www.coloproperty.com
www.coldwellbanker.com
Both of these sites will allow you to see all the active listings.
Again, if you want any listings emailed to you or any short sales/foreclosures, just let me know.
I would love to help!
Ben Blonder
Coldwell Banker
Cell 970 420 6166
Tuesday, December 9, 2008
Thursday, December 4, 2008
A cool commercial
My partner's son created this commercial for us...and we sent it out to all the Realtors in town. You see, a lot of real estate agents do not know about short sales or do not like to work them because of all the extra work entailed. So we sent out this commercial to see if any of them have deals they are sick of working or if they knew anyone that needed help.
By the way, if you want a professional looking commercial like the one below, my partner's son created this and he can make one for you too--
http://animoto.com/play/e18OkCVCq4VzsIorjDixsQ
By the way, if you want a professional looking commercial like the one below, my partner's son created this and he can make one for you too--
http://animoto.com/play/e18OkCVCq4VzsIorjDixsQ
Wednesday, December 3, 2008
List of resources for you
Larimer County Public Trustee:
Address: 315 West Oak Street Room 400
Fort Collins, CO 80521
Phone (970) 498-7453 (970) 498-7455 Fax
Office Hours 8:00 a.m. - 4:30 p.m.Monday - Friday
Weld County Public Trustee:
Susie Velasquez 809 9th Street
Greeley, CO 80631
(p) 970.352.4365 (f) 970.352.5091
Office Hours: Monday - Friday 8:00 am - 4:30 pm
Foreclosing Attorney:
Castle Meinhold & Stawiarski
999 18th Street, Suite 2201Bin 1
Denver, CO 80202Phone:
(303) 285-2222Fax: (303) 285-2223
Colorado Foreclosure Prevention Hotline Website:
http://www.coloradoforeclosurehotline.org/index.cfm
Phone: 1-877-601-HOPE
Address: 315 West Oak Street Room 400
Fort Collins, CO 80521
Phone (970) 498-7453 (970) 498-7455 Fax
Office Hours 8:00 a.m. - 4:30 p.m.Monday - Friday
Weld County Public Trustee:
Susie Velasquez 809 9th Street
Greeley, CO 80631
(p) 970.352.4365 (f) 970.352.5091
Office Hours: Monday - Friday 8:00 am - 4:30 pm
Foreclosing Attorney:
Castle Meinhold & Stawiarski
999 18th Street, Suite 2201Bin 1
Denver, CO 80202Phone:
(303) 285-2222Fax: (303) 285-2223
Colorado Foreclosure Prevention Hotline Website:
http://www.coloradoforeclosurehotline.org/index.cfm
Phone: 1-877-601-HOPE
Tuesday, December 2, 2008
Foreclosure lists
If anyone wants a list of properties that are in foreclosure or going into foreclosure, please let me know and I will send if your way.
You can request it by emailing me (ben_blonder@yahoo.com) or call 970 420 6166 which is my cell.
Ben Blonder
Coldwell Banker
You can request it by emailing me (ben_blonder@yahoo.com) or call 970 420 6166 which is my cell.
Ben Blonder
Coldwell Banker
Wednesday, November 26, 2008
Links to articles about short sales
Explains the Mortgage Debt Forgiveness Act of 2007:
http://en.wikipedia.org/wiki/Mortgage_Forgiveness_Debt_Relief_Act_of_2007
Great article that goes over the good and the bad of a short sale for all parties:
http://www.bankrate.com/brm/news/realestateguide2008/buying-short-sales-a1.asp
Realtor.org page of short sale articles and links:
http://www.realtor.org/library/library/fg335
IRS site:
http://www.irs.ustreas.gov/
Please note that I am NOT an attorney, nor a tax professional. I am not attempting to give legal or tax advise.
http://en.wikipedia.org/wiki/Mortgage_Forgiveness_Debt_Relief_Act_of_2007
Great article that goes over the good and the bad of a short sale for all parties:
http://www.bankrate.com/brm/news/realestateguide2008/buying-short-sales-a1.asp
Realtor.org page of short sale articles and links:
http://www.realtor.org/library/library/fg335
IRS site:
http://www.irs.ustreas.gov/
Please note that I am NOT an attorney, nor a tax professional. I am not attempting to give legal or tax advise.
