Colorado Springs Real Estate Journal

Vol.3 No.10 www.csrej.com June 27, 2011

HBA Trap Shoot

Motorcycle Fundraiser

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INSIDE!

HBA PACGolf Tournament

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PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO

National News ................. Page 2Local News ..................... Page 8On the Move ................... Page 17Local Expert ................... Page 18Around the Corner ............ Page 19

Courtesy: www.fortcollinshomes.com

Kevin BentBranch Manager(719) [email protected]#251284

Aric UlmerLoan O� cer(719) [email protected]#257977

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Honest & Ethical Service from People You Know.5 3 3 3 N o r t h U n i o n B l v d . S u i t e 1 0 0 , C o l o r a d o S p r i n g s , C O 8 0 9 1 8HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website: www.dora.state.co.us/real-estate/index.htm

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The Qualified Residential Mortgage Rule:How it could impact the housing finance market

Realtors support legislation for comprehensive GSE reform

One significant outcome of the Dodd-Frank Wall Street reform and Consumer Protec-tion Act passed in 2010 was the requirement that regulators define what constitutes a Qualified Residential Mortgage (QRM). Financial regulators felt that by defining what a QRM really was and then, in turn, requiring lenders to retain a portion of loans they currently sell, it would require lenders to follow more prudent underwriting procedures and only grant highly qualified loans. This sounds good in theory – having highly qualified, traditional loans on the books is positive overall, but you may wonder about borrowers who have good credit but don’t necessarily fit into the traditional mortgage product as defined as a QRM.

The definition of a QRM is still out for comment until August, but for now the basic definition is a qualified residential

mortgage with a maximum 80 percent loan to value, on a property that is own-er-occupied and has a 30-year amorti-zation period with full documentation. Therefore, a borrower must put down 20 percent on a new purchase and have a track record clear of 60-day delinquen-cies. As it is written now, FHA loans would be exempt from QRM. If other

loans don’t meet the QRM definition, the originating lender would be required to keep 5 percent of the loans they make if they sell on the secondary market.

A recent analysis revealed a substantial number of conventional mortgages being originated today would not meet the cur-rent QRM guidelines. Borrowers with good credit quality, but lower down pay-ment abilities – such as 5 to 10 percent instead of 20 – wouldn’t be considered for a QRM. So, many in the industry be-lieve that as currently defined, the QRM definition would make it much more dif-ficult for borrowers to qualify for a home loan under these strict criteria. There is also concern that many low and moder-ate income borrowers, who are other-

wise credit worthy, would be shut out of home ownership due to the stringent underwriting requirements.

The idea behind the QRM standards has good intentions. Many policy makers felt that the cause of the recent mortgage woes was due to mortgage brokers and lenders not having incentive to follow prudent underwriting procedures. Some lenders would originate loans without the proper documentation or verifica-

By Jon PaukovichEnt—

... a substantial number of con-ventional mortgages being orig-inated today would not meet the current QRM guidelines.

The National Association of Real-tors® supports comprehensive reform of America’s housing finance market that protects taxpayers and ensures the avail-ability of affordable mortgage credit to-day and into the future.

“As the leading advocate for home ownership and housing issues, NAR be-lieves that a methodical, measured and comprehensive approach for reforming the secondary mortgage market is in the best interest of home buyers and taxpay-ers,” said NAR President Ron Phipps,

broker-president of Phipps Realty in Warwick, R.I. “A comprehensive and ef-fective mortgage reform strategy is criti-cal to help keep a level of certainty in the marketplace and not further disrupting the still fragile housing market recovery.”

NAR supports the objectives of H.R. 1859, the “Housing Finance Reform Act of 2011,” introduced last month by Reps. John Campbell (R-Calif.) and Gary Pe-ters (D-Mich.). The bill takes a compre-hensive approach for reforming the gov-ernment-sponsored enterprises Fannie

Mae and Freddie Mac.“While NAR has concerns with some

aspects of the legislation, we strongly support the bill’s comprehensive ap-proach to reforming the secondary mort-gage market and greatly appreciate the efforts of Reps. Campbell and Peters to protect the affordable 30-year fixed rate mortgage, shield taxpayers from unnec-essary additional bailouts, and ensure the availability of mortgage capital to all

Chris McElroy, a past President and REALTOR® of the Year of the Colo-rado Association of REALTORS® was appointed by Governor John Hick-enlooper to the Colorado Real Estate Commission last week. He joins fellow REALTORS® Gina Piccoli and Doug Ring on the Commission.

© Copyright Colorado Association of Realtors. Reprinted with permission.

Gov. Hickenlooper appoints McElroy to CREC

See GSE Reform page 2

See Mortgage Rule page 8

2 Colorado Springs Real Estate Journal www.csrej.com June 27, 2011

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.

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National News

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markets under all economic conditions,” Phipps said.

NAR opposes the piecemeal approach of recent proposals that would quickly constrain or shut down existing second-ary mortgage market facilities before identifying a viable replacement that would allow securitization to function under all market conditions.

“We believe that a fully private system is not a viable or sustainable alternative to the existing housing finance system and will severely restrict mortgage capi-tal, raise costs for qualified, creditwor-thy homebuyers, and place taxpayers at greater risk as too-big-to-fail government-backed financial institutions dominate the market,” Phipps said. “NAR looks forward to working closely with Congress; the time has come to have a serious discus-

sion about comprehensive reform of our nation’s housing finance system.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all as-pects of the residential and commercial real estate industries.

© Copyright National Association of Realtors. Reprinted with permission.

GSE Reform from page 1

June 27, 2011 www.csrej.com Colorado Springs Real Estate Journal 3

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Left: Volunteers Jill Webb and Arleyne Glasser checking people in.

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Builders express strong support for HOME Program

Reports in the Washington Post on May 15-16 depicting a “million-dollar waste-land” of failed or uncompleted housing projects under the Department of Housing and Urban Development’s HOME Investment Partnership Program grossly distorted the record of the affordable housing initiative, according to NAHB leaders and builders who have participated in the program.

