Mile High Realty Ltd

06/03/2024

Avoid Foreclosure: An Option That Many Do Not Know About

Are you looking down the barrel of a foreclosure? If you are, you are among one of the over 1.4 million homeowners facing this same issue. Did you know that there may be a creative technique to save your home and avoid foreclosure? Save your home and salvage your equity so that you can fight again. The last thing that you want to do is give your home back to the lender.

If your financial hardship has left you in a position where you are not able to pay your mortgage payment, whatever the reason may be, then you cannot afford to live in your home. Foreclosures are a growing dilemma for many homeowners in the Untied States today and the continue to be at an all time high. Alan Greenspan has made comments that the US may be heading for another recession!

Some lenders out there have not been playing fair. Some even to the point of unethical practices. These unethical practices are a primary reason that foreclosures are at an all time high and not expected to slow down, according to experts.

The Future can be Bright Again
On the bright side of things, you may have an option other than foreclosure that may allow you to keep your home, even if the foreclosure process is already under way. This is due to something that has been around for many years, and you may possibly utilize to save your home and equity. You may need to wait a year or two in order to cash out the equity on the property, but it is better then the alternative.

What is the saving option?
This option is referred to as a Lease Purchase Agreement. How does it work? Find a tenant to lease your home from you, with an option to purchase the home at the end to the agreed period or time; usually 12 to 24 months. You set a price for them to buy the house when the agreement is signed. This will allow you to set the price so you can save the equity and by some time to recover. With a tenant that has the option to buy your home you may be able to:

1) First and foremost is the avoid a foreclosure

2) Since renters are paying less today due to the high foreclosure rates, this may be a way to increase the monthly rent, due in light of the purchase agreement

3) A one-time payment, up-front as a non-refundable deposit, this is usually 1% – 3% of the sales price. The best part of this is that even if they decide not to buy your home, you still keep the money

4) Quickly locate a buyer for your property, most times faster then trying to sell you home in the traditional manner

5) Someone else will be paying the mortgage payment, and potentially a few hundred dollars a month more

Which Markets?
Lease Purchase Agreements usually work well in any real estate market. These agreements referred to as a “lease option” as well. This is a very valuable strategy to keep in mind, especially during market that in a distress.

While there may be many other reasons to take advantage of a lease option, they are defiantly an excellent way to avoid foreclosure and salvage your home from the bank. In a foreclosure, your credit will be destroyed for years to come. The additional financial repercussions can take a tole on your personal life.

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03/12/2024

Tips for Buying a Home to Ensure a Smooth Transaction!

Making the decision for buying your own home can be one of the most stressful but rewarding choices of all. If you’re a first time buyer, the entire process can seem very intimidating. A few common sense tips can help you ease your way through it much easier.

First off,
go visit your local library and borrow a few books on basic real estate principals. Make a sincere attempt at learning the jargon associated with the real estate process, so once you’re sitting in a meeting with a seller, a real estate agent and a bank officer, you’ll have a better idea of what everyone is talking about.

Second,
know what the difference is between “pre-qualified not pre-approved”, “pre-qualified” and “pre-approved”. Sound confusing? It can be. It all relates to how serious of a buyer you are. If you’re “pre-approved not pre-approved” it simply means that you have given a letter to a potential seller that you can afford their property. It’s nice, but it doesn’t mean much. If you’re “pre-qualified” it means that you have a letter from a mortgage broker saying what he thinks you can afford. This is better than not having a letter, but you can do better still. If you’re “pre-approved” it means that you not only have a letter from a broker, but everything in the letter was shown to be true by a lender and most of the work for a loan has already been done. You’ll have a MUCH better chance of getting the house you want if you’re “pre-approved” than if you are only on one of the other stages.

Choose the Right lender.
One of the phrases you’re bound to get sick of hearing when you’re thinking about buying a home is, “do the research!!” This can’t be emphasized enough since banks offer different rates across the board. The more banks you visit, the better the chances are of you getting a better deal.

Make sure that you plan for possible delays in processing. Any business that deals in red tape is going to have problems getting things done on time. Real estate purchases are no different, so make sure you factor these likely problems into your plans.

While none of these tips are fool proof, they can help you through a very stressful time. No doubt you will still have times where you feel like putting your fist through a wall, but a little common sense goes a long way when dealing with real estate, and the more you know, the better off you’ll be.

03/02/2024

Is There Ever a Right Time to Purchase Your First Home? – Part 2
New Home Owner

How can you prepare to purchase your first home?

Get pre-approved for your mortgage. Once you’ve cleared the financial hurdles, talk to your lender or broker to find out how much you can afford to borrow along with the expected out-of-pocket costs you will need to incur for the closing. This will include the required down payment along with funds for closing costs. If you are buying in a seller’s market, you may want to search for homes below your approved price range, so that you can have the most room for negotiation.

