Good News & BAD News on Colorado Foreclosures

The new Colorado Foreclosure filings were up 23 percent higher during the 1st quarter in 2008 compared to the 1st quarter 2007, with the most home foreclosure rates found in Adams County and Weld County. Filings are NOT actual foreclosures, they are the initial notifications to cure the defaulting loan after the homeowner doesn’t make 3 payments in a row. Read the full report below…

Fortunately, popular cities like Littleton real estate and Highlands Ranch real estate have very low foreclosures, keeping these markets selling strong in MOST neighborhoods.

What are the Top 3 Causes of Foreclosures in Colorado?

The #1 problem causing foreclosures (which is ALSO the #1 problem causing bankruptcies) is that home buyers are NOT financially responsible. The majority of this responsibility results when home buyers do NOT live within their financial ‘means’ after they buy the house, as statistics show that these same home buyers drastically increase their overall debt after purchasing the house. It has very little to do with the loan or interest rate they closed with, instead, it is that the home buyers begin to spend beyond their financial means and can’t get caught up.

The #2 problem causing foreclosures is that about 40% of ALL foreclosures were a direct result of a home buyer buying a new home builders home – and getting a mortgage loan from the new home builders mortgage lender. The misconception is that ‘predatory lenders’ are causing the high foreclosures – when the statistics clearly show that new home builder’s have the highest percentage of defaulting foreclosure homes. The interesting ‘fact’ drawn by this statistic is that MOST home foreclosures are occurring with first-time buyers, minorities and people with very little financial sense or financial experience…(and their in NO way to regulate financial irresponsibility or stupidity.)

The #3 problem causing home foreclosures is “bad circumstances” that occurred for home buyers. This includes a job lose by a spouse, an illness, medical situation, accident or divorce. These ’causes’ can happen to anyone, and cannot be predicted (unlike the #1 and #2 causes) and are just an unfortunate situation. Of these, a prolonged job loss and income loss is the most common situation leading to a foreclosure.

Editorial: The biggest issue causing foreclosures right now in Colorado is homeowners not being financially responsible AFTER buying their home, i.e. – that they ‘rack-up’ a ton of extra debt buying cars, boats, atv’s and running up credit cards buying stuff for their new homes AFTER qualifying for the mortgage loan at a MUCH LOWER debt ratio. Then, they just get behind when many of their adjustable or sub-prime loans adjust upwards by $200-$800…they can’t pay all their NEW bills. See more about buying foreclosures here.

Foreclosure Report:
According to the Colorado Division of Housing, there were 11,630 new foreclosure filings during the 1st quarter, compared to 9,443 for the same period last year. There were 39,915 foreclosure filings reported during 2007. Foreclosure filings increased 6 percent since the 1st quarter of 2007, climbing from 10,955 during the 4th quarter to 11,630 during the first quarter this year.
Statewide, there was one foreclosure filing for every 159 households, with the highest foreclosure rates found in the Denver metro area and in Weld County and Adams County. Adams County had the highest foreclosure rate with one foreclosure filing for every 86 households, while Weld County showed one foreclosure filing for every 102 households. According to the study, foreclosure filings for 2008 are likely to be 15 percent higher than 2007 totals. Foreclosure filings increased 30 percent during 2006, and 40 percent during 2007.

Yet, while filings increased by 23 percent – ACTUAL Foreclosure Sales at auction only increased 5 percent year-over-year during the first quarter. In this Realtors professional opinion, the 5 percent is not a dramatic increase – not enough to even raise much of a concern, as these foreclosure numbers were predicted to happen. Foreclosure sales occur when a foreclosed home is actually SOLD to the lender or a third party. During the 1st quarter, there were 5,875 foreclosure sales, compared to 5,586 for the same period last year. There were a total of 25,320 actual foreclosure sales during 2007.

Unfortunately, according to the report, Douglas County and El Paso County experienced the most growth in new foreclosure filings. Douglas County’s filings were 78 percent higher during the first quarter of 2008 than during the same period in 2007. Foreclosure filings in El Paso County were 47 percent higher during this year’s 1st quarter than last year’s.

