Jude's Real Estate Rumblings

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Mortgage Tip

If you have any listings or buyers in places outside of the urban areas of Colorado, the USDA Rural Development (or Guaranteed Rural Housing) loan program allows borrowers to purchase a home with no money down.  Here are some of the highlights:
 
-- 100% financing
-- Not limited to first-time homebuyers
-- No monthly mortgage insurance
-- The seller can pay up to 6% for closing costs and prepaids
-- If the seller won't pay the closing costs, then a gift to cover the closing costs is acceptable from a disinterested third party (a friend of the buyer, for example)
-- Some repairs can be financed into the loan
 
All counties in Colorado except Denver County are eligible to use this program.  However, Adams, Arapahoe, Boulder, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo, and Weld have ineligible areas, so any properties you may have listed in those counties would need to be checked for program compliance. 
 
Here are some areas around Denver where these loans are available: Brighton, Bennett, Firestone, Larkspur, Dacono, Frederick, Lochbuie, Ft. Lupton.  There are hundreds of other towns in the state that are eligible as well.  Please give us a call with your property address and we can let you know if the property is eligible for the program.  There are some income limitations, but they are not so low that most buyers will be excluded ($66,100 for a 2-person family in the Denver-Aurora area, $70,700 for a 2-person family in the Boulder area, etc.).
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:56PM

The Greatest Leverage in Real Estate

An article from Realty Times, examines how you can gain leverage without building a large team.  According to the article, the "greatest, easiest, and most profitable leverage in real estate sales is becoming a listing agent."  The idea is that you are leveraging other agents to sell your inventory.  Next, consider how you can create multiple streams of income.  Each listing allows you to generate leads from signs, advertisements and the Internet.  These leads can be converted into both buyers and sellers.  Focusing on being a listing agent helps you gain control over you life - less nights and weekends.  And finally, it should be your goal to spend less time per transaction.  Sellers require less time than buyers.  So, rather than a 50/50 mix, you'll want to have more sellers, unless you have buyer's agents working for you.
http://realtytimes.com/rtpages/20081031_leverage.htm
2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:53PM

Know the Details of the Mortgage Forgiveness Debt Relief Act

An article from RISMedia, examines what every real estate agent and homeowner needs to know about the Mortgage Forgiveness Debt Relief Act.  Before December 2007, a homeowner would owe additional income tax on the difference between the price that a foreclose home sold for and what was owed to the bank.  Last December, Congress decided to forgive this debt, but only for the 2007, 2008 and 2009 tax years.  The mortgage must be for your principal house.  Any debt from a home equity loan that was not used to build, buy or substantially improve a property will not be forgiven - it's taxable.  The temporary relief extended by this act also applies in the case of a short sale.     
http://rismedia.com/wp/2008-10-29/know-the-details-of-the-mortgage-forgiveness-debt-relief-act/
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:52PM

Denver Light-rail can turn into money train

An article from The Denver Post, reports that homes near light-rail lines often increase more in value than those that don't.  Over the past two years, homes near the southeast light-rail line have increased in value 4% on average.  An analysis performed by Your Castle Real Estate also shows that the closer the home is to a station, the more its value increases.  Homes within a half mile of a station gained 17.6% in value, while homes situated 1.5 to 2 miles away only gained 0.1% on average.  RTD has plans for six new commuter-rail and light-rail corridors and hopes to extend three existing corridors by 2017. 
http://www.denverpost.com/business/ci_10850014
1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:51PM

7 Ways to Become the Top Real Estate Agent in Your Market

An article from RISMedia.com, examines the seven steps you should follow to become more consistent with yourself and your clients.  First, write down what real estate means to you.  Next, make a list of the things that you don't like about real estate.  Now, keeping these things in mind, set your boundaries.  It's important to understand and commit to being referable.  This means being on time, doing what you say you are going to do, having a game plan and asking for referred business.  Next, create a marketing plan.  And finally, avoid taking shortcuts when it comes to things that you don't like to do.
http://rismedia.com/wp/2008-10-28/7-ways-to-become-the-top-real-estate-agent-in-your-market/
2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:49PM

FasTracks lines up land

FasTracks lines up land, an article from The Denver Post, reports that a measure leading to the acquisition of property property needed for the west line was approved Tuesday.  Approximately 164 private landowners will be receiving notices that portions of their properties are required for the rail line.  Sixteen landowners have already been notified that their entire properties are needed.  The $707 million west rail line will stretch from Golden to Central Denver running along the West 13th Avenue corridor. 
http://www.denverpost.com/headlines/ci_10841771
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:47PM

Buyer Incentives More Effective Than Discounts?