Tuesday, November 25, 2008
Transcript of article I wrote that was published in the Fort Collins Coloradoan real estate section
Facing Foreclosure? There is a Solution
Homeowners fall behind on mortgage payments for any number of reasons. The mail may go unopened and the phone may go unanswered, and these people may not know where to turn. Being foreclosed on is one of the most stressful, upsetting, and potentially damaging things that can occur to a household or family. It can be devastating.
But there is hope to those in this seemingly helpless situation. It is called a short sale. In essence, a short sale is a lender accepting less than what is owed on a loan instead of taking the property as a foreclosure. With all the subprime loans out there, and the ARMs ever adjusting upwards, many people ultimately will not be able to afford their mortgages. Once they miss a few payments, the bank sends the notice of foreclosure sale (NED, or Notice of Election and Demand for Sale). A lot of folks just give up and assume there would be no way to make up the missed payments, sell the property (which may not even be worth what they owe on it) or pay a Realtor. It is a dark time for these people, and they don't know that they have options.
Short sale negotiation is an arduous task for a realtor; requiring persistence, diligence and the unwavering vision of success, but a successful outcome is well worth the effort as it can help save the credit of the homeowner and avoid a foreclosure on their credit report.
A successful short sale has many benefits. Not only is a foreclosure sale avoided, but the Sellers' actions help guide them back on the road toward credit restoration and positive self-worth. Also, since the Mortgage Debt Forgiveness Act of 2007 was passed, the amount of money forgiven by the bank is no longer treated as taxable income for primary residences. Finally, most people do not realize that the seller pays no commission. The realtor’s commission comes out of the proceeds of the sale, so effectively the bank pays it.
There are many reasons that lenders are willing to dispose of a property via short sale: for one, the average foreclosure costs a lender around $60,000. Also, they do not have to take yet another property (which is a non-liquid asset) on their books, they do not have to worry about trying to sell the home, they avoid future headaches such as debt service, hazard liability, attorney fees, property neglect, etc. All a lender really cares about are hard numbers, sad but true, so they look at it as a cost/benefit analysis…in other words, will it cost them less to foreclose or to allow the short sale? In most cases the short sale makes the most sense.
You can sell your home via short sale if you are behind on payments but the foreclosure notice (NED) has not been issued, or if the NED has been filed and there is an actual date on which your home will be auctioned at the foreclosure sale. Let me detail the steps involved in conducting a short sale. 1) Property is listed on the MLS. 2) An offer to purchase the home is received (the foreclosure sale is postponed during the negotiation process—so even if your foreclosure sale date is next week, quick action can delay the sale). 3) Listing agent, having received Seller authorization to speak with lender, negotiates with the loss mitigation team at the bank holding the mortgage. 4) Lender approves the sale and issues a “short sale acceptance letter” which details the terms of the sale. 5) Deal closes.
Now depending on the lender, it may take months to get acceptance. Each lender has their own guidelines. An appraisal may be ordered to determine true market value; a negotiator is assigned to the file; and the file may have to be approved by the investors holding the loan. This can take anywhere from one month up to six months or more, depending on who the lender and investor is.
The time table is often a source of frustration to the buyer, who must wait, usually impatiently, for the deal to be approved. However, for that buyer, there are no better deals on the market if they have the luxury of time. Lenders are in a tough spot right now, and in this unique market, buyers can present aggressively low offers and often get an even better deal than they could on an actual bank-owned foreclosure.
