Colorado Springs Real Estate Journal

Vol.2 No.7 www.csrej.com March 22, 2010

HBA Breakfast with the Builders

Heritage TitleOpen House

Keller WilliamsNew Agent Meet & Greet

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National News ................. Page 2Local News ..................... Page 8On the Move ................... Page 13Local Expert ................... Page 14Around the Corner ............Page 15

Charfen

NAR urges Congress, Administration to approach changing FHA slowly

Home buyer tax credit extended for some in the military

10 short sale myths and 1 truth

McMillan

The New

CSREJ.com Reserve this front page ad. Call Rachelle. 205-1299

Check it out today!

By Joe Clement Broker Owner RE/MAX Properties, Inc.Colorado Springs, CO

More than a year into the housing cri-sis, Alex Charfen, Co-Founder and CEO of the Distressed Property Institute, is exasperated that many homeowners fac-ing foreclosure don’t attempt to modify their loan or sell their home.

“I have to do a better job getting the word out,” Char-fen said, referring to a recent Cromford Report showing that roughly 80 percent of ho-meowners nearing a foreclosure do not have their home on the market.

Charfen co-founded the Distressed Property Institute in January 2007 after more than a decade as a real estate agent helping distressed homeowners find so-lutions to their difficult situations. The organization trains realtors on distressed property sales and offers a Certified Dis-tressed Property Expert designation to licensed agents who complete a train-ing course. The training walks agents through every step of the process, includ-ing all the documents banks need. These highly-skilled broker associates then

help distressed homeowners work with lenders to approve a sale for a price less than the amount of their existing loan – known as “short sales.”

Avoiding foreclosures not only helps the homeowner’s credit rating, Charfen said, it also helps protect area home values.

Today, more than 14,000 agents in the United States have the CDPE Designation.

Myth 1: You must be behind on your mortgage to qualify for a short sale.

Lenders look for three things: a “veri-fiable hardship,” such as a job loss, pay cut, job transfer, divorce or serious ill-ness; a monthly cash-flow short-fall or pending shortfall and insolvency; or lack of liquid assets that would allow you to pay down your mortgage. Charfen said distressed homeowners often wait too long, and should consult with a qualified agent before burning through savings or trying such desperate measures as using a credit card to cover mortgage payments.

Myth 2: Short sales rarely get approved.

Charfen has an 85 percent success rate for closing short sales. However, they

See Short Sales page 12

Although home buyers need to sign sales contracts by the end of April to qualify for the $8,000 first-time and $6,500 repeat home buyer tax credits, qualified active military servicemen and women have an additional year to take advantage of these incentives.

Under a legislative provision targeting active members of the military, the For-eign Service and the intelligence com-munities, the tax credit was extended for

one year beyond the current deadlines of April 30, 2010 for a binding sales con-tract and June 30, 2010 for settlement and closing.

The provision only applies to home buyers in the above mentioned groups who have served on official extended duty for 90 days or more outside the U.S. from Jan. 1, 2009 to April 30, 2010.

Also, service members who must sell their home because of official extended

duty are excluded from a rule that re-quires buyers to repay the credit if they move out of their home within three years.

Builders — particularly in cities and towns with a large population of military personnel — should take advantage of the opportunity to market the tax credit extension to qualified military families that are looking to purchase a home.

Resources geared to helping builders

spread the word about the benefits of both the tax credit and homeownership are available at www.nahb.org/taxcredit-materials.

More information on the special pro-vision for military service members can also be found at www.federalhousingtax-credit.com.

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

The National Association of Realtors® urged Congress and the administra-tion to move cautiously before making changes to the Federal Housing Admin-istration program that has served the needs of millions of American families for more than 75 years without needing a federal appropriation.

FHA remains financially strong be-cause it has taken steps to ensure solid underwriting standards and responsible lending practices, said Charles Mc-Millan, NAR immediate past president, in testimony before the House Subcom-mittee on Housing and Community

Opportunity today.“As the leading advo-

cate for housing issues, NAR believes that one of the best ways Con-gress can help strength-en FHA is to quickly

consider and pass legislation that would make current loan limits permanent,” McMillan said. “It’s important to note that higher balance FHA loans perform better than lower balance ones. While some argue that higher balance loans

See FHA Change page 2

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2 Colorado Springs Real Estate Journal www.csrej.com March 22, 2010

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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.

Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.

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put taxpayers at risk, such loans actually strengthen the program and reduce risk to the fund.”

NAR strongly supports H.R. 2483, the “Increasing Homeownership Opportuni-ties Act.” Current FHA loan limits are as high as $729,750 in high-cost areas, and are set to expire at the end of the year and revert to lower amounts, greatly hinder-ing the housing recovery process. A de-crease of current limits would adversely affect 612 counties in 40 states and the District of Columbia.

Explaining that FHA has played an important role in the recent housing and economic crisis by filing the gap left by private lenders, McMillan said FHA in-sured almost 30 percent of single-family mortgages in 2009 and more than 50 percent of first-time buyer loans. “His-torically, FHA’s market share has hovered between 10 and 15 percent of all loans. And when the private market is strong enough to return, we welcome a reduced FHA market share,” he said.

McMillan said NAR strongly opposes H.R. 3706 that would raise the FHA downpayment. “While that would in-crease an individual’s investment in the home, it would not add a penny to FHA’s reserves and would disenfranchise many FHA borrowers,” he said.

NAR also opposes a new FHA initia-tive that increased the up-front mortgage insurance premium (MIP) from 1.75 percent to 2.25 percent because it adds to the closing costs home buyers already face. NAR supports legislation to reason-ably increase the annual MIP to replace FHA capital reserves, but in turn, FHA should reduce the up-front premium due at the closing table.

