Why Getting Pre-Approved For Your Loan FIRST Takes Care of Your Financial Woes By: Andrea Mossman

So you are ready for that next big step of purchasing your first house. Well, if it is your first home or fifth home financing has evolved into a trying process. Hopefully by reading this blog, you will be headed in the right direction to find the loan that fits your financial situation. Remember this might be the biggest purchase of your life so do it right. Don’t be afraid to ask questions to get the information you are looking for.

Before you begin your house hunt start by going to a reputable bank or mortgage lender to search for the perfect loan that fits your budget. If you have the time and energy I would suggest shopping around for different lenders to see who is willing to work for you and who best suits your needs. Lenders need your business, so let them work for it. The first question they should ask you is what is your credit score? Buyers are finding it near impossible to get a loan with out having an excellent credit rating. That in mind the next question they should ask is how much money do you have for a down payment? These questions might not be the first two lenders will ask but these questions will steer you clear from negative results if this information is not known from the get go.

The next conversation you might have is what type of loan are you interested in? Ask your lender about the different types of loans and which options will best suit your needs. Lenders are now required to provide you with documentation on the negative aspects of every loan in an easy-to-read format. I would suggest you do some research on line about the many different and creative ways to pay off your home and come with questions for your lender about how to manage your financials now and in the future.

Be smart and proactive about getting your financial questions cleared up BEFORE you begin the exciting process of looking and purchasing your home.

If You’re Looking for a Slower Pace With A Pulse, Allow Me To Introduce You To Salida, Colorado By Hale Chamblee

The onset of the “Green” movement, an increased interest in community and sustainability, combined with the recent economic recession are inspiring – sometimes forcing – people of all walks of life to reconsider and reinvent. These times are liberating. The traditional constructs of modern life are being challenged, lifted, discarded in a way that can be both frightening and exciting. We are being called upon to succeed in a new climate and being asked to think outside of the box. This is a time of opportunity; we have been given permission to change.

I like Salida because it is a place rich in real wilderness and real community, a place more valuable because people still have a relationship with the land, a place where the annual harvest is still bought and sold as livelihood. Salida is a place where whole golden glades of aspen are held precious, as is the annual arrival of the eagles, “balds”, that have come down from the high country for an easy winter of fishing on the river.

Salida isn’t a perfect utopia of a mountain town, but it is a real place. If you’re looking for somewhere you can re-invent yourself and your way of life, if you’re looking for something a little simpler and a little slower, if you’re craving a new definition for riches, or a new kind of relationship with the land, it might just be the place for you!

This Time of Year Short Sale is Better Than a Shorts Sale By: Andrea Mossman

In today’s real estate market it is undeniable that America is feeling the impact of foreclosures. This trend has made the Short Sale a part of the everyday language of bankers and realtors alike. Therefore, it is important for buyers and sellers of real estate to understand the ins and outs of this trend.

In short, no pun intended, the lender accepts less than what the current owner owes from a qualified buyer. This idea of a short sale is intriguing for lenders, sellers, and buyers because it makes the best out of a bad situation for all parties involved. The lender does not lose as much money as they would if they foreclosed on the property. In addition to selling their home, the Seller may salvage their credit, while the Buyer gets a good deal. This is the main reason why this type of transaction is becoming more popular.

The primary disadvantage of this type of transaction is the inconsistencies from one financial institution to another. Banks are experimenting with the specifics of this process which can result in extended time tables for negotiating deals, while other lenders may hold the seller responsible for the net loss between the mortgage amount and sale price. Fortunately, the Foreclosure Alternatives Program has been established for lenders to grapple with these issues and create new parameters to reduce foreclosures. Reducing the number of foreclosures will strengthen many sagging real estate markets.Your options as a buyer or seller in today’s market have extended far beyond the traditional loan because of the increasing number of foreclosures. As an informed buyer or seller you can maximize your ability to benefit from today’s challenging market conditions. This is why choosing a Realtor who is knowledgeable about the short sale is a step in the right direction.

The Little (Housing) Engine That Could By: Hale Chamblee

After what may seem like an eternity of dismal news about the nation’s real estate market, America’s housing engine appears to be changing mantras from, “I think I can, I think I can…” to, “I KNOW I can, I KNOW I can…”

No small amount of attention has been paid to the flailing housing industry in an attempt to get it back on track as the engine that historically pulls us out of a recession, and by recent accounts, these measures are working. The drop in both interest rates and home prices, combined with the $8,000 tax credit for first-time homebuyers, have buoyed existing home sales. In fact, 2009 2nd quarter existing home sales are up 3.8% (in most states) from the 1st quarter and price reductions have made metro areas increasingly affordable.

