11 Things You Should Know about Colorado Real Estate
11 Things about Colorado Real Estate
1. Realtors in Colorado need to disclose facts that they know and must disclose material facts. This is because Colorado is an "actual knowledge state." Some other states are "imputed knowledge states" which means realtors are expected to know certain things.
2. Some areas in the U.S. realtors ask 10% for Earnest Money. In Colorado, most realtors ask for 1% Earnest Money for their listed properties in their local MLS.
3. Most of the homes listed in the Summit County area are posted in some type of MLS database. Many of these homes also get listed in multiple MLS's.
4. In Colorado you can only be an agent for either the buyer or seller. In some states dual agency is still allowed.
5. In some states, an oral real estate contract is enforceable in the court of law. In Colorado all real estate contracts are in writing.
6. Colorado's contract to buy/sell is currently 16 pages. Other states only have a 3 page buy/sell contract.
7. In many states, lawyers are almost always involved in real estate contracts. In Colorado most times lawyers are not involved in the process. Lawyers only get involved when there are new Colorado Real Estate Forms. Realtors are allowed to use approved Colorado Real Estate Forms without consent of a lawyer.
8. Colorado homes listed in the MLS database include basement or below ground square footage. In other states, MLS will only allow realtors to list above ground square footage. This causes challenges for the national databases and consumer sites, for example, Zillow.
9. Colorado requires realtors to carry Errors and Omissions Insurance. Some states do not require their realtors to carry this insurance.
10. Most sales representatives working for a builder are not licensed Colorado Realtors.
11. Every listing in Colorado must include a square footage disclosure which shows where the broker obtained the information. Most states do not use this type of disclosure.
Posted at 05:07PM Jan 27, 2012 by Kristin Corsette in General | Comments[0]
Mortgage Rates at Record Low
Rate on 30-year Mortgage at Record Low
This week has seen the average rate on a 30-year fixed mortgage fall to a record low. This is the 8th time in a year rates have fallen. The new average rate is 3.88%. This is the time to buy or refinance if you have not done so already!
Posted at 09:45PM Jan 19, 2012 by Kristin Corsette in General | Comments[0]
GO I-70!
With the holiday weekend upon us and crowds heading to the mountains, I-70 will be a little more trafficked than normal. This will result in some spots of congestion along the mountain corridor. Here are some tips on how to avoid hitting traffic.
Most of the time I-70 is traffic-free, but there are some prime holiday times that are best to be avoided. With the website GoI70.com you can access timely road and traffic information. A quick check on this website before you leave and you can be more informed about what is going out on the roads. On GOI70.com you can learn about travel speeds, road conditions, learn where the delays might be, and view traffic cams.
If you have a smartphone you probably have a bunch of apps downloaded that you rarely use. One app that will not go unused is the GOI70.com/mobile app. This app has much of the same information as the website. If you like to tweet than follow @GOI70 to get text messages sent directly to your phone about changing conditions.
A good thing for you that travel I-70 frequently is that the traffic is predictable and very infrequent. With all this information at your fingertips you should never get stuck in traffic again!
Posted at 10:09PM Jan 14, 2012 by Kristin Corsette in General | Comments[0]
19 Steps for the Typical Home Loan Process
19 Steps for the Typcial Home Loan Process
1. Pre-qualification If you're not already pre-approved for a mortgage before looking for a new home, do not worry. There is a pre-qualification process that can help give you an idea of how much you can afford. This process is based on your income, credit history, and debt. When going through the process be sure to provide an accurate credit history because neglecting to mention credit problems in the past or outstanding loans will create a false pre-qualification estimate.
2. Pre-Approval This step is similar to the previous stage. The difference is your income, credit history, and debt are all verified. After this verification you are actually approved for a loan under specific terms and conditions and up to a specific amount. After you become pre-approved you can search for a home with a set budget in mind.
3. Finding the Perfect Home Now that you know your budget, start the search for your perfect home! Ask your real estate agent for listings within your specifications. A daily search will optimize your chance to find your dream home.
4. Purchase and Sale Agreement The terms of sale are negotiated once you find that perfect home. Some of the details in the terms of sale are move-in date, sale price, and repair requests. This offer is presented to the sellers by your agent. The offer also typically includes your pre-qualification or pre-approval letter which can help tilt the sale in your favor in a competitive market.
5. Loan Application If and when the seller accepts your offer, you will need to complete a loan application. If you have already been pre-approved than you have already filled out a loan application.
6. Necessary Documentation To support the loan application you will need to submit some supporting paperwork. Some of the paperwork will include pay stubs, tax returns, and account statements. This is to verify the source of the down payments, funds to close, and reserves. If you have already been pre-approved than this step has already been completed.
7. Appraisal For all home sales an appraisal must take place. If the sale price and the appraised value of the home are different, the sale could be jeopardized. This happens rarely.
8. Search for Title For a title transfer to take place, a search for liens against the property must be conducted. A lien might have been placed on a property to ensure payment of outstanding debts by the owner.