McMillan said NAR was also con-cerned that FHA wanted to decrease seller concessions to 3 percent. Reducing seller concessions could put homeown-ership out of reach for many buyers, he said, because it could require buyers to pay more at closing.

McMillan applauded FHA’s stepped up enforcement and oversight of lend-ers making FHA loans. In 2009, FHA removed approval of or suspended 274 lenders. “Realtors® support adding more tools to help FHA protect borrowers and taxpayers,” he said.

© Copyright National Association of Realtors. Reprinted with permission.

FHA Change from page 1

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March 22, 2010 www.csrej.com Colorado Springs Real Estate Journal 3

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Pending home sales down; severe weather impacting market

Builders go head to head with foreclosures and win

Pending home sales are down and additional de-clines are expected from abnormal weather conditions, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in De-cember, but remains 12.3 percent higher than January 2009 when it was 80.5.

Lawrence Yun, NAR chief economist, said weath-er is likely to impact housing data. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” he said.

As such, abnormal swings are expected in housing data. “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June,” Yun said. “The real question is what happens in

the second half of the year. If there is sufficient job cre-ation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward.”

The PHSI in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January 2009. In the Midwest the index dropped 8.9 percent to 81.2 but is 11.8 percent above a year ago. Pending home sales in the South slipped 2.1 percent to an index of 98.1, but the index is 18.0 percent higher than January 2009. In the West the index dropped 13.2 percent to 102.9 but is 1.4 percent above a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all as-pects of the residential and commercial real estate in-dustries.


From Las Vegas, one of the epicenters of the hous-ing meltdown, John McLaury, senior director of sales for KB Home Nevada, reported that his company has scored measured sales success by zeroing in on the fore-closed properties flooding the local housing market and pursuing strategies to compete with them.

McLaury joined a panel of speakers at January’s In-ternational Builders’ Show (IBS) in Las Vegas who dis-cussed how builders can sell homes in areas that have been swamped with foreclosed homes often marked down to bargain basement prices.

Although the wave of foreclosures has not necessar-ily peaked, the good news is that the problem is concen-trated in only certain parts of the country, panelists said. Also, targeted marketing against foreclosures is working — aimed primarily at the first-time home buyers who have proven to be the most viable prospects at a time of exceedingly sluggish sales nationally.

Lisa Jackson, vice president for John Burns Real Es-tate Consulting in Irvine, Calif., said that the number of mortgages entering the foreclosure process should peak this year at 3.1 million. Subprime mortgages have faded as the source of delinquent payments, she said, replaced by the continuation of adjustable rate mortgage resets and economic-related stress.

John Burns Consulting estimates that there are 82 foreclosures that start as the result of every 100 net job losses.

“Foreclosures are a lagging indicator of the econo-my,” Jackson added, “and they will continue even after job losses.” Even in the best of times, she said, there are roughly 750,000 residential foreclosures occurring in any given year. However, she predicted it won’t be until 2016 that foreclosures return to the pre-recession levels of 2006.

The experiences of Southern California, whose eco-nomic tribulations in the 1990s mirror what has been happening lately nationwide, suggest slow going on the road to recovery, she said. The region’s escalated job losses lasted three years, but the impact stretched out for eight.

As other speakers on the IBS panel observed, many builders are facing significantly less extreme circum-

See Builders page 5

http://www.vanguardnewhomes.com


National News

Home Affordable Foreclosure Alternatives Program (HAFA)

NAR and DocuSign unveil exclusive Realtor Electronic Signature Edition

Going into effect on April 5, 2010

On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Afford-able Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modifica-tion under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available at Mak-ingHomeAffordable.gov.

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guide-lines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:

Complements HAMP by providing a viable alternative •

for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

Uses borrower financial and hardship information al-•ready collected in connection with consideration of a loan modification.

Allows borrowers to receive pre-approved short sales •terms before listing the property (including the minimum acceptable net proceeds).

Prohibits the servicers from requiring a reduction in •the real estate commission agreed upon in the listing agreement (up to 6 percent).

Requires borrowers to be fully released from future li-•ability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

Uses standard processes, documents, and timeframes/•deadlines.

Provides financial incentives: $1,500 for borrower re-•

location assistance; $1,000 for servicers to cover ad-ministrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien hold-ers (on a one-for-three matching basis).

Requires all servicers participating in HAMP to imple-•ment HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may in-clude factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Decem-ber 31, 2012.


The National Association of Realtors® announced to-day the release of the DocuSign REALTOR® Edition, an exclusive online eSignature service designed specifically for Realtors®. NAR and DocuSign formed a business alliance late last year through the REALTOR Benefits® Program.

DocuSign, the leading provider of on-demand elec-tronic signature solutions, is the official and exclusive provider of ESIGN services under the REALTOR Ben-efits® Program. Its REALTOR® Edition allows NAR members to electronically sign agreements with buyers

and sellers, saving Realtors® time and providing client convenience.

“DocuSign’s REALTOR® Edition represents the power of partnership within the real estate industry, and more importantly, reinforces how Realtors® benefit from NAR’s REALTOR Benefits® Program,” said Bob Goldberg, senior vice president of Marketing and Busi-ness Development, Commercial Services and Business Specialties. “DocuSign has established itself as a market leader in the real estate segment and this new product for Realtors® will continue to revolutionize the industry.”

