.

What are homes selling for in the Fort Collins, Loveland, and Windsor areas of Colorado?

Would you be interested in knowing exactly what the house across the street sold for? How about knowing the average days on market (how long it took a home to sell) for homes in your area? Would you like to find this information immediately?

You can find out instantly what homes have sold for, how long it took and which homes are currently for sale in your area. To receive your monthly Market Snapshot just click here. You will immediately receive an email with a link to recent home sales from our local Multiple List Service (MLS) in your neighborhood and area. This information is up to the minute information; unlike Zillow or other similar sites that are linked to Public Records which have a long lag time (6 months to a year) and is often inaccurate.

Now, this is very valuable information especially for homeowners wanting to get an idea of the value of their home, but this is not to be used in place of a more extensive Comparable Market Analysis (CMA) that I can provide at no cost or obligation if you are thinking about buying or selling a home in the Fort Collins, Loveland, Windsor areas of Northern Colorado.

For information about how to sell a home, particulary in the Fort Collins, Loveland and Windsor areas of Northern Colorado then take a look at my marketing strategy to maximize your home’s value and exposure to sell your home. There is a lot more to selling a home than sticking a sign in the yard and putting it on the MLS as many homeowners find out the hard way. Last year, 2007, 38% of the residential detached homes that were put on the MLS did NOT sell! Let me help make sure you are put in the best marketing position to fall into the 62% bracket of homes that actually sold! For more information on how I will maximize your home’s exposure through a marketing plan to meet today’s consumer…simply email me: Mike@MikeMalvey.com or visit the Marketing Plan Website.

I hope you enjoyed this blog post and please feel free to provide me with your valuable feedback on this topic. Perhaps you have an idea for a new blog so send that along if you would like more information about a particular aspect of real estate.

A Guide to Short Sales for Fort Collins, Loveland, Windsor & Greeley, Colorado

The Fort Collins, Loveland, Windsor and Greeley region has seen its share of foreclosures over the past several years with many homeowners able to sell their home as a “short sale” to avoid foreclosure. Short sales can be tricky and time consuming but for homeowners without any other option other than foreclosure then this could be a better outcome.

Here is a a guide of the short sale process in the Northern Colorado area. For more information about any aspect please be sure to contact me.

What is a Short Sale?

A short sale is a workout program that allows a borrower to sell the property, even if the proceeds are less than the loan payoff, due to low property value. Upon final approval, a short sale can help homeowners avoid further collection activity or foreclosure action, which can result in adverse credit reporting and possible tax liabilities.

How to Get Started

§ Homeowner is required to call the Short Sale Phone team at (866) 903-1053. Financial information is reviewed and pre-foreclosure sale counseling is completed.

§ The realtor faxes the complete short sale package to (866)-359-1975, Attn: Setup

Documents Required to Begin a Short Sale Application.

From the Realtor

§ Fully executed listing agreement

§ Net sheet/HUD (our payoff is not necessary)

§ Fully executed purchase contract with all pages initialed by buyers(s) and seller(s).

§ Buyer pre-qualification letter or proof of funds if cash offer

From the Homeowner

§ Signed and dated financial worksheet listing all monthly expenses

§ Signed and dated hardship letter (why they are unable to pay the mortgage)

§ Letter authorizing the realtor access to information on the account. It must be dated and include the last 4 digits of the borrower’s Social Security Number, their signature, the full account number and the property address

This is an estimated timeline based on business days and

assuming all documents are submitted

in completed form and timely

Event	Timeline Business Days	Total Process Business Days
Complete Short Sale Application Received Short Sale application activated Complete Application assigned to Negotiator Incomplete Application will delay process	3	3
Negotiator Initial review Introduction call to Realtor and Homeowner	5	8
Property Evaluation Completed Appraisal or Interior BPO per Loan Type	10-17	25
Additional Steps: Mortgage Insurer Approval Investor Approval Additional liens negotiated by Realtor	10	35
All Items above steps complete Application Decision 48 hours Decision letters issued 48 hours	2	37

Additional Information

§ Short sale approval is good for 30 days. If closing does not occur within 30 days, the entire short sale package may need to be resubmitted with updated information, or the approval process may need to start over.

§ Realtor or homeowner inquiries should be directed to the negotiator assigned to the file, whose information will be communicated during the introduction call.

§ Realtors are generally allowed 5% to 6% commission based on Investor rules. If dual agency applies, maximum commission is 5%. Some investors operate on a reduced commission structure and the actual commission schedule can be confirmed during the introduction call.

§ This must be an “arms-length” transaction. The property may not be sold to anyone the seller has a close personal or business relationship with including family, friends or neighbors.

