Q. While remodeling your home can save you money, the real question is, does it translate into higher resale value? A. All of the DIY (Do It Yourself) shows transform boring and outdated homes to modern, contemporary and appealing homes right before your eyes. The one thing you must keep in mind is that just because you think your remodeling looks...
As of May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property. NAR prevailed upon FEMA to implement this provision seven months early. FEMA also extended the rate relief...
Most areas of Colorado saw an increase in housing inventory (properties available for purchase) during the first quarter of 2014 compared to the previous quarter (Q4 2013). New listings increased 35 percent statewide from Q4 2013 to Q1 2014 and 5 percent compared to Q1 2013. At the same time, overall sales slowed down 19 percent in Q1 2014 compared...
Seller Financing The Colorado Board of Mortgage Loan Originators (the “Board”) and the Colorado Real Estate Commission (the “Commission”) are issuing this bulletin to clarify some of the issues that have been circulating about seller-financed residential real estate transactions. The Commission has heard concerns from the real estate broker community that there is a lack of clarity as to whether seller-financed...
Community Association Manager Licensing Proposed Rules for Review and Comment As prescribed by the new HOA Manager Licensing Bill, HB13-1277, the Colorado Division of Real Estate has developed proposed rules for the licensing of community association managers. Currently, the Division of Real Estate is collecting comments from the public and industry groups on the proposed rules. To provide comment on the proposed community association...
San Francisco, CA (April 1, 2014) – NerdWallet, a consumer advocacy website, recently conducted a study to find the best places for homeownership in Colorado. Firestone topped the list while other Denver-area cities, like Dakota Ridge and Castle Rock, also made the top ten. As renting becomes less affordable, NerdWallet wanted to give potential homebuyers a look at the current housing...
The CFPB’s (Consumer Financial Protection Bureau) new Ability-to-Pay Rule took effect on January 10, 2014. This new rule amends regulation Z under the authority of the Dodd-Frank financial industry reform. It requires mortgage lenders to consider consumers’ ability to repay home loans before extending them credit. There is also a category of loans, called “qualified mortgages,” that limit how much home buyer’s income can go toward debt. How...
A new warning for brokers across the country: If you get an email inquiry through Zillow or any other third party real estate website that involves a customer asking about a listing and stating that they want a home just like this one, do not respond to the message if you have not had previous communications with the client. Fraud attempts...
The Mortgage Cancellation Tax Relief expired December 31, 2013. Without an extension from Congress, homeowners who have had any amount of mortgage forgiven by a lender through either a foreclosure or short sale will be forced to pay a "phantom income tax" on any amount that was forgiven. It is CAR and NAR's position that homeowners should not be subject to...
Colorado REALTORS(R) may be accustomed to calling Xcel Energy to obtain average energy data for properties they will be listing. Because of the growing sensitivity around privacy and security issues, beginning Feb. 1, 2014, Xcel Energy will no longer provide this information to anyone other than the person who pays the energy bill for the property. You may contact the seller...