“The vast majority of the multifamily and single-family homes built under this pro-gram are great projects that have enabled working families to rent or own a home at a price they can afford. This achievement is entirely neglected in your coverage,” NAHB Chairman Bob Nielsen said in a letter to the newspaper’s editor.

HOME is the largest federal block grant for affordable housing available to state and local governments, disbursing about $2 bil-lion a year.

By requiring that participating jurisdic-tions match 25 cents for every grant dollar, HOME is able to prime the pump for other community resources to house low-income families — stretching scarce funding money.

“Building affordable housing is a complex undertaking even under the best of circumstances, and it requires experience and fi-nancial expertise to get the job done,” Nielsen said.

“There are private builders across this country who know how to work successfully with non-profits and use HOME funding to provide communities with housing that is a source of pride for everyone involved,” he said.

NAHB and 40 other stakeholders in the affordable housing community wrote to the chair and ranking member of the House Appropriations Subcommittee on Transporta-tion, Housing and Urban Development, and Related Agencies urging their support for the program.

“The reality is that HOME has successfully and cost-effectively produced more than 1 million affordable homes for ownership and rental, as well as made additional homes affordable for tens of thousands of families with rental assistance,” they said in their letter.

“HOME uniquely empowers states and localities to respond to the housing needs they judge most pressing,” the letter said.

NAHB also sent a letter to the House Financial Services Committee ahead of its June 3 hearing to express support for HOME and commending the legislators for ex-amining oversight issues.

The letter noted that many NAHB members use HOME in conjunction with the Low Income Housing Tax Credit and other financing sources to build affordable sin-gle-family homes for first-time buyers, special-needs housing and housing for low- and moderate-income senior citizens.

“This program is vital — it’s crucial to providing affordable housing for low-income families. Many tax credit developments could not be financed without receiving HOME funds,” said Dan Markson, senior vice president for development at the NRP Group Inc. in San Antonio.

Markson has been involved in the development and construction of more than 10,000 affordable homes using HOME funding.

NAHB members build HOME-funded housing all over the country, from large multifamily projects to smaller developments of single-family homes, often partnering with non-profit organizations.

“We need affordable housing most in the urban core, in rural areas and small cities that aren’t seeing booms,” Markson said. “The HOME program is an important tool that enables developers to address this need.”

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

HOME is the largest federal block grant for affordable housing available to state and local governments, disbursing about $2 billion a year.


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As the Senate Energy and Natural Resources Com-mittee heard testimony on a suite of energy efficiency bills, including legislation to make residential housing more energy-efficient, NAHB on June 9 urged lawmak-ers to take into account the differences in energy savings between the newest, highest-performing homes and older, less-efficient homes that comprise the vast major-ity of the nation's housing stock.

"With substantial amounts of energy lost in the nearly 130 million existing homes in the current stock, it is ex-tremely important to develop an effective national en-ergy policy that is not punitive to consumers who ben-efit from the most efficient new homes," Tony Crasi, a custom home builder from Akron, Ohio, told members of the com-mittee.

"Rather, the policy must promote an ef-fective retrofit plan for older, less-efficient housing that allows builders and remodel-ers to create the benefits of energy efficiency for all hous-ing," Crasi said.

Testifying on behalf of NAHB on The Energy Savings and Industrial Competitiveness Act of 2011 (S. 1000) — legislation designed to increase the use of energy ef-ficiency technologies in the residential, commercial and industrial sectors of the economy — Crasi said that over the past two decades NAHB has played a leading role in developing, promoting and encouraging the growth of residential green and energy-efficient construction.

"The introduction of modern energy codes in the ear-ly 1990s has significantly improved the efficiency of new construction," he said.

"In fact, the Energy Information Administration reports that homes built between 1991 and 2001 con-sumed 2.5% of total energy output in the U.S.,” he said. “By contrast, the 94.5 million older, existing homes ac-counted for 18.4% of U.S. energy consumption, mean-

ing the most inefficient housing is the most plentiful."NAHB fully supports efforts to incentivize retrofitting

the oldest, least-efficient housing and believes a national energy policy priority must include provisions that seek to save the energy lost in older homes and buildings.

"NAHB has consistently championed incentives for consumers to upgrade older housing, including ongoing support for incentives under Sections 25C and 25D of the Internal Revenue Code that provide federal tax cred-its for energy efficiency home improvement efforts and renewable energy products," said Crasi.

"Without meaningful incentives to retrofit the mil-lions of less-efficient existing homes, true energy savings in the residential sector will never materialize," he added.

NAHB led the effort to create a National Green Build-ing Standard for all single-family homes, apartments and condos, the only residential green construction standard approved by the American National Standards Institute, and continues to be a leader in promoting energy effi-ciency in all facets of the industry — single-family, mul-tifamily, light commercial and remodeling.

With access to credit a major concern — coupled with foreclosure, appraisal and inventory issues — Crasi said that builders face stiff challenges trying to construct new homes in today's market, leaving fewer more-effi-cient homes available for consumers.

"NAHB is concerned with the changing dynamics of energy requirements for new housing because it has the potential to make the newest, highest-performing homes unaffordable for the average family," said Crasi.

"Rather, NAHB encourages a national policy that di-rects limited federal resources to the biggest source of energy loss in the real estate sector — older homes and buildings," he said.

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Congress urged to focus on energy efficiency incentives for existing housing stock

Crasi

got [email protected]


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Local News

The 4th Annual Defenders of Freedom: Veterans Recognition Ride to benefit the Wounded Warrior Proj-ect, organized by Colorado Springs Realtor® and U.S. Army veteran Brian L. A. Wess, was once again an over-whelming success. With about 500 participants, 360 motorcycles and $9,000 in donations collected, "The Longest Law Enforcement Escorted Motorcycle Parade in the State of Colorado" (over 40 miles) was noted by many participants to have been "the best organized and smoothest run ride of it's kind" they had ever partici-pated in. In the last 4 years, this brings the total number

of participants to over 1650 and total donations to the Wounded Warrior Project to well over $22,000.

