Ed Leyba

One of the best things about Colorado is when fall comes. All of the aspens beginning to turn gold. I wonder if that may have been the original idea for the saying “There’s gold in those hills!”

After a rough winter like last year’s with its below-normal temperatures and record-breaking storms, many homeowners are taking a new look at shortcomings in their heating systems and possible solutions.Sometimes the solution for chilly spots in your home is not a complete new system but adding supplemental heating.

At least 64 percent of homeowners agree they have at least one hot or cold spot making parts of their homes uncomfortable during certain times of the year.

INVERTER-driven split-ductless and split-ducted products can be a great solution. Mitsubishi Electric Cooling and Heating Solutions, a leader in providing eco-comfort systems, offers a variety of ways to alleviate hot and cold spots.

With the company’s M-Series systems, homeowners have solutions for heat pump and cooling-only applications that accommodate single- or multi-zone installations requiring energy-efficient solutions and personalized comfort. All Mitsubishi Electric systems use environmentally friendly R410A refrigerant, and many systems feature an INVERTER-driven compressor to use energy more effectively.

The M-Series features enhanced indoor and outdoor units designed for maximum energy efficiency and limited or no ductwork.

Installing the new M-Series in the home can help homeowners save up to 40 percent on air-conditioning usage when compared to standard or conventional systems.

Several of the M-Series systems are ENERGY STAR-rated to help homeowners earn residential tax credits.

The American Recovery and Reinvestment Act (also known as the Stimulus Bill) is set to expire in December 2010 but homeowners may qualify for state and local residential tax credits after that. These vary depending on your location.

For details on the federal credits which can range up to $1,500, visit www.mehvac.com/taxcredit. To find out about state and local tax credits, visit www.dsireusa.org.

For more information about Mitsubishi Electric products, visit www.mitsubishicomfort.com.

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Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Ed Leyba “ Colorado Springs Real Estate Agent – Springs Summit Group
The Springs Summit Group powered by Keller Williams Partners Realty,
specializing in Colorado Springs Real Estate, Briargate and Fort Carson
719-651-0085

What is a short sale?
Homeowners are “short” when they owe an amount on their property that is higher than the current market value. A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is “sold short.”

Why can’t I just let my home go into foreclosure?
You could, but there are many negative connotations for going into foreclosure.

• If you have a Fannie Mae loan, they may seek a judgement against you to get the loan paid off.
• You will also be ineligible for another Government backed loan for 5 years.
• Your credit score will be negatively impacted fore more than 3 years by as much as over 300 points.
• A foreclosure will remain on your credit history for 10 years.
• A foreclosure is the most challenging issue against a security clearance outside of a conviction or a serious misdemeanor or felony.

Do I need to write a hardship letter?
Yes, it is required by every lender. Be specific about your hardship. Tell them about major events in your life that would effect your ability to stay current such as a job loss or an illness or death.

How do you, my listing agent get paid…who pays your commission?
The bank will pay the commission along with all the other usual closing costs.

I want to do a short sale and have a 2nd mortgage, can I still do it?
Yes, Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Many short sales do invlove 1st and 2nd mortages.

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Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Ed Leyba “ Colorado Springs Real Estate Agent – Springs Summit Group
The Springs Summit Group powered by Keller Williams Partners Realty,
specializing in Colorado Springs Real Estate, Briargate and Fort Carson
719-651-0085

(ARA) – Not everyone who relocates has the luxury of doing it when school is out and the yard looks beautiful. If you’re forced to sell your house and/or buy a new one outside peak season, you might have to work a little harder and think creatively.

Anyone who has bought or sold a home has heard the standard advice: Find a good agent, be aware of local home values, fix up the house you’re selling and research school districts and crime rates where you’re buying.

“It’s all good advice, but it’s not always enough,” says Rich Novak, assistant vice president of Home Solutions, with USAA, a full-service financial services provider serving military personnel and their families. “Families who need to move quickly during a tough real estate market may need to go the extra mile to close a sale.”

