These three homes in Aurora are located in the 80013 zip code which has been very active as far as homes being bought and sold. All three of these homes are in the $130K-$140K price range, and all of them have lots of potential.

Take a look at the video below to see a property with lots of potential.

There are millions of homeowners who are looking for answers and don’t know what to do. They are not alone and there are people with resources that can lead them in the right direction. As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. There’s an overwhelming amount of misinformation about the options available, especially short sales. To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I’ve decided to post this blog to clear up some misconceptions. Hopefully this post will clarify the following myths:

Myth #1) The Bank Would Rather Foreclose Than Bother With A Short Sale This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.
The qualifications for a short sale include:
• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2) You Must Be Behind On Your Mortgage To Negotiate A Short Sale While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3) There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4) Listing My Home As A Short Sale Is An Embarrassment It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.
With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5) Short Sales Are Impossible And Never Get Approved This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not. For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6) Banks Are Waiting On A Bailout And Not Accepting Short Sales You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.
Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7) Buyers Are Not Interested In Short Sale Properties This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.
For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

In conclusion, these ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need. In these times, we all need to know the truth to know how to get back on track.

Recent home buying trends are showing that there are more home loan applications right now than there have been in the past few months. Along with that rise in home loan applications, interest rates on home loans have dropped below 5 percent on a 30-year fixed mortgage, according to one industry group.

The increase over the past few weeks marks approximately an 8 percent increase in mortgage applications since the previous year. This is good news, as the housing market around the country has been hit pretty hard during the current economic crisis. This increase suggests that the housing market is starting to stabilize, after having been in a slump for the past three years.

Still, there is always the possibility that we may not be entirely out of the woods. Some argue that the government programs, such as the new home buyer credit, have propped up the market, and that the market will turn sour again once the program expires at the end of November. There is talk in Washington of trying to extend the program well into 2010.

The rise in the past few weeks comes on the heels of an unexpected rise in the sale of previously owned homes in September, according to statistics provided by the National Association of retailers. Previously owned home sales were at their highest levels in three years, in part because consumers are scrambling to meet the November 30 deadline.

In addition to the new home buyer tax credit, there are other factors that have contributed to the rise in new home loan applications, as well. Not the least of these is the drop in interest rates.

Along with those new home applications, rates have dropped significantly. The average rate on a 30-year fixed mortgage was 4.97 percent at the end of October. While this was still higher than the low of 4.61 percent set in March of this year, these rates are well below the 6.47 percent average of just one year prior.

Refinancing is also increasing, by almost 15 percent in October. These low interest rates are, at least in part, responsible for the increase in refinancing loans.

If you’ve been living in a rental property or apartment, you may not have given much thought to buying a new home. Sure, friends and relatives bug you about getting your own place, but you haven’t necessarily seen a good reason to do so.

Buying your own home, however, has several distinct benefits, each of which is appealing in its own right. Here are just a few:

Appreciation

While real estate values do cycle, overall real estate grows in value. Over the decades, real estate appreciation is consistent. Home ownership can be something of a hedge against inflation.

Tax Considerations

Buying a home has some huge benefits in terms of your taxes. As long as you owe less on your mortgage than your home is worth, you can deduct your interest from your tax return. This can add up to big bucks, as the largest portion of your mortgage payment goes to interest.

You can also get another tax benefit from buying a new home. As long as you have lived in a home for two of the previous vie years, you can reduce your capital gains. Specifically, you can exclude up to $250,000 for an individual or up to $500,000 for a married couple. There is no requirement to buying a replacement home, and there is no age requirement. You can do this every two years, which means you could literally buy and sell a home every two years (under those amounts) tax free.

In addition, if you get more profit than the allowed exclusion when you do sell your home, the profit is considered to be a “capital asset,” which gets preferential treatment for tax purposes.

Finally, you can also deduct property taxes for your home.

Equity

One of the best reasons to buy a home is to build equity. Every month when you make your mortgage payment, part of the payment goes to the principal. As you pay more of your mortgage, you build up a difference between what you owe on your loan and what the home is worth.