For the 4th year, the event took place in Colorado Springs and El Paso County on Armed Forces Weekend, Sunday, May 22nd, 2011 "To recognize all those who serve and have served this coun-try and to give back to

those who defend our freedoms and have selflessly sacrificed so much for our country." The event organizer Brian Wess said. "The outpouring of support from the participants and both the expect-ed and unexpected sponsors was heart warming and encouraging."

More information and pictures of the event can be obtained online at www.BrianWess.com/VeteransRide

Motorcycle fundraiser for Wounded Warriors organized by local Realtor a success

tions, knowing that the loan would be sold off to inves-tors, therefore absolving them from future responsibility. By increasing underwriting standards and accountability, policy makers are hoping lenders will improve the credit quality of their loans. However, by exempting FHA from QRM, policy makers would drive more business to that product at the very time they want to shrink its market share.

The QRM requirements could improve the overall loan quality, but it could also have some negative reper-cussions – like preventing credit worthy borrowers with lower down payments, or those choosing non-traditional loan programs, from buying a home. Over the next two months, some adjustments could be made to the QRM definition and will hopefully take these borrowers into account. Regardless of the outcome, the important thing is to partner with a lender who complies with the policies and stays up-to-date with the ever changing regulations in our industry. When you have a knowledgeable lender in your corner, one who looks out for the best financial interests of your client, you can rest assured they will be taken care of throughout the entire home buying pro-cess.

Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]

Mortgage Rule from page 1


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Two Colorado cities among top 50 most expensive housing markets in country

Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets. Evergreen and Boulder ranked among the top 50 most expensive on the list.

The survey found Newport Beach, Calif. as the country’s most expensive market, where the aver-age four-bedroom, two-bathroom home has a listing price of $2,537,126. Niagara Falls, N.Y. at $61,000 came in as the most affordable market. Evergreen ranked 22nd in the report at $922,183, and Boulder ranked 29th at $860,671.

The Coldwell Banker HLR provides the average home listing price of four-bedroom, two-bathroom properties on coldwellbanker.com that were listed between September 2010 and March 2011 from more than 2,300 North American markets. Markets in-cluded in the U.S. report were required to have at least 10 properties fitting the above criteria within the relevant timeframe.

The top five most affordable Colorado markets were Pueblo at $141,160, Alamosa at $186,890, Montrose at $208,875, Colorado Springs at $222,936 and Thornton at $234,856.

“This year’s home listing report is by far the most in-depth local mar-ket source of data that Coldwell Banker has ever released,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “We’ve in-cluded nearly ten times more markets than ever before, which gives us unmatched real estate insight into thousands of North American cities. We know that home buying remains a deeply personal lifestyle decision, and we believe that reports like this, along with trusted real estate agents, will help to today’s buyers make smart decisions.”

An interactive graphic summarizing the full results of the Coldwell Banker Home Listing Report is available on www.coldwellbanker.com. Full national data can be ac-cessed on the Home Listing Report website, and additional state data can be found at http://hlr.coldwellbanker.com/us2011/colorado.html.

2011 Coldwell Banker U.S. HLR – Highlights • MountainParadise: A total of 28 real estate markets in Colorado made the

list. The five most expensive markets in the state included: Evergreen, Boulder, Durango, Broomfield and Golden.

• ColoradoAboveAverage: Compared to the national average of $293,251, the average four-bedroom, two-bathroom home in Colorado overall was $357,556.

• HomeownershipAffordability: In total, there are 775 U.S. markets in the HLR with average reported listing prices less than $200,000.

• LowMonthlyPayments: Put in perspective, a $200,000 30-year-fixed mort-gage at a 4.5% rate could cost a buyer a relatively low monthly mortgage pay-ment of just above $1,000.

“EvergreenandBoulderrankedamongthetop50”

Mygatt

Local home inspector earns CRI designationKen Carpenter, Reliable Home Inspection, of Colorado Springs, CO, recently

earned the Certified Real Estate Inspector (CRI) designation by passing the required examination and meeting requirements set forth by the Board of Directors of the Na-tional Association of Home Inspectors (NAHI). The designation is bestowed upon home inspectors who demonstrate their knowledge and proficiency in all aspects of home inspection. A Certified Real Estate Inspector must maintain continuing educa-tion credits to remain in the program.

The National Association of Home Inspectors is “very pleased to award this des-ignation to deserving home inspectors who participate in the program,” said Curtis Niles, NAHI President. NAHI developed the CRI program to cultivate the profes-sionalism of home inspectors. Ken Carpenter demonstrated the necessary experience and knowledge to earn the CRI designation.

The National Association of Home Inspectors is a nonprofit association established to promote and develop the home inspection industry. NAHI promulgates the NAHI Stan-dards of Practice & Code of Ethics to promote the professionalism of home inspectors and to provide a consistent method of performance of home inspections. NAHI provides educational opportunities to benefit its members, enhance the home inspection industry and protect consumers from fraudulent, misleading or deceptive practices.


Local News

The Glen at Sand Creek

E Platte Ave

Airport Rd

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ray

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719-237-6455Mark McWilliamsTh e Gold Medal Team

Contact Andre Webb: 719-271-0922

Hardly Living?Join us. Start living again!

Real Living A Leading ResidentialReal Estate Company

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If you’re ready to grow, we’re ready to invest in you.Contact John Moher or Charlie Brown for a confidential conversation about your real estate career: [email protected] [email protected]

The future of real estate rests with the Real Living agent. Our job is to support our agents every step of the way by developing an outstanding brand and marketing program, advanced technology and tools, and training that sets us apart from other practitioners.

To help our agents achieve business excellence, Real Living has developed a package of services unparalleled in the industry.

We believe in our agents, their skills and commitment to the profession and the customer. And we believe our role is to help them lead the industry in productivity and profits.

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Fax: 719.534.7411

National Association of Residential Property Managers names Weichert’s McPherson to office

Trista McPherson, residential and commercial property manager for WEICHERT, REALTORS® - Pikes Peak Group, has been elected treasurer of the Colorado Springs chapter of NARPM® (National Association of Res-idential Property Managers) for the second term. In addition, McPherson is the Budget & Finance Committee Chairperson.