The REALTOR® Edition builds on DocuSign’s award-winning eSignature offerings and includes new exclusive e-signing features. NAR members have the option to adopt a Realtor® branded e-signature for a more person-alized client experience. The product is also designed for mobile functionality with online electronic signing of documents from any type of mobile device. To acceler-ate the signing process, Realtors® will have the ability to control the recipient signing order and have automated

See DocuSign page 6

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stances than those being felt today in the most battered markets in Arizona, Ne-vada, California, Florida and parts of the Midwest, which, according to Jackson, accounted for 60% of all foreclosures at the end of last year’s third quarter.

The Foreclosure Capital of the World

Dealing with just about the worst sales environment imaginable, McLaury of KB Home said his company was able to eke out about 500 home closings in Las Vegas last year.

“In the mid-2000s,” he said, “Las Vegas was on fire. Now, it is the foreclosure cap-ital of the world as the result of the boom from 2004 to 2006,” when his division was delivering 3,800 homes annually. “We have had to make some changes,” he said. “We moved as quickly as we could tweaking, then we did major retooling.”

KB’s three-pronged approach in re-sponse to a major housing slump was to steer production to a smaller and more affordable product, implement market-ing ideas to attract buyers, and train and motivate the sales team.

McLaury said it made sense to tar-get the first-time buyer market because trade-ups have been “where everybody is upside down in their home.”

Recently, said Carol Ruiz, principal of public relations for Red Rocket Market-ing and PR in Culver City, Calif., 2.7 mil-lion home owners have owed more on their mortgages than their homes were worth. That phenomenon has been more pronounced in the biggest boom-and-bust markets, such as Las Vegas.

McLaury said his company aims for pricing that straddles the median price in the resale market and comes in at a 5% to 10% premium over the median. Foreclo-sures, which typically command prices below the median, are charted on a map, and KB has been able to identify varia-tions in locations that enable it to see cost

savings of as much as $20,000, he said.KB is building smaller homes on

smaller lots; on the inside, there are few-er but larger rooms, and fewer walls. The buyer chooses the floor plan and picks the number of bedrooms and baths, and is able to choose design features from “a great design studio,” McLaury said.

The builder has also increased its cycle time to three times yearly. Permits are in place in 30 days and sales to closing time runs an efficient four months.

Competing With Foreclosures

“Las Vegas has been struggling with foreclosures for some time,” McLaury said. “The good news is there’s a lot of people who want to buy a home.” KB has its sights on “people who don’t own to-day, who have looked at foreclosures and are frustrated. They see how easy it is to buy a new home — in four months.”

Foreclosures definitely haven’t been easy for novices in the housing market. The majority of buyers of distressed REO properties are investors, he said. In Las Vegas, they account for about half of foreclosure sales. First-time buyers can be lured in by the advertised price of a foreclosed home, but they find out soon enough that these homes commonly end up selling for much more, and it is diffi-cult lining up financing to complete the purchase.

With a shrunken marketing budget, McLaury doesn’t have the resources to advertise in local newspapers, but he does use flyers in his sales offices, con-duct home buyer seminars, send out e-mail blasts, reach out to renters and ex-tensively survey every buyer who closes.

“We ask the buyer to compare,” he said. “A new home is so far superior to a foreclosure and our effort is getting the customer to understand that. We point to the value of what’s being offered.” Superi-or energy-saving features are high on the list of what is emphasized to the buyer.

KB points out that pursuing an REO can cost much more time and money than a prospective buyer expects. Fur-ther, the typical home now owned by the bank is sold on an as-is basis, contains products that may not be under warranty and may hold some surprises that result in costly utility bills and the headache of remodeling.

Builders from page 3

See Builders page 6

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“We send the message home,” he said. “With a brand new home from day one you are buying peace of mind.”

So that they better understand the competition they are up against, McLaury said he takes his sales teams on tours of different foreclosures. They also shop what new build-ers are offering. “Prices are constantly changing, what builders are offering to get sales is constantly changing.”

In addition to motivating its sales people, involving them in every aspect of the sales process and using them as a conduit for information from prospects, McLaury said that KB has brought brokers “on board.”

“We view our Realtors® as partners,” he said. “We continue to educate them as things are changing. They’re fed up with selling REOs, but they have to show them to clients who want to look at them. They prefer to sell new homes. Foreclosures are not a quick payday anymore, and our four-month cycle is beating them.”

“First-time buyers are focused on the monthly payment,” added Jackson. “With REOs, that’s not in the conversation and there are all those extra costs for retrofits and fix-up.”

Setting New Homes Apart

In Dallas, Houston and San Antonio — where foreclosures are not so profuse — Jackson said that LGI Homes has assembled “a sales and marketing machine” on which it is spending 10% to 15% of its revenues to bring prospective first-time buyers out of their rental apartments. “Their focus is on the monthly payment,” she said, “and they are not even going out and looking at REOs.”

There are so many markets where it is now cheaper to buy than to rent, Jackson said. Even if mortgage rates go up to 6%, which would be low by historical standards, “afford-ability is ridiculous right now. That’s a message that needs to be out there.”

In the current market, especially where builders are going head to head with fore-closures, “marketing takes a step up in importance. There are bidding wars over fore-closures in Santa Barbara, but nobody is marketing to the people losing out on these,” Ruiz said.

Kerrin West, president of Studio 81 International in Folsom, Calif., stressed the im-portance of builders differentiating their new homes from the product that was being offered during the boom years.

“In design, before you took what you could get,” West said. “Now we are providing options." Floor plans are becoming more open to meet the needs of a simpler, more casual lifestyle and “formal spaces have gone away. This is a wake-up call that we are on a more conservative path."

West said that at least one single-story home should be included in the lineup to ap-peal to today’s strong and growing seniors market. Homes should come with specialty space — as small as eight feet square and located near the entrance — that can func-tion as a tech center, reading alcove, wine room or whatever else the owner may have in mind, she said.

