BofA Offering Up to $30K in Relocation Assistance for Short Sales
Short Sales are the way to go!
Monday, May 21, 2012
Wednesday, May 9, 2012
Monday, May 7, 2012
Tuesday, February 21, 2012
Legislative Issues in Colorado
At this point I agree with Colorado Association of Realtors Positions as outlined below.
CAR Opposes the Disclosure of Information about Radon Hazards in Connection with the Resale of Private Residential Real PropertyHB-1165, Concerning the Disclosure of Information about Radon Hazards in Connection with the Resale of Private Residential Real Property, sponsored by Rep. Sue Schafer (D-Jefferson County) and Sen. Cheri Jahn (D-Wheat Ridge), requires the disclosure of certain information about radon hazards in connection with the resale of private residential real property.
For private residential property resale transactions beginning January 1, 2013, the bill requires the seller to conduct a test of the property for radon hazards in accordance with testing procedures approved by the Colorado Department of Public Health and Environment (CDPHE). Documentation of the test findings must be disclosed to the purchaser. Any presence of a radon hazard above the safety level may constitute cause for mitigation of the hazard. The mitigation cost is a matter to be privately negotiated between the seller and the potential purchaser of the property. The bill further states than no person shall have a claim for relief against the property owner or their agent for any damages resulting from the operation, maintenance, installation, or effectiveness of any mitigation undertaken pursuant to the bill. HB-1165 has been assigned to the House State, Veterans, and Military Affairs Committee.
CAR has worked with the bill sponsor to see if any compromise could be struck. However, upon further deliberation, the LPC voted to oppose the bill. The underlying reason is that any potential Buyer concerned about radon is already permitted to test a home to see if it meets their satisfaction. Further, a Buyer is in the best position to ensure that any testing done is accountable and can be independently and accurately verified. Moreover, the bill only focuses on existing homes, excluding new construction and other vulnerable populations such as senior citizens and students living in places where managing accommodations and mechanics are often out of their control.
CAR Supports the Requirement That a Title Insurance Agent Doing Business in This State Maintain an Office Within This State That is Staffed By the Designated Responsible Producer.Colorado consumers purchasing homes have been furnished with poor quality and/or incorrect title insurance commitments and policies from out-of-state title companies.
HB-1211, Concerning the Requirement That a Title Insurance Agent Doing Business in This State Maintain an Office Within This State That is Staffed By the Designated Responsible Producer, by Rep. Matt Jones (D-Boulder) and Sen. Jeanne Nicholson (D-Boulder), changes Colorado’s title insurance statute to require all title insurance agencies licensed in Colorado to maintain a physical presence and a minimum of one full time employee, including the responsible producer, within the State.
The responsible producer is an officer, partner or director of the title insurance agency and is responsible for compliance with the laws and rules of Colorado. Therefore a knowledgeable person will be available to address concerns of Colorado buyers and sellers. HB-1211 has been assigned to the House State, Veterans, and Military Affairs Committee.
CAR has convened a taskforce charged with studying the problems of out of area or out of state title companies handling REO properties. One prevailing issue is that these title companies too often commit errors or provide inadequate title commitments and/or closing documents. Moreover, their level of customer service or ability to answer questions correctly or in a timely manner usually lacks the level of service and knowledge consumers can expect from title companies with a Colorado presence. We believe this bill represents a first step in the right direction to better ensure consumers and their properties are not harmed by inadequate or incorrect title work.
CAR Opposes the Uniform Residential Landlord and Tenant ActSB-70, by Sen. Irene Aguilar (D-Denver) and Rep. Roger Wilson (D-Eagle), creates the Uniform Residential Landlord and Tenant Act. The act describes the obligations of both landlords and tenants as it relates to rental property and rental property agreements. It also specifies remedies for noncompliance. Among other things, the bill limits the time period for landlord reconciliation of the security deposit to one month following termination, eliminating current law that permits a 60-day reconciliation period if so negotiated in the written rental agreement. SB-70 has been assigned to Senate Judiciary.
A few years ago, CAR, along with other industry stakeholders, spent many months negotiating a warranty of habitability for Colorado; a compromise that struck a better balance between the rights of tenants and landlords. Since that time, no stakeholders have presented CAR with evidence that the agreed upon warranty of habitability is no longer sufficient. As currently written, we believe the bill would create an imbalance between the rights of tenants and landlords, swinging the pendulum well in favor of tenants, and potentially limiting the supply of habitable rental properties as small landlords may decide that continuing to provide housing is too costly and cumbersome.
Friday, February 3, 2012
Rates Give Back Last Week's Increases, Setting New Record Lows
Rates Give Back Last Week's Increases, Setting New Record Lows
Take advantage of these low rates and get your Colorado Mountain Retreat today!
Monday, January 2, 2012
If you thought the payroll tax cut was a good thing, read this and it will change your mind...
This is excerpted from a newsletter I receive from The Summit Association of Realtors...
Mortgage Fees Would Rise Under Congressional Deal to Pay For Payroll Tax Cut
While Congress played child-like antics during Christmas week over the payroll tax credit set to expire on December 31, 2012 and finally reached a deal on a two month extension, most of us missed how Congress intends to pay for the tax credit. According to Washington insiders, the current plan will increase mortgage fees on Fannie Mae and Freddie Mac loans by one-tenth of one percent to pay down the $37.5 billion payroll tax credit. The National Association of REALTORS, along with the Homebuilders and Morgage Bankers Associations, lobbied hard against the proposal, stating that the credit risk guarantee fees should stay with the housing industry and be used to pay down Fannie Mae and Freddie Mac's debt to taxpayers. In a December 28th editorial in the San Francisco Chronicle, the reasons why using guarantee fees are a bad idea were outlined:
-- Borrowers will be paying the surcharge for the next 10 years to cover the
tax break for the next two months. It's the essence of bad financial
planning: long-term debt for short-term gratification.
-- Even a minor extra barrier to home ownership is the last thing the
federal government should be approving right now. Talk about working at
cross purposes. This "tax holiday" is supposed to be about stimulating the
economy. Yet what is a major cause of the economy's malaise right now? The
housing market.
-- The federal government should be moving to extricate itself from the
mortgage business after the Fannie and Freddie debacle required a bailout of
about $150 billion three years ago. This financing scheme deepens the
government's attachment to those mortgage giants. Worse yet, most of the
$37.5 billion would be generated in the latter part of the decade.
Then there is the more fundamental question: Is the government really doing
working Americans a favor by reducing a tax that is supposed to be going for
Social Security? A reduction in payroll tax revenues is only going to make
it more difficult to maintain future benefits as more and more Baby Boomers
reach retirement age. But long-term thinking has never been a congressional
strong suit.
If they are going to cut the payroll tax, lawmakers ought to at least do it
in a forthright fashion, with an honest way to pay for it. But therein lies
the gridlock.
Democrats have pushed for tax surcharge on incomes above $1 million, which
Republicans reflexively oppose. The House GOP alternative is a freeze on
federal workers' pay through September 2013.
The bottom line is that someone is going to pay for the continuation of that
tax holiday. In the short term, it will be the home buyers who will be
paying an extra $4,000 over the life of a 30- year, $200,000 loan just to
give their fellow Americans a two-month tax break. It's neither fair nor
sustainable.
Stupid thinking by a stupid congress...
Monday, December 26, 2011
Financial Facts: Is it too late to refinance? | SummitDaily.com
Financial Facts: Is it too late to refinance? | SummitDaily.comGreat advice from our friend Bob Kieber to help you with your Colorado Mountain Retreat
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