Gateway Land & Development

Category Archives: vail colorado short sales

Good morning and welcome to the last weekend in October!

Following are the stats provided on the Vail Valley MLS this morning…

NEW LISTING – Six new, 3 residential, 2 land, & 1 rental, pricing range from $2900-/mo to $999K.  Listings are in several areas, call for details.

PRICE REDUCTIONS – There are only two decreases from list price, one of $24,100- on a residential, & a price drop on a commercial building lease, call for details.

UNDER CONTRACT – Five properties have come UNDER CONTRACT with pricing ranging from $233,100 to $829K with one of those a partial ownership for $169K.

Finally, the SOLDS, Eleven new owners in the Valley. These SOLDS were purchased for $280K – $1.565M.  They are located in Avon, Edwards, Eagle, & Gypsum.

If you may be interested in any additional info, call me, 313 600 8330.

Thx  dean

Sounds far-fetched, I know, but then these social media sites are always evolving. It also seems to be a shocking case of this already happening to a homeowner in Australia!

A couple living in Australia defaulted on their loan and could not be located by physical address or email. So the lender’s attorneys got creative and located them on Facebook. They verified the couple’s identities by matching their names, birthdays, and the fact they’d connected with each other on the site. So the homeowners were sent a foreclosure notice via Facebook.

How embarrassing! Especially if it ever ended up in the public area of one’s Facebook page! Perhaps even more amazing is that the Australian courts actually upheld the lender’s right to send foreclosure notices through Facebook. The court pointed out the fact that the couple had not enabled privacy protections on their Facebook accounts and that they visited the site frequently enough to “reasonably receive notice as a result.”

Legal experts believe it is just a matter of time before lenders earn the right to serve foreclosure documents through social networks like Facebook. You might want to change those privacy settings on Facebook now to avoid issues of this or any other legal kind in the future on your Facebook page!

Greg Peterson

Bio Photo

This blog post was written by Managing Director of Housing Research, Danielle Hale, and Data Analyst, Hua Zhong.

You probably know that home listings go up most often on Thursdays and Fridays. Here is the data to back up your intuition:

  • As we start the New Year, this is a good time to take a look and recap the year behind us to see what insights 2014 holds for 2015. While December 2015 is still preliminary, we can get a good sense of the year by looking at the data we currently have for the past 12 months[1]. In our first posts, we looked at popular and least common closing dates. Here, we’ll take a look at listings.
  • Below, we see the most popular listing days of 2015. Note the strong preponderance of spring dates and obvious lack of weekends.
  • The biggest months for new listings are April, May, and June, followed by March and July. These months alone accounted for roughly half of all new listings in this analysis.
  • While not devoid of new listings, the weekends are obviously not popular days to list. Among weekdays, Fridays and Thursdays are the most common days for new listings to go up, with Mondays and Wednesdays trailing a bit and Tuesdays not too far behind. Tuesdays and weekends are the only days of the week absent in the top 25 days for listings.
  • While home closings exhibit a strong tendency to get done at the end of the month, listings are much steadier throughout the course of the month with a slight tendency to be posted earlier rather than later.
top listingnew listingslisting day

day of month


[1] This analysis considers data from January 1, 2015 to December 31, 2015.

Don’t miss out on this prime listing times!! Get your home listed with Greg Peterson early! Call me at 970-331-1333 to get your home listed. 

Founded in 1975, Canine Companions for Independence is a non-profit organization that enhances the lives of people with disabilities by providing highly trained assistance dogs and ongoing support to ensure quality partnerships. Headquartered in Santa Rosa, CA, Canine Companions is the largest non-profit provider of assistance dogs, and is recognized worldwide for the excellence of its dogs, and the quality and longevity of the matches it makes between dogs and people. The result is a life full of increased independence and loving companionship.

2015VailAboutUs

Grab a leash and be part of Canine Companions DogFest Walk ‘n Roll! It’s a community dog walk that supports the mission of Canine Companions for Independence. Put together a team of friends, family members and coworkers. Then fundraise to earn a cool DogFest prize. If you raise $100, you’ll get a DogFest bandana to sport at DogFest. Then come to DogFest for a tail-waggin’ good time!

