The Boulder Home for Sale Next Door is a Foreclosure - What Does that Mean?

What does it mean when a home is a foreclosure? Foreclosure is the legal process by which a borrower in default is deprived of his/her interest in the mortgaged property. When a home is foreclosed on the ownership usually reverts back to the lending institution. People used to think home foreclosure was just a problem for down and out folks, and those with bad credit. Not so anymore. The financial profile of borrowers who experience foreclosure now includes prime borrowers, as even the most credit-worthy folks face economic hardships in the current economy.


What does it mean for a neighborhood when one or more homes go into foreclosure? Foreclosure has consequences beyond those felt by the distressed homeowner. Neighbors will experience a decline in home values, loss of equity and the increased possibility of vandalism and theft. Additionally, the effects of foreclosure on the surrounding community include a reduced taxpayer base. This could mean higher property taxes and/or reduced community services and amenities.


If you know a homeowner at risk of default or who has defaulted on their mortgage, also know that there are agencies who can help distressed homeowners avoid foreclosure. Colorado established the Foreclosure Hotline (1-877-601-HOPE) that connects callers with local HUD approved housing counseling agencies. Nationally, homeowners may find HUD approved foreclosure avoidance counseling agencies by visiting the HUD Foreclosure web page.


Homeowners in a distressed mortgage situation should be proactive and get advice as soon as they think they might be in trouble. Contact the counseling agencies listed above, as well as a local real estate professional who can tell you what the real estate market is like in your neighborhood. You will need to know how easily your home would sell under current market conditions and the likely sales price as compared to your mortgage amount.




Information in this article generously provided by:
Shauna Steingrebe
Broker Associate, Colorado Landmark, Realtors
shauna@coloradolandmark.com
303-588-1721 (direct)

Environmental Landmark in Boulder Real Estate SOLD by ... Colorado Landmark!

Joel Ripmaster, President and Owner of Colorado Landmark, Realtors, has successfully closed on the Next West Home, at 429 Spruce Street in Boulder, CO for a sales price of $2.2 million.

The home garnered local and national attention for its LEED Platinum certification and "Net Zero Carbon" status - one of the first homes in America to hold such a title. Built by the Zero Carbon initiative, the home is a mixture of luxury features and sustainable building techniques, employing technology such as solar panels, geothermal heating and cooling, gray water and direct plumbing systems. Materials included 100-year old recycled brick, FSC certified wood, LED lighting, energy star appliances, and a garage pre-wired for an electric car.

"With this house we are really building for the future," says Ripmaster. "The quality and workmanship, the ability for the house to take care of itself off the grid, appropriate size and livability, the Next West House is truly a look into the future. In 50-100 years people will look back at this house as the beginning of a new age of building, and as evidence that our generation finally 'got it'."

The buyer was represented by Laura Whittaker-Morningstar, also with Colorado Landmark, Realtors. For more information on this unique home visit http://www.429spruce.com/ .

This remarkable home was also featured on the Luxury Portfolio Fine Property Collection website and blog. Luxury Portfolio is the world's most exciting and innovative luxury home marketing program. Colorado Landmark, Realtors is the only real estate company in the entire Boulder-Denver area to hold the distinction of membership in the Luxury Portfolio Fine Property Collection program. To see all of Colorado Landmark's luxury listings on this fascinating website click here.

Boulder Real Estate Firm - Colorado Landmark, Realtors - Makes Denver Book of Lists Top 20!

Colorado Landmark, Realtors, a fixture in Boulder real estate since 1977, has recently been ranked #15 out of the Top 20 Residential Real Estate Companies in the Denver area, according to the Denver Business Journal 2010 Book of Lists. Not bad, considering some of the other companies on the list have 6-17 offices and 100-1300 agents on their rosters. Just goes to show that size doesn't matter!

With 2 offices and 50 agents, Colorado Landmark, Realtors assists buyers and sellers all over Boulder County and beyond navigate today's turbulent real estate market. Our agents have the training, experience, support and tools to help buyers and sellers make some of life's most important decisions.

Recently our agents and staff celebrated the holidays together with a wonderful catered event at one of our gorgeous luxury listings. 902 White Hawk Ranch, Boulder, built by Sarete Custom Homes, was decorated for the holidays and full of good cheer.

This home is over 9600 square feet, has unobstructed foothills and back range views, backs to open space, and could be one of the last large square footage homes in Boulder County! It was the perfect location for our party, and a good time was had by all.

Happy Holidays everyone from Colorado Landmark!

Is your Realtor up to date on the latest lending regulations?

Real estate agents at Colorado Landmark, Realtors recently attended a training session at Wells Fargo in Boulder to learn about the new RESPA (Real Estate Settlement Procedures Act) regulations that will be going into effect on or before January 1, 2010.

These new regulations are intended to help borrowers avoid surprises at closing by revising the good faith estimate and ensuring that lenders disclose all fees in the same manner so Buyers can compare “apples to apples” when trying to choose a lender.

The new regulations may impact the timing of closings, so it is critical that the Realtor, the title company, and the lender all work together from contract to closing to ensure that each requirement is met in a timely manner and the closing is not affected by any last minute delays. Whether you are buying or selling a home, be sure that you are working with both a qualified lender and real estate agent, who are up to date with new laws and regulations before they take effect. When you choose to buy or sell your home with a Colorado Landmark Realtor you can be confident that we are prepared to handle each facet of your transaction with the highest level of care and experience.


Colorado Landmark, Realtors
303-443-3377
www.coloradolandmark.com

Boulder Real Estate Professional Dave Scott Inducted to Colorado Ski & Snowboard Hall of Fame

Colorado Landmark, Realtors is proud to announce that one of our own was recently inducted into the Colorado Ski & Snowboard Hall of Fame at recent induction gala event on November 9th, 2009 in Vail, CO. David Scott, Boulder real estate professional and BrokerAssociate with Colorado Landmark, Realtors since 2006, was honored for his many contributions as a sport builder for the ski industry in Colorado. (Link to press release here.)

David began ski racing in Pennsylvania at the age of 11. His passion for that beautiful fluffly cold white stuff led him to the University of Colorado Boulder, and on to coaching opportunities with youth racers and even a Junior National Team. His commitment to the sport of ski racing continued with AMF/Head in Boulder where he was Director of Racing, responsible for all of Head's worldwide amateur and professional racing programs.

For over 10 years David and his wife Gretchen owned and operated Chivers Sports in Boulder, one of the most highly respected ski shops in the country at that time. The Scott's sold their store in 1987 and over the last 15 years David has been a consultant to many ski industry companies as well as a key member of a management team for a new resort in Idaho.

David brings the same passion to Boulder real estate that he has for skiing. He and 3 partner broker associates have formed The Scott Team. David and his team work with buyers and sellers at all price points throughout Boulder County, and David has even sold property in Port Grimaud, France! To learn more about David, his associates, expertise and listings check out his website at http://www.boulderrealestateinfo.com/ .

Colorado Landmark, Realtors is very proud to have David Scott and The Scott Team as part of our Boulder area real estate family. Congratulations to David on his Colorado Ski & Snowboard Museum Hall of Fame induction!

David Scott

Broker Associate

Colorado Landmark, Realtors - The Scott Team

http://www.boulderrealestateinfo.com/