Co-Author: Jordan J. Bunch, Esq. Question: Are loans made for the purchase of residential investment properties “residential mortgage loans” under Colorado law? Quick Answer: The Colorado Board of Mortgage Loan Originators is on a path to regulate loans intended for development, rehabilitation, resale or rental of residential property, potentially hindering access to financing for rehabilitation … Continue Reading
Imagine a scenario where you own a property free and clear of any mortgage and you find a buyer who wants to buy the property but doesn’t have the entire purchase price in cash or the ability to get financing. Prior to 2010, regardless of what type of property you wanted to sell, you, as … Continue Reading
Co-Author: David A. Farus, Esq. Colorado has returned to having a State approved real estate purchase contract designed for commercial transactions. This article identifies differences between the new Colorado Real Estate Commission (CREC) approved commercial and residential forms, a conceptual flaw in the commercial form, and a partial solution to the flaw. Most of the … Continue Reading
Bid Rigging In certain situations the courts have equitable discretion to extend statutory redemption periods and void foreclosure sales. Courts have the power to set aside a foreclosure sale or extend the redemption period if there has been “fraud, deceit, or collusion.”(E1) One type of collusion occurs when two or more bidders at a foreclosure … Continue Reading
What Do I Need to Know to Bid at Colorado Foreclosure Auctions? A. Tracking Sales The public trustees along the front range of Colorado generally have websites that allow investors and others to track the status of properties that are in some stage of the foreclosure process. For non-agricultural property, public trustee’s sales cannot be … Continue Reading
Co-Author: David A. Farus, Esq. Leasing Brokers may now lien property when the owner defaults on its obligation to pay leasing commissions for commercial properties. At the closing of most real estate sales, the buyer brings new money to the table. Even in short sales, where the seller’s debt exceeds the purchase price, the amount … Continue Reading
Co-Author: Jordan Bunch, Esq. Consider a transaction scheduled to close on Wednesday, June 30, 2010, attended by both buyer and seller. The seller signs all of the seller documents, including the deed, which is tendered to the closer for recording. The buyer signs all of her documents and tenders her down payment. Though the buyer’s … Continue Reading
Don’t Run the Risk of Listing Your Own Home for Sale If you are a broker, check your E & O insurance policy. You may not want to list your own property for sale if you do not have coverage. Sellers and Brokers alike are being sued by buyers on claims of alleged misrepresentations regarding … Continue Reading
Co-Author: Doug Barber Don’t Paint Yourself into a Corner – The “Toxic Substances Control Act” You may have heard that EPA has some new rules for lead based paint (LBP). The rules passed in 2008 and became effective April 22, 2010. Here is our overview of the law from the perspective of Attorney (Oliver), Realtor®, and … Continue Reading
Home Affordability Modification Program (“HAMP”) Lender Incentives to Modify Mortgage Payments The Home Affordability Modification Program (“HAMP”) is the federal loan modification program designed to assist homeowners who can no longer afford their monthly mortgage payments. HAMP went into effect in 2009 as part of the Making Home Affordable Program and set out a series … Continue Reading
