Tuesday, August 31, 2010
Why You May Not Be Selling A Home Through Social Media. By Dan Polimino. Your Voice Blogs Denver YourHub.com http://ping.fm/FeWHE
Better off without the Tax Credit?
Yes, you might be better off buying now than when the tax credit was in effect. The reasons are very simple. A historic drop in interest rates and less competition if you are buying residential property under $400,000. If you were taking out your mortgage today, your interest rate would probably be around 4.5% for a thirty year fixed rate mortgage. Rates in April were right around 5.25%. You would be spending $135 less on your monthly payment, for an annual savings of $1,620 per year.
Home sales hit a wall with the expiration of the tax credit, reminiscent of how "Cash for Clunkers" sucked up a lot of future demand for car sales. One advantage of the current market situation is that lower interest rates and housing prices are available to everyone purchasing residential real estate, whether homeowners or investors. I have noticed an increase in savvy investors buying real estate to "fix and hold". They are saying the drop in demand after April has enabled them to get lower offers accepted.
Do I wish a tax credit would come back for everyone, not just first time homebuyers? Of course I do. Do I think it will with our record deficits? Not likely. If you purchased back in April, congratulations. You are making yourself rich instead of a landlord. Hopefully you went with a zero or low cost loan. If so it might make sense to refinance now, saving a lot of money. As always, have your mortgage professional do the numbers.
Remember that unless you are Warren Buffet, you can not time the market. I have missed a lot of great deals because I thought prices were going to go a little lower. Feel free to call or email with any questions.
Next Week: Update on FHA negative equity refinance program
Best
Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
Home sales hit a wall with the expiration of the tax credit, reminiscent of how "Cash for Clunkers" sucked up a lot of future demand for car sales. One advantage of the current market situation is that lower interest rates and housing prices are available to everyone purchasing residential real estate, whether homeowners or investors. I have noticed an increase in savvy investors buying real estate to "fix and hold". They are saying the drop in demand after April has enabled them to get lower offers accepted.
Do I wish a tax credit would come back for everyone, not just first time homebuyers? Of course I do. Do I think it will with our record deficits? Not likely. If you purchased back in April, congratulations. You are making yourself rich instead of a landlord. Hopefully you went with a zero or low cost loan. If so it might make sense to refinance now, saving a lot of money. As always, have your mortgage professional do the numbers.
Remember that unless you are Warren Buffet, you can not time the market. I have missed a lot of great deals because I thought prices were going to go a little lower. Feel free to call or email with any questions.
Next Week: Update on FHA negative equity refinance program
Best
Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
Monday, August 30, 2010
Why You May Not Be Selling A Home Thr...
Why You May Not Be Selling A Home Through Social Media? Check out at http://ow.ly/2wJCb
Why You May Not Be Selling A Home Thr...
Why You May Not Be Selling A Home Through Social Media? Check out at http://ow.ly/2wJCb
Why You May Not Be Selling A Home Thr...
Why You May Not Be Selling A Home Through Social Media? Check out at http://ow.ly/2wJCb
Why You May Not Be Selling A Home Through Social Media. By Dan Polimino.
As you know, a lot of Realtors these days are utilizing social networking to get the message out about a home that they are trying to sell on behalf of their client. Consumers are posting their homes on Craig's list and Zillow in hopes of attracting a buyer. They post the home information week after week on their profiles, but they never seem to get a lead and or inquiry. Shortly thereafter, they abandon the process and tell everyone that social networking didn't work for them and you know what, they're right.
The reason they are right is because they are doing it wrong. They have missed the point of the entire platform and how it works. According to Webster's dictionary, the term "social" means, "of or relating to human society, the interaction of the individual and the group, or the welfare of human beings as members of society." The key term in that whole thing is interaction. You cannot just post material day after day on social networking sites and never interact with other people. You need to comment on their posts, their home listings, their pictures, their comments, and their games. When you do that, you start a dialogue. The dialogue turns into a conversation and the conversation may turn into a friendship. Once you make friends then you can do deal! I'll say that again in case you missed it. You need to make friends first and then that gives you the opportunity to do deals like sell a home. If you follow that rule about making friends first, then you'll finally see results from social networking. This rule applies to any business and not just real estate.
I was recently consulting a non-profit group on internet and social marketing. They thought that they could spend $1500 a month on internet marketing and see a direct P&L result of say $3000 a month. Social networking doesn't work that way. It's not a cash machine where the standard profit and loss balance sheet applies. Here is what I told the nonprofit on what they could expect if they embark on an internet social media campaign:
"The most likely scenario to see a return on your investment will be in the form of relationships. You will broadcast a message and make yourself known to thousands of people every day (which is 100 times more than what you are doing now with a passive website). Out of that, conversations will happen, relationships are made, databases are formed, and followers ensue. Over time, those relationships will become stronger and leads to visits to the Ranch and that will lead to someone stepping up making a one-time gift donation of say $10,000. Then a second person will step up with a one-time gift and so on and so on."
