FHA and Bankrupcy – purchase a new home 1 yr later

 Huge new info released in the last few days from FHA to help people that were hurt during the recent recession and lost their homes or filed a bankruptcy due to an extenuating circumstance such as job loss, sick child or parent and so on.  It’s pretty huge but it needs to be thoroughly documented and it all needs to make sense.  FHA is allowing, under these circumstances only, being able to purchase a new home only one year out of BK or Foreclosure.  Also, they have loosened their guidelines on collections and judgments. 


Fake Stucco

Some people use the term “fake stucco” when referring to the One-Coat-Stucco (OCS) and Exterior Insulation Finish System (EIFS). This is a bad choice of terms because the name “fake stucco” has a negative connotation and implies that there is something wrong or deceptive about the cladding system on the house.

Hard-Coat-Stucco, commonly called traditional stucco, is a 3-coat (scratch coat, brown coat and finish coat) concrete system 3/4″ or more thick.

The newer One-Coat-Stucco systems are similar in appearance to the traditional hard cot systems but are cheaper and faster to install. Due to the use of polymers, fiber reinforcement, the newer systems are easier to maintain and less subject to major cracking.

When properly installed and maintained any of these systems can provide many years of beauty and function. Most “stucco” installed in Colorado is one of the two newer systems. Referring to either of them as “fake” stucco will tend to push buyers away. Most high end homes are partially or completely clad with one or both of them.


All three stucco systems require an inspection beyond the scope of a normal home inspection. A certified stucco inspector should be retained to provide this service.


Thank you Trinity Property Inspections for the great information!

Until Mortgage Rates Hit 10.5%

Great article done by an Jed Kolko. Really brings a great perspective to the current rates and the relativity to renting a place. Hope you enjoy it!


Until Mortgage Rates Hit 10.5%




July Colorado Market Stats


AUGUST, 2013

6,104 homes closed in July which is a record for number of closings in a month.

Overall, the Denver market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.39 month supply and Condos have a 1.99 month supply.

The top five (5) counties for homes sold/closed in June continues to be Denver, Arapahoe, Jefferson, Douglas, and Adams, ranked from highest number of closings to lowest.

In the month of July, 7,268 new listings came on the market, 7,406 homes went under contract, and 6,104 homes closed/sold for a closed dollar volume of $1.9 Billion.

At July month end, the largest block of homes available for sale continues to be in the price range of $200,000 to $299,999 for Single Family and $100,000 to $199,999 for Condo.

For July Year To Date, 44,692 new listings came on the market, 44,372 homes went under contract, and 32,302 homes closed/sold for a closed dollar volume of $9.8 Billion.

For Single Family homes closed July Year To Date, 20% were in the price range of $100,000 to $199,999, 35% were in the price range of $200,000 to $299,999, and 31% were in the price range of $300,000 to $499,999.  For Condo homes closed July Year To Date, 66% were in the price range of $0 to $199,999, and 30% were in the price range of $200,000 to $499,999.

Consumer confidence pulled back in July to 80 down from 82 in June.

Resale home alternatives of new home builders and rental properties continue to participate in the market.

Distressed properties, while still in the market, are continuing to decrease in relation to the total market.

With rising mortgage interest rates, the top two forms of financing were conventional and cash.

In a tight market, homebuyers can only remain competitive by doing their homework and coming to the table prepared.  Sellers, be prepared for multiple offers and informed enough to capitalize on creative offers.

The above representation may or may not reflect all real estate activity in the market.

© 2013 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

July brings the HEAT, August brings the “bearable” Balance

Wow. What a crazy few months. The first quarter to this year started with a scent in the air for growth and pace. However, come June and July this year…you were lucky if you got a piece of the action.

Buyers coming out of the wood works and limited inventory made shopping for a home fast paced and challenging. Seeing growth of even 20% in some areas Denver and the metro area just exploded. Multiple bids, over asking and if you were in the door within two days of the home being listed…it was more than likely gone.

With August upon us there have been a few changes in the past few weeks. We have seen a buyers cooling down a bit and more sellers willing to entertain the fact that the market is coming back.

There are few factors that many of us Realtors attribute to the cool down slow down of what was a very heated market. Some of those reason are 1. As school season is nearing many families like to be Under Contract, closed and moved in prior to the school year starting. 2. A few bump ups in the loan rates 3. Increase in inventory.

I have personally experianced this from both ends of the spetrum. From sellers in  the heat of it, with multiple offer to a slow down and being on the market for more than 20 days. Where it once was recently considered great if you could get an offer on the listing within 60-90. To my buyers loosing out on offers due to multiple offer and now they can sleep on it a couple nights if they need a moment to take a breath and breath.

Fear not, this is not bad news, yes the rates have gone up, but they are still great. Borrowing that much money for less than 5% is a good rate. Don’t believe me? Ask anyone who purchase a home 10 years ago or even more so 15 or 20 years ago. You will get answers of 10, 12, 17 and even 20%.

What does this mean for August? We are seeing more of a balanced market. June/July were heavily favored in sellers favor. We still have great rates, more properties, movement and compromise on all ends to get the deal accomplished and all parties happy.

So with all that said….Happy Hunting and Fishing! The ponds are still full and its a great time to buy and sell!

If you would like area specific stats or more details please don’t hesitate to contact me. I am happy to help in any way I can!