9. Property Inspection Inspection of the property for any potential safety hazards or termite and water damage may be conducted before the finalizing of the sale. Any problems may need to be repaired before going further.
10. Processor's Review A loan processor will package all pertinent information to be sent to the underwriter, including any explanations needed.
11. Underwriter's Review The underwriter will make a final decision to approve a loan or not based on the information put together by the loan representative and the processor. Lenders ideal borrower will make payments on time and a property that will cover the cost of investment if a buyer defaults.
12. Mortgage Insurance When a down payment is less than 20% of sale price most lenders will require borrowers to carry Private Mortgage Insurance. A mortgage insurance company may still deny coverage even when a loan meets lender requirements.
13. Final Loan Approval If your credit and debt-to-income is in good standing, your loan approval will be approved with little or no problem. If the debt-to-income ratio is high, you may need to put more money towards the down payment. In some cases, repairs or improvements may be required. You may also need to put more money towards the down payment if the property appraises for less than the purchase price to cover the difference. In some instances, other conditions must be met before the final loan approval and loan documents are issued.
14. Insurance Lenders will require home owners to acquire fire and hazard insurance on the replacement value of the structure. If the home is in a flood zone, than flood insurance will be required. In earthquake prone areas, earthquake insurance may be required by the lenders on certain structures.
15. Signing Final loan and escrow documents are signed by both you, the buyer and the seller.
16. Funding The title company will receive a wire or check for the amount of the loan.
17. Close of Escrow Documents transferring title are recorded with the County Recorder.
18. Confirmation of Recording Once documents are transferred, the title company will authorize the escrow company to draft a check to the seller.
19. Home Ownership You are now the owners of your perfect home! You can now move in enjoy your new home. For safety it is recommended that you replace all locks.
Posted at 09:24PM Jan 06, 2012 by Kristin Corsette in General |
Consistency!
It's consistent! It's great news! I'm optimistic! The Summit and Park County real estate market has remained consistent in the past four months... how positive is that...and is continuing to gain consistency. Properties are being sold at the same prices as sold for in late 2005 and mid-2006. This is such encouraging news! Purchases including homes and land are up 6% from 2010. Sales are up while monetary value remains the same with the most active price range at $200K - 300K. 120 properties for $1,000,000 and over. Interest rates are starting to creep up so this is prime time to consider buying in these glorious mountains.
Posted at 05:41PM Feb 18, 2011 by Kristin Corsette in General |
The Wacky, Zany Crew at Breckenridge Metro Brokers
Oh, yeah, we're really into it, so you get into the holiday spirit with us....click on this link: http://www.youtube.com/watch?v=YXfbc_iCliE
Posted at 01:48PM Dec 02, 2010 by Kristin Corsette in General |
So Much To Be Thankful For!
Posted at 07:15PM Nov 19, 2010 by Kristin Corsette in General |
On Your Mark, Get Set...SKI
Tomorrow at 9 a.m. the lifts will start churning, the slopes will come alive here in Breckenridge and festivities will abound as we christen our 49th season Beyond the snow and the slopes, there is much to partake in. We have 147 acres of open lift-served terrain and more hike-to-terrain is scheduled to open later tomorrow morning with 117 acres available in Contest Bowl and Horseshoe Bowl. That's a total of 264 acres, so come and enjoy! At the gondola lots they're giving away free parking all weekend and the new Ski Hill Grill at the base of Peak 8 is giving away Breckberry French Toast to the first 1,000 skiers and riders, so bring it on and let's celebrate the start of another great Breck season! Check out The Summit Daily for more details.
Posted at 03:46PM Nov 11, 2010 by Kristin Corsette in General |
The Mountain's Abuzz!
Posted at 05:20PM Nov 10, 2010 by Kristin Corsette in General |
The First Blast Is Here!
Arapahoe Basin swung into perpetual motion yesterday after being blessed with 7 inches of snow that fell gloriously throughout the day to the delight of ski lovers as fall turned into winter covering the slopes with pure powder. And adding to a true grand opening, the new Black Mounain Express made its debut, a high-speed detachable quad which replaces the old Exhibition lift this season. The mountains are calling....can you hear them? Read more in the Summit Daily News.
Posted at 01:49PM Oct 26, 2010 by Kristin Corsette in General |
Technology On The Slopes
We knew it was just a matter of time, and here it is....technology hits the mountains. Radio-frequency scanners installed at the chairlifts will track passholders all over the mountain. This technology is called EpicMix and it will debut this winter at all 89 chairlifts at Vail Resorts five resort destinations. Now skiing and snowboarding achievements can be tracked and bragged about accordingly making ski vacation stories uncontested. And if you choose not to partake in this new revelation, not to worry, you're not required to. Learn more about it in the 8/31/10 issue of the Vail Daily.
What do you think of big brother on the hill?
Posted at 12:16PM Sep 29, 2010 by Kristin Corsette in Real Estate |
Another Option is a Lease Option
What if the market is slow and homes are sitting. Sometimes that means there are people out there that can't get loans. That's the case in some areas in our market today. A buyer may want to buy a house but can't because they still need to save for a downpayment or because they need some time to straighten out their credit. This is when a lease option may come in handy for both the buyer and the seller.