§ During the introduction call the following will be addressed:

-Commissions

-Fees and Costs

-Pricing of the property

-Timeline

§ In order to reduce the 37 day response time the liquidation team is strongly recommending that the home owner and/or realtor notify us of their intention to sell their property as soon as the listing contract is signed. This will allow us to complete the property valuation and borrower financial evaluation prior to receiving an offer significantly reducing the short sale decision time on a submitted offer.

§ In some cases investors and/or PMI companies require the mortgagers to sign an unsecured note for some or all of the difference between the property sale amount and the total amount due. This is communicated as part of the response on a short sale offer.

Liquidation Contact Numbers

§ Loss Mitigation Phone Team – (866) 903-1053

§ Loss Mitigation Setup Fax – (866) 359-1975

New Maximum Loan Limts for Larimer, Weld & Boulder Counties

 With the rising home prices, especially on the east and west coasts, the loan limits have been adjusted to reduce the number of jumbo loans needed which are more difficult to fund and have higher interest rates.  Here are the new loan limits for Larimer, Weld and Boulder Counties.

 

 

Conventional Conforming Loan Limits
	1 Unit	2 Units	3 Units	4 Units
Larimer	$417,000	$533,850	$645,300	$801,950
Weld	$417,500	$534,450	$646,050	$802,900
Boulder	$460,000	$588,850	$711,800	$884,600
FHA Loan Limits
	One-Family	Two-Family	Three-Family	Four-Family
Larimer	$312,500	$400,050	$483,550	$600,950
Weld	$417,500	$534,450	$646,050	$802,900
Boulder	$460,000	$588,850	$711,800	$884,600

 

 

CHFA spells First Time Home Buyer Loan Program (Available in Fort Collins, Loveland & Windsor, Colorado)

For most people, homeownership is a dream to achieve as it brings about a tremendous amount of personal pride and a sense of accomplishment.  But many working individuals and families are finding it difficult to save enough money for a down payment as generations did years ago.  This is an obstacle that is being addressed with the help of the CHFA (Colorado Housing & Finance Authority) loan program.

CHFA offers fixed-rate, low interest loans and, in some cases, cash assistance for the down payment and closing costs.  CHFA offers 30-year fixed rate loans so that your payment will be consistent throughout your 30-year loan.  This makes a home purchase more viable today and less risky than the popular ARM loans that created a lot of the foreclosure problems recently. 

If you qualify for a CHFA loan, you also qualify for cash assistance for the down payment and closing costs.  An alternative to this is asking the seller to pay for your closing costs as part of your offer to buy their home.  There are many things a buyer, especially a first time home buyer, can ask a seller to pay including buyer closing costs, buyer prepaid expenses, buyer loan points, even for an appliance or carpet allowance so you can get a new refrigerator or carpet, for example.

Are you eligible for a CHFA loan?  These loans are offered to someone who has not had ownership in a primary residence for the past 3 years.  The annual gross household income determines eligibility.  There is a direct relationship between the borrower’s income and the price of the home purchased.  Standard underwriting guidelines used to qualify borrowers for home loans are based on a threshold ratio of up to 29% of house payment to gross monthly income, and up to 41% of the borrower’s total debt to gross income.  Here are the Colorado area specific limits for the HomeStart program: Income & Purchase Price Limits.  Eligible properties include single family detached homes, condos, townhomes and homes attached to a permanent foundation.

If you are eligible for a CHFA loan, you will need to complete a homebuyer education class prior to closing.  The class is free and will help prepare you for the home buying process.

You can apply for a CHFA loan through an approved lender or bank.  I’ve recently put 2 home buyers through this loan program with great results.

If you are a first time home buyer in the Fort Collins, Loveland and Windsor, Colorado area then I would be able to assist you throughout the home buying process.  My specialty is working with first time home buyers and helping educate and guide buyers through the entire process to make their dreams of home ownership a reality.  I have great success stories and would be happy to provide references as well a highly recommended mortgage broker with expertise in first time home buyer loan programs.

Your dream of buying a home can become a reality…and an affordable reality through this great loan program, CHFA.

To begin your home search in the Northern Colorado area just click here.

 

 

Absorption Rates for Fort Collins, Loveland & Windsor Colorado

Here are today’s real estate absorption rates for Fort Collins, Loveland and Windsor Colorado.  An absorption rate is the approximate number of weeks or months it takes to sell the current home inventory at the present rate of sales.

Here is the breakdown for each city.

Fort Collins:

Current active residential attached and detached homes = 1,726

The number of residential attached and detached homes sold in March = 230

Based on these numbers, the approximate number of homes sold per week = 53.1

Therefore, the absorption rate = 32.5 weeks = 8.1 months.

Loveland:

Current active residential attached and detached homes = 1,100

The number of residential attached and detached homes sold in March = 103

Based on these numbers, the approximate number of homes sold per week = 23.8

Therefore, the absorption rate = 46.3 weeks = 11.6 months.