That's the way social networking makes things happen. So stop posting information about homes; start conversations or provide value added information that start conversations. Make a friend and do a deal.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
The reason they are right is because they are doing it wrong. They have missed the point of the entire platform and how it works. According to Webster's dictionary, the term "social" means, "of or relating to human society, the interaction of the individual and the group, or the welfare of human beings as members of society." The key term in that whole thing is interaction. You cannot just post material day after day on social networking sites and never interact with other people. You need to comment on their posts, their home listings, their pictures, their comments, and their games. When you do that, you start a dialogue. The dialogue turns into a conversation and the conversation may turn into a friendship. Once you make friends then you can do deal! I'll say that again in case you missed it. You need to make friends first and then that gives you the opportunity to do deals like sell a home. If you follow that rule about making friends first, then you'll finally see results from social networking. This rule applies to any business and not just real estate.
I was recently consulting a non-profit group on internet and social marketing. They thought that they could spend $1500 a month on internet marketing and see a direct P&L result of say $3000 a month. Social networking doesn't work that way. It's not a cash machine where the standard profit and loss balance sheet applies. Here is what I told the nonprofit on what they could expect if they embark on an internet social media campaign:
"The most likely scenario to see a return on your investment will be in the form of relationships. You will broadcast a message and make yourself known to thousands of people every day (which is 100 times more than what you are doing now with a passive website). Out of that, conversations will happen, relationships are made, databases are formed, and followers ensue. Over time, those relationships will become stronger and leads to visits to the Ranch and that will lead to someone stepping up making a one-time gift donation of say $10,000. Then a second person will step up with a one-time gift and so on and so on."
That's the way social networking makes things happen. So stop posting information about homes; start conversations or provide value added information that start conversations. Make a friend and do a deal.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Friday, August 20, 2010
Top Of The Hill In Heritage Estates, Colorado
http://coloradodreamhouse.com/featured/property.php?id=7 As with the rest of the home, even the lot of this 9,729 square feet, 4-bedroom, 7 bath home enjoys thoughtful design that flows effortlessly from one beautiful and useful space to another. On the way to the front door, one feels welcomed by lush landscaping and a perfect laughing waterfall splashing gently as it cascades to a quiet brook. The property abuts to Bluffs Regional Park, designated open space. The views, privacy, and access to open space will always remain unspoiled. Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a private showing. Offered at $2,795,000.
Thursday, August 19, 2010
Watch "Top Of The Hill In Heritage Es...
Watch "Top Of The Hill In Heritage Estates, Colorado" at http://ow.ly/2rZfQ
Watch "Top Of The Hill In Heritage Es...
Watch "Top Of The Hill In Heritage Estates, Colorado" at http://ow.ly/2rZfQ
Watch "Top Of The Hill In Heritage Es...
Watch "Top Of The Hill In Heritage Estates, Colorado" at http://ow.ly/2rZfQ
Top Of The Hill In Heritage Estates, Colorado Your Voice Blogs Denver YourHub.com http://ping.fm/TG28l
Top Of The Hill In Heritage Estates, Colorado
http://ping.fm/ajPAK As with the rest of the home, even the lot of this 9,729 square feet, 4-bedroom, 7 bath home enjoys thoughtful design that flows effortlessly from one beautiful and useful space to another. On the way to the front door, one feels welcomed by lush landscaping and a perfect laughing waterfall splashing gently as it cascades to a quiet brook. The property abuts to Bluffs Regional Park, designated open space. The views, privacy, and access to open space will always remain unspoiled. Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a private showing. Offered at $2,795,000.
Wednesday, August 18, 2010
Watch Denver Real Estate Market Updat...
Watch Denver Real Estate Market Update "The Second Selling Season Is Coming In Colorado" at http://ow.ly/2rpBE
Watch Denver Real Estate Market Updat...
Watch Denver Real Estate Market Update "The Second Selling Season Is Coming In Colorado" at http://ow.ly/2rpBE
Watch Denver Real Estate Market Updat...
Watch Denver Real Estate Market Update “The Second Selling Season Is Coming In Colorado†at http://ow.ly/2rpBE
The Second Selling Season Is Coming In Colorado
http://www.coloradodreamhouse.com/index.php/news/ The next four weeks are going to be slow in Colorado Real Estate as kids get ready to go back to school and parents try to get back into their normal routines. The good news is the second selling season from September 15th through November 15th is right around corner. That's the second best time to sell a home in Colorado. What does the next four weeks mean for buyers and sellers? To find out watch this week's market update with Fuller Sotheby's International Realty agent Dan Polimino.
