You Can Buy Again

It can take quite a while to recover from negative financial events like a bankruptcy and get your life back in order. Part of the high buyer demand in real estate right now is a result of those homeowners who went through a short sale or foreclosure during the recession now returning to the market, often called "boomerang buyers." If you had financial trouble in the past and are wondering when you might be able to qualify for a mortgage loan again, below are some general guidelines to help you plan.

Conventional / Fannie Mae

• Chapter 7 Bankruptcy - 4 year seasoning required from the discharge or dismissal date to the lender's credit report date.
• Chapter 13 Bankruptcy - 2 years from discharge date of 4 years after dismissal date to the lender's credit report date.
• Foreclosure - 7 year seasoning required from the completion date to the disbursement date of the new loan.
• Deed-in-lieu of Foreclosure - 4 year seasoning required from the completion date to the disbursement date of the new loan.
• Short Sale - 2 year seasoning required from the completion date to the disbursement of the new loan.

FHA

• Chapter 7 Bankruptcy - 2 year seasoning required from discharge date to loan application date.
• Chapter 13 Bankruptcy - Minimum 1 year timely payout according to the repayment plan at time of application along with trustee permission letter for new mortgage.
• Foreclosure, Deed-in-lieu of Foreclosure, Pre-foreclosure, Short Sale - 3 year seasoning required from foreclosure end date to loan approval date.

VA

• Chapter 7 Bankruptcy - 2 year seasoning from date of discharge.
• Chapter 13 Bankruptcy - Minimum 1 year timely payout required according to the replayment plan at time of application along with trustee permission letter for new mortgage.
• Deed-in-lieu of Foreclosure, Pre-foreclosure, Short Sale - Case by case basis as event may have been beyond the borrower's control.
• Foreclosure - 2 years seasoning from date of foreclosure.

USDA Rural

• Chapter 7 Bankruptcy - 3 year seasoning required.
• Chapter 13 Bankruptcy - Minimum 1 year timely payout according to the repayment plan at time of application along with trustee permission letter for new mortgage.
• Foreclosure, Deed-in-lieu of Foreclosure, Pre-foreclosure, Short Sale - 3 year seasoning required from foreclosure end date to loan approval date.

Downpayment requirements may also change depending on the type of loan sought. If you think you may be able to qualify for a new loan, be sure to talk with a mortgage expert about your specific situation to make sure that these timelines apply. If you need a referral to an experienced mortgage lender, don't hesitate to contact me; I have good relationships with several great professionals who will take good care of you.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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Could the County Owe You Money?

Many people don't know it, but if they've lost their home in a foreclosure, they could have money coming to them.

When the public trustee sells the property at auction, sometimes there is money leftover once all liens on the property have been satisfied. It's not often, since homeowners who are in financial trouble can rack up debt in the form of tax liens, HOA judgements and other penalties once they stop paying their bills. In the current market, however, property values are increasing so quickly that some auction sales are yielding more than is owed to creditors.

State law requires Public Trustee offices to try to contact the former owner to refund the leftover proceeds. They must send a letter to the owner's last known address - usually the home that was foreclosed on - as well as publish an ad in the local paper for five weeks. As you can probably guess, few people ever get the letter or see the ads, and the money goes unclaimed. Counties retain overbid proceeds for five years, after which they send it to the Great Colorado Payback Program, where there are no time limits for filing a claim.

If you think your foreclosed home appreciated to the degree that there might have been leftover money after the auction sale, contact the county in which the property was located. It could mean a little good news after a period of bad luck.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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FOR SALE: 9933 Gaylord Street, Thornton

Brand new listing in Wind Dance! This 2404sqft home sits on a corner lot, affording a huge yard. The property boasts several fruit trees and a huge flagstone patio. Enjoy the Colorado seasons, toasting with friends around the fire pit.

Inside, you'll find the main floor both comfortable and open, with vaulted ceilings, natural light, wood floors, new ceiling fans and decorative lighting. The kitchen has granite counters, new stainless steel oven, built in desk, and a breakfast counter.

With four bedrooms up and an unfinished basement down, there's plenty of room to live and play. The basement has a built-in work bench for your projects with lots of open space to work while still allowing storage. The master bedroom enjoys a 5-piece master bath with walk-in closet.

A small loft office at the top of the stairs allows you to pay your bills and still hear when dinner is ready. The home has been well-loved and maintained, and the location is convenient for access to I-25 and other amenities. At $299,000, can't you see yourself living here? 

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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FOR SALE: 2915 W 81st Avenue G in Westminster

Brand new listing in Cobblestone Village!  A great opportunity for the first time buyer or your next rental opportunity. At 1656 total square feet, it's one of the largest units in the complex, with three bedrooms and a full bath upstairs, eat-in kitchen with island, half bath on the main floor, another three-quarter bath downstairs with a non-conforming bedroom and family room.

Freshly painted, new flooring throughout with a fenced-in patio in the back.  Cozy up by the stone fireplace in the living room or take a dip in the community pool! Listing price is $159,000.

