Below is a list of Eagle County's properties that are currently REO. REO stands for Real Estate Owned. This is what banks call properties that they have already foreclosed upon and will need to sell. REOs can be great investments. The sellers are not emotionally attached to the properties and this can make negotiating much easier. Take a look at the list and let me know if you are interested in these or any other properties in Eagle County. I'll be happy to provide you with more information.
6 Tips to Protect Foreclosures in Vail, Colorado from Loan Modification Scams
Many facing the possibility of being added to the number of foreclosures in Vail, Colorado are frightened, often frustrated and feel helpless. It’s understandable; nobody wants to lose their home. However, those feelings often lead to being victimized by loan modification con artists who promise freedom from foreclosure for a little bit of money and leave victims in their wake.
Here are a few tips to protect yourself from scams that could take you one step closer to becoming one of the foreclosures in Vail, Colorado:
1. Never believe a guarantee. No one, company or individual, can guarantee loan modification or that your lender won’t foreclose. If the loan modification company starts spouting guarantees, walk away.
2. Never sign over power of attorney. Sometimes, con artists will tell you that if you sign over your house to them, their good credit can help save your home. This is never a legitimate proposal and no legitimate company will ask you to do this.
3. Never spend thousands of dollars. Fees higher than $6,000 should be dismissed. Often, scam companies will charge absurdly high upfront fees to help. While some counselors will charge you a fee, those costs are added up after the loan closes, NOT before they even do anything. As well, any company charging over $4,000 needs to have a proven high quality of service and level of success.
4. Always talk to your lender first. Many loan modification scam artists will tell you to stop communicating with your lender. Communication is key, however, since your lender owns the note and will, ultimately, approve or deny the modification. Talk to your lender to find out how to refinance or restructure your payment.
5. Always check with the Better Business Bureau before hiring a “rescue” company. You can check with the Attorney General or Real Estate Commission as well.
6. Always look for free services first. Many foreclosure specialists can help, and will do so free of charge if you can’t afford them. As well, the U.S. Department of Housing and Urban Development (HUD) has approved housing counseling that will provide foreclosure prevention services, also free of charge.
When you’re already faced with the possibility of being one of the foreclosures in Vail, Colorado, you need help – not someone who will push you further across the line. Be careful when looking for loan modification help.
If your loan modification has been denied and you need to do a short sale instead, I can help. Call me at 970-471-0646 or email me at
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Buyers Beware: Disappearing Homes for Sale in Vail, Colorado
July saw the largest increase in home sales nationwide in at least ten years, which brings hope for all the homes for sale in Vail, Colorado. What’s the culprit for this more-than-expected rise? The first-time buyers tax credit!
The $8,000 tax credit first time buyers are eligible for expires November 30, 2009. Buyers that otherwise may have stood on the side lines are rushing to find the home of their dreams in time for the closing to happen before the deadline. Thanks to that deadline, one out of three homes for sale are getting that coveted “Sold” sign.
So why should buyers beware?
If you’re holding off for a better time to buy one of the homes for sale in Vail, Colorado, you might never see it! Mortgage interest rates are at a historical low; housing prices are also much lower than they have been.
The tax credit is another excellent reason. If you’re a first-time buyer and close the deal before November 30, you get a 10% credit on the purchase price. That percentage caps out at $8,000. What can you do in a new house with $8,000?
Many buyers are looking at foreclosures, due to lower costs. While the foreclosures may not be in the best condition, the tax credit has helped them make repairs without taking a huge bite out of their wallet. You may have a foreclosure with $15,000 off the initial price and $7,000 in needed repairs. If you receive the full $8,000 tax credit, you actually end up saving $16,000!
So, if you’re honestly looking for a home to buy, go ahead. Take your time; make sure it’s a home you want. However, don’t take too long, because the homes for sale in Vail, Colorado are rapidly disappearing. Take advantage of the tax credit and the number of possibilities!
If you’re looking for a great home, I can help. Call me at 970-471-0646 or email me at
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Foreclosures in Vail, Colorado, Title Searches and Title Insurance
When you’re looking to buy a home, and especially when you’re looking at foreclosures in Vail, Colorado or anywhere else, title searches are important.