The Second Selling Season Is Coming In Colorado > Your Voice > Blogs > Denver > YourHub.com http://ping.fm/LASBI
The Second Selling Season Is Coming In Colorado
http://ping.fm/IzEAR The next four weeks are going to be slow in Colorado Real Estate as kids get ready to go back to school and parents try to get back into their normal routines. The good news is the second selling season from September 15th through November 15th is right around corner. That's the second best time to sell a home in Colorado. What does the next four weeks mean for buyers and sellers? To find out watch this week's market update with Fuller Sotheby's International Realty agent Dan Polimino.
Tuesday, August 17, 2010
Read "FHA Mortgage Insurance Changes"...
Read "FHA Mortgage Insurance Changes" at http://ow.ly/2qMUW
Read "FHA Mortgage Insurance Changes"...
Read "FHA Mortgage Insurance Changes" at http://ow.ly/2qMUW
Read "FHA Mortgage Insurance Changes"...
Read "FHA Mortgage Insurance Changes" at http://ow.ly/2qMUW
FHA Mortgage Insurance Changes
Effective October 4th, 2010, FHA will lower the upfront mortgage insurance premium (MIP) and raise the annual mortgage premium. Upfront MIP will decrease from 2.25% of the loan amount to 1 percent. The annual mortgage insurance premium, paid monthly on FHA loans over 15 years, will change from 55 basis points to 85 or 90 basis points. The reason for the change is to prop up the FHA Mutual Mortgage Insurance Fund which is "running on fumes" and needs to be gassed up.
Under the current rules a $200,000 loan has a $4,500 upfront MIP and a monthly premium of $91.67. Currently the monthly MIP is computed by taking the loan balance of $200,000 multiplying by 0.0055 and dividing by 12. The good news under the new rules is that the upfront MIP will decrease by $2,500, however the monthly MIP will increase by $60 or $70; an annual increase of $720-$840 per year. It is not known at this point if borrower's who wish to refinance an existing FHA mortgage will receive a credit towards the upfront MIP on a new mortgage.
Is it better to wait or go forward now? As always, have your mortgage consultant do the math to see what best suits you. The logic of reducing upfront fees and increasing monthly fees, when there is a pressing need to increase a reserve fund, escapes me. It must be because I did not go to Harvard and have spent most of my life in the private sector.
Feel free to call or email with any questions or comments.
Next Week: New FHA program for borrowers with negative equity.
Best, Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
Under the current rules a $200,000 loan has a $4,500 upfront MIP and a monthly premium of $91.67. Currently the monthly MIP is computed by taking the loan balance of $200,000 multiplying by 0.0055 and dividing by 12. The good news under the new rules is that the upfront MIP will decrease by $2,500, however the monthly MIP will increase by $60 or $70; an annual increase of $720-$840 per year. It is not known at this point if borrower's who wish to refinance an existing FHA mortgage will receive a credit towards the upfront MIP on a new mortgage.
Is it better to wait or go forward now? As always, have your mortgage consultant do the math to see what best suits you. The logic of reducing upfront fees and increasing monthly fees, when there is a pressing need to increase a reserve fund, escapes me. It must be because I did not go to Harvard and have spent most of my life in the private sector.
Feel free to call or email with any questions or comments.
Next Week: New FHA program for borrowers with negative equity.
Best, Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
Monday, August 16, 2010
Check out my new real estate blog ent...
Check out my new real estate blog entry titled "Unique Properties" at http://ow.ly/2qdC3
Check out my new real estate blog ent...
Check out my new real estate blog entry titled "Unique Properties" at http://ow.ly/2qdC3
Check out my new real estate blog ent...
Check out my new real estate blog entry titled "Unique Properties" at http://ow.ly/2qdC3
Unique Properties. By Dan Polimino.
There is no question that the luxury housing market has been hit hard by the recession. People in this price range lost plenty of money in the market, investments, and may have lost their jobs and or their retirement plans. As such, some people had their ability to buy high-end homes and had disposal income taken away. Today, those people who still have the ability to buy luxury homes are looking, but I notice a trend that they are really looking at unique homes.
That makes sense. Let's face it: there is a smaller pool of buyers in the luxury market place than ever before and as such, if they are going to spend their money, chances are they are going to spend it one of two ways: 1) on a property that is a real deal, or 2) on a unique property.