Summer of 2008 Buying & Selling Trends in Denver Colorado

There are 4 new major “positive” trends in the Denver Colorado real estate market that both BUYERS and home SELLERS had better be aware of – if you are going to survive this summer buying and selling season! Read more about these at http://www.jeffboyce.net/

First, it appears that many home SELLERS have decided to “not” take their Realtors advice to clean up, stage and make your remodeled/updated home look nice for incoming potential BUYERS. This in NOT the “sellers market” of 2005…and you are competing with about 2-3 times as many homes for sale in your neighborhood and surrounding subdivisions. Smelly pet odors, diry or worn out carpet, an outdated kitchen, moldy bathtub grout or ugly paint/wallpaper will NOT get your house sold in 2008. If you clearly want to waste your time & energy by having a bunch of buyers ‘parading’ through your house…then PLEASE DON’T remodel/update your home before putting it on the market for sale. If you don’t remodel and have it nice, then please reduce the price by $5,000-$15,000 and make it priced at the genuine market value…

Second, BUYERS seem to think that waiting until they “find” the perfect dream-house is the ‘time’ to start thinking about mortgage financing… Just because your “think” you’ll have no problem getting a loan, doesn’t excuse the massive amount of outright stupidity happening in the Littleton and Highlands Ranch real estate markets!!! The general consensus among MOST listing agents is that they are ‘forced’ into getting nearly 2 contracts per home – just to get the house sold!!! The biggest problem being that the BUYERS did not – or were not able to get a mortgage loan that they could qualify for… Or worse yet, you had to suddenly liquidate a 401k or checking account because your loan “now” required a 3% or 5% extra down payment – that you were not expecting. PLEASE contact a good Colorado mortgage company and get a written loan Pre-Approval before you ever go out house shopping. Don’t be shocked to learn that getting approved in 2008 is 5 times harder than in 2006 or 2007!

Third, smart SELLERS who update/remodel their homes, stage & declutter them – and offer a great value and list price to BUYERS are getting multiple contract offers in nearly every subdivision in Denver! So despite what all the doom & gloomers say nationally, the nice fresh houses are be SOLD fast – with bidding and competing offers. BUYERS who offer ridiculous “low-ball” offers are just wasting their Realtors time on these nice homes for sale. You know what these houses look like as soon as you walk into them…they look nice!

Fourth, the last major trend in the Denver real estate market is that “greed” and “stupidity” has taken over the minds of many real estate BUYERS – who think that just because the market has a lot of home inventory – that they can write “low-ball” offers $20,000 to $50,000 on every listing they see. If your Realtor shows you ‘comps’ that a home is priced very reasonably, then making an “insulting” and absurd “low-balled” purchase offer is just going to severely offend the SELLERS. If you ‘think’ most SELLERS are going to counter your insulting offer with a reasonable offer – forget it…as most insulted SELLERS will not even respond to your offer. If your Realtor is able to “smooth things over” and get all parties to agree to a reasonable sales price, then the SELLERS will become your worst enemy later on when you do your inspection or need more time to close because your loan couldn’t close. You just screwed yourself over by acting stupid or arrogant…why? Smart and savvy BUYERS know that they’ll get a far better price and far more sales concessions if they turn in a low – but very REASONABLE offer.

Read my next blog that will deal with the TOP reasons why Home Purchase Contracts are rejected by SELLERS

A Home BUYERS Worst Nightmare!

Why in the world do homebuyers in the Denver, Highlands Ranch and Littleton real estate market actually worry about if the house they “might buy” is going to go up in value or down in value over the next two years?

After all, no one really seems to care that when you drive off the auto dealers parking lot the car you just bought over the next five years will depreciate down to about $8,000-$10,000 in value!

And, worse yet – you probably don’t even have a 401(k), but if you did – you probably lost 25% of the value over the last two years!

So why is everyone crying about trying to get the world’s best deal on a house if you are renting right now?

If you’re a renter right now, you’ll most likely spend four to five hours over the next month trying to get the world’s best mortgage loan if you do decide to buy Littleton homes for sale or a home somewhere else in the Denver real estate market. You might even get an extra 1/8 or .25 point lower by shopping different lenders – and playing one lender off the other to get the world’s best mortgage deal and lowest closing costs (if you have good or excellent credit.) But at the same time, your cars are depreciating at 15% a year, and you’re NOT saving a minimum of 10% of your paycheck every month in a 401k! Am I missing something here? A $30,000 car loan at 7% financed over 5 years, cost you $595 every month, which means you’re paying $7,140 a year for that car to lose $4,000 every year in depreciated value! Yes – you’re LOSING $11,140!!! What part of “LOSING” don’t you understand…?

At what point in time in your life does your car AND your car payment mean more to you than owning a house after 30 years. Instead of waiting until you are 50 years old to start saving your first dime for retirement – why not start now by buying a house instead? The US Government will write you a check for 28-33% of all your home mortgage interest & property taxes if you’ll just buy a house instead of renting – which means your $1500 principle & interest payment at 6% on a $250,000 house ACTUALLY ONLY costs you $1005 – since the IRS will let you change your W4′s at work and give yourself this $495 tax break every month!