Today’s prospects “also want to buy a home that has future potential,” West said. “Our lives are constantly changing” and buyers will be asking themselves if this is a home they want to stay in for a prolonged period of time. “Keep things logical, practi-cal, down-to-earth — not something cute,” she added.

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

receipt signing reminders and envelope expirations. The eSignature service also works with a variety of real estate form applications, including eForms provider zipLogix, another NAR partner.

“We are extremely excited about the new REALTOR® Edition exclusively designed for NAR members, as well as the opportunity to participate in the REALTOR Benefits® Program,” said Dave Thorpe, director of Business Development at DocuSign. “More than 20,000 real estate professionals have used DocuSign to accelerate their business and increase client satisfaction. As this number increases, we will continue to provide innovative valuable solutions that help real estate professionals be more productive and grow their business.”

NAR members will receive a 20 percent savings on DocuSign Basic and DocuSign Standard editions. DocuSign Basic is a limited edition while DocuSign Standard is an expanded version offering full functionality and a robust feature set. Subscribers must present a valid NRDS member identification to qualify. Pricing and additional product information can be found on the DocuSign Web site for NAR members at www.docu-sign.com/NAR. Learn more on NAR’S Web site at www.realtor.org/realtor_benefits/benefits_partners/docusign.


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Bob Schultz, MIRM, CSP President, New Home Specialist Inc. “One of the 50 most influential people in home building” - Builder Magazine

7:30—8:30am Registration and Continental Breakfast

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Presents...

The challenging times the home building industry is now facing are nothing new to Bob. In the mid-70s, through the housing recession caused by the Oil Embargo, and again in the early 80s, with 18+% interest rates and another huge downturn, he engineered and led extremely successful programs for one of the largest condominium developers in Florida and for many other builders and developers. He also designed workouts for major financial institutions such as Continental Illinois Bank, Equibank, Wachovia REIT and many others. For those successful efforts and for his creation and successful implementation of The Official New Home Sales Development System® for builders nationwide, Bob has earned: NAHB Marketing Director of the Year Large Volume, 1982 Florida Home Builders Association Sales Director of the Year, 1983 NAHB Excellence in Education Award for outstanding lifetime achievement

in new home sales education, 2003 National Speakers Association Certified Speaking Professional Inaugural Fellow of the Institute of Residential Marketing, 2006 Hall of Fame - Gold Coast Builders Association, 2007 2010 Recipient - NAHB Legend of Residential Marketing Award

A Moment with Bob Schultz

Thursday, April 8th

Get Real, Get Focused, Get Paid! A Dozen Strategies for Selling Real Estate in a Difficult Market

For Salespeople, Sales Managers, Realtors, Real Estate Services, & Trainers...Rookies or Vets!

visit www.newhomestarevents.com or call (719) 219-5441 to RSVP

Limited Space is Available Learn About Bob: www.newhomespecialist.com

Learn About New Home Star: www.newhomestar.com

New Homes for Haiti All net proceeds will be donated to the Haitian

Relief Fund.



8:30—12:30 pm*

Bob Schultz



Cost: FREE



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Thursday, April 8th







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8:30—12:30 pm*

Bob Schultz



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8:30—12:30 pm*

Bob Schultz

Location: Mr. Biggs Event Center

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Thursday, April 8th

Get Real, Get Focused, Get Paid! A Dozen Strategies for Selling Real Estate in a Cooling Market


visit www.newhomestarevents.com to RSVP Today!




Relief Fund.



8:30—12:30 pm*

Bob Schultz


Cost: FREE



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Bob Schultz, MIRM, CSPPresident, New Home Specialist Inc.“One of the 50 most infl uential people in home building” – Builder Magazine

The challenging times the home building industry is now facing are nothing new to Bob. In the mid-70s, through the housing recession caused by the Oil Embargo, and again in the early 80s, with 18+% interest rates and another huge downturn, he engineered and led extremely successful programs for one of the largest condominium developers in Florida and for many other builders and developers. He also designed workouts for major fi nancial institutions such as Continental Illinois Bank, Equibank, Wachovia REIT and many others.

For those successful efforts and for his creation and successful implementation of The Offi cial New Home Sales Development System® for builders nationwide, Bob has earned:

NAHB Marketing Director of the Year Large Volume, 1982• Florida Home Builders Association Sales Director of the Year, 1983• NAHB Excellence in Education Award for outstanding lifetime achievement in new home • sales education, 2003National Speakers Association Certifi ed Speaking Professional• Inaugural Fellow of the Institute of Residential Marketing, 2006• Hall of Fame - Gold Coast Builders Association, 2007• 2010 Recipient - NAHB Legend of Residential Marketing Award•

7:30 - 8:30amRegistration and Continental

Breakfast8:30 - 12:30pm*

Bob Shultz Main EventLocation:

Mr. Biggs Family Fun Center5825 Mark Dabling Boulevard Colorado Springs, CO 80919

Cost: FREEThis event is 100% free to ALL Real Estate professionals. Do

not miss the opportunity to learn from a Real Estate Legend!

Thursday, April 8thBob Schultz, MIRM, CSP President, New Home Specialist Inc. “One of the 50 most influential people in home building” - Builder Magazine


8:30—12:30 pm*

Bob Schultz


Cost: FREE



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Heritage Title Company Downtown Open HouseFebruary 18, 2010

Above: Terry Chevalier with Hope Realty Elite, Manuela Vissedo with Keller Williams Partners, Judy Fontana with Merit Co, and Coty Zarco with Hope Realty Elite.

Left: Eileen Wolff with HTCO, Dick Rackley with Kent Properties and Tom Michel with Tom Michel Properties.