Finding a property that is a real deal is not too hard to do these days so let's tackle the latter and talk about unique properties. As of late, I have seen more and more activity on properties that are really one-of-a-kind. For example, finding a home on the water in Colorado is no easy task. There is a luxury home in Larkspur, Colorado that has its own 25-acre water skiing lake. It's stocked with trout; the home is 6500 sq. ft. of luxury on 35 acres with a barn, greenhouse, and outbuilding. It has a 17,000-gallon koi pond, a boat launch, and 2000 ft of sandy beach. Now that's a unique property and as such, people are looking at it.
Land is a tough sale these days, but if it's unique with a spectacular location, it will get some showings. For example, there is a 154-acre parcel for sale in Colorado Golf Club. The reason why this is unique is it's the largest parcel of land available in the prestigious Golf Club and it's the only one of this size. It has magnificent views of the front range from every angle, views of Betts Lake, and the golf course. It's set up to be the perfect equestrian site and truly qualifies as a unique property for someone to build their dream ranch.
In Sedalia, Colorado there is a home that's 12,000 sq. ft. on 10 acres, but what makes it unique? For starters, it backs to 400 acres of open space. That qualifies as never having someone in your backyard. It also has a large unfinished space with 20-foot ceilings that would make the perfect indoor basketball court, squash/handball court, or a real stadium-style theater.
Recently, the Wolfe Team at Fuller Sotheby's International Realty had the Phipps Mansion for sale and that went under contract right away. Obviously, that historic landmark more than qualifies as a unique property, but emphasizes that even in this market there are buyers for luxury properties particularly if they are unique.
There are lots of stories around Colorado about unique properties. Feel free to drop me a note about yours and I might just write about it.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Click here to Get started searching for YOUR Colorado Dream Home.
That makes sense. Let's face it: there is a smaller pool of buyers in the luxury market place than ever before and as such, if they are going to spend their money, chances are they are going to spend it one of two ways: 1) on a property that is a real deal, or 2) on a unique property.
Finding a property that is a real deal is not too hard to do these days so let's tackle the latter and talk about unique properties. As of late, I have seen more and more activity on properties that are really one-of-a-kind. For example, finding a home on the water in Colorado is no easy task. There is a luxury home in Larkspur, Colorado that has its own 25-acre water skiing lake. It's stocked with trout; the home is 6500 sq. ft. of luxury on 35 acres with a barn, greenhouse, and outbuilding. It has a 17,000-gallon koi pond, a boat launch, and 2000 ft of sandy beach. Now that's a unique property and as such, people are looking at it.
Land is a tough sale these days, but if it's unique with a spectacular location, it will get some showings. For example, there is a 154-acre parcel for sale in Colorado Golf Club. The reason why this is unique is it's the largest parcel of land available in the prestigious Golf Club and it's the only one of this size. It has magnificent views of the front range from every angle, views of Betts Lake, and the golf course. It's set up to be the perfect equestrian site and truly qualifies as a unique property for someone to build their dream ranch.
In Sedalia, Colorado there is a home that's 12,000 sq. ft. on 10 acres, but what makes it unique? For starters, it backs to 400 acres of open space. That qualifies as never having someone in your backyard. It also has a large unfinished space with 20-foot ceilings that would make the perfect indoor basketball court, squash/handball court, or a real stadium-style theater.
Recently, the Wolfe Team at Fuller Sotheby's International Realty had the Phipps Mansion for sale and that went under contract right away. Obviously, that historic landmark more than qualifies as a unique property, but emphasizes that even in this market there are buyers for luxury properties particularly if they are unique.
There are lots of stories around Colorado about unique properties. Feel free to drop me a note about yours and I might just write about it.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Click here to Get started searching for YOUR Colorado Dream Home.
Thursday, August 12, 2010
Attractive Tuscan Style Mountain Home at Golden, Colorado Your Voice Blogs Denver YourHub.com http://ping.fm/99Ebz
Attractive Tuscan Style Mountain Home at Golden, Colorado
http://ping.fm/5Gepk This striking Tuscan-style four-bedroom, six bathroom, 7270 square foot mountain home enjoys breathtaking views in the Genesee park area. Perfectly echoing the surroundings, just the right touch of natural stonework and wood accent both the exterior and interior of this home. You will be more than impressed by the professionally decorated finishes throughout; the Sellers have spared no expense to make this a true show home.
Two enclosed, heated patios, one with a stainless steel gas grill, mini refrigerator and keg cooler, greatly increase living space allowing you to bring the great Colorado outdoors, in.
Two enclosed, heated patios, one with a stainless steel gas grill, mini refrigerator and keg cooler, greatly increase living space allowing you to bring the great Colorado outdoors, in.