Does your auto loan send you any money every month?

If you stay in this house for 30 years – you’ll own a $250,000 free and clear – if it doesn’t appreciate one damn dime!

How else are you going to save $250,000 – with your 401k you’re going to open (finally) in 10 years?

If you lived in your house for 5 years – and it DID NOT appreciate 1 penny – you’d only owe $232,300 on the loan, after paying down the principle $17,000. But, you would have received $495 in monthly tax write-off benefits too…or $495 x 60 months = $29,700. So in reality, using REAL numbers, you’d make $29,700 + $17,700 ($250,000 – $232,300) = $47,400 as a “real estate investor” – instead of renting!!!

Is home buying such a bad thing to do now?

The only real nightmare is your dumb car payment!!!

Thank GOD For Good Credit Buyers!

Yes indeed – “Thank God” for those buyers who have good credit so they can keep our real estate market plugging along this summer selling season!

You see, without good credit now (typically a 600+ mid-fico score to qualify for a FHA 30-Year fixed rate) our Littleton & Highlands Ranch real estate market would not be doing very well at all…nor would the rest of the Denver real estate market – or the whole national real estate market for that matter! Statistics show that around 24%-27% of all potential homebuyers in Denver now (and nationally) have lower credit scores and CANNOT qualify to buy a home with the stricter mortgage lending regulations now in place since last fall. Here’s why…

What that means is that 24%-27% of the existing Littleton, Highlands Ranch and metro Denver real estate CANNOT be bought now…causing a continuance in the real estate selling problems plaguing the USA now. Yes – that means that about one in four homes for sale will NEVER sell during the 4-9 month listing period – because 1/4 of all potential buyers CANNOT qualify for a mortgage loan now. This is not “doom & gloom” – it’s just stating a stastistical fact. To take advantage of this problem, most Sellers ABSOLUTELY need to make sure that their home is in ‘fine’ selling condition – and priced accordingly!

Selling condition means: 1) Clean and in “model home” showing condition, 2) freshly painted walls in NEUTRAL colors!, 3) remodeled and updated kitchens, bathrooms, new or newer carpet and NOT looking like anything that has “Brady Bunch” era decor, 4) Nicely landscaped exterior & yard – with flower pots on the entry or porch areas, 5) NO CLUTTER and no old wallpaper/old messes/pet odors! Sellers absolutely need to spend more time and MONEY to get your home sold this summer!

Buyers DO NOT want to make you a full price offer if they have to fix-up or remodel your dang house! Worse yet, they will probably find a nicer home in your subdivision that DOESN’T need new carpet, paint and major remodeling – because THOSE other Sellers were given advice that having a nearly perfect house will actually help them sell their house FASTER and for MORE MONEY!!! Buyers are now required to put 3-10% Down Payment to qualify for almost every single mortgage loan offered currently (…there are NO MORE $0 Down loans folks!) which means they will NOT have extra money to do your remodeling, painting and carpet that your home needs!!! REALTOR TIP: You spend the money upfront for all this fix-up stuff and your home will sell faster.

If you’ll make your home look pleasant for incoming buyers at your showings, you’ll increase your ‘probability’ of getting a good or reasonably good purchase price offer! Pretty simple – huh?

Unfortunately, I showed homes last weekend in the Littleton area at $250,000 to $280,000 – and 6 out of 10 homes looked terrible when the Buyers walked inside of them! No one wants to buy your crappy looking house – and my Buyers didn’t want to spend the time or money to remodel your “mess”!

Read my next blog on: “The Top 3 Reasons Your House WON’T Sell This Summer – and The Top 5 Reasons Why Buyers Will NOT Buy Your House.”

Real Estate “Fence-Sitters” Dominate 2008?

Is it smart to be a “fence-sitter” in 2008 if you are confused about whether you should buy a home – or to rent a house instead?  This Realtor thinks that it’s actually a pretty simple choice…

The issue facing so many American now, is if they’ll get ‘burned’ financially buying now – as opposed to renting instead.  But, in order to break down that decision to see if it’s a sound decision – we must examine 2 key components.  The first one is how much does rent cost you per month for the same equivalent lifestyle and home size?  In certain parts of the country it’s a very expensive way to live – and renting costs a lot. 