Keep these five themes in mind from the moment you start planning your next move:

1. Dig deeper: You probably already know to use neighboring home values as a comparison point for selling or buying. But in today’s market, some additional homework can pay off. If you need to sell quickly, for example, keep a close eye on what other houses are selling for in your neighborhood and stay ahead of the market by pricing yours lower. In the wake of the bursting real estate bubble, it’s also important to have a heightened awareness of foreclosures, both where you’re selling and buying. As unfair as it seems, any foreclosures on your street can put a dent in your home’s market value. And if foreclosures are still prevalent in the neighborhood you’re moving to, it could be a warning sign that values could continue to drop after you buy.

2. Be involved: Just because you’re working with a realtor doesn’t mean you can’t do some of your own legwork.

The first 10 days on the market are the most critical to selling a home because new listings tend to get the most attention from buyers. Anything a seller can do to get their home ready to sell before putting it on the market would be helpful, including de-cluttering, cleaning, painting if needed and making the home look spacious and bright.

The Internet and social media have opened limitless new strategies to sell your home and find your next one. Try Craigslist, Facebook, Flickr, and YouTube. And don’t be shy, say real estate agents. When you’re selling, post pictures that show your home at its best and upload a narrated video tour – because that’s what you’d want to see as a buyer. At some real estate agencies, a video tour is becoming the new requirement for sellers.

3. Accept a helping hand: Take advantage of a wide range of services, beyond your local realtor’s, that could help you streamline the buying and selling process. Some cost money, such as home “staging” services that can help whip your house into selling shape. Others are free, such as relocation benefits offered by some employers, or the military’s Homeowners Assistance Program. One free service actually helps you while you are out and about looking for a place to live. For example, Realtor.com provides free home search services on the Web and through an iPhone app that gives you access to the same comprehensive listing information real estate agents use, driving directions to the homes you’ve searched and organization of pictures taken to help you keep track of all the homes you’ve seen. Chances are you qualify for some type of assistance through an employer, the government, or an association you belong to – you just have to ask.

4. Get creative: Sometimes it takes out-of-the-box ideas to seal a deal. If you know that a potential buyer is wavering on whether to make an offer on your house, buck convention by making a “reverse offer,” where you try to win the sale with an attractive price. Sellers might also sweeten the pot with extra incentives. Money toward closing costs or prepaid homeowner’s dues are common buyer incentives, but why not set yourself apart by offering a free trip to a beach resort?

If you’re the one buying but can’t find the perfect house, ask your agent to look up houses that were recently taken off the market. You might be able to request a “one-time showing” and get a bargain price on a house the owners thought they couldn’t sell.

5. Remain flexible: According to the experts, buyers and sellers should keep their pride in check and be willing to make some concessions, especially in a tough market. That means not haggling over minor repairs or refusing to leave behind the chandelier your potential buyer loves. Factor in the cost of keeping up your home for several more months versus just accepting a lower selling price today.

“Always think in terms of the bigger picture. Don’t lose a deal over $500,” says Ed Leyba, a Keller Williams agent in the Colorado Springs, CO., area.

Even in the most sluggish real estate market, an early start and an open mind are two of the best strategies to make your next move go smoothly.

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Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Ed Leyba “ Colorado Springs Real Estate Agent – Springs Summit Group
The Springs Summit Group powered by Keller Williams Partners Realty,
specializing in Colorado Springs Real Estate, Briargate and Fort Carson
719-651-0085

The Inman Brothers Band
Aug 14, 2010 Doors Open at 7:00PM
Stargazers Theatre and Event Center
Based out of Colorado Springs and founded in the 70™s, The Inman Brothers Band is a combination of some of the finest and creative musicians in the state. They have shared the stage with such national acts as Kansas, B.T.O., Firefall, The Outlaws, Molly Hatchet, Night Ranger, Eddie Money, Steppin™ Wolf, The Marshall Tucker Band and others.
From classic rock to rock and roll to country, The Inman Brothers Band will get you out of your seat and dancing.

