Foreclosure and Short Sale Affect Ability to Get Mortgage
November 4, 2011 by Bob Schenkenberger · 1 Comment
When clients are facing foreclosure, the Get Home Denver Team counsels clients as to their options. These options include Selling the home if there is enough equity, loan modification, refinancing, bankruptcy, doing a “short sale”, and letting the bank foreclose. Of these, foreclosure and short sales are the most common. One of the most often asked questions we get from clients when making this decision is:
“How do foreclosure and short sales affect my ability to get a new mortgage when my finances improve?”
Well, here is the answer.
| Wait Period | ||
|---|---|---|
| Bankruptcy | Conventional | 4 yrs from discharge |
| FHA | 2 yrs from discharge | |
| VA | 2 yrs from discharge | |
| Short Sale | Conventional | 2-4 yrs depending on down payment |
| FHA | 3 yrs | |
| VA | No specific policy | |
| Foreclosure | Conventional | 7 yrs |
| FHA | 3 yrs | |
| VA | 2 yrs |
The lending environment is constantly changing and these are only guidelines. Extenuating circumstances may reduce the time needed for loan qualification. Additionally, applicant MUST have re-established credit with no late payments for 12 months!
If you would like to discuss specifics, feel free to get in touch with us via our Contact Page!
Getting Ready for Winter – Fall Fix Up Time!
October 10, 2011 by Bob Schenkenberger · 2 Comments
Here is Your Honey Do List for 2011!
- Gutters and Down spouts: clean the leaves from the gutters and make sure the downspout diverters are carrying the water about 3-5 feet away from the foundation. Also inspect the gutters for any signs of leaking.
- Foundation: walk around the house and check the slope of the soil around the house. Make sure there are no areas that slope towards the foundation allowing water to pond next to the house.
- Roof: If possible walk the roof inspecting flashing and vent pipes to be sure they are in good condition.
- Bushes and Trees: If theses are in contact with the house or roof trim them away.
- Chimneys: Clean the flue.
- Garage Door: Inspect hinges to see they are secure to the door, and test the reverse mechanism to be sure it is operating correctly.
- Ground Fault Circuit Interrupters (GFCI): Push the test button to be sure the power to the outlet is shutting down.
- Smoke and Carbon Monoxide Detectors: Push the test buttons to be sure they are working correctly.
- Heating System: On forced air systems be sure to change the filter once a month and if you have a boiler, be sure the pump is oiled.
- Kitchen: clean range hood filters, under the refrigerator and its coils, and be sure the fire extinguisher is charged and easy to get to.
- Seal wood decks.
- Replace any damaged weather stripping around exterior and garage doors.
- Replace any cracking or damaged caulking around windows.
- Install foam insulation on all outlets and wall switches that are on exterior walls.
- Sprinkler System: have them winterized before Halloween.
Content provided by RBS&K Inspections. www.rbskinspections.com
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Metro Denver Real Estate Statistics September 2011
October 10, 2011 by Bob Schenkenberger · Leave a Comment
The September sales information had a few positive and not so positive signals. September, 2011 combined MLS Residential Statistics had the following changes compared to September of 2010.
- The Number of Closed Sales increased (up 12.5%%, to 2,610)
- Average Days on Market remained consistent at 99 days
- Number of Active Listings decreased 28% to 12,613
- Absorption Rate declined 33% to 5.1 months
- Average Sold Price decreased 3.4% ( from $290,025 to $280,289)
For more details on the combined MLS Residential Statistics, select the link below or feel free to contact me if you have any questions.
Denver Metro Area Real Estate : August 2011 Stats
September 8, 2011 by Bob Schenkenberger · Leave a Comment
There are a number of positive signs in this months report; August, 2011 combined MLS Residential Statistics had the following changes compared to August of 2010.
- The Number of Closed Sales had a significant increase (up 28.4%, to 3,177)
- Average Days on Market increased slightly to 96 days
- Number of Active Listings decreased 24% to 13,436
- Absorption Rate declined a whopping 39% to 4.4 months
- Average Sold Price decreased slightly ( from $295,516 to $284,065)
Denver Real Estate Maintenance Tip : Roofing
September 7, 2011 by Bob Schenkenberger · 9 Comments
With the heat of summer behind us, it is time to start thinking about preparing your home for the colder months ahead. Don’t wait until the first snow of the season to find out you may have a roof issue! The following should help you make sure your roof will be care free throughout the winter season!
Courtesy of www.roof101.com
- Inspect for leaks. They appear as stains on the ceiling of the house, or wet areas under the roof deck. Make sure and look at the roof from your attic for wet spots.
- Excessive amounts of mineral granules covering shingles, gutters, or downspouts. This indicates extreme weathering, and maintenance is necessary.
- Missing shingles. Replace as needed.
- Curling or cracked shingles. This is caused by UV rays and results in potential for leaks.
- Splits, ridges, eroded areas, puntures, separation of seams.
- Flashing at all roof penatrations. Vent stacks, chimney, etc. need to be properly flashed and sealed. This is a very common place for leaks to appear.
- Debris on the roof and in downspouts. Clean all debris off roof and from gutters and downspouts. Proper drainage is essential for your roof to function correctly.
- Check for trees and vegetation encroaching on roof. Prune back where necessary.
The most important thing to do is be safe! Don’t be climbing around your roof if the pitch is too steep for you to safely inspect! If you would like a professional to come give your roof the once over, give me a call. I can refer a reputable roofing inspector, and for around $100-$150, you can have a professional come take a look.