Many buyers make the mistake of settling for a quitclaim deed without doing a title search. Unfortunately, the person who signs the quitclaim deed may not be the actual person holding the title. If there are any liens on the title, the new owner may get an unpleasant surprise at closing. With foreclosures in Vail, Colorado, the possibility that there is a lien on the title is even greater.
What is a title search?
Title searches are performed by title companies or lawyers. These companies and attorneys search the public records for information on the property’s ownership. The goal is to find out if there are any problems with the title.
What kind of information can a title search give you?
A complete title search will cover such things as:
• How many mortgages the property has
• Any liens, such as judgments or mortgages, on the property
• Taxes owed on the property
The purpose, other than finding current information, is to establish chain-of-title - who owned the property at what time, who they sold it to and so on. Title companies look for proof that any encumbrances have been taken care of, as well as easements, rights-of-way and anything else that can affect the title.
Why get title insurance?
Most title companies also offer title insurance. Title insurance, depending on the company, provides a guarantee that the title is clear, as well as insuring that you can’t be held accountable for forgery, fraud, defective records or incorrect signatures that occurred before you received the title. It also guarantees that there is no encumbrance or judgment on the property.
Foreclosures in Vail, Colorado are a good bet for a great home or investment property. However, make sure you know what you’re getting by having a title search done. As well, spend the money on that one-time fee for title insurance. It may be the best investment you’ve ever made!
Thinking of buying a home? Let me guide you easily through the entire process, from negotiating the price to having a title search performed to signing your closing papers. Call me at 970-471-0646 or email me at
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Do Vail, Colorado Foreclosures Make Good Rental Real Estate?
Even, perhaps especially, in an economic downturn, people are trying to make a living in the real estate market. “Flipping” houses used to be a great way to make a little cash, but not now. Many are now looking at long-term cash prospects, such as renting property, and Vail, Colorado foreclosures seem to be a good start. But are they? Let’s take a look.
Finding a good rental property isn’t easy. It’s not like shopping; you can’t go into a real estate store and grab the first house off the rack that looks good on you. It’s a process of investigating, gaining knowledge and being realistic. This is especially true when looking at Vail, Colorado foreclosures.
Homeowners who suffered foreclosure were unable to pay the mortgage. We all know that. What people usually don’t think about is that the homeowners were probably also unable to pay for upkeep. This means that you, as the buyer, have a larger possibility of buying a money pit rather than a moneymaker. Keep this in mind as you look over a few tips for finding good rental property:
Location – Since you’re looking at foreclosed properties rather than properties that are already set up for renting, you can’t check established rental records. However, you can ask your real estate agent for a list of areas with less people moving out and more moving in. As well, look at areas with surrounding retail development. New shopping malls, theatres and restaurants will bring in more people to an area.
Addition and subtraction – It’s time to do the math. Ask your real estate agent for what the going rental rates are in the area you’re looking at. You’ll need to find out if the rent you can charge will take care of expenses as well as bring you profit. Figure the yearly income you can expect to make and then subtract mortgage payments and operating expenses. If your math produces a negative balance, don't buy the propert
Taxes – Once you pay expenses, your income is taxable. Now, while you can depreciate rental property, you can’t depreciate the land it’s on. Talk to a real estate agent or accountant to decide whether it’s worth it or not.
If you follow these three tips and remember to pay attention to the amount of repair needed, you might just find some fantastic deals on Vail, Colorado foreclosures. Take a little time to make sure renting is for you, and then get started.
If you’re looking for potential rental property, I can help. Call me at 970-471-0646 or email me at
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4 Reasons Why Vail, Colorado Homes for Sale Become Eagle County, Colorado Homes for Rent
Driving through Eagle County, you’ll see a lot of Vail, Colorado homes for sale. What you’ll also see, however, are homes for rent. What’s the difference? Why did these people decide to rent out their home? Why did that homeowner become a landlord?
