Jude's Real Estate Rumblings

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Mortgage Tip

We've had a few deals recently where the buyer did not qualify at first.  We ran the buyers' credit through credit analyzing software that we have, and in each case, if the buyer paid down the balance a bit on just one credit account, their scores would rise enough to get approved.  Credit scores go up when balances go below 70%, 50%, or 30% of the available limits for an account.
 
Once the buyer paid the balances down the appropriate amount (all we needed as proof was a print-out of the new balance), we ordered a rapid re-score from the credit company and got the approvals.  The longest we've ever had to wait for a rapid re-score was three days. 

www.judesandvallloans.com


3 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:23PM

Why You Need to Give Your Real Estate Expertise Away - for Free

An article from RISMedia, examines why you should consider giving information away for free in order to establish yourself as an expert.  At it's core, real estate is about information.  The job of real estate agent is to gather, understand and convey that information.  When you give information away, you brand yourself as a trusted source of information.  Prospects are interested in the information you possess.  By establishing yourself as an expert, you will attract prospects to you.  Internet marketers have used this technique for some time - they call it the pink spoon.  The idea is to create interest in your product (you) by "developing a giveaway that establishes you as an expert."
http://rismedia.com/wp/2008-10-15/why-you-need-to-give-your-real-estate-expertise-away-for-free/

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3 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:22PM

Some Construction Projects Carry On

An article from KMGH Denver, reports that some projects are moving forward as planned.  Developer Charlie Biederman recently completed demolition at 8th and Colorado to make way for an extended stay hotel.  When the hotel is completed in 14 months, he hopes the economy will have turned and that he will be "in front of it."  Across from this project, the old University Hospital complex is the site of a mixed-use redevelopment.  When Shea takes over the property in February, it hopes to begin demolition immediately.
http://www.thedenverchannel.com/news/17724486/detail.html

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:21PM

Burn Bright or Burn Out

An article from Realty Times, examines that factors that lead to burnout and how to avoid them so that you can....burn brightly.  Factors that can lead to burnout include: 1) Failure to pace ourselves; 2) Trying to do it all; 3) Accepting the problems of others; 4) Majoring in minor things; 5) Unrealistic expectations; 6) Not making the important things in life a priority; and 7) Poor physical condition.  One thing you can do to avoid burnout is to know yourself - your behavioral style, your purpose and your passion.  Determining your behavioral style or DISC style involves evaluating four key areas: Dominance, Influencer, Steady and Compliant.  Your style affects your communication patterns and how you process information.  As Lao Tse, a famous Chinese philosopher once said, "He who knows others in learned.  He who know himself is wise."
http://realtytimes.com/rtpages/20081017_burnbright.htm

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1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:19PM

City of Denver aids Union Station project

An article from The Denver Post, reports that the city will buy Market Street Station next year to help fund the redevelopment of Union Station.  The deal is subject to RTD agreeing to the lease the space until Union Station is done - RTD currently owns Market Street Station.  While the city will be funneling $11.4 million into the project, it will later recoup that money when it sells the property to Union Station Neighborhood Co. 
http://www.denverpost.com/business/ci_10740534

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:18PM

Mortgage Tip

When a mortgage broker chooses an appraiser, one of the things that must be checked is the "approved appraisers" list for the lender that is financing the loan.  Many lenders have a list of appraisers whom they have already approved, and they will not consider appraisals that have been completed by anyone who is not on that approval list. 
 
The approval process is usually fairly easy - in most cases the appraiser must submit a license, a resume, and proof of E&O insurance.  However, the approval process sometimes takes a long time (weeks, not days) and some lenders are not allowing anyone new to be on their approval list.  If a lender has already been chosen and the appraisal has been completed by an appraiser who is not approved by the lender, another appraisal will have to be ordered and paid for.

www.judesandvallloans.com
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:16PM

Mortgage Market Still Open for Business

An article from Realtor Magazine Online, reports that you don't have to have a credit score above 720 and 20% down to get a loan.  Yes, loan terms have become more strict and credit underwriting a challenge.  However, there are options out there for borrowers.  An FHA-insured mortgage allows borrowers to put only 3% down (3.5% after Jan. 1) and some Fannie Mae and Freddie Mac loan programs with private mortgage insurance are only requiring 5% down.  FHA standards are written to help people with less than desirable credit.  Fannie Mae and Freddie Mac loans, on the other hand, require credit scores that are at least in the upper 600s. 
http://www.realtor.org/rmodaily.nsf/pages/News2008102002

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:14PM

Cheaper homes move in the Denver metro area

An article from The Denver Post, reports that many lower-end homes are receiving multiple offers and selling above the asking price.  Housing data released earlier this month, indicated 5.7 months of inventory, which is considered a normal market.  However, upper-end homes are skewing this number.  For $1 million-plus homes, inventory levels have reached 31 months, while there's only 2.7 months of inventory for home priced under $100,000. 
http://www.denverpost.com/business/ci_10771000

www.judesandvall.com
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:13PM

Tough Job: Selling REO Properties Is Not Easy

An article from Realtor Magazine Online, reports that selling foreclosed properties isn't easy.  It can mean taking responsibility for cleaning the property up, paying past-due utility bills and providing security in certain neighborhoods.  Agents have found that it takes considerable volume to make money selling REO properties.  For example, two agents from Boston have sold 85 properties totally $16.2 million.  They expect to net less than $100,000 each.
http://www.realtor.org/rmodaily.nsf/pages/News2008102106

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:09PM

Denver commercial real estate market healthy

An article from The Denver Post, reports that Denver's commercial real estate market ranks among the top 10, according to the annual Emerging Trends in Real Estate report released Tuesday by the Urban Land Institute and PricewarterhouseCoopers LLP.  A revitalized downtown and focus on transit-oriented development has kept Denver's commercial real-estate market healthy.  "Steady population growth and broadening diversification of the industry keeps the housing market stable.  Mass transit should pay future dividends," states the report.
http://www.denverpost.com/business/ci_10779081

www.judesandvall.com
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • October 23 2008 01:08PM