Windsor:

Current active residential attached and detached homes = 557

The number of residential attached and detached homes sold in March = 42

Based on these numbers, the approximate number of homes sold per week = 9.7

Therefore, the absorption rate = 57.5 weeks = 14.4 months.

 Absorption rate is a good measuring stick for homeowners and buyers wanting information about the real estate market.  Another useful tool is the average number of days homes are on the market before they sell.  For more valuable real estate information, please visit the Northern Colorado real estate website.

The Colorado Foreclosure Hotline

Sadly, many homeowners are finding themselves in a situation where they may have missed one or more mortgage payments or are about to miss their first payment and they don’t know what to do.  Well you now have a great resource in a hotline that was established in October 2006 to ease the communication necessary between the lender and the borrower.  If you need help or just have some questions about foreclosure then please call the Colorado Foreclosure Hotline at: (877) 601-HOPE.

Good luck and please feel free to contact me with any other questions or concerns you may have: Mike@MikeMalvey.com.

 

The Foreclosure Process Timetable for Fort Collins, Loveland & Greeley, Colorado

With the higher than normal foreclosure rates affecting the Fort Collins, Loveland and Greeley areas of Northern Colorado, this timetable for the foreclosure process (effective January 1, 2008) should be helpful to homeowners as well as investors.

Here is an example process with dates provided to better understand the timeline.

1/10/01     A Deed of Trust is recorded for Joe & Mary Buyer to XYZ Mortgage Company to secure a promissory note for $250,000

1/10/08     Joe & Mary have missed 4 payments.  XYZ Mortgage company refers the file to its attorney who then sends out a demand letter and orders a Foreclosure Certificate or Guaranty from ABC Title Company.

1/18/08     The attorney for XYZ Mortgage Company prepares and sends the “Foreclosure Package” to the Public Trustee which includes the Combined Notice along with other documents required by CRS 38-38-101.

1/31/08     Foreclosure Commences.  Public Trustee records the Notice of election and Demand within 10 business days following receipt of the “Foreclosure Package”. [CRS 38-38-102]

2/20/08     Combined Notice.  Within 20 calendar days after recording the Notice of Election and Demand, the Combined Notice must be sent to the Grantor on the Deed of Trust at the address shown on the Deed of Trust and if different, the last address, if any, shown in the records of the holder of the evidence of debt and the current occupant of the property, addressed to “Occupant”..[CRS 38-38-103(1)]

                  Cure Period.  Public Trustee schedules the sale date.  The sale date must not be less than 110 days (5/12/08) nor more than 125 days (5/26/08) after the recording of the Notice of Election and Demand for non-agricultural property and no less than 215 days (9/2/08) nor more than 230 (9/17/08) for agricultural property.  [CRS 38-38-108]

3/27/08     Within 45 to 60 calendar days prior to the first scheduled sale date, the Public Trustee shall mail the Combined Notice to the following persons as set forth on the Supplemental Mailing List: The original grantor of the Deed of Trust, the owner of the property at the time of the recording of the Notice of Election and Demand, any person known or believed by the lender to be personally liable for the debt, the occupant of the property, each person who appears to have a recorded interest in the property prior to the recording of the Notice of Election and Demand if the person’s interests may be extinguished by the foreclosure. [CRS 38-38-103(1)(a)(II)]

                   Within 45 to 60 calendar days prior to the first scheduled sale date, the Public Trustee is required to publish the Combined Notice for 5 consecutive weeks. [CRS 38-38-103(5)(a)]

4/3/08     The foreclosing lender or their attorney may deliver an Amended Mailing List to the Public Trustee from time to time, but no less than 45 calendar days prior to the date of sale [CRS 38-38-103(2)]

4/17/08     If the lender or the attorney receives a request for a cure statement more than 30 calendar days before the date of sale and does not file a Cure Statement with the Public Trustee within 10 business days after receipt of the request, The Public Trustee shall continue the sale week to week until the statement is filed. [CRS 38-38-109(1)(c)(I)(B)]

4/23/08     If the lender or the attorney receives a request for a cure statement 30 calendar days or less before the date of sale and does not file a Cure Statement with the Public Trustee by 12 noon on the seventh calendar day before the date of sale, the sale shall be continued week to week until the statement is filed. [CRS 38-38-109(1)(c)(I)(A)]

5/5/08     Rule 120 Hearing.  An order pursuant to Rule 120 CRCP shall be obtained by the lender or the attorney at least 15 calendar days prior to the sale date. [CRS 38-38-105]

                Right to Cure.  A written Notice of Intent to Cure along with the evidence of the person’s right to cure, must be filed no later than 15 calendar days prior to the date of sale if the only default is for nonpayment of sums due under the evidence of debt or Deed of Trust. [CRS 38-38-104(1)]