There are a lot of reasons for renting out your home, rather than adding it to the list of Eagle County, Colorado homes for sale:
1. The competitive factor – The current housing market is great for homebuyers, but not so great for home sellers. With so many homes to choose from, your property has to stand out from the rest to get sold. Sometimes, it could take months, or even years, to sell your house. During that time, renting can be a good way to make the house profitable.
2. Belief that the area will grow – Many people need to move out of their first house because it doesn’t have enough room for their growing family. However, they think the area has a lot of potential and will be growing. It then becomes a real estate investment. They may want to sell later, but not during the real estate slump.
3. Not sure if they want to sell the home – Another set of landlords have moved to a new city and job, but aren’t sure whether they’ll like it or not. Renting is a way to cover the cost of the house. This is a “just in case” prospect, and works well for many.
4. More money – Especially with the housing slump, some landlords have been able to make more money renting than selling their house. Because housing prices are currently very low, many owners have found renting their home more profitable than selling it for a lower value.
Vail, Colorado Foreclosures vs. Short Sales: The Consequential Facts
Vail, Colorado foreclosures are a sad fact of life. The truth of the matter is that, for many, even loan modification isn’t an option. When faced with foreclosure or short sale, how do you decide which is best? While short sales have been pushed by many as a viable option, it’s hard to know what’s best for you. Here are some facts about the consequences of both:
Your Credit While both Vail, Colorado foreclosures and short sales will affect your credit score, the differences are wide. A foreclosure can affect your score for as long as three years or more, and lower it as much as 300 points. The foreclosure can remain on your public history for over ten years.
However, only late payments show on your credit with a short sale. Your score can drop as little as 50 points and be affected for as short as one year. In addition, it isn’t reported on your history; it will show that the mortgage was settled and paid in full.
Your Job On its own, a short sale generally doesn’t affect your employment. However, a foreclosure is a different story. Some employers regularly check their employees’ credit records. As well, many require credit checks for new hires. A foreclosure on your record can jeopardize your current position or future opportunities, as well as cause the revocation of a security clearance.
Judgments In the event of a foreclosure, many banks have the right to try and get a deficiency judgment, stating that you have failed to pay the entire amount of the mortgage. With short sales, however, lenders will normally agree to give up the right to that judgment and put it in writing.
Lastly, keep in mind that Vail, Colorado foreclosures generally close below the price they would get from a short sale, so the remaining balance might be significantly higher with a foreclosure.
3 Major Things to Look at When Buying Vail/Eagle County Foreclosures
If you’re looking to get a good deal by buying one of the Vail/Eagle Countyforeclosures (yes, we have them too), keep in mind that many of the homeowners not only didn’t have money for the mortgage, they probably didn’t have money for the upkeep of the house either. If you’ve found a home you’re interested in, here’s a short checklist to follow even before you decide to contact a home inspector.
Structure For some Vail/Eagle County foreclosures, structure is a definite issue. Pay close attention to the following, as they may indicate more severe problems:
• Are the interior walls in good condition? Any cracks and stains? • Are the floors in good condition? What are they made of? Some floors are made of substandard materials, unsafe for more than casual use. • Is the roof in good repair or are there missing/curled up shingles? • Are the gutters, downspouts and flashing in good condition? • Do the doors and windows stick or glide freely? When closed, do they block out weather or is there a draft?
Water • Is there mold and mildew on the basement walls or a dark, scaly surface? This can indicate too much moisture, and can mean a leak in the foundation. • Is the ceiling bubbling, have brown spots, patches or new paint? New paint might be a sign of covering up stains from water leaks. • Are there drainpipes around the foundation? Do they lead away from the foundation? Are there cracks or a lot of weeds around the area?
Inside Hazards Many older houses haven’t been updated or may not be up to code. Here are some of the more common issues:
• Is there asbestos around exposed pipes for the furnace, heating system or water heater? • Can you see any signs of vermin or insects? Mice, termites, cockroaches and bats all leave signs of habitation behind.
If everything else is good, have the house tested for radon, carbon monoxide and lead-based paint.
Although there are many other things to consider when looking to purchase [city] foreclosures, these three are essential to a healthy living environment. Most importantly, make sure you’re an informed buyer.