2015Dogfest

If you are interested in being a part of DogFest in any way please email Greg Peterson at greg@gatewayland.com or visit his website.

 

 

The GoPro Mountain Games are the nation’s largest celebration of mountain sport, lifestyle and music featuring top professional and amateur athletes from around the world.  The environmentally-friendly adventure sporting event hosts approximately 3,500 outdoor athletes, along with an estimated 53,000 spectators.
2012_SMG_Mahone_BlackLab          concert

Athletes converge on Vail’s mountains and rivers to compete in 26 sports for over $110,000 in prize money.  Events include kayaking, rafting, stand up paddling, mountain biking, road cycling,World Cup Bouldering, amateur climbing, fly-fishing, trail running, the slackline world championships, mud runs, dog runs, and a half marathon.
bike    kayak

Additional events at the GoPro Mountain Games include: a film series, Outdoor Reels; aphotography competition, Mountain Click; an interactive expo area, Gear Town; DockDog canine competitions and free concerts at Mountains of Music.
2013-GP-Mariko-SUP

To register for events, or for more information, please visit www.gopromountaingames.com.

 For more information on living the mountain lifestyle, call Greg Peterson at 970-331-1333.

The more short sales I work on lately, the more I want to do. That is because the process is getting shorter and the wait time for approval is finally within a reasonable time frame. As a Buyer, it is a scary thought to go blindly into a real estate transaction not knowing how long it will take not to mention if the deal will get approved at all. The deal looks so enticing and one can only wonder if it is possible to swoop in and steal a home for little to nothing in a down economy.

I just did that.

Now I am educating my Buyers on the benefits of pursuing a short sale. Is it a risk? Of course it is. What is a bigger risk? Not making the best of low home prices, that's what. The thing to keep in mind is when purchasing distressed properties their are some guidlines you must follow.

1. The parties acknowledge and agree that the Subject Property is being sold in an "as is" condition.

2. The parties acknowledge and agree that the Subject Property must be sold through an Arms Length Transaction.

Etc.. Etc… Etc…. Enough to make your head spin. LOL. I live by a few of my own rules. Common Sense. For instance, I would not recommend that my Buyers make an offer on an older home unless they are willing to do the inspection up front. Their is nothing worse than waiting 3-4 months to get short sale approval only to find that inspection found major structural problems.

Not only do you walk away unhappy without a home. You just took yourself off the market, and somebody else snatched up the better home in your favorite neighborhood.

My point is with the right mindset and a proffesional Realtor in your pocket you have the upper hand with a solid foundation and an understanding of how the process works. I am currently under contract on a Short Sale representing my Buyers. Let me explain the pros and cons to you. I think that you will see that their are some risks worth taking in life. When you can buy a home below building cost it is hard to argue with that kind of logic.

Now let us all do a little snow dance! Let it snow, Let it snow Let it snow!!!

Have a wonderful Thanksgiving!

Filip Petrovski 

 

Good news for the renter as sales in the Vail Valley slow down. Eagle County residents saw the real estate market peak in 2007, and as a result, development and construction of new projects quickly slowed down. This factor was the beginning of a major loss of jobs in the real estate segment of the economy, and as of this year the Valley has lost 6,000 jobs. January through June of that year saw 879 transactions generating sales of $927 million. In January of this year transactions dropped to 407 and sales volume dropped to $401 million representing a 43% drop. On the other hand, sales for the first six months of this year are almost double the total in 2009, which was the low point. In addition to the loss of jobs and because of that fact, there have been a host of foreclosures in the Valley as well – 618 in 2010 and an equal number already this year.

The end result of this recession is that we have a Buyers' market like we have never seen in my 21 years in Vail. Just as there are short sale traders in the stock market, we have the same mentality in real estate. As prices drop we see more and more Buyers ready to step up and purchase the foreclosed and short sale homes. For anyone looking to rent or buy right now the opportunities are enormous.