Attractive Tuscan Style Mountain Home at Golden, Colorado
http://coloradodreamhouse.com/featured/property.php?id=9 This striking Tuscan-style four-bedroom, six bathroom, 7270 square foot mountain home enjoys breathtaking views in the Genesee park area. Perfectly echoing the surroundings, just the right touch of natural stonework and wood accent both the exterior and interior of this home. You will be more than impressed by the professionally decorated finishes throughout; the Sellers have spared no expense to make this a true show home.
Two enclosed, heated patios, one with a stainless steel gas grill, mini refrigerator and keg cooler, greatly increase living space allowing you to bring the great Colorado outdoors, in.
Wednesday, August 11, 2010
Check this week's real estate market ...
Check this week's real estate market update titled "It's All About Perception" at http://ow.ly/2obGF
Check this week's real estate market ...
Check this week's real estate market update titled "It's All About Perception" at http://ow.ly/2obGF
Check this week's real estate market ...
Check this week's real estate market update titled "It's All About Perception" at http://ow.ly/2obGF
It's All About Perception - Denver Real Estate Market Update
http://www.coloradodreamhouse.com/index.php/news/ More and more real estate transactions are falling apart these days over inspection items. Just 5 years ago very few deals fell apart over inspections items. What happened? Did all of the homes in the US fall into disrepair in five years? I think not. The difference between 2005 and 2010 is "perception." To find out more watch this week's market update with Fuller Sotheby's International Realty Agent Dan Polimino.
It's All About Perception
http://ping.fm/vUjUH More and more real estate transactions are falling apart these days over inspection items. Just 5 years ago very few deals fell apart over inspections items. What happened? Did all of the homes in the US fall into disrepair in five years? I think not. The difference between 2005 and 2010 is "perception." To find out more watch this week's market update with Fuller Sotheby's International Realty Agent Dan Polimino.
Tuesday, August 10, 2010
Help Your Lender Help You
The most dreaded part of applying for a mortgage is all the paperwork. Mortgage documentation requirements are more stringent than ever and every "T" must be crossed and every "I" dotted. Fortunately, at this point, there is no truth to the rumor that you and your pet's blood type are required to get a home mortgage. Low doc and no doc loans no longer exist. If you can not prove your income, assets, etc you will not get a loan.
A competent mortgage originator will look at your individual situation and see if he can minimize the pain. An example would be a salaried borrower with one job. In this case, W-2's would probably be sufficient and the borrower would not need to furnish tax returns. Make sure the information is legible and complete. When a bank statement is requested, it means the complete bank statement and not just the front page.
Your mortgage originator does not need a history lesson on how things were done when you applied for a loan five years ago. While your friends mean well, if they have never been in the mortgage industry, they are confusing you and wasting everyone's time. I had a client who had some unusual, and unworkable, ideas about a purchase mortgage. I tactfully asked where these ideas were coming from. She said she had a friend who was in the oil industry - they worked at a gas station - but "spent a lot of time on the web"!
If you will be out of town, let the loan officer know as soon as possible. The mortgage industry has not embraced electronic signatures. While you may be able to have documents faxed or emailed to you when you are gone, the printing costs may be frightening. With loan packages running over 30 pages, and hotels charging $2.00/page to receive or send a fax, do you really want to spend $120 because you did not plan?
Help your lender help you. Your lender should be committed to providing the best service possible to make the process as fast and painless as possible. Remember that mortgage originators hate to bother clients but need the information to close the loan. The sooner you provide the information, the sooner you can close. And look forward to something pleasant, like a root canal.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
A competent mortgage originator will look at your individual situation and see if he can minimize the pain. An example would be a salaried borrower with one job. In this case, W-2's would probably be sufficient and the borrower would not need to furnish tax returns. Make sure the information is legible and complete. When a bank statement is requested, it means the complete bank statement and not just the front page.
Your mortgage originator does not need a history lesson on how things were done when you applied for a loan five years ago. While your friends mean well, if they have never been in the mortgage industry, they are confusing you and wasting everyone's time. I had a client who had some unusual, and unworkable, ideas about a purchase mortgage. I tactfully asked where these ideas were coming from. She said she had a friend who was in the oil industry - they worked at a gas station - but "spent a lot of time on the web"!
If you will be out of town, let the loan officer know as soon as possible. The mortgage industry has not embraced electronic signatures. While you may be able to have documents faxed or emailed to you when you are gone, the printing costs may be frightening. With loan packages running over 30 pages, and hotels charging $2.00/page to receive or send a fax, do you really want to spend $120 because you did not plan?