The biggest factor on this decision too, is that paying rent gives you NO tax write-off, where as 86-88% of a house payment & property taxes are tax deductable (86%-88% represents the interest portion of a 30 year fixed loan plus the property tax deduction during the first few years of amortizing).  So your monthly interest deduction would be $1243 + 100% of your monthly tax bill; lets use $225 a month, which equals $1468.  The rough way to figure this is to multiply $1468 by your .28 or .33 tax bracket (normally done on a Schedule A) which is $411 at 28% and $484 at a 33% tax bracket.  These are the ‘real’ cost comparisons the US Government allows you every month to buy a house - and multiply them by 12 months to get $4,938 and $5,808 respectfully.

Another way to think of this – is like this: buying a house for the same or similar rent payment means that your house could “depreciate” $4,938 to $5,808 a year and you’d still break even!

The second comparison to fence-sitting and renting; to home buying, is that factor on ”how long” you think you’ll be living in the house or area, until you’ll need a bigger or smaller house – or a job change might require you to sell?

This is actually the ‘hardest’ factor to consider…as no one can predict the future!  If you are going to live in a house or rent for just a few years, I can tell you that the real estate commissions to sell a $250,000 house will be about $12,500 at 5% and $15,000 at 6%.  If you home will NOT appreciate at these amounts, then you must factor in this expense into your rent vs home buying decision.  Plus, the home might take 3-8 months (or longer!) to sell.  But conversely, you’d be locked into a rental lease, and depending on when you needed to move, you might still owe 3, 6 or 9 months MORE on the lease you’d need to break! 

This is the “X factor” that makes this renting vs home buying decision so hard!  And – it’s why fence sitting is so popular, as most people relate to making “no decision” as their typical process 9 out of 10 times, typically.

Then, look at buying a home which gives you the extra freedom & “peace of mind” knowing you control your destiny and have the joy of home ownership.  You can paint, decorate and design the home anyway you want it!  You lose all that freedom by renting. You can also pick the neighborhoods that you feel that ‘matches’ your socio-economic status – or feeds into a certain school(s) for your kids, or is closer to work or recreation opportunities.  Finding a rental apartment or house in the same area might be tough or impossible…and most people ‘clearly’ state that they feel much worse about themselves when they are renting. The personal pride factor goes down significantly when you rent. Homeownership is a very ‘powerful feeling’ once you’ve been a homeowner before!

In conclusion, it appears that the real decision to fence-sit or to buy a home will still be dominated by “indecision” in 2008 – as most buyers will NOT commit to a decision – because no one can clearly see the real estate market booming and growing again, anytime soon.  My guess is that the home rental business will be very strong for at least another year – or longer…

 

What is the Home Ownership Accelerator 7 Year Loan?

Is the HOME OWNERSHIP ACCELERATOR Loan the best loan in the United States today – and should you consider using it – to buy or refinance your home?

There is a new mortgage loan available in Denver Colorado (and 41 other states) that combines the effectiveness of a 15 year mortgage loan – combines it with a home equity line of credit on your home – and then combines it with your checking account…so that you can PAY OFF YOUR HOME IN 6-12 YEARS on average!!!

The HOME OWNERSHIP ACCELERATOR Loan compounds interest DAILY, and can permit you to buy or refi a home – yet pay the home off in 5-12 years, without you having to pay extra monthly payments, or have HIGHER monthly payments, or having to do Bi-Weekly or other strict payment rules!!! You can use the existing equity in your home (at any time) to pay bills and borrow money against – anytime YOU want to…with NO strict rules and NO pre-pay penalties!

The loan is perfect for financially savvy home buyers, Jumbo buyers AND older borrowers who want to pay off their home much faster – yet without all the extra payments and double or triple monthly payments.

The loan requires a 15% down payment on purchase loans in Colorado, a 680+ mid-fico score, and ‘decent’ reserve accounts like your 401k, investments/stocks and IRA’s. The loan is actually a Home Equity Line of Credit at 85% LTV, allowing you the freedom to use your equity at any time, but combining it with your checking/saving accounts – so that all your paychecks can be used to REDUCE your average daily mortgage principle & other debts. You deposit your entire paychecks into this innovative loan, and dramatically reduce your mortgage principle balance. If you are a buyer or borrower with a very good monthly cash flow (you ‘bank’ a large portion of your paychecks without spending most of the money) you’ll be able to rapidly reduce your mortgage loan balance…and I can show you how to pay off your home loan in 6-12 years on average – WITHOUT you changing your current spending habits.

Sound too good to be true? It’s not…

The loan is very popular overseas in England, Australia and South Africa – as it makes your checking account work for you – instead of the banks keeping all your checking/savings account interest!