Left: Carmen Kolson and Terry Williams with HTCO and Mary Smith with ERA Shields.

Below: Shelley Farmer with HTCO, Matt Ervin with Todays Homes and Rebekah Radice with Bank of America.

Below: Linnea Clayton with Credit Plus and Shirley Stewart with 1st AlphaOmega Realty.

Above: Karen Wimmer and Norell Grandy of HTCO and Ray Hishmeh.

Right: Eileen Zytka with Catalyst Lending, Rich Jorgenson with A Plus Financial and Loren McKee with Catalyst Lending.


67% of home buyers will pick a thin Realtor with less experience over an experienced Realtor with weight issues

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Local News

CAR partners with Quality Service Certification (QSC)

6th Graders across the city will feel the pain of the city’s budget cuts, too.

The Colorado Association of REALTORS® has part-nered with QSC Quality Service Certification® program to help consumers make better, more informed deci-sions when choosing a real estate professional.

Independently validated service results, data and unfiltered customer comments will be available to con-sumers at an independent website, www.QualityService.org, providing consumers with a source of valuable in-formation. To ensure the integrity of the process, every closed transaction is surveyed and only consumers who participate in a closed transaction participate in the sur-vey process.

“Our goal is to offer each of our 23,000 licensed real estate professionals access to an optional suite of re-sources to enhance service delivery skills and to help bring greater assurance of consistent, reliable and ac-countable service to their real estate clients,'' said Robert

E. Golden, chief executive officer, Colorado Association of Realtors®.

The Quality Service Certification program brings a standard of service, an organized service delivery pro-cess, the offer of a written service guarantee, an inde-pendent quality measurement and customer feedback system and higher accountability that results in more consistent service and an improved value proposition for consumers.

“In today’s business environment, real estate profes-sionals want access to the best tools, resources and tech-nology to help them deliver their very best service. Con-sumers want to make better, more informed decisions when researching and selecting a real estate professional to represent them. QSC offers resources and technology to meet the needs of consumers and real estate profes-sionals, alike,” said Larry McGee, chairman of the CAR

Professional Development task force. With 23,000 members, the Colorado Association of

REALTORS® is a leading force in the real estate industry, advocating consumer interests and fostering the highest standards of professionalism.

Quality Service Certification, Inc. with headquarters in San Juan Capistrano, Calif. is the premier resource for training, systems, technology and performance assess-ment in the real estate brokerage and mortgage origina-tion industries.

For additional information contact Larry D. Romito, President & CEO, Quality Service Certification 949 481-4438; [email protected].

© Copyright Colorado Association of RealtorS. Reprinted with permission.

6th graders in school dis-tricts across the city partici-pate in a program called Proj-ect Alert. This Project Alert is a research based program in which the schools and the CSPD partner to bring awareness about drugs, alco-hol, and violence to the 6th graders. Each 6th grader is taught by the CSPD Officer assigned to their school the dangers and risks associated with each of these behaviors.

The Colorado Springs Police Department, Project

Alert program is a highly successful program that is in jeopardy of a severe fund reduction due to the recent budget cuts of the city. In past years the children that complete the program have been award with a Project Alert T-Shirt. Unless other funds are secured to purchase these T-Shirts, the children will be forced to go without this meaningful reward.

The Pikes Peak Association of Realtors and the Wom-en’s Council of Realtors have joined together to raise money for this worthy cause. The project has only just begun, but the shirts are needed now. Due to the eco-nomic condition of the many Real Estate Firms and Re-altors in the city the needed funds are slow to accumu-late. We are asking for additional help from you and the

community.Please consider expediting this project by donating

the needed funds to supply students with the coveted Project Alert T-Shirt. The amount needed is approxi-mately $15,000.

How you can help:

Sponsor 1 T-Shirt with a donation of $20 each1. Sponsor as a Major donor and have your logo 2. printed on each T-Shirt with a donation of $2500

For more information contact - [email protected]

http://www.adbancmortgage.com


Local News

While the housing market continues to make headlines, experts in the field are preparing for the inevitable growth and impact of the housing recovery.

At a reception held at the Interna-tional Builders Show, in Las Vegas, Jerry Costanzo was awarded “Master Certi-fied New Home Sales Professional of the Year,” by the National Association of Home Builders. This award is the first of its kind. Costanzo was selected by his

peers and represents out-standing professionalism and contribution to the industry.

Costanzo, principal of G.L. Costanzo & As-sociates, Inc., is an active

member of the Housing and Building As-sociation of Colorado Springs. He is the current chairman of the Sales and mar-keting Council

“Forecasting future trends is an inte-gral part of our business model,” com-mented Costanzo, President and Found-er of New Homes Research, the operating company of G.L. Costanzo & Associates, Inc. “We assist our clients in determining the right products, in the right locations, for the right customers, at the right price through the right sales team.”

In addition to his two masters’ de-grees, Costanzo has achieved the high-

est level of NAHB designation as a Member of the Institute of Residential Marketing (MIRM), Certified Active Adult Specialist in Housing (CAASH), Master Certified New Homes Special-ist in Housing (MCSP) and Certified Sales Professional (CSP). He serves as a University of Housing (NAHB) in-structor and is a former board member of the National Sales and Marketing Council and the 50+ Council.

Local expert awarded “Master Certified New Home Sales Professional of the Year”

Realtor earns CDPEdesignation

Apply now for 2011 NAR Director/CAR Officer Positions

Costanzo

What it is:T h e P i k e s P e a k A s s o c i a t i o n o f

®REALTORS has teamed up with associations across the country for one weekend of Nationwide Open Houses. The purpose is to encourage those who are thinking of buying a home to take advantage of the unique home market factors and the federal first-time home buyer tax credit that expires on April 30th. The National

®Association of REALTORS will be promoting this event on a national level.