The Weichert® agency became a NARPM member in August 2009. The association was designed for real estate professionals who know first-hand the unique challenges of managing single-family and small residential properties. NARPM offers an effective, professional learning environment for owners of property manage-ment companies, property managers and their office staff. Its mission statement is “to support the professional and ethical practices of rental home management through net-working, education and designation.”

The Colorado Springs Chapter of NARPM provides such ongoing educational op-portunities for its members including monthly meetings with guest speakers as well as forums for the exchange of ideas on issues specific to the industry.

Colorado Housing and Finance Authority (CHFA) and 13 nonprofit housing coun-seling partners announced that Colorado has been awarded a $1.2 million federal grant from NeighborWorks America to continue foreclosure prevention efforts across the state in 2011. This is the fourth grant award CHFA and its partners have received through NeighborWorks America’s National Foreclosure Mitigation Counseling pro-gram. CHFA’s previous grants, which total $4.1 million, have helped over 10,000 Colorado households receive free, professionally trained housing counseling services. A portion of the grant proceeds will also support the Colorado Foreclosure Hotline, 1-877-601-HOPE.

"This funding is critical to helping Coloradans avoid foreclosure," said CHFA Executive Director and CEO, Cris White. "The demand for housing counseling remains high as unemployment continues and hundreds of Colorado households struggle to balance their mortgage payments.” White continued, “The National Foreclosure Mitigation Counseling Program has already helped over 10,000 Colorado households receive assistance, but unfortunately the need is ongo-ing. Our 13 housing counseling partners will use these new funds to pay for housing counseling services, so homeowners can access help free-of-charge from a trusted and reliable source."

Housing counselors assist homeowners communicate with their lender about a mortgage loan in default or at-risk of foreclosure. CHFA advocates homeowners work with locally-based housing counselors because they are more likely to understand the local real estate market, and any unique grants or financing programs available through community organizations. Because of their expertise and frequency working with dif-ferent lending institutions, local housing counselors also know the best and most ap-propriate loan servicing contacts to help a borrower given their unique situation.

Homeowners interested in seeking help may obtain housing counseling services in their area from any of CHFA's 13 counseling partner agencies:

• AdamsCountyHousingAuthority,CommerceCity• BoulderCountyHousingAuthority,Boulder• BrothersRedevelopment,Inc.,Denver• CityofAurora,Aurora• ColoradoHousingAssistanceCorporation,Denver• DouglasCountyHousingPartnership,CastleRock• GrandJunctionHousingAuthority,GrandJunction• HousingSolutionsfortheSouthwest,Durango• NEWSED,Denver• NeighborWorksofPueblo,Pueblo• NortheastDenverHousing,Denver• SouthwestImprovementCouncil,Denver• UpperArkansasAreaCouncilofGovernments,CañonCity

"I'm pleased to see this level of support for housing counseling agencies here in Colo-rado," said Shannon Peer, director of housing counseling for Brothers Redevelopment, which headquarters the Colorado Foreclosure Hotline and manages its network of af-filiate housing counseling agencies. "This award ensures that homeowners statewide will continue to receive free and essential foreclosure prevention counseling from car-ing professionals at trusted, HUD-approved agencies.”

Funding for the grant was provided by Congress in the FY2011 Consolidated Ap-propriations Act. A total of $67.7 million was awarded by NeighborWorks nationwide to 37 state housing finance agencies (HFAs), 17 HUD-approved housing counseling intermediaries, and 84 community-based NeighborWorks organizations. The grant program is administered through a competitive application process by NeighborWorks America, within guidelines defined by Congressional legislation. NeighborWorks America is an independent, Congressionally-chartered non-profit organization based in Washington, D.C., with a mission to provide access to sustainable homeownership and safe, affordable rental housing.

CHFA receives $1.2 million to continue foreclosure prevention outreach in 2011

facebook.com/csrej


Local News

Caryn Becker rarns two big awards for 2010 Sales Production & Service

CENTURY 21 Curbow Realty is pleased to announce that Century 21 Real Estate LLC has recognized Caryn Becker, asso-ciate broker with the office, as one of the System’s top-producers nationwide when it honored her with the coveted emerald level CENTURY 21 Masters Award.

Emerald level status is awarded to an agent who has met minimum sales production of $130,000 or 40 closed transaction sides within a calendar year. A gold-plated la-pel pin with emerald accent is awarded to the agent dur-ing the Awards Ceremony, in addition to a trophy and a personal invitation to attend a CENTURY 21 Top Agent Retreat.

Caryn is also recognized for ongoing commitment to customer satisfaction with the CENTURY 21 Quality Service Pinnacle Producer Award for 2010. The annual award is based on results from the CENTURY 21 Qual-ity Service Survey (QSS) which is e-mailed to consumers immediately after the purchase or sale of a home through a CENTURY 21 System office. To earn the CENTURY 21 Quality Service Pinnacle Producer Award, an agent must receive completed customer surveys for at least 30 percent of their transactions from January 1, 2010 - Oc-tober 31, 2010, with an average survey score of at least 95 percent or better for 2 consecutive years.

"Caryn places her real estate wisdom and passion for life into her everyday business, helping to make clients more comfortable with the real estate transaction as they make what may be the most significant purchase of their lives," said Jacob Curbow, broker/owner of CENTURY 21 Curbow Realty.

"Caryn is a valued and trusted real estate resource for the Colorado Springs community and a major contribu-tor to the overall success of CENTURY 21 Curbow Re-alty and the CENTURY 21 System as a whole."

"It is truly an honor to receive the Masters Award and be recognized among such talented and dedicated group of real estate sales professionals," said Becker.

RE/MAX Properties, Inc.’s own Joe Clement speaks to 500 in New York

Joe Clement, Broker Owner of RE/MAX Properties, Inc. in Colorado Springs, Colorado, was privileged to be a speaker at the RISmedia Conference in Rye, New York. Clement is considered a leader in embracing emerging technology and tools that improve the real estate buying and selling experience for clients as well as empowering RE/MAX Properties, Inc. broker associates as they grow their business.