Stargazers Theatre and Event Center
719-476-2200

Summer Carnival
Aug 14, 2010 12-4pm
Black Forest Chapel, 14190 Black Forest Road Black Forest, CO. 80908
Black Forest Chapel invites you to come and celebrate summer at a traditional Summer Carnival, perfect for the whole family! Enjoy fun games including darts, cake walk, duck pond and much, much more! Also enjoy free hot dogs, soda, and root beer floats! Other activities include a bubble garden, face painting, and balloon animals! There is not charge for admission or tickets, and everyone will have a great time!Questions? Contact our office at 719-495-2420

Craft Lager Festival
Aug 14, 2010 – Aug 15, 2010 1:00-6:00 (noon for advance purchase tickets)
Memorial Park, Manitou Springs (502 Manitou blvd)
Date: Saturday 8/14/2010 – Sunday 8/15/2010
Time: 1:00 PM – 6:00 PM (noon for advance purchase tickets)
Memorial Park
502 Manitou Avenue Manitou Springs, CO 80829

“Drink a Beer, Save a Tree”
¦at the annual celebration of bottom-fermented craft lagers in Manitou Springs

KEY BEER INFO:
-Come taste beers from Hawaii to Boston
-Last year had a world premier of 4 unique beers¦ no telling what you™ll only find at the festival this year!
-Enjoy the Warning Sign Eis Bock exclusively at its home, the Craft Lager Festival
- Unlimited sampling of hand crafted lagers (within reason!) from a commemorative tasting glass (Actual Glass!).
- An award presentation for exceptional lagers on 2:30 PM Sunday.
-Meet the actual brewers creating artisanal beers you won™t find anywhere else.
-Brewers from more than 20 states

ALL OTHER REASONS TO COME
-listen and dance to live local music such as: Big Paddy Band & Grass It Up
-Help support parks & open spaces: to date helping several to open or stay open
-Checkout the first Solar powered beer festival
-Rated one of the Top Ten Festivals in the Nation by USA Today!
-Low key feel but with all the style and 2x the fun of many festivals
-Improved ticketing portal & front gate check in
-100% volunteer run
-Free soda for DD™s & free rides home through Designated Driver of Colorado Springs
-Because it feels good to come & support local events!

SPECIFICS & TICKETS
-Advance purchase tickets get early admission to the event so buy online!
-Prices: $25- $145 ($10 for DD™s)

For more information visit http://www.craftlagerfestival.com

4PAWS Rescue Dog Wash & Adoption Fair
Aug 15, 2010 11-4pm
1625 W. Uintah, Colorado Springs, @ Wag-N-Wash
Volunteers will give your dog a bath for donations!All donations go to provide medical care and food for the homeless dogs in our rescue. We will also have adoptable dogs available to meet you!

Pre foreclosures are known as properties that have reached the final stages before they get repossessed or taken back by the lender or bank.   The owner is still in complete control of the property or home, although the bank or lender will repossess the home if the owner doesn™t attempt to rectify the situation.   Normally, if the owner makes things right with payment, the pre foreclosure will settle and things will go back to normal.

When buying real estate, there are several benefits to pre foreclosures.   Although there are several ways that you can buy a home, pre foreclosure is one of the best.   Even though it is one of the best ways to buy property, many people miss out simply because they aren™t familiar with pre foreclosures and all of the benefits that come with them.

The best thing about pre foreclosures is the prices that are associated with them.   In most cases, the owner has no choice but the sell the house, and therefore will listen to just about any offer that he receives.   Due to this very reason, you can find pre foreclosures for sale at nearly 50% off market value.   This is an ideal time to purchase, especially if you are looking to save a lot of money.