Watch the HOME OWNERSHIP ACCELERATOR Loan video – or call me for a better explanation on how you can pay off your Denver or other home in 5-8 years! This loan is amazing, because it compounds interest daily – NOT monthly like traditional loans. It also let’s you use your checking account and savings account balances to pay down your mortgage loan – without you actually prepaying on your loan! For example, if you paid your $600,000 home down to $300,000 after a few years – you have the freedom to take out the $210,000 equity (up to 85%) to invest in a stock or mutual fund, buy a car for cash, pay for your kids college expenses – or start a new business. It’s YOUR MONEY that you can access whenever you want to…you just write yourself a check!

It’s more cost effective than a Reverse Mortgage for seniors (you never have to give the bank 60-90% of your house!) and it’s also perfect for Baby Boomers with good incomes trying to pay off their homes faster…but who don’t like being “locked into” 15 year notes and no capability to get the equity out fast – if you have an emergency and can’t wait to refinance. This loan IS ALREADY a home equity loan…so you can get any of your money out at anytime by writing a check or by using your VISA debit card.

Decide for yourself – would you like to buy a home next month and have it paid off in 5-10 years WITHOUT having to double or triple your monthly house payments?

This is the MOST AMAZING loan this mortgage lender and Realtor has ever seen – email me what you think of it!!!

US Housing Market Crashes! Home Ownership ENDS!!!

Seriously…how much more NEGATIVE real estate news can Buyers & Sellers take before our housing market basically IMPLODES!!!

That’s all you hear right now – nothing but negative news on our ‘bad’ real estate market across the United States!!! Let’s face it, how much more can the consumers stand before they just QUIT buying and selling – and say the hell with it? I know I’m sure getting fed up listening all this garbage…

As a full-time professional Denver real estate broker for the last 10 years, I have to admit there are some major problems going on in our industry that need to be addressed IMMEDIATELY!!!

Here are my top three suggestions to save our United States real estate market…

1. We must shrink the existing inventory of homes for sale – including all of the extra foreclosure homes! This is a huge dilemma because right now there are no more zero down loans and it’s very difficult for first-time homebuyers to qualify to buy the extra inventory. Plus, on top of that, all investors need a minimum of 10% to purchase the other foreclosure homes as a nonowner occupied rentals or fix/flips, so there are LESS buyers to get rid of our oversupply…

2. The mortgage crisis must end immediately!!! If there are not loans for people that want to buy a home, then we will NEVER sell off our existing inventory of homes in most cities this summer, this fall this winter or in the next five years!!! The mortgage loan problem is the #1 obstacle for most Realtors helping to sell off excess inventory – including foreclosures. It’s just so simple – it’s just merely supply and demand, and right now there is still a good demand for homes …but no supply of mortgage loans for a huge amount of borrowers. (It’s estimated that 24%-28% of all potential homebuyers CANNOT qualify for a mortgage loan now!)

3. The theory of that “If it Bleeds – It Leads!” for news broadcasting, radio and newspaper stuff must STOP – when it comes to talking about real estate!!! I’m not a communist and I certainly don’t believe in censored news, but the continued use of “Let’s Scared to Death the American Homeowner” is NOT responsible journalism! As a matter of fact, even if you were buying a house that was depreciating $5,000 per year over the next 10 years, you’d still be paying the mortgage loan down and creating your largest retirement cash nest egg! Cars depreciate to nearly $0 value after 10-14 years…but if you maintain them – you still get to drive them! Homes have NEVER done that – NEVER!! Home ownership is like a “forced” savings account for most people – that you actually get to live in and enjoy…while you’re saving! Duh!!!

So why does the news media continue to bash real estate and continue to scare the living crap out of most people?

The US housing market is never going to hit rock bottom and go to “zero” like some stocks do!
Since the evening news, radio broadcasts, and newspapers would not exist if it weren’t for that advertising they sold, can’t an intelligent person at the National Association of Realtors, the President of the United states or our “worthless” Congress explain to these media folks that owning housing is a POSITIVE ACCOMPLISHMENT for all people, of all colors, of all races, and of all political persuasions in the United States! According to the United States Census 82% of all wealth from retirees is sitting in their house! How can a 82% of weath creation be wrong? What am I missing here…why are they being so negative about real estate?

There’s a lot of horrible things going wrong in the United States and in the world right now, but people still have to have housing! An INTELLIGENT PERSON certainly would realize that owning your own home outright – with NO mortgage payment (even if it was going down in value every year) is far better than paying out money to somebody else for a rent payment… even Einstein could figure this one out. Does feudal England, and the “class system” ring a bell? If you don’t have a home that’s paid off by the time you’re ready to retire, then you are FORCED to keep paying money out up your Social Security and other savings – therefore creating the world’s worst welfare state; that the United States will not be able to support!!!

