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.