Along with the great prices you can get with pre foreclosures, you™ll also have the luxury of dealing directly with the owner – no third parties involved.   This is a great advantage, with buyers being in total control of pre foreclosure sales.   In the event that the home owner decides to turn down your offer and cannot find another buyer, he will lose everything.   Even if you offer the owner a small price, he will be able to make a little bit of money selling the home.

You can find pre foreclosures that up for sale pretty much the same way that you can find homes in which the bank already has control of.   You can look in the local newspaper, on the Internet, or by calling the lender directly.   There are several options that you have in terms of finding pre foreclosures, giving you plenty of options. Once you have found a pre foreclosure for sale, it™s up to you to seal the deal and get the home of your dreams at a very affordable price.

When you compare foreclosed properties with pre foreclosed properties, you™ll find that there is less competition involved with pre foreclosures.   Pre foreclosed homes are a great purchase, as they will normally come at a very affordable price.   Those of you who have been looking for a new home shouldn™t hesitate to check out pre foreclosed properties.   They are a great investment – and can indeed be very profitable in the long run.

If you are interested in buying or selling a home, please call 719-651-0085.

Headlines today are filled with stories about homeowners in financial distress”people who face a lender™s foreclosure on their home. Millions of American home owners are wondering what to do.

Like most crises, this one has produced its share of rumors and misinformation. One of the biggest ones is œjust let it happen. Why fight back, this line of thinking goes. It™s too emotionally draining, and the government™s loan modifications aren™t helping many people. Well, that™s only partly true.

While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It™s called a short sale”a sale to a buyer where the seller™s lender agrees to accept less than the full amount owned.

Why not be foreclosed? Why sell short? Here is a list of homeowner consequences with Foreclosures and Short Sales

Foreclosures

• Future Government Backed Loans – A homeowner who loses a home to foreclosure is ineligible for a government backed mortgage for a period of 5 years. Fannie Mae is also putting forth measures to seek judgments against homeowners who walk away from their homes to receive the remaining amount that is owed.
• Future Loan with any Mortgage Company – On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks, “Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” This will affect future rates.
• Credit Score – Score may be lowered anywhere from 250 to more than 300 points. Typically this will affect a score for more than 3 years.
• Credit History – Foreclosure will remain as public record on a person’s credit history for at least 10 years.
• Security Clearances – Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA or any other position that requires a security clearance, then clearance will be revoked and the position will be terminated.

Short Sales

• Future Government Backed Loans – A homeowner who successfully negotiates and closes a short sale will be eligible for a government backed loan after only 2 years.
• Future Loan with any Mortgage Company – There is no similar declaration or question regarding a short sale
• Credit Score - Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale’s effect can be as brief as 12 to 28 months.
• Credit History – A short sale is not reported in credit history. There is no specific reporting item for a “short sale.” The load is typically reported as “paid in full, settled”
• Security Clearances – A short sale on its own does not challenge most security clearances.

We all know that buying or selling a home can be a time consuming process.   Although there are thousands of people looking to buy homes, it can be a tricky process finding the right person interested in your home.   With hundreds of thousands of homes for sale in the United States, there is always some form of competition.

If you™re looking to sell your home fast, you™ll need to attract as much attention as possible.   A real estate agent can help, although he can only do so much.   He can show your home and help to get it out there to buyers, although he can™t make it sell.   If you want to sell it fast, you™ll need to do some work yourself.   If you put the effort into selling your home fast, chances are that you will.

The quickest way to sell a home is by staging it.   Staged homes literally invite the buyer in, making him feel right at home.   Staged homes are also appealing both inside and out, and are more or less ready to be moved into immediately.   They don™t sit on the market for long at all, yet they bring a top dollar sell.   If you are familiar with staged homes – you should know that they are among the fastest selling homes on the market.

If you don™t want to use a real estate agent, it™s still quite possible to sell your home – and sell it fast.   You™ll need to do everything yourself, which involves getting your home out there to the market and showing it to potential buyers.   You can always list your home in local newspapers, magazines, and put a œfor sale by owner sign in the yard.   This way, you are letting buyers know that your home is for sale.   Some buyers prefer homes that are for sale by the owner, as they don™t have to pay a real estate agent or deal with one directly.

