Metro areas have more homeowners while major cities have more renters. That is another major reason why this is a great time for real estate investors to add to their rental portfolio.

Thanks for reading.

Mike Malvey
mmalvey@thegroupinc.com

Under past and current Colorado foreclosure sale laws, lenders have had the ability to collect deficiency judgments against borrowers. Typically, the terms of a loan agreement may preempt a lender’s ability to do so, or in other cases, may explicitly allow such actions to occur. Furthermore, any second or third mortgage secured by a given property in foreclosure, which is sold, can result in deficiency judgment awards, as well.

Short Sale and Deficiency Judgment Laws Specific to Colorado

Per the Colorado Division of Real Estate, short sales resulting in deficiency can be pursued by lenders in form of court awarded judgments. Though federal laws provide protections for homeowners with debt forgiven related to a mortgage under the Mortgage Forgiveness Debt Relief Act of 2007, this is only applicable to tax liability and not the amount owed to the lender per the deficiency award. In essence, a short sale transaction can create deficiency liabilities for homeowners in the same manner as foreclosure sales do, unless a homeowner takes action to prevent such judgments from being obtained during the negotiations of a short sale agreement.

Make sure you are working with a realtor with experience negotiating with banks to waive the deficiency judgment.  This is not always easy to do and it does require perserverance & strong negotiating skills.  My success rate is very high and I’d be happy to provide a free consultation to homeowners to see if we might be a good fit to work together towards a successful short sale.

You can reach me at ShortSaleExpert@MikeMalvey.com.

Mike Malvey

The Group Real Estate

Those numbers indicate that we’ve passed the “bottom” and are on our way back in the real estate market.

Greeley vacancies are even tighter at 3.8%.

Experts consider 5% to be a stable market so these numbers are favoring owners of investment properties.

There is a long tradition at my real estate company, The Group Inc., for partners to write their Goddard’s list.  Quite simply a Goddard’s list is a life list or bucket list of things one wants to do in lifetime.

From John Goddard’s website: 

One rainy afternoon an inspired 15-year old boy named John Goddard sat down at his kitchen table in Los Angeles and wrote three words at the top of a yellow pad, “My Life List.” Under that heading he wrote down 127 goals.

These were not simple or easy goals. They included climbing the world’s major mountains, exploring from source to mouth the longest rivers of the world, piloting the world’s fastest aircraft, running a mile in five minutes and reading the entire Encyclopedia Britannica.

Now, a generation later, he has accomplished 109 of these quests, and has logged an impressive list of records in achieving them.  Goddard does not believe in pursuing adventure for the sake of frivolous thrills, but used these experiences to achieve a worthwhile end.  This end, for him, is scientific exploration, adding to the world’s store of knowledge. “Digging out the facts is the real challenge,” Goddard says in summing up his career. “The adventure is exciting and enjoyable–but secondary.

 OK, what Goddard did is a little daunting and in some cases a little outrageous (milking a poisonous snake, #117 on his list).   But, the remarkable thing is that much of what he achieved was written on his List at the age of 15!  He set his mind in motion by initiating the act of writing the list.

 I encourage you to think about the New Year, the next decade, and beyond.  Think about writing your Life List; remembering that what you focus on expands.  

Here is my Bucket List;

• Vacation in Australia & New Zealand
• Go to a Super Bowl game…preferably with the Patriots playing!
• Go scuba diving
• Have our rental properties fully paid off
• Visit Egypt and see the pyramids
• Run a 5k race
• Learn to read, speak and understand Spanish at a conversational level
• Play golf in Ireland and Scotland
• Family vacation to Europe
• Hike a 14er with my sons
• Watch a baseball game at Wrigley Field
• Go to a Red Sox spring training
• Watch a football game at Soldier Field (completed on 12/12/10 – Patriots beat the Bears 36-3!)
• Go to a World Series game
• Take a Hawaiian vacation
• Go on an African safari
• Visit civil war sites
• Ride in a hot air balloon
• Visit the Redwood Forest
• White water raft down the Poudre River
• Go to a Nebraska Husker bowl game
• Walk on the Great Wall of China
• Visit Rio De Janeiro
• See the Victoria Falls
• Fly in a helicopter
• Visit the Galapagos Islands
• Take a Napa Valley vacation
• Go to the Greek Islands
• Go to a Cheyenne Frontier Days Rodeo
• Visit Iceland
• Visit Greenland
• Take family to NYC
• Family camping trip up the Poudre Canyon
• See the Northern Lights in Alaska
• Hike along a portion of the Appalachian Trail
• Go to France with Michelle
• Visit Belfast
• Go snowmobiling
• Go back to Italy with Michelle

That is my list as of the end of 2010 but it will change as I’m sure there will be other places or things that I’ll want to add to the list and maybe remove something.  The key is to keep this list visible in several places so that you can see it every day – keep a copy at your work, in your bathroom, in your closet or kitchen.  The more you see it the better chance you will have to achieve goals and check them off your list. 

Sometimes a gentle nudge or a little support is all you need!  Begin writing down the list of things you would like to have, to be, to do or to give from now until you leave this planet and make your own bucket list.  Also encourage your kids or grandkids to start their very own list too…it’s a great bonding exercise for the whole family!

Feel free to post your bucket list in the comment section below.

Thanks,

Mike Malvey

 http://2010.census.gov/2010census/data/index.php

Your source for real estate information.
Mike Malvey
The Group Inc. Real Estate
401 W. Mulberry St.
Fort Collins, CO 80521
970-420-7235

The Larimer County area is highlighted in blue on the map below which means that projections for this area to return to their peak values will occur BEFORE 2013.  The Weld County area which was hit very hard with foreclosures and short sales over the past several years is predicted to return to its peak values as early as 2015 (2015 to 2025 range). 

 This is great news for our region and really puts into perspective the state of our real estate market relative to the rest of the country.  There may be some doom and gloom in California, Arizona and Florida, but overall Northern Colorado is in a great place.

I enjoy being your source of real estate expertise and if you know someone who could benefit from my help, I would welcome the opportunity to be introduced to them. 

Sincerely,

Mike

Mike Malvey, REALTOR®, CDPE, e-PRO, GRI

Your Real Estate Consultant

Broker Associate/Partner

The Group Inc. Real Estate

401 West Mulberry St.

Fort Collins, CO 80521

970-420-7235

BostonMike@MikeMalvey.com

10) The virtual tour will look better during the holidays.

9) Relocation buyers are still out there.  Companies are not worried about holiday time.

8 Buyers think there is less competition from other buyers during the holidays.

7) You can typically sell now for more money and not have to physically move until January or February as opposed to getting the process started later. 

6) For those sellers concerned about showing during holidays, we can restrict the showings on your home to the times you want it shown.  You will remain in control.

5) Many buyers have more time to look for property during the holidays.  Typically more time off from work and couples can look together.

4) Your home shows better when decorated for the holidays.

3) After the holidays, the supply of listings increases substantially which lowers demand for your home.  More competition equals less money.

2) There are fewer homes for buyers to look at during the holidays which means there is less competition for you as a seller.  Less competition equals more money!

And the number one reason to list your home during the holidays….

1) While there may be fewer buyers out there, people who are looking for a home during the holidays are serious buyers and ready to buy!

If you live in Northern Colorado and would like a detailed market analysis by a former engineer who will provide you with all the necessary data to put you in a great position to completely understand the real estate market as it pertains strictly to your neighborhood, your home and your situation then email me at: EngineerRealtor@MikeMalvey.com or call me at 970-420-7235.  I am also able to refer you to a similar realtor in other parts of the country if you don’t live in my area.

Thanks for reading and feel free to leave comments.