Your Part:Be sure to include your open houses for that weekend on the MLS! We’ll be directing the public to the MLS to view the open houses for that weekend.

This is at no cost to you! We’ll have free balloons for you to tie to your open house signs and free graphics and flyers available for download at www.coloradorealtors.com.

Just click on the Events heading and then Local Events.

www.ppar.com

Each year numerous members choose to give of their time and expertise to lead the Colorado Association of RE-ALTORS® in varying capacities. Some positions are elected and some are ap-pointed.

Investing in volunteer efforts in CAR can provide an alternate track for man-agement or professional training which might not be available through your employer or in a classroom. Getting in-volved in CAR leadership will provide professional and peer relationships that can broaden your technical and inter-personal skills, challenge you and enrich your life. The skills learned through CAR work translates to skills which you may need to excel in your career.

CAR is now accepting applications for the following 2010/2011 Officers and NAR Directors positions and we are en-couraging you to apply your skills to help the future of your association become brighter! The Officers and NAR Direc-tors applications are due no later than 5:00 PM on April 2, 2010. Interviews for these positions will take place on May 24th and 25th, 2010 at the CAR offices.

CAR President-Elect •CAR Treasurer •

3 NAR Directors positions open •(one 1-year and two 3-year terms) 6 District Vice President-Elect •positions (Metro District, Mountain District, Northeast District, North-west District, Southeast District, Southwest District) NAR Director Term Chart •*Persuant to NAR Bylaws, CAR membership, as of July 31, 2010, dictates how many NAR Director positions are allocated. CAR estimates membership on July 31, 2010 to be between 22,000 and 23,999 which would allow for the election of 3 NAR Directors.*

CAR Director Term Chart•

When you apply CAR will provide you additional information on the process, specific timelines, etc. For further information please contact Paige Ortmeyer at [email protected].

For more information visit www.coloradorealtors.com

Jared May of the Stuart Scott Ltd. Group, ERA Shields Real Estate has earned the Certified Distressed Prop-erty Expert Designation (CDPE). A Certified Distressed Property Expert is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options avail-able to homeowners. Through compre-hensive training and experience, Jared is able to provide solutions for homeown-ers facing hardships in today’s market, specifically short sales.

Realtornewoffice?in the

Make sure they’re getting the

[email protected]


HBA Breakfast with the BuildersFebruary 19, 2010


Local News

Sometimes you need headlines like this to spur people into action. Now is the time to get buyers off the fence. Educate buyers and help them make decisions which will benefit them for years to come. Not only homebuyers, but investors, should be leaping off the fence. Straddling the fence now will be a very uncom-fortable position. There are three fac-tors which buyers should be aware of. Supply and De-mand, Incentive Programs, and Interest Rates are key factors in the Pikes Peak Region. Combining these factors should give more than a nudge to buyers. Cata-pult would be a better word.

Economics has one very simple rule. It is called the law of supply and demand. If supply increases, demand decreases; pric-es will go down. If supply decreases, de-mand increases; prices will go up. Based on current data, our market reflects the latter. Inventory's are down (See slide 1). The last time inventories were this low, was between March 2006 and March 2007. Number of residential units sold has trended up since January 2009. (See slide 2) Inventory levels are declining and the number of units sold are increasing. This puts upwards pressure on price. (See slides 3 & 4) Both average and median sales price are increasing using a 12 month running average. Buyers in the $250,000 and below price range should be making a move. Buyers in the $300,000-$400,000 should be paying close attention. (See slides 5 & 6) Buyers and sellers should be aware of market conditions in all price ranges as it may help them in negotiations. (See slide 7)

Studying the market is a valuable tool and buyers should be aware of two pro-grams; The “Worker, Homeownership, and Business Assistance Act of 2009” ex-tended the maximum tax credit for first time homebuyers until June 30, 2010. Buyers must be under contract by April 30, 2010. Members of the Armed Forces may have a year extension under this pro-gram. This applies to buyers who have not owned a primary residence for 3 years pri-or to the date of purchase. There is a long time homeowner credit of up to $6,500 for those who have lived in their primary residence for 5 consecutive years of the last 8 years. Under certain conditions this long time credit allows you to enter into a contract before May 1, 2010 and close by July 1, 2010. These credits should help give the buyer a gentle nudge and get them off the fence.

A more forceful tug should come in the form of interest rates. In January of 2003, Freddie Mac 30 year mortgages hit 5.92%. The rates bounced around this range until December of 2008, and then decreased to 5.29%. Since then, we have been at his-toric lows. I would have two questions for prospective buyers; if we are in historic low ranges, where are rates likely to trend? When the United Stated stops purchasing our own debt and open market forces re-

By Bill McAfeeEmpire Title—

Buyer beware...

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See Stats page 12

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Local News

Freedom is

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still take patience, requiring anywhere from 30 to 120 days for lender approval.

Myth 3: Banks would rather foreclose than approve a short sale.

Charfen said banks typically lose 35 percent more on a foreclosure than a short sale. They also avoid the hassle and liability of vacant properties if they can approve a sale before foreclosure.

Myth 4: There’s no time to negotiate a short sale.

It’s always worth a try. In one instance, a broker associate learned on a Friday that an elderly couple’s home would be foreclosed on the following Monday. With minutes to spare, she worked with the lender to postpone the foreclosure (the case is still pending).

Myth 5: It’s fine to make simultaneous offers on short-sale properties.