A reduction in inventory will work to stabilize home prices, but in the meantime there are some pretty great deals to be had. While sales have slowed in Salida, Colorado and the surrounding areas, the market is far from dead. Recent weeks have shown a decided increase in activity as buyers that have been waiting for the market to “bottom out” before investing in the area are now taking action. The median home price in Salida, Colorado, this summer (based on sales from 5/1/2009 to time of writing) remains an affordable $250,000, while homes on an acre or more inch up only slightly to $270,000. Easily making Salida the most affordable mountain town in Colorado!

The need for goods and services associated with home sales inevitably pumps tens of thousands of additional dollars, per sale, into the economy – which may also account for the recent “I KNOW I can” attitude of the stock market. The steady rise of these economic indicators brings confidence that the upswing may well be sustainable – and while we still have a ways to go, this is good news for buyers and sellers alike!

The 4th of July in Salida By Dan Shuford

Here we are in the beautiful Arkansas Valley with July 4th just one day away. As of this writing we have had small rain showers almost every afternoon. The forest is bursting with color from all the many wild flowers scattered through lush green grasses. Our mountains are full of life and boast healthy trees so different than many parts of the state where the Mountain Pine Beetle has wrecked havoc leaving a trail of dead behind it. Yes, this is Colorado at its best. As the campers roll in and the traffic picks up, there is even more of a bustle about this little town that promotes healthy lifestyle and genuine people.

Salida, Colorado is gearing up for its annual fireworks display guaranteed to thrill all of us locals.

Is it the largest? No.
Is it the longest? No.
Is it the most spectacular? No, but for those of us who have lived here year after year scratching out a life full of bountiful blessings, it is fitting. We may not be the largest most spectacular place on the face of this planet, but we are happy and thankful to be celebrating this day and the freedom our fore fathers fought for.

What is our City doing? By the Original Keith Baker

The City of Salida has been very busy in the last 6 Mo. Just to let you know the city has your best interests at heart, even when mistakes are made or it just plain seems like what is happening is being done backwards.

2A money( the 1% sales tax increase) is in full swing on the street projects. The city was able to double the amount of street coverage due to the timing of the bids and oil prices dropping. The bit of short term inconvenience will be worth waiting for the completion and next year (hopefully) the projects will be in less congested areas.

2B money is already making the pool more of an attraction again (new east side roof and a face lift for the locker rooms). Perhaps next year will bring more for the best hot water in the state. A new handy dandy machine for significantly increasing the amount of feet of trails that can be completed has already proven its worth.

Also in the process of completion is the City and County services building in the old D&RG hospital. This is going to make these offices much more user friendly.

On the drawing for the near future is the replacement the hot line from Poncha Springs to the pool ( provided the easement issue is settled). A trail on the north side of the Arkansas river is being negotiated with the railroad and may happen. Building projects on the Vandaveer ranch are being looked at and hopefully will get the ball rolling.

Enough for now. Maybe when my turn comes again next month I will talk more on these subjects.

Focus on the American Recovery and Reinvestment Act of 2009 By: Andrea & George Mossman

Greetings from beautiful Salida, Colorado! If you are looking for Mountain Real Estate this is the spot. From river front properties to vacant land, Century 21 Wes Hill and Associates can help you find what you need. Especially if you are looking to take advantage of the American Recovery and Reinvestment Act of 2009. This stimulus plan may seem daunting, but if we can help you find what fits your life the government will help you buy your next home or business. Below I have listed the key points to this exciting and beneficial program. The information below is provided by the National Association of Realtors.

1-Homebuyer Tax Credit-The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2-FHA, Fannie Mae and Freddie Mac Loan Limits-The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.

3-Neighborhood Stabilization-Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2008 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.

4-Commercial Real Estate-Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives.

5-Rural Housing Service-The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria.

6-Low Income Housing Grants-Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.

7-Tax-Exempt Housing Bonds-Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.

8-Energy Efficient Housing Tax Credits & Grants-To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives.

9-Transportation Investments-The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects.

10-Broadband Deployment-The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions.

So as you can see there are quite a few incentives out there and finding the one for you can be challenging however, we are here to help you. Help you not only find your dream home, land or business but also help you to find what fits your financial needs. Give us a call or check us out on our web site. Have a great day!

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