When you sell your home, you should always make sure that the exterior is clean, the lawn is trim, and the interior is in superb condition.   If you plan to live there until it is sold, you™ll want to make sure that you have the interior staged as best as you can.   You want to give the buyer a great feeling, so he™ll stay and won™t leave.   If your home is visually appealing both inside and out, a buyer will want to see more.

Once a buyer wants to see more of your home, chances are you have found the individual who will buy it.   You should never make the buyer feel pressured, but instead make him feel that you are interested in his thoughts and opinions.   If you show a buyer that you care – you will go a long way in establishing trust – which will help you sell your home.

When looking for a home for you and your family you will come across all kinds of deals, bargains, and so-called values along the way. If price is a very tangible object for you and your real estate investment then you might seriously want to consider the value of foreclosures. If you are hoping to invest in real estate in order to turn a profit then you may also wish to consider these properties that are often sold well below the ordinary value of the property because they are in varying degrees of disrepair.

Foreclosures are properties that have been taken back by the lenders because the previous owners were unable to continue making payments on the property. Being that these homes were often owned by those in financial distress and may have been empty for some time before being sold, chances are that the foreclosure homes being sold at any given time are in some degree of disrepair. The shabbiness of many of these properties is one of the factors that keeps the prices down. Another is the fact that the lenders are essentially attempting to recoup their investment in the property. For this reason they are often willing to take less than the value of the property if that is what is owed on the property.

Why are these properties often in a state of disrepair? Truthfully, there are many reasons but the primary culprit in this situation is money. Obviously the owners of the home were struggling to make the payments or the home would not be in the state of foreclosure. If the notes on the property were difficult to begin with it makes perfect sense that other issues such as leaking roofs, shabby carpeting, or plumbing maintenance would take a distant second in priority to making the house payment.

At the same time, there are those who are bitter about loosing their homes. As sad as the situation may be some add insult to injury by damaging these properties intentionally. These homeowners feel they have nothing left to loose and if they cannot have their property hole then the lenders should not as well. While this is by no means the way to go there are very many who choose this path over other options.

The fact is that their loss in these situations is actually your gain. The damage they do to the property is often not terribly expensive to repair though it can be quite bothersome. Your willingness to do the work in order to create a beautiful home for you and your family or as an investment can often translate to big savings at the closing table or when negotiating the price of the property.   Foreclosures can allow families to buy larger homes in better neighborhoods than they would ordinarily be able to afford. They can also provide a fabulous kick-start to a property investment portfolio.

Despite common claims and Internet advertisements, you do not need to buy a list in order to find foreclosed real estate in your area. You simply need to procure the services of a competent realtor and let him or her know that your intentions are to purchase a foreclosed property or some other property that is selling well below market value. You might be amazed at the wealth of information and assistance your realtor can provide not only in finding excellent foreclosures but also when it comes to procuring financing for some of the more creatively damaged foreclosures you may run across at insane bargain prices.

4 Bedroom | 4 Bath | 2 Car Garage | 3956 Square Feet | $725,000

Beautiful custom home with your own private Red Rock Formation. Home with tons of upgrades, prep kitchen, Sub-zero refrigerator and freezer with extra drawers, Electrolux smooth top with double ovens, abundance of cabinets and storage, Formal dining room with baywindow and french doors, Living room and Family room includes numerous built-in book cases, cabinets, millwork and pellet stove, Main level master suite with walk in closets 4 piece bath, Unfinished basement includes workshop, desk, half bath. Enjoy your own private retreat on the beautiful 59 x 15 wood deck with custom gazebo, water feature and breathtaking views. Follow the path to your firepit. Garage has 50 amp service for RV.

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To speak with an agent, give us a call! 1-800-495-3189 Ext# 1127