Am I the only intelligent person out there that has this figured out?

Certainly our news media doesn’t think the people are better off renting, after retiring – right? They certainly don’t think retirees are going to start buying tents from REI and Wal-Mart and begin living in tent communities at new KOA Campgrounds ‘suddenly’ popping up all over the country – right? Owning your own house makes much more sense to me – or am I the only one who is NOT smoking crack? All the news media, Congress and the President need to do it to “inform” people that retiring without a home paid off – and paying rent out of your retirement is IMPOSSIBLE!!! Where is Ross Perot with his charts to show that you CAN’T retire comfortably (or at all) without owing your home outright? In the Soviet Union and Cuba, they built big high rise apartments for all the poor retirees – and poor peasants created by socialism…maybe the news media should show that and start promoting ‘communal living’ and socialism for retirees next!!! Or, maybe we should put retirees who don’t own homes on icebergs and float them out to sea – to die – like the Eskimo’s used to do…

Am I the only person left understanding that our present US housing mess needs IMMEDIATE help…???

Credit Repair – TransUnion, Equifax and Experian Lied To You!!!

What you know about credit reports and credit repair can save your real estate career…

During these VERY TOUGH real estate and mortgage times – what’s the only PROVEN WAY that will genuinely help you to sell more real estate?

The answer is:  You must find a way to tap into YOUR pool of damaged credit buyers & renters with bad credit (that respond to your current advertising & marketing) so YOU CAN HELP THEM fix their credit and rebuild their credit reports.  If you can help them to legitimately fix their credit – then YOU can sell them a house in 30 days to 6 months from now – right?   Since most Realtors know very little about GENUINE credit repair, let a fellow Realtor share with you what it “really takes” to fix credit legitimately…

As a top Denver Realtor and owner of Mortgage Specialists, I’ve personally closed nearly $100 million in real estate and mortgage business since 1998, since earning my Bachelor of Science at The Ohio State University and my MBA. My professional mortgage experience helped me become a true Credit Repair expert, and I’ve helped thousands of people nationwide to repair their credit to get mortgage financing.  You can read much more detailed information on my Credit Repair System here, but let’s cover the basics so you can fully understand how you can SELL 5-8 MORE HOMES this year – as statistics show that 26.7% of all buyers have credit report issues STOPPING them from buying.  The 3 primary reasons buyers have credit below 620 is because they:

• Don’t pay their bills
• Had a period of time they (or their spouse) was unemployed or had a medical situation
• Don’t know how to positively “manipulate” their Equifax, Experian and TransUnion scores

The people who don’t pay their bills will always be a big waste of your time, as they rarely will take enough responsibility to stop renting and work to repair their credit.  The other two categories we can help!  As a matter of fact, YOUR current advertising & marketing is probably generating 2-10 of these people a month – because they’re usually eager to buy.  Yet unfortunately, they’ve just never had anyone guarantee that they could help them fix their credit once and for all…so that they could actually buy a house and stop renting forever.  Now you can help them…

Let me give you a quick idea on how I can help you, as I just helped the Harris’s in Houston Texas, as they had been declined by 4 other lenders until I got the phone call.  They had a 658 mid-fico (a good score) when I started with them February 8, but their credit score and debt-to-income ratio was too high to qualify for the $280,000 home they wanted.  I had them strategically liquidate a 401(k) and pay down (not off!) 5 of their high balance credit cards to my ‘magical formula’ percentage instead, plus pay an old outstanding $198 medical collection that was about a year old.  Now, they have a 699 mid-fico when I just re-pulled their credit reports on March 31.  Coincidentally, their monthly minimum credit card payments DROPPED significantly too – and NOW the Harris’s DO QUALIFY for a 30-Year Fixed rate conventional loan at 5.875% at my company.  This is what I do for a living…and why I do so much mortgage business (and real estate business in Denver.)

You see, I can look at anyone’s Tri-Merged Credit Reports and in 2 minutes tell you how many points I can INCREASE their scores by doing pro-active credit repair – and I can give you an accurate estimation on how many months (or years) it will take them to qualify for a good FHA or other loan.   I’m so confident about my credit repair abilities that I’m the only guaranteed Credit Repair Program in the USA that pays your buyers DOUBLE their money back if I can’t help them improve their credit scores by 25-100+ points AND get them a good mortgage loan.  I DON’T DO the stupid credit repair scams that dispute “real collections and charge-off’s” …as that never fixes anything!  I genuinely show buyers how the can legitimately “manipulate” their credit reports by paying down credit cards to below 49.9%, adding car loans to get new credit established after 6 months, getting 2 secured credit cards and other ‘secret’ stuff that genuinely works – but takes time!