5/8/08     Promptly upon receipt of a Notice of Intent to Cure by the Public Trustee, but no less than 12 calendar days prior to the date of sale, the Public Trustee shall send a request for a statement of all sums necessary to cure the default to the person executing the Notice of Election and Demand. [CRS 38-38-104(2)(a)]

5/14/08     If the Cure Statement is not filed by 12 noon on the 7th calendar day before the last date of sale after all continuances, the foreclosure shall be deemed withdrawn and the Public Trustee shall record the Withdrawal of the Notice of Election and Demand. [CRS 38-38-109(1)(c)(II)]

5/19/08     Submit Bid.  The lender or the attorney shall submit a bid to the Public Trustee no later than 12 noon on the 2nd business day prior to the sale date.  If the bid is not timely submitted, the Public Trustee shall continue the sale for one week and shall announce or post a notice of the continuance at the time and place designated for the sale. [CRS 38-38-106]

5/20/08     Curing the Default.  No later than 12 noon on the day before the sale, the person desiring to cure the default shall pay all sums that are due and owing.  The foreclosure shall be withdrawn or dismissed and the evidence of debt shall be returned uncancelled to the attorney or the lender. [CRS 38-38-104(2)(d)]  *Owner must cure the default to retain title to the property since there is no owner redemption after sale!

                  Federal Redemption.  Federal Tax Liens have a minimum of 120 days to redeem and 180 days if the property is agricultural.  Junior mortgages held by the United States have a minimum redemption period of 1 year.  The FDIC and SBA have exercised this redemption right under this federal statute.

5/21/08     Public Trustee Sale.  The property is sold at public auction at the time and place indicated on the Combined Notice to the highest bidder.  No later than 5 business days after the sale, the Public Trustee shall execute and record a Certificate of Purchase. [CRS 38-38-401]

5/30/08     Redemption by Junior Lienors.  Within 8 business days after the sale, junior lienors or their assignees must file a notice with the Public Trustee of their intent to redeem accompanied by the original or certified copy of the recorded instrument evidencing the lien and any assignment of the lien.  The lienor has attached to the Notice of Intent to Redeem a signed and properly acknowledged statement of the lienor or their attorney, setting forth the amount required to redeem the lienor’s lien, including per diem interest through the end of the lienor’s redemption period. [CRS 38-38-3023(1)]

6/2/08     Within 1 business day the Public Trustee shall transmit to the holder of the Certificate of Purchase or their attorney, a written request for a statement of all sums necessary to redeem the sale. [CRS 38-38-302(2)]

                On the 9th business day after the date of sale, the Public Trustee shall set the dates of the redemption period of each junior lienor. [CRS 38-38-302(4)(d)]

6/9/08     Upon receipt of Notice of Intent to Redeem, the holder of the Certificate of Purchase shall submit to the Public Trustee a signed statement specifying all sums necessary to redeem, no later than 13 business days following the sale. [CRS 38-38-302(3)(a)]

                If the holder or attorney for the holder of the Certificate of Purchase fails to submit the initial written statement within 13 business days after the sale, the Public Trustee may calculate the amount necessary to redeem by adding to the successful bid the accrued interest from the sale through the redemption date. [CRS 38-38-302(3)(b)]

6/11/08     No Redemption of Foreclosure Sale.  No less than 15 business days after the date of sale, the Public Trustee shall execute and record a Confirmation Deed to the holder of the Certificate of Purchase. [CRS 38-38-501]

6/17/08     No sooner than 15 business days nor later than 19 business days after a sale, the junior lienor having the most senior recorded lien may redeem by paing to the Public Trustee, no later than 12 noon on the last day of the lienor’s redemption period. [CRS 38-38-302(4)(a)]

6/24/08     Each subsequent lienor shall, in succession, have an additional 5 business days to redeem.  The right to redeem shall be in priority of such liens according to the records.  The redeeming lienor shall redeem by paying the Public Trustee on or before 12 noon of the last day of the lienor’s redemption period. [CRS 38-38-302(4)(b)]

7/10/08     Confirmation Deed.  Upon the expiration of all redemption periods, title to the property sold shall vest in the holder of the last Redemption Certificate.  No less than 15 days after the expiration of all redemption periods the Public Trustee shall execute and record a Confirmation Deed to the holder of the last Redemption Certificate. [CRS 38-38-501]

 

As you can see, there are a myriad of steps involved in a foreclosure so if you are needing assistance understanding the process please seek the help of a professional realtor so you can make an informed decision whether you are a homeowner heading towards a foreclosure or a real estate investor looking to find solid deals.

Email me if you would like to receive electronic updates of all foreclosures and bank owned properties at Mike@MikeMalvey.com.