Co-Author: Peter G. Sotiropoulos Part II: Questions and Answers about Lender-Paid Compensation Question 1: May a brokerage company contract for different compensation arrangements with different lenders? Yes, as long as the company pays its mortgage originators in a certain way. Pursuant to Dodd-Frank, Title XIV, Section 1403, “for any residential mortgage loan, no mortgage originator shall … Continue Reading
What is a zoning variance? A zoning variance is a deviation from the standard zoning regulation. In Colorado, municipalities recognize that the strict, literal enforcement of zoning regulations may not always make sense. For this reason, Colorado law requires that counties, cities and towns each form boards of adjustment consisting of a panel of … Continue Reading
Co-Author: Peter G. Sotiropoulos In Augenstein v. Coldwell Banker Real Estate LLC, decided on August 30, 2011, a federal district court held that a brokerage firm violated Section 8(b) of the Real Estate Settlement Procedures Act of 1974 (“RESPA”) by charging a client $199 plus three percent of the purchase price for sale and settlement services. … Continue Reading
Considerations Before Walking Away From a Mortgage. The Denver Post recently published an op-ed piece entitled “The Wisdom of Walking Away from Your Mortgage,” which encourages homeowners who owe more on their property than it is worth to consider simply walking away from their mortgage(s). This article, and others like it that suggest walking away … Continue Reading
Co-Author: Mike Smeenk, Esq. At various times during the Great Recession and its aftermath, different economists have estimated that approximately 25% of American households with mortgages are “upside down.” That is, for approximately 25% of American households with mortgage debt, the debt exceeds the property’s fair market value. While these percentages vary from place to … Continue Reading
The strategies for commercial real estate loan workouts tend to be dramatically different than the considerations for most homeowners who are considering walking away from their home. Conventional wisdom gleaned from residential walk-aways does not cleanly apply to commercial defaults. While each case is different, homeowners tend to walk away from their home only … Continue Reading
About To Make your Greatest Investment? Review What You Sign. It seems so simple, but most people get busy and think that the documents they need to sign are standard or cannot be changed. Whether you are purchasing a home or business, having construction done for either, or renting or leasing, you should … Continue Reading
Question: My listing expires at the end of this month. My seller just entered into a contract to sell the property that is scheduled to close after the expiration of my listing. Does the seller have a need to extend my listing agreement so that I am obligated to continue to service the deal … Continue Reading
Many Homeowner Associations (“HOA’s”) don’t realize that their deadline to register with the Colorado Division of Real Estate without incurring any penalties was back in March of 2011. Pre-CCIOA communities created prior to July 1, 1992 do not need to register but it is recommended that they still do so. The cost is only $8.95 … Continue Reading
As a result of these economically challenging times, many property owners come up with creative means to maximize income generated by their properties, whether residential or commercial. Recent examples include the proliferation of short term and vacation residential rentals like those seen on www.vrbo.com and www.craigslist.com. Other examples include property owners expanding property uses, including … Continue Reading