An article from Realtor Magazine Online, reports that real estate agents are increasingly offering attention-getting incentives to attract home buyers.  Perks such as plasma TVs and gas cards get buyers to look at homes.  "Offering incentives like gas cards gives the buyer the perception that the seller has an open mind and is willing to make a deal, but it is always an agreeable price on the home that sells it," said real-estate agent Doug Busby.  Incentives are giving some buyers a reason to get off the fence and buy. 
http://www.realtor.org/rmodaily.nsf/pages/News2008102701
1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:46PM

Jude Sandvall Named to Realty Executives Mid-America Region Gold Executive Club

Jude Sandvall Named to Realty Executives Mid-America Region Gold Executive Club
By Realty Executives of Aurora
Dated: Oct 27, 2008
Local Aurora, Colorado real estate broker Jude Sandvall of Realty Executives of Aurora has been named to
the Gold Executive Club by Realty Executives Mid-America Region as one of the top-producing agents in
the Mid-America region.
Local Aurora, Colorado real estate broker Jude Sandvall of Realty Executives of Aurora has been named to
the Realty Executives Mid-America Region Gold Executive Club as one of the top-producing agents in the
region which consists of the states of Colorado, Nebraska, Kansas, and Missouri and includes 45 offices
and more than 1300 agents.
"I'm fortunate to have some fantastic clients," Sandvall commented when asked about the award. "I work
in a great office with a close knit group of fantastic agents and a wonderful managing broker so it makes
my job a little easier." Mr. Sandvall achieved this status in only his second year in the real estate business.
He laughs when he's described as a "triple threat." In addition to being a licensed real estate broker he also
holds a mortgage broker license and a contractors license. "It really allows me to provide a service to my
clients that few other agents in the area can provide." Sandvall states pointing out that he can help take a
home purchase from identification and acquisition all the way through rehabbing if necessary.
Mr. Sandvall is excited about the future of the real estate market. "There are some fantastic opportunities
out there now that the local market is stabilizing."
###
About Jude: He has more than 15 years of experience buying and selling real estate, writing mortgages, and
constructing homes. He is a member of the Realty Executives Mid-American Region Gold Executive Club
as one of the top-producing agents in the region. As a licensed contractor he has remodeled hundreds of
homes ranging from condominiums to million dollar estates. He provides mortgage services through The
Mortgage Network and can arrange financing for homebuyers and investors alike including hard money
financing. Whether you are a first time homebuyer or a seasoned investor he can provide the results you
desire.
He knows the local neighborhoods, schools, and market conditions along with many other factors that play
a part in purchasing a home. His mortgage broker and contractor licenses provide a unique real estate agent
who can help ensure that your real estate transaction is a smooth one.

http://www.prlog.org/10133659-jude-sandvall-named-to-realty-executives-mid-america-region-gold-executive-club.pdf

http://www.prlog.org/10133659-jude-sandvall-named-to-realty-executives-mid-america-region-gold-executive-club.html

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:44PM

Mortgage Tip

VA loans have a borrower fee known as the VA Funding Fee, which ranges from 1.25% to 3.3% of the loan amount on purchase transactions.  The exact amount depends on whether the borrower is/was in the regular military, or the Reserves/National Guard; the amount of the downpayment, if any (VA loans can be for 100% financing); and whether the borrower has previously used their VA entitlement.
 
The VA Funding Fee can be financed into the loan, and typically is.  However, there are certain circumstances which exempt the borrower from the funding fee.  The following people do not have to pay the funding fee (taken from the VA Handbook):
 
-- Veterans receiving VA compensation for service-connected disabilities.
-- Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
-- Veterans who are rated by VA as eligible to receive compensation as a result of pre-discharge disability examination and rating.
-- Unmarried surviving spouses of veterans who died in service or from service-connected disabilities.
 
Among other advantages, VA loans have the lowest interest rates (same as FHA), allow 100% financing, and require no mortgage insurance.  They are almost always the best financing option for veterans, or members of the active military or Reserves/National Guard.
1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:40PM

Six Rules for Selling Fast in a Slow Market

An article from Realtor Magazine Online, shares some tips from the book How To Sell A House Fast In A Slow Real Estate Market.  To begin with, it's important to position the home in the right price range.  Positioning it in the middle of the range increases the likelihood that it will be seen.  Explain the first-offer rule to your clients and that holding out for a better offer can be a big mistake in today's market.  Be sure to have all pertinent information available (e.g., cost of utilities and taxes, covenants, school evaluations).  Talk to your sellers about offering creative financing.  Also, it's important to put out a good flyer.  People are much more likely to read a flyer than call a number on a "For Sale" sign. 
http://www.realtor.org/rmodaily.nsf/pages/News2008102301

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • November 10 2008 02:39PM