Jon GoodmanIt 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
Co-Author: David A. Farus, Esq. On September 1, 2008, Colorado became one of the last states in the Country to impose a warranty from a landlord to a residential tenant that the leased premises are fit for human habitation. Whether this statute will have a significant impact in day-to-day leasing remains to be seen. Even … Continue Reading
In today’s slower real estate market, lenders are more cautious about making loans and sellers are more inclined to agree to carry financing to sell their properties more quickly. When a seller carry’s financing, the seller bears risk that the buyer might default on the promise to pay back the loan. But if a buyer … Continue Reading
This article is Part I of a two part series. Part II is available at Foreclosure Evolution (Part II). Question: What are the biggest changes in Colorado’s new foreclosure law? Summary In Colorado, the foreclosure process historically gave borrowers two opportunities to pull their property out of foreclosure. Prior to the foreclosure sale, the borrower … Continue Reading
Co-Author: Karen J. Radakovich, Esq. This article is Part II of a two part series. Part I is available at Foreclosure Revolution (Part I). A prior issue of this column explained the revolutionary change in Colorado’s foreclosure law. For foreclosures started after January 1, 2008, the owner no longer has a post-foreclosure sale redemption right. … Continue Reading