Lease options, in which you lease (rent) a property and have the option to buy the property at the end of the lease term, can allow a buyer to purchase a home down the line at a future point and allow the Seller to lease and get some cash flow while the buyer prepares to buy.
If you would like more information on how this might help you buy or sell in today's market. Please give me a call.
It's a beautiful day in Breckenridge.
Kristin Corsette
970-389-0900
Posted at 02:48PM Jul 29, 2010 by Kristin Corsette in Real Estate |
Get Ready Get Set GOLF!
This just in from the Breckenridge Golf Course,
The Breckenridge Golf Club practice range will open for business next Thursday or Friday May 13 or 14 depending on the weather forecast. Early season hours of operation for the range will be 10-6 daily. The golf course is on target for a Friday, May 21, opening.
The Clubhouse will be open daily for pass card sales and sign-up for club programs including Men's League, Women's League, Adult and Youth group lesson clinics and Play Golf in Five days lesson program. Need more info visit the town of breck web site.
Posted at 01:58PM May 07, 2010 by Kristin Corsette in General |
Upbeat Economic Forecast Cheers Colorado Lawmakers by Denver Business Journal - by Ed Sealover
Colorado legislators say they won’t have to continue cutting services or raising fees to balance the state budget for the next year, and bills proposing further revenue increases from businesses could be tabled, after receiving a favorable economic forecast Friday.
According to the quarterly economic forecast by the non-partisan Legislative Council, sales- and income-tax revenues have picked up to the point where Colorado could finish with $148 million more in revenue than expenditures this fiscal year and $262 million more next year — as long as it continues with previously planned budget cuts.
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Friday’s report comes after more than a year of recession-fueled dwindling forecasts led the state to cut $2 billion from the current year’s budget and another $1.3 billion from the budget for the year that begins on July 1.
In a statement, Gov. Bill Ritter called the latest revenue forecast "hopeful and promising. It’s the best forecast we’ve seen in almost two years, and it indicates that our strategies are working and the economy is slowly beginning to stabilize."
But, he added, "one improved forecast does not stability make. The economy remains volatile, and we need to continue to be responsible stewards of taxpayer dollars and hold the line on the fair, balanced and responsible decisions we’ve been making since 2008 when the recession took hold in Colorado."
The forecast for excess revenues is predicated on the idea that the economy will continue to recover rather than veer into a double-dip recession. And, rather than restoring programs or tax credits that have been cut to balance the budget, the state likely will have to save the money for a predicted revenue shortfall in the 2011-12 fiscal year, when federal stimulus money that has helped to prop up the state will run out.
But the immediate impact of Friday’s forecast, according to members of the Joint Budget Committee, is that the state will stop looking to cut more programs or find more new sources of revenue in the short term. That means that while the state proposed to cut about $148 million in tax exemptions this year — including about $118 million in eliminations or suspensions that already have been signed into law — it is not likely to go after any more tax breaks.
Rep. Jack Pommer, D-Boulder, said, for example, that he probably will kill his House Bill 1263, which proposed capping at $250,000 the amount of each worker’s salary that can be written off as operating expenses for corporate income tax purposes. Business groups had said that the measure, which was predicted to raise $19 million for the state, could damage Colorado’s ability to recruit corporate headquarters and jobs in high-paying sectors like aerospace.
“Part of the thinking for me was: If we need to do more to find money, that was a place where we could go,” said Pommer, chairman of the Joint Budget Committee, of HB 1263. “Now it doesn’t look like we need it and there frankly doesn’t seem to be much appetite for that kind of thing ... I don’t think it’s going to go forward.”
While debt levels remain up and unemployment continues to be “painfully high,” there are several reasons why state revenues should come in better than they were predicted during the most recent forecast in December, said Fiona Sigalla of the Legislative Council. Signs of economic recovery abound, from exports being up to businesses now purchasing high-tech goods that they’d previously put off, and income- and sales-tax revenues have come in at higher than expected rates in the past three months, she said.
Assuming that the Legislature passes budget-cutting measures that have been proposed for this year and a budget that closed a previously expected $1.3 billion shortfall for next year, this will give some cushion to its revenue in the next year. However, the state is likely to face a $100.8 million general-fund revenue gap in the 2011-12 year because of the loss of American Recovery and Reinvestment Act funds, and both Democrats and Republicans on the JBC said the increased revenue will have to be saved for then.
“This is still something for which we need to start rebuilding our reserves,” said Rep. Kent Lambert, R-Colorado Springs, noting that the emergency reserves in the state budget have fallen to 2 percent of the general fund rather than the usual 4 percent.
Added Rep. Mark Ferrandino, D-Denver: “If we have extra revenue, I think we need to look at saving that revenue for 2011-12 ... We need to be fiscally conservative.”
Read more: Upbeat economic forecast cheers Colorado lawmakers - Denver Business Journal:
Posted at 02:19PM Apr 07, 2010 by Kristin Corsette in General |