The audience, comprised of 500 Realtors® and Broker Owners, gathered from different companies across the

country in Rye, New York. These real estate profession-als attended the conference to learn the latest innovations and strategies to help more people who want to buy and sell homes in this changing market. Yesterday, Clement was a featured panelist and shared his insights with an en-thusiastic crowd. He emphasized what RE/MAX Proper-ties, Inc. is doing to help their agents be more successful as the real estate market shifts.

ERA Herman Group Real Estate nominated for the SIRVA Relocation “Preferred Broker of the Year Award”

Local real estate relocation department, of ERA Her-man Group Real Estate in Denver, Southern and North-ern Colorado and Southern Florida recently earned a national performance nomination from the global reloca-tion leader SIRVA Relocation, LLC.

ERA Herman Group Relocation was nominated for the SIRVA Relocation Preferred Broker of the Year Award which is based on quality of service and other various performance metrics. The top 10 brokers throughout the United Sates are nominated for this award and the award is presented to the winner at this year’s 2011 ERA Confer-ence in Las Vegas, Nevada on May 18, 2011.

See ERA Herman page 17


Only a Champion Could Sire Such Nobility.

Born of legend, bred for pleasure, Flying Horse is a place of extraordinary possibilities. With breathtaking vistas, beguiling recreational amenities, magnificent custom-crafted homes by the area’s most celebrated builders, and yes—a pulse-fluttering 18-hole championship golf course designed by the legendary master, Tom Weiskopf—this storybook community reflects the absolute finest in luxury living.

1 8 8 0 W E I S K O P F P O I N T , COLORAD O S P R I N G S , COLORAD O 8 0 9 2 1

IN LIFE AS IN GOLF, CLUB SELECTION IS EVERYTHING.While Flying Horse is renowned for its golf, our award-winning club has been said to rival the finest resorts of Europe. If your soul yearns for offerings and services so handsome, so complete, so luxurious they defy comparison, The Club at Flying Horse is your choicest of choices.

The ClubhouseSweeping terraces, an open-air fireplace, family and fine dining, and spectacular views of both the golf course and the mountains, make the Golf Clubhouse at Flying Horse the absolute best in high-styled entertainment.

The Athletic Club & SpaImagine a club whose amenities play as gently to the spirit as they do to the body, and you’ll begin to understand why the Athletic Club & Spa at Flying Horse is more than worthy of the extravagant superlatives used to describe it.

FLYING HORSE. IF YOU HAVEN’T TRIED IT, YOU HAVEN’T LIVED.A world of unattainable beauty is finally within your reach – Flying Horse. With magnificent homes, unsurpassed recreational amenities, and a boldly-conceived K-12 academic campus operated by Academy School District 20, this rarest of communities is now more accessible than ever. Luxury living in the here and now.

- Massage Therapy- Spa Services- Kid’s Cabin- Aerobics- Yoga & Pilates- Personal Training

- Free Weights- Cardiovascular Equipment- Aquatics Area- Heated 25 Yard Lap Pool- Children’s Pools- Summer Youth Programs

- Indoor Basketball Courts- Indoor Red Clay Tennis Courts- Outdoor Tennis- Sport and Summer Camps

The Villages at Flying Horse There’s something for everyone!

Live in your own little world. In your own style. Here at Flying Horse, neighborhood villages transform into enclaves, each one with its own personality, its own architecture, and its own way of life.

- Custom Homesites from the $100s- Custom Homes from the $500s- Single Family Homes from the low $300s- Active Adult, Maintenance-free,

Ranch-style living from the mid $300s- Luxury Detached Patio Homes from

the $400s

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Pricing and availability subject to change.

Rated as one of the“TOP 10 PRIVATE GOLF COURSES”

in Colorado

www.FlyingHorseColorado.com

Club Membership OpportunitiesCall (719) 494-1222

The Clubhouse at Flying Horse was rated the “BEST IN COLORADO” by Colorado Avid Golfer Magazine.

- 2008, 2009 & 2010 -


antlersridgeestatesSpectacular 2.5-acre Lotsat Off-the-Rack Prices.

Lot prices: $45,000-$95,000

Water: Dawson Well

Sewer: Septic

Road: Paved

Location: South-east corner of Meridian Road and Ayres Road.

Builders: Invite your own, or ask about our coterie of preferred partners.

Talk about trophy properties. Lots in Antlers Ridge start as low as $45,000. And because each is large enough (2.5 acres) to accommodate a sweeping range of floorplans and architectural styles, you’re able to live on a grand scale no matter what your budget. Who’s right for the Antler’s Ridge Estates? Anyone who loves fresh air, blue skies, and the excitement of the Colorado lifestyle. So dream big. Call or drop by Antler’s Ridge today. But hurry. Only 40 of these highly-desirable parcels will be sold, and when they’re gone, they’re gone—along with the unique chance to live a life most can only dream about. Antlers Ride Estates. Trophy lots at off-the-rack prices.

Call719-495-2766for Details.

AntlersRidgeEstates.com 719-495-2766

AffordableÊBeyondÊImaginationÊ


empowering our associates to make a differenceLegacy Title Group, LLC

(719) 442-190025 North Cascade, Suite 215Colorado Springs, CO 80903

Be one of the � rst 50 Realtors® to try our new online Seller’s Net Sheet and get your name in for some cool prizes.

Try Our New Seller’s Net Sheet

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Over a thousand Colorado Springs Realtors® have used Legacy Title Group for

their professional closing services.

Find us.

www.adamsmortgage.com

Elizabeth Elmer264-4399

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Matt Shtatman930-5434

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Dana Hines955-3670

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Harry Venik338-3879

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1155 Kelly Johnson Blvd. Suite 480 Colorado Springs, CO. 80920

719-593-8778Fax: 719-593-2280

Local UnderwritingFHA/VA Loans

Superior Service

KnowledgeProfessionalism

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Comprehensive residential and CommerCial inspeCtions by Colorado liCensed

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945 Oak Ridge Rd., Manitou Springs, CO 80829 | 719.685.2285

Pre-Purchase Inspections

Structural Inspections, Repair Design, and Water Ingress Investigations

Cost Segregation Studies

Construction Monitoring

HBA 2011 PAC GOlF TOURNAMENTJune 6, 2011

Photos by Amy M. Cox.


