Monday, August 9, 2010
Saturday, August 7, 2010
A mortgage company that is in the process of bankruptcy can’t find a buyer for the condo they foreclosed on, because lenders don’t want to give Mr. buyer a loani! True story! Buyer has excellent credit, 20% down and looking to purchase real estate at 50% discount off of previous sales (should be low risk) The reason Mr. Lender can’t finance the property is because while searching for vacation property on the web, the property in question shows up from the search. Vacation property = investment property in their eyes most of the time. You may be legitimately purchasing the property for a 2nd home in Steamboat, with no intentions of renting; however, the banks are calling it an investment condo and its tough to get financed. TARP to the rescue does not apply here; but…wait! “Another important goal of TARP is to encourage banks to resume lending again at levels seen before the crisis.” http://en.wikipedia. … lief_Program#Purpose Don’t get discouraged; there maybe a solution as long as you have 25% down, investor concentration ideally isn’t over 30% or was that 10% (this changes depending on who you talk to), and you don’t have more than 4 mortgages already. Its not so easy though. The HOA (Home Owner Association) can’t be in the red, one owner can’t own more than 10% of the inventory and so on… Financing condos in Steamboat is common, but it’s best if n we do some homework before venturing out to look for deals. There are several condo complexes that should finance conventionally, because they fit the lender rules. 3 examples are Walton Creek Condos (2 bedroom plus huge loft for 3rd bedroom, views of the ski resort http://www.steamboat … on_Creek_2_bed-loft/), The Timbers (Colorado lodge with views of Catamounthttp://www.steamboat … _Timbers_2_bed-loft/) or most townhomes such as Columbine - (3 bed, 3 full baths, 2 lofts, views of the valley and Rolling Stone Golf Course, 2043 sqft now just $399,000http://www.steamboat … _3_bed_plus_2_lofts/). Call Dean Laird 877-678-0884 direct or 970-846-8284 for more ideas for financing or any additional information on condos and homes in Steamboat Springs.
Wednesday, August 4, 2010See more details about Eagles Overlook
Eagles Overlook name fits this property well. Perched high above the valley, these views cannot be beat. Similar listings are priced around $1,000,000. Recently reduced to under $500,000, this 5 bedroom, over 3000 sqft property is by far the best deal on the market right now. There are some items to raise an eyebrow such as stains on the carpet and some drywall damage from previous leaks, higher HOA’s and multiple levels. Nonetheless - worthy of a look. https://skicondos4sale.com/condo_townhome_real_estate/Near_Steamboat_Ski_Area/Eagles_Overlook/See more details about Eagles Overlook
Monday, August 2, 2010
Stagecoach reservoir located just 20 minutes South East of Steamboat Springs has several homes that faced foreclosure and are now owned by the bank - commonly known as REO’s. You can pick up a newly constructed 3, 4 and 5 bedroom new homes with Stagecoach reservoir views for under $150 per square foot as of Aug 1st, 2010. These are not always listed on the Steamboat Springs Multi Listing Service (MLS) so call 877-678-0884 to request notification when a new foreclosure or bank owned real estate hits the Steamboat market. Stagecoach has what a second home buyer on a budget will want. A lake with great fishing, boating, swim beach and more. Epic mountain bike, hiking and cross country trails, and with-in 20 minutes of world class skiing at a fraction of the price of Steamboat homes. The photo depicts the view from a lot soon to be available next to a 5 bedroom home with over 4000 sqft, new construction post foreclosure price of $550,000.