Selling a home via short sale does not generally cost the homeowner a penny, but by the same token, they cannot receive any proceeds from the sale. Sometimes the lender will ask the homeowner to sign an unsecured promissory note for a portion of the debt, but generally we have only seen that apply to situations where the home is not owner-occupied (an investment property). What happens most often is the bad debt is written off by the lender and the short sale acceptance becomes full satisfaction of the amount owed. The seller will always be allowed to review the terms of the deal before signing off on it. Short sales can result in negative credit reporting, because of the missed payments and forgiven debt, but again, a foreclosure is much worse and stays on credit much longer. Any loan can be a candidate for short sale; there are no limits that we have seen. Anyone in a hardship situation should consider this type of deal as an alternative to foreclosure. We highly recommend speaking with a CPA or tax attorney before pursuing this type of sale if you have questions about legal and tax liability.
BIO: Ben Blonder has been a licensed Realtor for over 3 years, is originally from Chicago IL, and has a Bachelor’s degree from the Univ of Illinois. Millie Mitchell has been selling real estate for 9 years, and selling short sales for 5 years. She has 3 kids and is originally from Louisiana. Both work at Coldwell Banker Residential Brokerage, 702 W Drake Rd Bldg A, Fort Collins, 80526, Ben’s cell 970 420 6166 Millie’s cell 970 391 8356, Ben’s email ben_blonder@yahoo.com, Millie's email milliemitchell58@gmail.com
Homeowners fall behind on mortgage payments for any number of reasons. The mail may go unopened and the phone may go unanswered, and these people may not know where to turn. Being foreclosed on is one of the most stressful, upsetting, and potentially damaging things that can occur to a household or family. It can be devastating.
But there is hope to those in this seemingly helpless situation. It is called a short sale. In essence, a short sale is a lender accepting less than what is owed on a loan instead of taking the property as a foreclosure. With all the subprime loans out there, and the ARMs ever adjusting upwards, many people ultimately will not be able to afford their mortgages. Once they miss a few payments, the bank sends the notice of foreclosure sale (NED, or Notice of Election and Demand for Sale). A lot of folks just give up and assume there would be no way to make up the missed payments, sell the property (which may not even be worth what they owe on it) or pay a Realtor. It is a dark time for these people, and they don't know that they have options.
Short sale negotiation is an arduous task for a realtor; requiring persistence, diligence and the unwavering vision of success, but a successful outcome is well worth the effort as it can help save the credit of the homeowner and avoid a foreclosure on their credit report.
A successful short sale has many benefits. Not only is a foreclosure sale avoided, but the Sellers' actions help guide them back on the road toward credit restoration and positive self-worth. Also, since the Mortgage Debt Forgiveness Act of 2007 was passed, the amount of money forgiven by the bank is no longer treated as taxable income for primary residences. Finally, most people do not realize that the seller pays no commission. The realtor’s commission comes out of the proceeds of the sale, so effectively the bank pays it.
There are many reasons that lenders are willing to dispose of a property via short sale: for one, the average foreclosure costs a lender around $60,000. Also, they do not have to take yet another property (which is a non-liquid asset) on their books, they do not have to worry about trying to sell the home, they avoid future headaches such as debt service, hazard liability, attorney fees, property neglect, etc. All a lender really cares about are hard numbers, sad but true, so they look at it as a cost/benefit analysis…in other words, will it cost them less to foreclose or to allow the short sale? In most cases the short sale makes the most sense.
You can sell your home via short sale if you are behind on payments but the foreclosure notice (NED) has not been issued, or if the NED has been filed and there is an actual date on which your home will be auctioned at the foreclosure sale. Let me detail the steps involved in conducting a short sale. 1) Property is listed on the MLS. 2) An offer to purchase the home is received (the foreclosure sale is postponed during the negotiation process—so even if your foreclosure sale date is next week, quick action can delay the sale). 3) Listing agent, having received Seller authorization to speak with lender, negotiates with the loss mitigation team at the bank holding the mortgage. 4) Lender approves the sale and issues a “short sale acceptance letter” which details the terms of the sale. 5) Deal closes.