While it may be legal, Charfen bristles at buyers making offers on short sales that are not sincere. Multiple offers clog the system and could force sellers who think they have a solid offer into foreclosure when the offer is rescinded.

Myth 6: A short sale is a fire sale.

Not just any offer will do. Home sellers may counter; their agents can only bring reasonable offers to the bank, which typically means a little less than market value.

Myth 7: Anyone can help navigate a short sale.

Charfen suggests home-owners find a broker associate with special training in han-dling distressed properties.

Myth 8: A short sale is not worth the effort.

For buyers, short sale properties are often in better shape than foreclosures and are priced to sell quickly. For sellers, there is no lasting stigma for completing a short sale.

Myth 9: Short sales are as financially damaging as foreclosures.

Unlike foreclosures, short sales are not reported on a person’s credit history and don’t present problems with employment or security clearances. Home-owners who undergo a foreclosure are ineligible for a Fannie Mae-backed mortgage for five years, while a home-owner who closes a short sale is eligible for a Fannie Mae-backed mort-gage after only two years.

Myth 10: Short sale negotiations are adversarial.

Charfen still hears from buyers’ agents who loathe short sales. He once felt the same way. “I’d been told by some you have to be heavy-handed; it’s adversarial,” he said. “I can’t stand high-blood-pressure conversations. I’ve never been able to do that.” Char-fen said successful short sales are more a matter of communication and organization – having all the paperwork in order and knowing exactly who needs what when in order to help banks approve a sale.

1 Short Sale Truth: It can be a hassle, but it beats a foreclosure!

Joe Clement is the Broker Owner of RE/MAX Properties, Inc. with four offices in Colorado Springs and over 125 Broker Associates with the specialized designation of Certified Distressed Property Expert. He can be contacted at 719-576-5000.

Short Sales from page 1

turn, will interest rates go up or down! I believe foreign countries will not pay what we do and the result will be a rise in interest rates. This information will give buyers even more reason to get off the fence.

Buyers should look at the increasing demand and lower inventories. They should look at incentive programs which expire this summer. Most importantly they should look at interest rates. Increasing interest rates will limit a buyers ability to qualify for a loan. Once qualified, an increase in rates will cost the buyer more in interest over the life of the loan. Due to these factors buyers should stop straddling the fence. In fact, they should pole vault over it. If their employment is secure and they can afford to buy, now is the time to spring board the buyers off the fence.

* This information is deemed reliable but not guaranteed. Resources: Pikes Peak Multiple listing Services, National Association of Realtors, El Paso County Clerk and Recorder, IRS, Freddie Mac.

Stats from page 11

[email protected]

http://www.ent.com


On the Move

Alisa HoldenRE/MAX Properties

Alisa Holden - Buyer Specialist. Alisa has been in real estate for over four years. A long-time resident of Colorado Springs she enjoys all that our town has to offer…biking/run-ning trails, parks, the mountains, and the arts. She spends hours in the foothills with her two children exploring, bird watching, and iden-tifying the many different wild flowers. She also regularly attends theater productions and art shows. She is a member of the Fine Arts Center, the Incline Club, and the Young Professionals. Her volunteer efforts include the TESSA Pasta in the Park fundraiser, the Dress for Success fashion show, and the Tour de Parques Family Bike Event.

Adri AnnRE/MAX Properties

Adri Ann has been in real estate for five years. Her knowledge of builders, neighbor-hoods, local attractions, and market are just a few specialties she provides her buyers. Adri Ann has spent a great deal of time continuing her education so that is has knowledgeable of the most recent aspects of the business and is current with the changing in the market condition.

Leah Ann DavenportAlliance Financial Partners

Leah Ann Davenport has become a mem-ber of the Alliance Financial Partners. Leah Ann will serve as a

Mortgage Loan Consultant servicing the Pueblo area and its surrounding communi-ties. She brings with her over 12 years of experience in Residential and commercial Lending: to include Purchase money, Refi-nance, Home improvement Loans, Invest-ment Property, Mortgage Lines of Credit and SBA Commercial Loans. Leah Ann lives in Pueblo with her Husband and two daughters, she loves all that Pueblo has to offer and looks

forward to bringing all that Alliance Financial Partners has to offer to her community!

Erik JuskaAlliance Financial Partners

Alliance Financial Partners Welcomes its newest member, Erik Juska. Erik comes to AFP with over 15 years of web technology, application development and process disci-pline capabilities. He has helped numerous companies during this professional career, to improve company workflow, audit compli-ance and web presence through the use of key technologies and processes to produce the best customer experience while improv-ing top line revenue performance.

In addition to his thought leadership Erik is bringing a creative yet disciplined approach to lending and has already helped AFP grow its business by 20% in 4 months. Erik is excit-ed to be a part of AFP, local mortgage bank-er/broker providing a full range of mortgage products, private equity, competitive interest rates, and the highest level of service.

Krystal StearnsAlliance Financial Partners

Alliance Financial Partners Welcomes its newest member, Krystal Stearns. Krys-tal has been in the banking industry for the past several years specializing in mortgages during this time. She has built a high level

of trust and respect from her past clients and real estate agents with her loan knowledge, dedication, and attention to detail. One of the strongest attributes Krystal brings to AFP is her extraordinary knowledge of credit re-pair. She has resolved over 4,000 issues with pervious clients, enabling them to acquire credit and sustain a healthier financial out-look. Krystal is excited to be a part of AFP, local mortgage banker / broker providing a full range of mortgage products, private eq-uity, competitive interest rates, and the high-est level of service.

Whether you are purchasing or refinanc-ing, Krystal will provide you with detailed in-formation and guide you along the way. Krys-tal’s goal is not only to assist you with your current transaction but to provide a level of service and personalized care that causes you to contact her for all of your future mortgage needs.