Find a credible licensed real estate agent. Look for an agent that can work with you based on YOUR needs and your schedule. Check references of previous clients. You may not know exactly what you want in terms of a new home, and your agent should work with you to determine your needs and help you find a property that meets your immediate and future needs. Check with family and friends for successful agent referrals. Ask them how satisfied they were with his/her services and if they would use them again.

Become an informed and practical buyer. Once you determine where you would like to live, determine what factors are most important for your family. Calculate your new commute time and research school information for your children. Make sure to evaluate the surrounding factors that are most important to you, along with factors that are least important.

Find a home that works for you. Envision yourself (along with your family living in the home). What are the key points of consideration for your home? If you spend a lot of time in the kitchen, then you want to make sure that the kitchen can accommodate your habits. If you will be working from home, make sure that your home office setup will work. Make sure that all of your telecommunications and electrical needs can be met.

Make the offer. Once you have located a property that meets your needs, make an offer based on the listing price, along with comparables information and market considerations. Your agent can work with you to determine the best price, along with any contingencies for the sale.

It is good to get a home inspection, so that you can know what the potential pitfalls and future maintenance needs may be. In a seller’s market, you may find yourself bidding with several other buyers for a single piece of property. Work with your agent to determine what is customary in your area. This is when negotiation skills really come in handy!

Once your offer has been accepted, you will enter an escrow period, where all of the title research will be handled, funding requirements met; tax and title transfer paperwork managed. Prior to the close of escrow, you will sign all of your finance paperwork, and pay your remaining deposit and closing fees. After funding is complete, the title company will record the new purchase deed with the County Recorder’s office, and you will officially “close”.

Congratulations! It’s time to move. Make sure to connect your new utilities along with mail forwarding. The purchase of a home can be a lifelong achievement, but one that is truly a worthy accomplishment.

03/02/2024

Is There Ever a Right Time to Purchase Your First Home? – Part 1

There are many market predictions, however if you want to buy your first home—there is no wrong time. The motivation to buy is not determined by regional market conditions or by location. Industry opinions and investor speculation can not predict when a particular individual will be ready to buy. For the great majority of folks, the most compelling reasons to buy a home are based on individual circumstances and personal needs.

Family needs and desires for children/parents/in-laws/couples
Convenience to home, work, school, social activities
Sense of achievement or fulfillment
Freedom and independence
Even though there are many changes in the market, both up and down—people still need and want to buy homes. This desire to buy a home is deeply rooted in the fabric of our consciousness. The value of homeownership gives far more satisfaction than ROI calculators can quantify.
Today, there are many different loan programs with flexible terms to fit all buyers. There are city and county down-payment assistance programs to assist in buying a home. For future buyers with blemished credit, there are debt reduction and counseling programs to help gain a fresh start.

How do you make the leap to become a homeowner? First, determine that you want to buy a home. Get your finances in order. Determine your financial situation and check your credit to determine where you fall as a borrower. Look at all of your available assets for your down payment and examine all of the finance options available to you. If you have some credit blemishes, take the time to make timely payments to your creditors to present the best financial picture. Make sure that you have a track record of stability in your employment history. Postpone any major purchases. Your actual home purchase may still be 12-18 months down the road, but you can still prepare for it now. How? Come back tomorrow for our top tips on how you can prepare now for later!

10/19/2022

Did you know that the national average interest rate in the 70's was between 7.29% and 7.73%. In the 80's inflation pushed the rates to 9.5%. Continued hikes in the fed funds rate pushed mortgage rates to an all-time high of 18.45% in 1981. In the 90's the interest rate finally went back down to single digits, at what we are looking at today just below 7%. In early 2000's they rose to 8% and dipping back down to 6% in 2003. The first record low was in 2012 dropping to 3.35%. So for all those who think that the rates are too high to buy now just look at history and know that there's always a chance to refinance later. So now is the time to buy when there's no competition and over bidding for your Dream Home. REMEMBER, YOUR LOCKED INTO YOUR PURCHASE PRICE NOT YOUR RATE.... So call me today to move one step closer to Homeownership. Sheena 720-600-6029

07/09/2022

Don't Let Your Dream Home Pass You By. Now Is The Time To Buy Before Interest Rates Rise Again And You Miss Out On The New Home You've Been Watching. Let's Get You Moved Into Your Dream Home Before The Summers Over. Call Me Today To Setup An Appointment. 7206006029

11/12/2021

STOP paying other peoples mortgage and pay your own. Now is the time to buy a new home while the market is not as busy as the summer months. I have lenders that can help in any situation Give me a call so we can start looking for your new home.