Now depending on the lender, it may take months to get acceptance. Each lender has their own guidelines. An appraisal may be ordered to determine true market value; a negotiator is assigned to the file; and the file may have to be approved by the investors holding the loan. This can take anywhere from one month up to six months or more, depending on who the lender and investor is.
The time table is often a source of frustration to the buyer, who must wait, usually impatiently, for the deal to be approved. However, for that buyer, there are no better deals on the market if they have the luxury of time. Lenders are in a tough spot right now, and in this unique market, buyers can present aggressively low offers and often get an even better deal than they could on an actual bank-owned foreclosure.
Selling a home via short sale does not generally cost the homeowner a penny, but by the same token, they cannot receive any proceeds from the sale. Sometimes the lender will ask the homeowner to sign an unsecured promissory note for a portion of the debt, but generally we have only seen that apply to situations where the home is not owner-occupied (an investment property). What happens most often is the bad debt is written off by the lender and the short sale acceptance becomes full satisfaction of the amount owed. The seller will always be allowed to review the terms of the deal before signing off on it. Short sales can result in negative credit reporting, because of the missed payments and forgiven debt, but again, a foreclosure is much worse and stays on credit much longer. Any loan can be a candidate for short sale; there are no limits that we have seen. Anyone in a hardship situation should consider this type of deal as an alternative to foreclosure. We highly recommend speaking with a CPA or tax attorney before pursuing this type of sale if you have questions about legal and tax liability.
BIO: Ben Blonder has been a licensed Realtor for over 3 years, is originally from Chicago IL, and has a Bachelor’s degree from the Univ of Illinois. Millie Mitchell has been selling real estate for 9 years, and selling short sales for 5 years. She has 3 kids and is originally from Louisiana. Both work at Coldwell Banker Residential Brokerage, 702 W Drake Rd Bldg A, Fort Collins, 80526, Ben’s cell 970 420 6166 Millie’s cell 970 391 8356, Ben’s email ben_blonder@yahoo.com, Millie's email milliemitchell58@gmail.com
Monday, November 24, 2008
Short Sale Defined
Thanks for coming to this blog. The first thing I am going to do is define a short sale:
Short Sale: A sale where the lender will agree to accept less than the full amount of the mortgage. This allows you to sell the house to an investor or other buyer for a good price, while the lender recovers the bulk of the amount due without having to pursue foreclosure proceedings.
That is the long and short of it.
A short sale may work for you if:
1) you are behind in your mortgage payments
2) your house is not worth as much as you owe
3) bank has started the foreclosure proceeding
4) you foresee yourself having a financial hardship in the near future that may cause you to miss payments.
All of these deals have to be looked at on a case-by-case basis to determine the likelihood of success. My success rate with short sales has been over 90% (over 90% of short sales I list end up closing and NOT being foreclosed on).
Call me to discuss your unique situation...it depends on how much you owe, how many loans, what lenders, etc.
Ben Blonder
Coldwell Banker Residential
Cell 970 420 6166
Email ben_blonder@yahoo.com
Short Sale: A sale where the lender will agree to accept less than the full amount of the mortgage. This allows you to sell the house to an investor or other buyer for a good price, while the lender recovers the bulk of the amount due without having to pursue foreclosure proceedings.
That is the long and short of it.
A short sale may work for you if:
1) you are behind in your mortgage payments
2) your house is not worth as much as you owe
3) bank has started the foreclosure proceeding
4) you foresee yourself having a financial hardship in the near future that may cause you to miss payments.
All of these deals have to be looked at on a case-by-case basis to determine the likelihood of success. My success rate with short sales has been over 90% (over 90% of short sales I list end up closing and NOT being foreclosed on).
Call me to discuss your unique situation...it depends on how much you owe, how many loans, what lenders, etc.
Ben Blonder
Coldwell Banker Residential
Cell 970 420 6166
Email ben_blonder@yahoo.com
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