Typically, I can help many people become buyers in 3, 6 or 9 months of doing REAL credit repair.  And since 26.7% of all potential buyers in the United States need credit repair help – you might as well work with a partner who genuinely wants to help YOU to sell them a house and earn your real estate commissions. 

With my personal PROVEN Credit Repair Strategy and Credit Score Improvement System – and my 9 year track record of high success – I’ll genuinely help or your agents sell more houses.  My services cost you nothing…because I’m a Realtor who cares about other Realtors.  I own Colorado Homes and Mortgage Specialists in Denver, Colorado – and offer my credit repair services for a limited amount of clients per month at around $695 for a one-time fee.  We don’t bill any credit repair services monthly…just a flat fee.  You and your clients are given a written Credit Analysis once I pull their credit and determine “what” it will take and how long it will take me to help them achieve a home loan.

So, if you’re interested in selling MORE homes during these tough real estate and mortgage times – then email me or read more about Credit Repair Help here. Let’s sell some more houses!

Jeff Boyce
Owner
Colorado Homes and Mortgage Specialists
drjeffboyce@msn.com

GENUIS idea to fix the Denver housing problems!

What’s the #1 Problem stopping Denver real estate and the other national real estate markets from booming again? 

The answer is – there are no more good Investor Loans!

Currently there are not enough buyers in the United States or in the Denver real estate market specifically, to purchase the entire outstanding extra inventory of homes.  Typically, one in 10 to one in 15 homes are purchased by real estate Investors nationally.  With the current mortgage mess and credit crunch, Investor Loans have nearly dried up or been wiped out completely.  If you want to STOP the oversupply of homes for sale – you simply need to be generous and grateful to Investors with loans! Currently, the only loans available for Investors right now require a minimum of 10% down payment, debt to income ratios at 45% or BELOW, 6 months of documented reserves (401k/savings/mutual fund portfolios) and great credit scores above 680. Unfortunately, these requirements ELIMINATE 8 out of 10 potential Investors from getting a loan!

If you slash 80 percent of the potential Investor home buyers and then combine that with the 24 percent of regular homebuyers who have lower credit and can’t get financing now – you have a BIG DENVER REAL ESTATE PROBLEM!!! Worse yet, is that it’s even more disastrous nationally – as most other US cities aren’t as strong as the Denver real estate market (many Denver Metro are flat or still appreciating in value…despite what you might have read or heard on TV or the radio!).  There will be NO RECOVERY until the US Government and Mortgage Banks decide to help the Investors get good (and easier to qualify loans.)  Although the “super easy” $0 Down stated-income/stated-asset Investor loans of the past few years added to the real estate mess we have now, those same loans also enabled Investors to purchase much of the outstanding inventory in most major US cities, and helped Denver specifically with our high foreclosure home inventory. In my professional opinion, after closing nearly $100  million in real estate and mortgage transactions, is that we simply need a 95% fully documented Investor loan – even allowing real estate equity as reserves and modifying the 45% debt ratios.  If not, we’ll NEVER recover from this housing over-supply mess …not unless they start offering 4% 30-Year Fixed FHA Loans next week!

If you’re a Denver home seller right now, or are planning on selling in the next few months – one of the biggest tricks we recommend now is to make sure your home is remodeled and as nice-looking as possible – so it’ll appraise for the highest dollar amount. Not only will it help you get a higher Purchase Offer, but the REAL REASON is so that the buyers can “roll-in” their loan closing costs into the purchase price of your house, in order to qualify to purchase it. This is because there are virtually no more zero down loans available – just the VA loans now.  However, sharp Denver Realtor’s (like yours truly) can use a 3% down FHA loan for many buyers and “roll-in” the 3% down payment plus the approximate 2-3% closing costs into the purchase price of your house – thus converting a 3% down loan into a good $0 Down FHA loan. Don’t forget, FHA loan regulations allow parents & home sellers to contribute the down payment and closing costs, when documented properly by a real estate professional who knows how to write a FHA Purchase Contract.

If your Denver home will appraise for more than your list price or purchase price (that’s why we recommend remodeling) – many of us smart listing agents will advertise & market your home’s competitive advantage, thus typically slashing your listing and SOLD time frame by half the current time of 6-8 months in many “over-stocked” Denver neighborhoods! Why not remodel inexpensively now (ask me what you REALLY need to do!) and add value to your home now – so you “capitalize” on the Investor loan mess and appeal to more regular FHA homebuyers – who’ll be able to purchase YOUR home, despite the fact they have a big decrease in loan qualifying power now.