Eventually, you can use that equity for a number of purposes. For example, you can take out a home equity loan, which will allow you to get cash for home improvements, medical bills, start a business or even pay off credit cards.

If you’re looking for a new home, chances are you have some idea of what you want. You might want a certain neighborhood with access to a certain school district, or you might need a certain amount of space. Whatever your situation, there are several factors that will go into determining if a particular home is the right one for you. Here are some of the major factors to consider and weigh against one another when you’re house hunting:

• Price. If you’re smart about it, you’ll get pre-approved for a home loan and know how much you have to spend. Of course, don’t just accept the number that the lender gives you. Make sure you can plug that number into a realistic budget for yourself or your family and that you really can afford it.
• Condition. This should be one of the top considerations when you’re looking at a new home. If the home needs extensive upgrades to the wiring, or if it needs a new roof, you could be shelling out quite a bit of money just to make it livable. A fixer-upper can be a great opportunity, or it can be a money pit. Try to have the house inspected by an expert contractor you trust.
• Configuration and Size. This is the area most folks think about first. How many bedrooms and bathrooms is key, especially if you have several people that will be living in the home. You should also think about cupboard and counter space in the kitchen, closet space in the bedrooms and even the size of the garage.
• Heating and Cooling. Denver winters are cold, but the summers can get pretty warm, too. Central heat and air are important.
• Style. The architecture of your home matters, too. Maybe you want a classic Victorian or Tudor design, or maybe you prefer something more modern. Style should play some role in buying the right home.
• Resale potential. On average, people move to a new home every seven years. If you wanted to or were forced to sell your home, how easy would it be to find a buyer?

Tonight the Denver Nuggets face off against Division rivals the Los Angeles Lakers.  Every time these two teams battle it is incredibly entertaining and usually predicts the outcome in the Play-Offs.  If you haven’t been to a Nuggets game lately the ticket prices are a bit more expensive but the beautiful Pepsi Center and high energy players make up for the more expensive experience.

Right now the Nuggets are leading their division with a record of 6-3.  The Nuggets and Lakers see each other several times each season and each game is very exciting.  Hopefully with the home court advantage for the Nuggets they will be able to pull off this win and improve to 7-3.

If you go to the game there are tons of fun things to do in and around the Pepsi Center.  Tonight the game is at 8:30 and you should plan to go atleast 30-45 minutes before the game to allow for parking.  A great, cheaper parking lot is just across the street at the Metro State parking lot where parking prices are around $10.00 and it is a very short walk to the Pepsi Center.  A great place to eat or have some drinks before the game is Brooklyn’s located directly to the south of the Pepsi Center.

Go out and support your Denver Nuggets and lets all watch them battle their way to the Play-Offs.  GO NUGGETS!!

More and more, new home buyers are taking advantage of the FHA-insured home loan options. These loans are insured by the Federal Housing Administration, and have some very specific benefits for home buyers.

The principle behind the FHA home loan is to be able to help families of moderate to low income level become homeowners. The FHA home loan accomplishes this by reducing some of the costs involved. In addition, the loan protects the lender, and encourages the lender to make loans to potential home buyers who might not qualify using conventional underwriting metrics but that still have good credit.

FHA home loans are designed to get families into homes with very little cash out of pocket. However, there is talk in congress that this may change. One bill would change the amount that a buyer is required to put down as a down payment. Currently, FHA home loan borrowers can buy their home putting down 3.5 percent and closing costs can be wrapped into the loan. The bill would raise the cost to 5 percent, and prevent buyers from wrapping in the closing costs.

Depending on the situation, this could astronomically increase the amount that a home buyer would need to put up to get their home. It could go as high as ten percent, including five percent for the down payment and around five percent for closing costs.

The bill’s sponsor, Representative Scott Garrett of New Jersey, says that the bill is “is aimed at shielding taxpayers from the risk that the FHA portfolio presents.” Whether or not the bill would accomplish this is, of course, being fiercely debated. Home buyers and lenders alike are waiting to see what happens.

If you’re thinking about trying to get an FHA loan, there are some things you can do to get ready. First, recognize that each lender sets its own terms on loans, so it pays to do some comparison shopping.