Come out and visit me at the Open House Sunday, December 7 from 12-2pm.  Nothing else for sale in the complex right now - better hurry! 

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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A great, big THANKS goes out to all of those who have supported my business this year, from my clients who allow me to help them, to the service providers who always respond quickly and professionally, to my colleagues at Staufer Team Real Estate. I am so very grateful to have you all in my life, and I hope you find yourself overwhelmed with blessings this Thanksgiving!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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LEED Certifications

The U.S. Green Building Council launched the LEED certification program for homes in 2008, after a successful decade of commercial implementation. LEED, which stands for Leadership in Energy and Environmental Design, recognizes four levels of certification for incorporating green principles into the construction of homes without driving up price: Certified, Silver, Gold and Platinum. Each category consists of prerequisites (required elements) and optional credits. It is an internationally recognized system, constantly evolving to incorporate new processes and materials and encourage adoption globally.

Homes can earn points in an 8-category rating system:

• Innovation and Design Process
• Location and Linkages
• Sustainable Sites
• Water Efficiency
• Energy and Atmosphere
• Materials and Resources
• Indoor Environmental Quality
• Awareness and Education

For a few hundred dollars, new construction and renovated homes can apply for a LEED certification at the USGBC website. LEED homes can see energy use reductions of 30-60%, depending on the certification. This translates to savings for owners and increased resale value, as younger generations of homebuyers often site improved energy efficiency as an important factor in their purchasing choices.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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Home Safety Tips

A real estate agent in Arkansas was murdered recently while showing a vacant home to a prospective buyer. The attacker was a stranger to her, who targeted her because she "was a woman who worked alone."

My husband and I own a martial arts school, Saeng Myong Martial Arts, in Broomfield. We've taught traditional self defense as well as Model Mugging and various seminars over the years, to groups from law enforcement to girl scouts. A big part of self defense is awareness - acknowledging existing threats and coming up with plans to deal with them should the worst happen.

My real estate job comes with risks which agents mitigate as well as we can. The best approach is to think about your lifestyle and prepare for possible dangerous scenarios. Just as your family has a plan of escape from your home in the event of a fire, so should you have a plan to rescue yourself should you be threatened. Then, you can proceed with your life knowing the plan is in the back of your mind should you need it. Any preparations or actions that can add a layer of protection for yourself or your home can be a deterrent to criminals, who are looking for the fastest way to commit their crime and get away without detection.

When it comes to your home, there are many steps you can take to remove yourself from the "victim pool:"

• If you leave your house during the day and return at night, be sure there is adequate lighting. Install motion or light sensing lamps mounted high over entries so that they can’t be messed with.

• Close your curtains or blinds at night. For full coverage on the first floor, turn blinds up so people outside can only see your ceiling. On higher floors the opposite is needed. Go outside and see if can see in your own place at night.

• Close and lock your door immediately after entering. While at home, keep your doors locked. Some criminals will walk right in, even if there are people inside. Install a peephole, and remember that answering your door is a choice, not an obligation. Ask who’s there, and be prepared to fight if you open it to a stranger.

• Install double cylinder locks (the kind that require a key) on any door with a window that can be broken allowing someone to reach the lock.

• Homes with dogs are less likely to be burglarized. Never shrug off barking, and even keep the dog with you when you answer the door. Do not install doggy doors that don’t lock as people have been known to squeeze through them.

• Make sure your garage door is completely closed before you get out of the car. When pulling in, put on the high beams, put the car in reverse and press the brake to illuminate the driveway behind you.

• Close your windows at night. If you must keep them open, make sure they are not open enough for someone to fit through and install a locking mechanism for the open position. 

• In an apartment building, never let someone in that you don’t recognize, even if the approaching person has their arms full. Your safety and your neighbor’s safety come before convenience. If you see someone suspicious loitering, call the police. They may no longer belong there but still have a key.

• Change your locks immediately when moving into a new place or after having ended a relationship with someone who has a key.

• If you have a common laundry room, avoid doing laundry alone, and spend as little time there as possible. Never enter if the light won’t come on. If someone comes in who is making you uncomfortable, leave immediately. 

• Consider installing a deadbolt on your bedroom door if you have roommates since you don’t control everyone who comes in and out of the apartment. Lock the bathroom to provide one more layer of safety. 

• Loud radios/TVs cut down on your ability to hear and sense a presence. When showering, turn off the noise so you can detect movement better upon shutting off the water.

• Pretend to be burglar looking for hiding places and vulnerabilities about your home. Periodically check the exterior for signs of break in or wear and tear. Make your home look occupied; cut bushes back, mow, secure your tools, don’t allow mail or newspapers to accumulate. Project the image that you care and pay attention to your safety and the maintenance of your property.

• Keep a phone by your bed. Cell phones are okay, but land lines help 911 track calls much faster.

Nothing is guaranteed to eliminate all danger, but the irony of self defense is, the more prepared you are to fight, the less likely you will have to.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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