If you want to search the MLS and play around, feel free. You can also have saved searched send new listings to your e-mail inbox.
For information on Eagle County and to customize searches of greater metro Denver and Summit County, please feel free to call me at 303.589.2320 or e-mail me with search parameters.
In the meantime, here are some teaser reports for you:
Mortgage Debt Cancellation Relief - Q&AHas this law been passed?Yes. President Bush signed the bill into law on December 20, 2007. Its official title is H.R. 3648 - Public Law 110-142.How does it work? The cancellation of mortgage debt rules apply only to a limited number of taxpayers. The provision is best understood with an example.Assume a family purchased their home for $100,000, with a mortgage of $95,000. Later, they need to sell the home. They find that the value of homes in their area has declined and they can sell for only $89,000. At the time of the sale, the outstanding balance on a mortgage might be, for example, $92,000. Thus, there will not be enough cash at settlement to repay the lender the full balance of the mortgage. In some limited circumstances, a lender might forgive the amount of the balance that exceeds thepurchase price ($3,000 in this example). Second home examplesIs there precedent for this type of relief? Yes. The Hurricane Katrina relief package enacted in 2005 (H.R. 3768, 109th Congress) provided that individuals who either lost their homes or sustained economic damage to them would not be required to pay tax on forgiven mortgage debt. This relief, however, applied only in the Hurricane Katrina relief zone and was effective only between August 25, 2005 and January 1, 2007.Will this provision apply to commercial real estate? Current law already provides a similar rule that grants relief to debt-burdened commercial real estate and rental properties. The proposal would grant relief for principal residences sold by their owners or to borrowers who arrange a “workout” with a lender that reduces the outstanding balance of the mortgage. If the provision is enacted, homeowners would be treated the same as owners of commercial and rental property when mortgage debts are forgiven.What are some situations that might trigger this provision? Historically, residential real estate has almost always appreciated in value. However, in some limited situations, values in some neighborhoods fall, often through no fault of the owners. For example, a major employer might leave an area, a military base could close or environmental problems might emerge. (Areas that have been affected in the past include Texas during the oil downturn of the 80’s, Denver and Phoenix during the early 90’s credit crunch and southern California during the aerospace downturn of the early 90’s.) In other circumstances, a homeowner might be in a situation where they needed to sell in a down market to relocate, because of job loss or because of health reversals. It seems particularly unfair to tax phantom income at a time when a taxpayer is in reduced economic circumstances. What if a property declines in value, but is not sold? The provision would not apply. The provision applies only at the time of sale or other disposition or when there is a workout with the lender. Do all lenders forgive mortgage debt when property values decline? No. In states with applicable laws, the lender may require a repayment arrangement, particularly if the borrower has other assets.What is the revenue effect of the proposal? In 2000, the revenue estimate for an identical bill was a loss of $27 million over 5 years and a loss of $64 million over 10 years. The 2007 version reflects dramatic market changes. The current legislative relief is scored as losing $1.3 billion over 10 years.H.R. 3648 Public Law 110-142 - General Information and Provisions
“Rick's knowledge of the overall Denver market and specific neighborhoods I was interested in was great, as is his knack for noticing and pointing out not-so-obvious things that are relevant to the home buyer. Rick was patient and professional during the entire search and contract process; and I appreciated his honesty, scheduling flexibility, and commitment to client service. Plus he's a fun guy to hang around.” October 26, 2007
Top qualities: Personable, Expert, Creative
Larry Braudhired Rick as a Real Estate Agent in 2007
“I've hired Rick to finance and refinance two different homes. Rick was extremely efficient and knowlegeable about the process. He operated with great integrity and I appreciated his dedication in getting the job done in a timely manner. I have also worked with Rick when I volunteered for different 20-30 activities. He has always shown the same dedication towards raising money for children's charities as he has shown in his business dealings.” October 25, 2007
Top qualities: Expert, Good Value, High Integrity
Krista Brownhired Rick as a Mortgages in 2005, and hired Rick more than once.
“Rick is a very well liked individual and his organization skills are fantastic.” October 19, 2007
Steven Strollo, engineer, ConocoPhillipsworked with Rick at Neighborhood Broker Alliance.
“Rick is awesome! - a true connector and extremely intelligent. For a number of years he's contributed a ton of energy and time to numerous social fundraisers, donating all proceeds to great causes. On top of it, Rick manages a local events calendar and connects organizers across the state of Colorado - all for the good of the community. In addition, Rick is a top, respected Realtor in Colorado and a pleasure to work with. I highly recommended Rick!” October 16, 2007
Mike Downey, Co-Founder, PlayCoed.comwas with another company when working with Rick at Neighborhood Broker Alliance.
“I am eager to write a recommendation for Rick. We used Rick when we were purchasing our home and his attention to detail, follow up and follow through were second to none. This was not the first time we had purchased a home, and Rick set a new standard for what we expect in service from a real estate professional. If you are considering selling your home or purchasing a property I can guarantee that, if you hire Rick, he will exceed your expectations and you will become a client for life.” October 26, 2006
Top qualities: Personable, Expert, High Integrity
Karl W. Hoeneckehired Rick as a Real Estate Agent in 2004