You should also recognize that the lender will want to make a decision as to your risk. They’ll look at your credit history and your debt-to-income ratio, just like if you were applying for a traditional mortgage.

You’ll need to have the same kinds of paperwork ready, too. You’ll need employment documentation, and for an FHA loan need to have been employed for two years in the same field. You should be aware of your credit score, and know that it should be above 620 if you hope to qualify for an FHA home loan.

Nestled in the Rocky Mountain Foothills fifteen miles west of Denver, there stands a symbol of nature’s unparalleled majesty. Red Rocks is a geologically formed, open-air Amphitheatre that is not duplicated anywhere in the world. With Mother Nature as the architect, the design of the Amphitheatre consists of two, three hundred-foot monoliths (Ship Rock and Creation Rock) that provide acoustic perfection for any performance.

The area of Red Rocks, originally known as the Garden of Angels, has attracted the attention of musical performers since before the turn of the century. The majestic setting of the Amphitheatre, along with the panoramic view of Denver, makes for a breathtaking scene.

Red Rocks Amphitheatre is not just a concert destination, but also a favorite spot for locals and tourists to enjoy amazing Colorado scenery. With hiking and biking trails, picturesque picnic spots and a Visitor Center chock-full of amenities – including Ship Rock Grille, the venue’s on-site restaurant open for lunch, weekend brunch and pre-show dinner – visitors are encouraged to leisurely enjoy the amphitheatre and surrounding Red Rocks Park. Colorado is known for its health-conscious culture and with 69 rows of benches and an abundance of stairs, Red Rocks Amphitheatre has become a popular site for runners and those looking for a challenging workout at 6,400 feet. Individuals and groups are welcome to take advantage of the venue’s natural beauty and unique physical challenges whenever the amphitheatre is open to the public. Make sure that these activities do not negatively impact the enjoyment of others, or contribute to any structural damage of the venue. When working out at Red Rocks, please keep the following rules in mind:

• Respect the personal enjoyment of everyone at the amphitheatre.
• Amplified music is not allowed; please limit the enjoyment of music to earphones.
• Equipment that obstructs the access to stairs, benches and all other areas is not allowed.
• Equipment that has the potential to cause damage to the venue or injury to others is not allowed.
• Hanging on or from venue structures is not allowed.

For the past decade or more, home loans have tended to be anything but basic. Complex loans, such as those that feature interest-only payments or option Adjustable Rate Mortgages, have been the rule, rather than the exception. The sheer complexity of the home loan marketplace can leave the new home buyer frustrated and confused. In addition, these complex loans are, at least in part, intertwined with the economic downturn in the housing market.

Option-AMR mortgages, for example, allowed the borrower to defer their interest while they made payments on the principal. This worked fine, until home prices began to fall. At that point, payments rose and the deferred interest payments caused many mortgages to increase while the value of the home dropped. This created a huge loss for the lender. Many companies that featured these products, such as IndyMac, Bancorp Inc., Washington Mutual Inc., Downey Financial Corp., Wachovia Corp., and Countrywide Financial Corp. have all folded or been bought out since the downturn hit.

Home lenders, such as Wells Fargo, are realizing that this is a problem, and are offering potential home buyers the choice of a basic, “vanilla” loan. Many of the home loan companies offering exotic mortgage products are closing their doors or at least scaling back, and Wells Fargo sees this as an opportunity. New home buyers need and want simple mortgages that they can afford and that won’t create a great deal of risk either for the lender or for the mortgage company.

Wells Fargo and the mortgage companies offering these vanilla loans aren’t the only ones who support the idea. Many politicians, including the President, support the idea of the vanilla loan. There is even legislation being talked about that would make it so that a new home loan is a vanilla loan, by default. If the home buyer wanted to explore other loan types they could, but most loans would be your standard loan, such as a 30-year fixed mortgage.

In the end, vanilla mortgages will not only help the overall loan market, they should create less risk for home-buyers. Buyers can be relatively sure that their home won’t be worth less than what they owe, even if the housing market should take another dive.