Your Cherry Creek Mortgage Teamin Colorado Springs

What you can expect when working with us at Cherry Creek Mortgage:~ Committed to honesty and integrity in all our activities ~ Passionate about serving others ~ Keen to learn, adapt and improve ~ Committed to profitable growth ~ Focused on managing risk

“Cherry Creek Mortgage Company (CCMC)

has worked hard to build a successful

business while staying dedicated to our

core values and customer - centered

culture. While major changes to our

industry and cyclical economy have left

many in our industry struggling, our

principled approach has allowed us to

make a difference in the lives of those who

come in contact with us, helped many

Americans achieve the noble dream of

homeownership and grow a solid, trusted

business with remarkable prospects for

the future.” - Jeff May, President and CEO

What you can expect Cherry Creek Mortgag

ANNOUNCING

With 25 Years of Mortgage Lending Experience, staffed with incredibly knowledgeable individuals, we’ve remained dedicated and true to our core values.

Please CONTACT one of our seasoned professionals to explore the options that are available to your customers. You’ll be glad you did.

Colorado Springs North Branch7680 Goddard Street Suite 201, Colorado Springs, CO 80920Branch Manager - Melanie Henn NMLS# 206264Phone: 719-434-8394

Colorado Springs Schneider Branch502 East Pikes Peak Ave #200, Colorado Springs, CO 80903Branch Managers - Alice Schneider NMLS# 252027 andGrant Schneider NMLS# 252034 Phone: 719-433-7651

Colorado Springs Branch3625 Lehman Drive, Bldg. A, Colorado Springs,CO 80918 Branch Manager - Bill White NMLS# 60634 Phone: 719-260-7777

Interest rates are at a 40 year low. House values are where they were 10 years ago. There is NO better time for yourbuyers and sellers to take action.

Pam Childs

Loan Originator

33yrs NMLS# 347734

Cell: 719-229-7302

Patty Sharkey

Loan Processor

28yrs

Rich List

Loan Originator

10yrs NMLS# 279034

Cell: 719-659-3745

Trace Lee

Production Assistant

5yrsTom Huxtable

Loan Originator

15yrs NMLS# 282807

Cell: 719-229-8127

Melanie Henn

Branch Manager

20yrs NMLS# 206264

Cell: 719-499-8061

Grant Schneider

Branch Manager

5yrs NMLS# 252034

Cell: 719-494-4509

Alice Schneider

Branch Manager

5yrs NMLS# 252027

Cell: 719-494-5922

Sigrid Smith

Sr. Processor

15yrs

Kristi Gates

Assistant11yrs

Samantha Broughton

Sr. Loan Processor

10yrs

Bill White

Branch Manager

23yrs NMLS# 60634

Cell: 719-210-2730

Courtney Kline

Loan Originator

19yrs NMLS# 346600

Cell: 719-492-4092

Everett Nordby

Loan Originator

21yrs NMLS# 331324

Cell: 719-337-1843

Harvey Hoover

Sr. Loan Originator

15yrs NMLS# 279666

Cell: 719-291-2426

Jan Whitehead

Loan Originator

10yrs NMLS# 273083

Cell: 719-243-0354

Jeff Chapdelain

Loan Originator

16yrs NMLS# 358001

Cell: 719 332 Jeff (5333)

Joy Bathelmes

Production Assistant

3yrs

Mark Turney

Loan Processor

13yrs

Sandie Guenther

Loan Originator

5yrs NMLS# 2733088

Cell: 719-330-3279

Rebecca Stewart-Hunt

Loan Originator

10yrs NMLS# 234355

Cell: 719-460-3426Mary Lou Risinger

Loan Originator

33yrs NMLS# 316541

Cell: 719-339-2800

Bob Manderfield

Loan Originator

24yrs NMLS# 18021

Cell: 719-339-1933

Stephanie Jacobs

Loan Processor

9yrs


On the Move

Barbara StanleyRE/MAX Properties

We are pleased to announce that Barbara, an experi-enced local broker associate, has joined RE/MAX Prop-erties, Inc. as a member of the PeakDream.com team in the Downtown office.

linda SandersRE/MAX Properties

We are pleased to announce that Linda, formerly a broker associate in Arizona, has joined RE/MAX Prop-erties, Inc. and will be working out of our South Office.

4% COMMISSION

on theTotal Contract

Price*

Model Home at:

2312 Red Edge Heights, Colorado Springs 80921

719.598.8900

Why bring your buyersto Copperleaf Homes?• Quality, Custom Homes from $300,000 and Up• Complimentary architectural concept drawing

and detailed option pricing prior to signing contract for all qualifi ed buyers

• Effi cient build times• Exceptional included features• Award-Winning CUSTOM builder• Very fl exible, we never say “No”• Colorado Company• We build in most communities in El Paso,

Douglas, and Teller counties

*Conditions – some terms and conditions apply - this offer is valid until 12/31/11

www.copperleafhomes.com

ALSO:

50%of Your Commission isPaid within 2 Weeks

of contract and deposit

GoldHillMesa.com

New Westside homes & townhomes from the $160s - $600s. (719) 633-2202 | Models Open Daily

Ask about our 2011 Realtor Bonus Program

Framed by panoramic views of Pikes Peak and the Front Range, Gold Hill Mesa’s inspiring architecture and walkable tree-lined streets are undeniably unique. Residents enjoy front yard maintenance, a fi tness center, fi ber optic network, and a central location - just minutes to downtown and the region’s best parks and recreation.

Featuring four local builders and a variety of fl oor plans, this traditional neighborhood harkens back to a time when life was simpler and a community truly was one. Come fi nd out why over 100 families now call Gold Hill Mesa home.

Old World Charm. New World Plumbing.

See Page 2 for details

newoffice?