Help your lender help you. Your lender should be committed to providing the best service possible to make the process as fast and painless as possible. Remember that mortgage originators hate to bother clients but need the information to close the loan. The sooner you provide the information, the sooner you can close. And look forward to something pleasant, like a root canal.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
Monday, August 9, 2010
Check my latest real estate blog titl...
Check my latest real estate blog titled "It's Spreading To The Agents" at http://ow.ly/2mZge
Check my latest real estate blog titl...
Check my latest real estate blog titled "It's Spreading To The Agents" at http://ow.ly/2mZge
Check my latest real estate blog titl...
Check my latest real estate blog titled "It's Spreading To The Agents" at http://ow.ly/2mZge
It's Spreading To The Agents. By Dan Polimino. Your Voice Blogs Denver YourHub.com http://ping.fm/hxfso
It's Spreading To The Agents. By Dan Polimino.
I have often talked about the battle between buyers and sellers in today's real estate market and I don't want to badger the point any further, but I think that the problem has now spread to the realtors. I think today's realtor gets up every morning and puts on their proverbial fatigues and helmet then heads out the door to what to do what he or she perceives to be "going to war."
Today's realtors are stressed out more than ever. The pressure to sell homes, sell them quickly, and sell them in a "not so hot market" has never been greater. Talking with agent after agent each day, I have concluded that they are getting sucked in the toxic dance that has been happening with buyers and sellers. I have a short story that illustrates this point well.
I called an agent inquiring about putting an offer in on behalf of my buyers on his listing. On the phone he was charming, helpful, eager, and it sounded like it would be pleasant to do a transaction with him. We put the home under contract with his sellers and my buyers and the agent went from Dr. Jekyll to Mr. Hyde. During the subsequent weeks while we were going through inspection, appraisal, and amendments he was defensive, uncooperative, and combative to say the least. I got to thinking why? Why are more and more agents finding it so hard to get along? Don't get me wrong, it's ok for an agent to be a hard negotiating advocate for his or her clients, but this isn't war. The only explanation I could come up with is, "it comes from the top down." We clearly have a trickledown effect from the sellers to agents, buyers to agents, and brokerage firms to agents. The mood of the country is essentially setting the mood of all parties involved.
Back to the story: We ended up closing deal and the buyers got the home they wanted, but it wasn't remotely smooth. It caused a lot of unnecessary trouble and stress for my buyers and all because the listing agent had a mindset of "who wins, who loses, and who gets their way." It could have all been avoided.
What's the moral to the story? It's three-fold: 1) The economy has put a lot of people in a bad mood, but as agents, buyers, and sellers we need to find a way to rise above that. 2) Buyers and sellers need to understand that in most cases agents want to do a great job for them. Beating them up (figuratively) is not going to help. 3) The story above just underscores how valuable a truly good agent can be. It can make all the difference between a smooth and pleasant transaction and one that is a Nightmare on Elm Street.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and http://ping.fm/yaLS8
Click here to Get started searching for YOUR Colorado Dream Home.
Today's realtors are stressed out more than ever. The pressure to sell homes, sell them quickly, and sell them in a "not so hot market" has never been greater. Talking with agent after agent each day, I have concluded that they are getting sucked in the toxic dance that has been happening with buyers and sellers. I have a short story that illustrates this point well.
I called an agent inquiring about putting an offer in on behalf of my buyers on his listing. On the phone he was charming, helpful, eager, and it sounded like it would be pleasant to do a transaction with him. We put the home under contract with his sellers and my buyers and the agent went from Dr. Jekyll to Mr. Hyde. During the subsequent weeks while we were going through inspection, appraisal, and amendments he was defensive, uncooperative, and combative to say the least. I got to thinking why? Why are more and more agents finding it so hard to get along? Don't get me wrong, it's ok for an agent to be a hard negotiating advocate for his or her clients, but this isn't war. The only explanation I could come up with is, "it comes from the top down." We clearly have a trickledown effect from the sellers to agents, buyers to agents, and brokerage firms to agents. The mood of the country is essentially setting the mood of all parties involved.
Back to the story: We ended up closing deal and the buyers got the home they wanted, but it wasn't remotely smooth. It caused a lot of unnecessary trouble and stress for my buyers and all because the listing agent had a mindset of "who wins, who loses, and who gets their way." It could have all been avoided.
What's the moral to the story? It's three-fold: 1) The economy has put a lot of people in a bad mood, but as agents, buyers, and sellers we need to find a way to rise above that. 2) Buyers and sellers need to understand that in most cases agents want to do a great job for them. Beating them up (figuratively) is not going to help. 3) The story above just underscores how valuable a truly good agent can be. It can make all the difference between a smooth and pleasant transaction and one that is a Nightmare on Elm Street.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and http://ping.fm/yaLS8
Click here to Get started searching for YOUR Colorado Dream Home.
