Jon GoodmanSome markets have improved sufficiently that we are now starting to see competing buyers pursue garden variety seller re-sales. Sellers seek guidance on how to use the competition among buyers to maximize the sales price. Consider the following scenario. You are the listing agent and responded to First Buyer’s offer with a counterproposal allowing … Continue Reading
Co-Author: Kirsten A. Westerland, Esq. The expression, “I have some swampland in Florida that I’d like to sell you,” is based upon schemes in the 1960s and 1970s where scammers sold consumers real property in Florida that could not be built or improved upon. The Federal Government responded with the Interstate Land Sales Full Disclosure … Continue Reading
Co-Author: Kirsten A. Westerland At the time of the publication of this article, the demand for residential lots is dead. Lenders find themselves foreclosing on and owning lots. When lenders sell those lots, they need to be mindful of the Interstate Land Sales Full Disclosure Act (“ILSFDA”). ILSFDA is somewhat like a mini-securities law for … Continue Reading
Co-author: Jeremy S. Durham When a residential or commercial tenant defaults on a lease, it is in the landlord’s best interest to make aggressive efforts to mitigate the harm to the landlord. Because landlords do not know whether they can collect damages from the tenant or lease guarantors, landlords will want to do everything that … Continue Reading
It is more complicated to diagnose whether some potential problems exist, than to simply address them, regardless of whether the problems exist or not. It is so easy to put on a seat belt, the risk analysis of whether it is worth wile to do so is complicated, and the consequences of not buckling up … Continue Reading
Co-Author: Karen J. Radakovich, Esq. General Concepts Bankruptcies affect real estate brokers. For example, listing brokers are typically hurt when their short payoff sellers file bankruptcy. It is now common for a buyer’s agent to discover that a builder/seller has filed bankruptcy. Real Estate brokers need to have a basic understanding of some features of … Continue Reading
Consider the following buyer, Frank, in your sphere of influence. He saved his nest egg over a successful 25 year career. Frank accepted a buyout from his employer in another state and took early retirement to begin his encore career, starting a new small business in Colorado. He funded his venture with his own … Continue Reading
Co-Author: Jeremy S. Durham At the time of the publication of this article, the seizing of the credit markets seems to have stalled all but the most conservative commercial real estate loans. Many commercial real estate ventures are financed with short term debt. Lenders are not renewing loans that have matured. Other lenders are not providing … Continue Reading
In the late 1980’s, the Colorado building community suffered through a bust. In many situations, contractors allowed their account receivables to mount in mistaken reliance upon the perceived strength of their mechanic’s lien rights. Though mechanic’s liens can be tremendously powerful weapons in the collection battle, they are not all powerful. A sound account … Continue Reading
Co-Author: Jeremy S. Durham Buyers at foreclosure auctions must purchase with cash (eliminating much competition), often don’t have the opportunity to inspect the interior of the property, and risk being redeemed out by junior lien holders. Generally, foreclosure buyers acquire properties at below their retail fair market value. While it is intuitive that they should be … Continue Reading