“ERA Herman Group Relocation’s achievement is truly noteworthy," said Roger Herman, CEO. "Our Re-location Department and Relocation agents continue to meet the challenges of today's real estate market and this nomination proves we have the experience and knowl-edge required to serve transferees, their families, employ-ers and third-party relocation companies nationwide. We are committed to the service often required for incoming and out going transferred employees and are focused on the details which can go well beyond the normal, local real estate transaction”.

Century 21 Curbow Realty earns System’s Nat'l Quality Service Award

Century 21 Real Estate LLC has announced that CEN-TURY 21 Curbow Realty is a recipient of the 2010 CEN-TURY 21 Quality Service Office award for its commit-ment to providing quality customer service to its clients.

"Receiving this award is a great honor and a testament to the focus and attention we commit to our clients in ensuring that they understand each and every step of the home buying and selling process," stated Jacob & Mercie Curbow, owners of CENTURY 21 Curbow Realty. "This award is the collective result of the efforts of each and ev-ery member of our office."

Based on customer feedback received from the CEN-TURY 21 System’s Quality Service Survey (QSS), the award recognizes those CENTURY 21 System offices nationwide that earn a minimum customer satisfaction index of 85 percent or better on real estate transactions they closed from January 1, 2010 - October 31, 2010. The Internet-based survey is e-mailed to consumers immedi-ately after the purchase or sale of a home through a CEN-TURY 21 System office.

"A commitment to quality customer service is crucial in today’s competitive real estate market," said Rick Da-vidson, president and CEO, Century 21 Real Estate LLC. "CENTURY 21 Curbow Realty has demonstrated the dedication to the consumer is the hallmark of the CEN-TURY 21® System’s franchise offices."

ERA Herman from page 12


Local Expert

Empire Title of Colorado Springs 5755 Mark Dabling Blvd. Ste 110

Colorado Springs, CO 80919 Phone: (719) 884-5300 Fax: (719) 884-5304

Empire Title of Woodland Park

509 Scott Avenue | Woodland Park, CO 80863 Phone: (719) 686-9888 Fax: (719) 686-8208

www.etcos.com

“We Don’t Succeed Unless You Do!”

Maintain a positive and supporting attitude be-cause “We don’t succeed unless you do”

Provide locally produced quality Title

Commitments issued within three business days. (two business days for refinances)

Closing team will call on adverse items in Schedule B Section 1 Requirements within

three business days. Return all phone calls within two business hours.

Provide the most relevant and up to date continuing education classes.

Michael J. PodoyakEmpire Title—

While attending a marketing seminar this month with our sales team, this was the response offered my colleague when he told another attendee that we worked for a title company: “Oh, so you sell titles?”

Yes, I suppose there are still a number of people in other industries that don’t quite know what a title company does. Perhaps there are still a number of people within the lend-ing, homebuilding and real estate industries that don’t quite know how to explain what we do either. In short, we are more than mere bakers of fresh, delicious cookies. We are protectors of what will prob-ably be the largest purchase in a person’s lifetime.

In our effort to educate the masses that a title company does not “sell titles,” but in fact provides a critical function in the home buying process, I’ve prepared a handy explanation that you can clip and save for your clients or possibly your coworkers…

-------------------------------------------------------------------------------------------

THE ORIGIN OF TITLE INSURANCEThe origin of title insurance goes back more than 125 years. Real estate has always

had such great value and been such a basic form of wealth, that it has been protected more by strict laws than any other form of property. Owners, along with their family and heirs, thus have many specific rights to that property. However, others may have certain rights, too, such as a mortgage holder, a government entity due unpaid taxes, a contractor owed money for work performed, and many, many others. These claims must be settled or released, otherwise they will stay with the property – not the original property owner. Title insurance serves as protection for the new owner against these potentially hidden claims or rights. A policy of title insurance is issued to the new prop-erty owner to insure recognizable problems in the public records as well as disguised hazards. Unlike home or auto insurance, which protects one from potential future events, title insurance is protection from events which may have already occurred in the past. Additionally, there are no annual payments to keep the policy active – a one-time premium is collected at the time of closing on the property.

To obtain title insurance, a title search must be done on the respective property. This search is essentially a detailed examination of the seller’s title by accessing the public re-cords as far back as 60 years or more. The purpose is to assure that no one other than the seller has a valid claim to or against the property and that it has been legally transferred from owner to owner in years gone by. Qualified lawyers may conduct title searches, but more often they are turned over to title companies that specialize in this work.

The completed title search will answer many important questions that one must consider when purchasing a home, building or vacant land:

1. Is the record of ownership of the property complete from the first owner down to date?2. Are there any lawsuits or claims recorded against the property itself, such as Mechanic’s

Liens, foreclosures or bankruptcy actions?3. Are there any suits or judgments filed against the owner of the property?4. Are all taxes and special assessments paid? Unpaid real estate taxes are a first lien on any

real property.5. Does anyone have special rights to the property, such as easements or subsurface rights?6. If the seller is a corporation, is it fully in a position to sell the property?

As mentioned earlier, there are also disguised hazards that may not be revealed in a normal title search. These “hidden defects” are covered by the title insurance policy, and can include:

1. Fraud and forgery – The owner may have been fraudulently impersonated or forced to relin-quish title by misrepresentation.

2. Errors in records or clerical work – Misspelling of names, incorrect address, wrong dollar amount or an improperly filed document.

3. Mental incompetence or minors – The person executing the documents must be of legal age and of sound mind, or the exchange may be void.

4. Defective deeds – A deed may have been recorded without the consent of the owner or after the owner’s demise, or it may have been executed under an expired power of attorney.

5. Name confusion – Identical first names or initials, and mistakes in filing names in divorces, liens, and judgments.

6. Marital rights – Spouses or former spouses of past owners may make current or belated claims to ownership in the property, or the owners marital status is incorrectly given

7. Undisclosed heirs – Resulting from there being no will upon the owner’s death or heirs were not notified of court proceeding. Also may be a question of interpretation, such as a child born after the owner’s death.