Write and call your Congressman and tell them to help the Investors Loan problem, and you’ll see most real estate markets recover in 6-12 months.  If not, you’ll have 2 years or more years to absorb all the inventory of homes currently in Denver and the United States.  This ‘genius’ solution is simply all about “supply and demand” – and the ability of American capitalism to easily fix this gigantic housing problem!

What’s the #1 Home Selling Trick for Denver Real Estate in 2008?

One of the most shocking things for Denver real estate agents and homeowners to see as reported in Remodeling Magazine’s Costs vs Value Report of 2007, is the confirmation that nasty ugly bathrooms with mold and mildew wall tiles need to be remodeled before you sell or list your house. Bathroom remodels returned 82.2% of your investment (ROI) or the seller’s investment, yet realistically, according to most top Denver Realtors, bathroom remodels will help your home sell faster than any other remodel that you can do!

The reason bathroom remodels are so important is because many Denver homes have unattractive, dated and old colors for bathtub’s, bathtub/shower tile and toilets. What person wants to buy a house with tan, gold, yellow, almond, or white patterned old tile – or worse yet, old mildew/moldy grout and caulk with water damage along the tub or shower? Bathrooms are often ranked as the #1 “turn-off” for most potential home buyers – as old nasty bathrooms and bathtub areas gives the appearance that the home sellers probably didn’t keep up their house maintained very well either – right? Although wood deck additions returned 86.3% and basement remodels returned 83.8% of the remodeling cost, most home buyers don’t care and put as much emphasis on those! Bathrooms get used 5 to 10 times a day (or more!) and that’s where you and your kids shower and bathe in. Although minor kitchen remodels still remain #3 at an 83.1% ROI, bathroom remodels are 20 times harder to do yourself – and get forgotten about…and neglected to be remodeled the most.

Although most typical bathroom remodels cost approximately $10,000-$15,000, one national company called Re-Bath can actually put in a brand new acrylic bathtub or shower, acrylic wall systems that are mold and mildew proof, all new plumbing and a shiny new bathtub or shower door for less than $6,000 in most cases! The amazing thing is that Re-Bath can actually install and remodel your nasty bathroom in one day – yes one day. They have been doing this since 1979 with nearly 1.9 million bathroom remodels, and currently are doing over 300 bathrooms remodeled a month from their Denver/Salt Lake City owned franchise, according to David Adamson. Re-Bath puts in such high quality tub, shower, wall and plumbing products that they actually guarantee “everything” they do for as long as you own the home. That includes the installation and labor for a LifeTime Guarantee. Re-Bath does not put in tile and grout that can get moldy again after a few years, they only install 100% mildew and mold proof non-porous Durabath SSP acrylic material. In most cases, they can remodel your master bathroom and your main bathroom for less than $11,000 – less than half the price on 2 bathrooms than what the local yellow page and big plumbing companies charge! Plus, you can have a brand new bathroom in just one day!

Even more appealing is that Re-Bath offers 12 months “zero down” deferred financing – so you can remodel one or two ugly nasty bathrooms now and pay for them the day after your house sells and closes – so you never actually have to spend a dime out-of-pocket!!! Learn more about Re-Bath of Colorado here at their web site and design your own new bathroom. See the 9News video interview here too.

Whether you’re a homeowner or a Realtor, consider how much faster you can sell your home if your bathrooms DON’T look nasty like the other 10 homes for sale in your neighborhood – and think about the TRUE added value of doing a bathroom remodel. Since most home sellers have remodeled their kitchen already, maybe a new bathroom remodel or two bathrooms remodeled will be that “competitive edge” for you to get your home SOLD quickly and for top dollar! Don’t forget, potential homebuyers will ‘discount’ your list price $10,000-$15,000 if you have one or two nasty ugly bathrooms – and especially if you have a nasty master bathroom! It might be smarter to consider a bathroom remodeling investment to ‘lose’ $1,958 in un-recouped bathroom remodeling investments (82.2% ROI x $11,000) than to get many purchase offers with “low-ball” prices of $5,000 to $15,000 below your list price – right? If you qualify for the deferred financing – it costs you nothing to sell your home faster and for a much higher purchase price…something many home sellers should STRONGLY consider if you have one or two nasty old outdated bathrooms in today’s highly competitive Denver real estate market!