Denver Business Real Estate Community News – Homes for Sale in Colorado – is pleased to bring you:
“What’s happening, Denver?”
- The average price for condos and Single Family Homes dropped in July, but has increased from a year ago- July 2009 – by 6.7 %. So the Denver market is starting to realize an increase in the median average purchase price, which will likely cause the removal of the negative equity ideas most people seem to have lately……..
photo credit: Gordon M Robertson- FHA loan limits are still at a max of $406,250 – but changes are coming – so be ready for the new deal – it will be a head spinner.
- There was a decline of about 1150 properties in comparison to 2010, in July. We believe that the government stimulus of the tax credit inflated sales, pushing those future sales into the past few quarters. The result? Sales will most likely maintain 2009 levels for the rest of 2011.
- The absorption rate has gone up in July – meaning the buyer’s market continues to prevail.
- Homes in the $500,000 + range continue to languish over 143 days on the market making this price range pretty harsh – most likely causes? Loss of jobs, economic apprehensions, and general uncertain turmoil in the markets. Aggressive marketing in this price range is mandatory, sellers!
photo credit: Jeda Villa Bali
Short Sale Info News You Can Use:
Deficiency Judgment:
A deficiency judgment is an unsecured monetary judgment for a borrower whose mortgage foreclosure sale did not generate adequate funds to pay off the loan. The deficiency judgment relies upon the basis of the loan terms as to whether or not the lien holder granted a recourse or non-recourse loan.
States adhering to the title theory will allow non-judicial foreclosure proceedings to take place, which takes less time, allowing less of a loss to the lien holder, but won’t allow deficiency judgments against the borrower.
States adhering to the lien theory make judiciary foreclosure mandatory, which is a slower process, but permits deficiency judgments against the borrower.
When negotiating your short sale approval, make sure that your Real Estate Professional gets any anticipated deficiency issues addressed from the onset of the process. It is important that the anticipated deficiency resolution – called a “release” – is in writing (typically in the short sale approval letter) and signed by all parties to the transaction at closing.
Make sure that the release contains specific language that clearly addresses the resolution for any deficiency issues, such as: Lien Holder agrees to accepts the mutually agreed upon sales proceeds “as full and final satisfaction” or “as settlement in full of all liens or mortgage indebtedness on the property.”
Keep your short sale approval letter for 7 Years
Most importantly remember to save that short sale approval for 7 years in case the lender “forgets” what they agreed to and come after you for the deficiency. Keep the proof.
Fun Stuff
Denver Restaurants 
- Bent Fork American Grill
- Earl’s Restaurant & Bar
- J. Alexanders
Lunch Spot
- Tokyo Joe’s
- Rio Grande Mexican Restaurant
- Armando’s Ristorante Pizzeria
- Big Bill’s Pizza
Group Dining
- The Capital Grille
- Dave & Buster’s
- Bubba Gump Shrimp Co
- Casa Bonita
Family-Friendly Dining
• Chedders
• Blue Bonnet Mexican Cafe
• The Old Spaghetti Factory
Popular Denver Bars & Clubs
• Oasis Mediterranean Grill & Bar
• Vines Wine Bar & Tapas
• Mynt Lounge
• The Robusto Room
Live Music
+ 
= Fun Stuff
photo credit: KayOne73 photo credit: Otto Yamamoto
• Benders Tavern
• Walnut Room
• El-Chapultepec
Enjoy the rest of August!
We’ll see you back here in September – giving you the fresh high def on homes for sale and “What’s Happening” in Denver. So keep it bookmarked and remember that the Denver Business Real Estate Community News, keeps You in the “know”…