A financial institution lending money on real estate will require the Loan Policy of Title Insurance. It assures the lender that the mortgage is a valid first lien protected against hidden or known defects in the event of a foreclosure. The lender’s coverage is for up to the loan amount. Many property buyers choose also to purchase an Owners Policy of Title Insurance, which provides for legal defense of your rights should a claim be made adversely affecting the title as insured. If a loss is sustained, the owner is pro-tected up to the full amount of the policy – usually equal to the full price paid for the property. Furthermore, if both title insurance policies are purchased simultaneously, there is a cost saving to the new property owner.

Oh, so you sell Titles?By Michael J. Podoyak, Marketing ManagerEmpire Title of Colorado Springs, LLC


June Wednesday, June 29How to Do a Short Sale9am – 1pm @ BroomfieldAnthem Highland Community Centerwww.chicagotitlecolorado.com/Education

Wolf Ranch Concert in Gateway Park6pm – 9pm, Band: Flute Daddy with Joseph Liberti (PP Jazz & Swing Society)FREE & Open to the Public

Thursday, June 30State of the City Luncheon11:30am – 1:30pm @ Broadmoor Westwww.coloradospringschamber.org

JuLYWednesday, July 6Mortgage Loan Origination Class9am – 11am @ TBAwww.chicagotitlecolorado.com/Education

Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Promises with Bob Alexander (PP Jazz & Swing Society)FREE & Open to the Public

Thursday, July 7Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

Friday, July 8Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855

Wednesday, July 13Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: The Jake Loggins Do-ItFREE & Open to the Public

Thursday, July 14Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

Tri-Lakes Marketing Forum8:30am – 10am @ Inn at Palmer DivideKim Rossbach: 719-534-7444

Women's Council of Realtors11:30am – 1:30pm @ Embassy Suites HotelRenate Carrier, 888-313-5928

HBA Membership After Hours and Poker Run Kickoff Party5pm @ Champion [email protected] 719-592-1800

Saturday, July 16HBA Poker RunColorado Springs to [email protected] 719-592-1800

Monday, July 18Discount Parade of Homes Tix On SaleAvailable at HBA office or [email protected] 719-592-1800

Tuesday, July 19NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)csnarpm.org, Jorgette Krsulic with Colorado Casa Realtors : 719-227-7200

Wednesday, July 20Annual Commission Update Course8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Kort McCumberFREE & Open to the Public

Thursday, July 21Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998

Credit Repair Class9am – 10am @ Empire [email protected] 719-884-5300

Unified Title Presents: Out of the Box Social Media w/Kelly Noble1pm – 3pm @ Peoples Mortgage (Academy)RSVP to Marian Martinez: [email protected]

Friday, July 22Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855

Wednesday, July 27Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Dick Cunico Little Big Band (PP Jazz & Swing Society)FREE & Open to the Public

Thursday, July 28Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

August Friday, August 5–21HBA Parade of [email protected] 719-592-1800

Around the Corner

Email [email protected] your

* Events subject to change. Due to space, please check with event/class holders early for more detailed information including cost and registration dates. Email events to [email protected]

719.314.2120 • www.ggclub.com/realtors Sales Center Open 9:00 am - 5:00 pm Daily

•You will receive 4% commission on the five new homes now under construction Two will be completed in July - come see them under construction at any time

•For new to-be-built homes, you will be paid a 3% commission on the price of the homesite and base price of the home at the homesite closing, NOT at the end of construction (Premier Program)

•Your Buyers will receive a membership at Garden of the Gods Club27 Holes of Golf • Sports Club • Tennis Center • Recreation Center & Pool • Spa • Dining

•Prestigious West Side location with spectacular views and close to everything

•Nine Exceptional Floorplans in Gated Neighborhoods from $438,000 to $2,000,000

4% Commissions

on our 5 homes under construction -or-

Quick Commissions on To-Be-Built

Homes!

N 30th

St

Garden Of The Gods Rd

Mesa Rd

Fillmore St

30th St

New HomeSales Center

25

New Homes on the West Side of Colorado Springs!

Reel in the CashDuring the 2011 “Hooked on Classic” Realtor Recognition Program.

If you love making deals, get ready to land the big one.Because the “Hooked on Classic” Realtor Recognition Program is back in action, and we’re paying out cash and bonuses for all qualified sales brought in by our hard-working partners in the field.

That’s right. Cash and bonuses. Plus a nice 4% commission on the side. You won’t be the only fish in the pond—expect the competition to be cutthroat—but if you work hard, you’ll discover that the opportunities are endless, and the rewards are rich.

The catch? You have to qualify to participate.So don’t wait. The tournament starts now, and the sooner you get your gear in order, the sooner you’ll start reeling in cash and bonuses (up to $3,000 as your closings increase)!

Visit any Classic community and get outfitted for the biggest adventure of the summer.

- 1st Closing = 4% commission on base price and realtor qualifies for the Hooked on Classic Program. (Classic will send you a welcome letter along with a Starbuck’s card after your first sale.)

- 2nd Closing = 4% commission on base price + $1,000 Bonus- 3rd Closing = 4% commission on base price + $2,000 Bonus - 4th Closing (& beyond) = 4% commission on base price + $3,000 Bonus

Here’s how it works—by the numbers…

*Program Terms and Conditions:Bonus incentives will be paid on ALL contracts written between 5/16/2011-12/31/2011 and payable upon closing of 2nd qualifying home. 1.) You must be an active Colorado licensed real estate agent and must have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. Questions concerning bonus commissions will be resolved solely at the discretion of Classic Homes. 2.) All eligible contracts must be originated May 16, 2011 – December 31, 2011. 3.) Bonus commissions will be paid at closing. 4.) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5.) Bonus commissions are offered on an individual REALTOR basis, team/office sales are not cumulative and do not qualify. All incentives will be awarded to the individual agent listed on the contract. 6.) Program terms and conditions are subject to change without notice.

The 2011 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying realtors will be invited to quarterly Hooked on Classic networking events where Classic will recognize the top producers. Qualifying agents will have a chance at other special prizes!

Documents

Colorado Springs Real Estate Journal