Thursday, August 5, 2010
Watch "Don?t let your credit score or...
Watch "Don’t let your credit score or down payment stop you from buying a home" at http://ow.ly/2lrMg
Watch "Don?t let your credit score or...
Watch "Don’t let your credit score or down payment stop you from buying a home" at http://ow.ly/2lrMg
Watch "Don?t let your credit score or...
Watch "Don’t let your credit score or down payment stop you from buying a home" at http://ow.ly/2lrMg
Watch "Don?t let your credit score or...
Watch "Don’t let your credit score or down payment stop you from buying a home" at http://ow.ly/2lrMg
Don't let your credit score or down payment stop home buying
http://www.coloradodreamhouse.com/index.php/news/ Two things stop more people buying from purchasing a home more than anything else...down payment and credit score. In this week's market update Dan Polimino tells us that there is help for people who need down payment assistance and how anyone can easily clean up their credit. To find how you can get money to buy a home or how to clean up your credit watch this week's market update with Fuller Sotheby's International Realty agent Dan Polimino.
Don't let your credit score or down payment stop you from buying a home Your Voice Blogs Denver YourHub.com http://ping.fm/WO64o
Don't let your credit score or down payment stop you from buying a home
http://ping.fm/lO21U Two things stop more people buying from purchasing a home more than anything else...down payment and credit score. In this week's market update Dan Polimino tells us that there is help for people who need down payment assistance and how anyone can easily clean up their credit. To find how you can get money to buy a home or how to clean up your credit watch this week's market update with Fuller Sotheby's International Realty agent Dan Polimino.
Wednesday, August 4, 2010
Colorado Natural Dream Home - Built Green Home of the Year
Perched atop three perfect acres chosen for solar access, favorable wind currents and views this 10,071 square feet, 5 bedroom, 8 bathroom, family lodge enjoys Mountain Living magazine's "Natural Dream Home" status.
Nothing in state-of-the-art materials, construction practices or living amenities has been spared. From the moment you turn the corner onto
Click here http://coloradodreamhouse.com/featured/property.php?id=15 for details on this property.
Colorado Natural Dream Home
This home is rich with custom touches and fine detail, the perfect showcase to prove that luxury and environmental stewardship can walk hand in hand for generations to come.
Perched atop three perfect acres chosen for solar access, favorable wind currents and views this 10,071 square feet, 5 bedroom, 8 bathroom, family lodge enjoys Mountain Living magazine's "Natural Dream Home" status.
Nothing in state-of-the-art materials, construction practices or living amenities has been spared. From the moment you turn the corner onto Longbow Place and see this home towering above the 8th fairway you are impressed. Every building material and finish was selected with one thing in mind-responsible luxury.
Click here http://ping.fm/Kmplp for details on this property.
Perched atop three perfect acres chosen for solar access, favorable wind currents and views this 10,071 square feet, 5 bedroom, 8 bathroom, family lodge enjoys Mountain Living magazine's "Natural Dream Home" status.
Nothing in state-of-the-art materials, construction practices or living amenities has been spared. From the moment you turn the corner onto Longbow Place and see this home towering above the 8th fairway you are impressed. Every building material and finish was selected with one thing in mind-responsible luxury.
Click here http://ping.fm/Kmplp for details on this property.
Tuesday, August 3, 2010
Credit Still Tightening
Elizabeth Duke, a governor on the Federal Reserve board, reported last month that credit for both consumers and businesses continues to tighten. Banks tighten credit by raising credit score requirements, reducing credit limits, and/or increasing requirements for "skin in the game". "Skin in the game" refers to a larger down payment for a mortgage or car loan, or increased collateral for commercial loans. For a variety of reasons both strong and weak banks are cutting back on lending. An uncertain economic outlook as well as concerns about government intervention are commonly cited.
What can you do?
The importance of a good credit score can not be overstated. The higher your credit score, the better your chances of getting any type of loan, as well as a lower interest rate. Check your credit score to see if any erroneous reports are pulling your score down. Be sure to pay your bills on time and keep revolving credit balances as low as possible. Being too close to your credit limit will have a negative impact on your credit score.
Consumers are reporting more flexibility and better results by using credit unions for credit cards. A mortgage banker with several different investors has more options for a mortgage than a bank. If a bank or credit union turns you down for a car loan see if the auto dealer can help. Like a mortgage banker they often have multiple sources for financing.
Check the financial rating of a financial institution at www.bankrate.com. If a bank has a five star rating they are in a better position to lend than a bank with a one star rating.