FORECLOSURE is the legal process by which a mortgage or other lien holder, usually a lender, obtains a termination of a mortgagor’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that it can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner’s right of redemption for the other debts, such as for overdue taxes, unpaid contractors’ bills, or overdue homeowners’ association dues or assessments.

The foreclosure process, as applied to residential mortgage loans, is a bank or other secured creditor, selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower, called a “Mortgage” or “Deed of Trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay of its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause, and the sale does not bring enough to pay the existing balance of principle and fees, the mortgagee can file a claim for a deficiency judgement.

BANK OWNED or REAL ESTATE OWNED (REO) is a class of property owned by a lender, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossess the property it is listed on their books as REO and categorized as an asset (non-performing). The bank will then try to sell the home on the open market to recoup some of their losses.

SHORT SALE is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property as a moderate loss is better than pressing the borrower. Both parties consent to the short sale process because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economic solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal, Broker Price Option (BPO), or Broker Opinion of Value (BOV).

Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from mortgage failures that in part triggered the financial crisis of 2007-2010, they are now more willing to accept short sales than ever before. For “under water” borrowers who owe more on their mortgage than their property is worth and are having trouble selling, this presents an opportunity for them to avoid foreclosure as a result.

For a list of Short Sale Properties in the Vail Valley CLICK HERE

For a list of Bank Owned Properties in the Vail Valley CLICK HERE

This week has seen an incredible change in the the U.S. economy starting with the new GOP majority in the House of Representatives. There is no doubt that a lot of the Democratic spending bills will soon see new restraints by the House, thus reducing the possibility of more deficit spending, ?and that is good news for Wall Street. The Dow Jones Index soared more than 220 points yesterday(Nov. 4) based on positive expectations out of Washington and also because the Federal Reserve pumped $600 Billion into the financial markets.? Long term interest sank and again, that is good news for future mortgage rates and the impetus for more home buying incentives. In addtiion, other good economic news this week was that Retailers reported higher sales in October which many feel will indicate a stronger holiday selling season. All this is a leading indicator for the real estate market to base its resurgence on.

On the other hand, pending home sales saw a drop of 1.8 percent in the month of September. The National Association of Realtors said that its index, which started in 2001 with a base of 100, had dropped to 25 percent lower than its high of 107.8 in September of 2009.? A year ago, first time home buyers were rushing to take advantage of the ‘first time homebuyers’ tax credit. The Realtors economist, Lawrence Yun, felt that some of the weakness may reflect the moratorium on foreclosures that have been imposed on most sectors of the country. The inventory of distressed properties in the housing market is expected to grow because of foreclosure stoppages related to legal problems.

My prediction is that the foreclosure stoppages will slow down soon and the inventory of distressed and short sale properties will stimulate a surge in home closings in the coming year. We have not seen this type of market in Vail before, but now is the time to start a renewed search for bargains in this area as we have some of the best insights of any brokerage firm around to help you find the best deals. Call me, Judd Babcock, at 970-376-3230 for updates on bargain prices in our area.

Several announcements today were encouraging for the Real Estate community. First of all, average rates on 30 year fixed loans fell again this week to an all time low of 4.27%. This is reportedly the lowest rate since Freddie Mac began tracking rates in 1971. Secondly, September retail sales were up for the month which indicated that consumers are loosening their purse strings. Many economists suggest that this may indicate that the mood of the buying public is no longer in a bomb shelter. The National Retail Federation says they are expecting a 2.3% increase for Holiday spending this fall.
Most important to the Real Estate industry is the announcement by Bank of America that they will halt foreclosure sales in all 50 states due to flaws in their foreclosure documents. This action is based on the discovery of thousands of foreclosures had been signed and not read by company employees. PNC Financial Services Group in Pittsburgh has also announced that they will halt all foreclosure sales until they have time to research how the documents were signed and if they were done in a professional manner. As we see it here, this could take a large cloud off of the real estate doom and gloom we have experienced for the past two years.