Always interested in your comments or questions.
Good luck,
Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
What can you do?
The importance of a good credit score can not be overstated. The higher your credit score, the better your chances of getting any type of loan, as well as a lower interest rate. Check your credit score to see if any erroneous reports are pulling your score down. Be sure to pay your bills on time and keep revolving credit balances as low as possible. Being too close to your credit limit will have a negative impact on your credit score.
Consumers are reporting more flexibility and better results by using credit unions for credit cards. A mortgage banker with several different investors has more options for a mortgage than a bank. If a bank or credit union turns you down for a car loan see if the auto dealer can help. Like a mortgage banker they often have multiple sources for financing.
Check the financial rating of a financial institution at www.bankrate.com. If a bank has a five star rating they are in a better position to lend than a bank with a one star rating.
Always interested in your comments or questions.
Good luck,
Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Monday, August 2, 2010
Check out my latest real estate blog ...
Check out my latest real estate blog titled "Can We Keep It Going?" at http://ow.ly/2jLzY
Check out my latest real estate blog ...
Check out my latest real estate blog titled "Can We Keep It Going?" at http://ow.ly/2jLzY
Check out my latest real estate blog ...
Check out my latest real estate blog titled "Can We Keep It Going?" at http://ow.ly/2jLzY
Can We Keep It Going? By Dan Polimino.
No doubt about it, it's been a good summer. It can't even come close to comparing to last summer when I wondered if we would ever sell a home again. The first signs of good things came from my assistant Linda at Fuller Sotheby's in March. Linda handles administrative services for several brokers in our office and one day back in March, she looked particularly busy. I asked her how her day was going and she replied that the office is in mid-summer form. I asked her what she meant. She said she's normally only this busy with homes under contract in mid-summer, but here it was mid-March and she had more transactions than she could handle. I knew then that we were in store for a good summer and now, looking back, we were right.
What changed? Well it's certainly hasn't been because there are more jobs, but I can point to a few things that helped:
1) The tax credit finishing up at the end of April brought in a frenzy of business at the 11th hour. It was crazy for a few weeks at the end of the April. Since Uncle Sam was not extending the credit, more people realized the urgency to buy now.
2) While unemployment is not reversing itself for the moment, I do think it has stabilized, marked by a few good months of positive job growth. This instilled some confidence in people to start spending money again. Jobs are the one area that can turn the entire economy around and prevent a double dip recession. Many large corporations are flushed with cash so the question now is, will they hire employees and expand or will they pay it out to shareholders?
3) Pent up demand! It's a term we have used a lot over the last 18 months, talking about the need and demand by people to buy new homes. I have said all along in this column that as realtors, we could feel the pent up demand to buy homes; we just did not know when it would shake loose. It started this summer.
4) Finally, while new construction is not booming around the country it is doing ok here in Colorado. I know many builders that have started new projects, created new price points, new marketing strategies, and new alliances and as a result are doing pretty well. It's far off from where we used to be but its start.
The only question that remains is, "Can we keep it going?" I hear the analysts talking every day about the chances of a double dip recession. I don't have a crystal ball to know one way or another if that will happen. I do know this market is fragile to say the least and we can all hope for the best.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Click here to Get started searching for YOUR Colorado Dream Home.
What changed? Well it's certainly hasn't been because there are more jobs, but I can point to a few things that helped:
1) The tax credit finishing up at the end of April brought in a frenzy of business at the 11th hour. It was crazy for a few weeks at the end of the April. Since Uncle Sam was not extending the credit, more people realized the urgency to buy now.
2) While unemployment is not reversing itself for the moment, I do think it has stabilized, marked by a few good months of positive job growth. This instilled some confidence in people to start spending money again. Jobs are the one area that can turn the entire economy around and prevent a double dip recession. Many large corporations are flushed with cash so the question now is, will they hire employees and expand or will they pay it out to shareholders?
3) Pent up demand! It's a term we have used a lot over the last 18 months, talking about the need and demand by people to buy new homes. I have said all along in this column that as realtors, we could feel the pent up demand to buy homes; we just did not know when it would shake loose. It started this summer.
4) Finally, while new construction is not booming around the country it is doing ok here in Colorado. I know many builders that have started new projects, created new price points, new marketing strategies, and new alliances and as a result are doing pretty well. It's far off from where we used to be but its start.
The only question that remains is, "Can we keep it going?" I hear the analysts talking every day about the chances of a double dip recession. I don't have a crystal ball to know one way or another if that will happen. I do know this market is fragile to say the least and we can all hope for the best.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Click here to Get started searching for YOUR Colorado Dream Home.
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