$39 per person includes food, 1 tasting flight & a commemorative glassSpecial Thanks to Our Sponsor

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Wednesday, April 7, 2010Crepes Francaise

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PPAR Wine& Beer Tasting

New YearNew DecadeNew Place

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Somebodynewoffice?

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The mortgage outlook for 2010Government intervention: In or Out?

Local Expert

The mortgage industry endured a chal-lenging year in 2009 and the outlook for 2010 could be more of the same. With government intervention, new regulations and tightened lending criteria, many lenders struggled to keep up with all the industry changes. While the industry made it through a rocky 2009, there are new challenges emerging in 2010.

When looking at some of the components to the 2009 market, one of the key factors was govern-ment intervention to support housing and mortgage fi-nance. We saw:

The Obama administration roll out several initiatives •through Fannie Mae and Freddie Mac to help keep peo-ple in their homes and enable them to refinance even if they owed more on their home than what it was worth.The Federal Reserve become very active in purchasing •mortgage backed securities to keep interest rates low.The Federal Housing Administration (FHA) support about •30 percent of all mortgage origination and 50 percent of first-time homebuyers. These were the largest percent-ages of the market in its history.FHA helped fill some of the void vacated by sub-prime •lenders.And, congress passed a tax credit for first-time home-•buyers and then extended and expanded it to “move-up” buyers as well.

This government intervention helped to stabilize the housing markets during a precarious time in our history,

but the big question for 2010 is: how will the real estate market respond as government in-tervention winds down?

The Mortgage Bankers Association is predicting a 40 percent decline in mortgage originations from 2009 to 2010 with a greater percentage of purchases. The Federal Reserve is scheduled to stop its Mortgage Backed Se-curities purchases at the end of March, and

there is some speculation that this could cause mortgage rates to rise .50 to 1 percent, which would significantly affect the purchase and refinance activity. We’ll also see the first-time homebuyer tax credit expire at the end of April which could impact mortgage volume.

There are also some regulatory factors to consider in 2010. The new RESPA law that took effect on Janu-ary 1 has caused significant confusion in the mortgage industry. There have also been additional regulation in the form of the SAFE Act dealing with the licensing of mortgage originators, and changes to Reg Z – dealing with mortgage loan officer compensation rules. These two changes could make it more expensive for borrow-ers to obtain loans.

With government intervention winding down and several changes to regulations, how the market will fair is to be seen. One thing we are seeing from the FHA is the aggressive weeding out of poor performing lenders that have failed to follow the correct policies and procedures. That is why it is so important to know and trust the

lender you choose. A solid, reliable lender will keep up with all the regulatory changes and make sure they are in compliance. They will also help borrowers understand the new processes and rules, like RESPA, when they are going through the loan process. While 2010 could be another challenging year for the industry, one thing that will remain the key to success will be partnering with the right people; those you know you can trust and rely on regardless of what the market is doing.

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]

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Keller Williams New Agent Meet & Greet

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Above: Tom Kuthy, Laura Fricosu and Amanda Duncan.

Above: Keller Williams Hope Realty new agents.

Above: Jeff Vujcevic with Total Funding and Bill McAfee with Empire Title.

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MarchTuesday, March 23HBA Battle on the Ice5:30pm @ Sertich Ice Arena6:30pm @ Southside Johnnys [email protected]

Wednesday, March 24Commission Update Course9:00am – 1:00pm @ Ticor Title7680 Goddard St.Galen or Jessica at 719.593.1661

Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

Thursday, March 25Myths, Mistakes, and Mayhem in the Short Sale Process9:00am – 11:00am @ Empire Title719-884-5300 or [email protected]

Short Sales 1011:00pm – 3:00pmLand Title - DowntownEmily Weitzel, [email protected] or 719-634-4821

Friday, March 26Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838

Wednesday, March 31Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

aprilThursday, April 1B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10:00amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

Friday, April 2Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838

Monday, April 5Seller Mastery Class1:00pm – 5:00pm @ Ticor TitleGalen or Jessica at 719.593.1661

Wednesday, April 7REALTAC8:00am – 9:30am @ PPARHolly Skelton at 719-593-1000

Short Sales 1019:00am – 11:00am @ KW Partners1307 Aeroplaza Dr.Galen or Jessica at 719.593.1661

Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

PPAR Wine & Beer Tasting5:30pm – 8:30pm @ Crepes [email protected]

Thursday, April 8Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404

Bob Shultz7:30am – 12:30pmMr Biggs Family Fun Center719-219-5441

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


Saturday, April 10Nationwide Open House Weekend

Sunday, April 11Nationwide Open House Weekend

Wednesday, April 14Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

Thursday, April 15Colorado Springs Networking Group8:00am – 9:30amColorado Springs Country ClubRuthie, 719.492.3998

Certified Negotiations Class9:00am – 4:00pm @ Ticor Title7680 Goddard St.Galen or Jessica at 719.593.1661


Certified Negotiations Class9:00am – 4:00pm @ Ticor Title7680 Goddard St.Galen or Jessica at 719.593.1661


Thursday, April 22Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404

Lunch & Learn - Listing Promoter11:30am – 1:00pm @ Ticor Title7680 Goddard St.Galen or Jessica at 719.593.1661



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eventus your

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Around the Corner

View the Paper Online, Anytime. CSREJ.com

http://www.campbellhomes.com

Building a whole new perspective.

Soaring Eagles - TownhomesFrom the $140sHomes Ready Now!

2-3 BedroomsHardwood & Tile FloorsAC in All HomesFenced, Private Yards2 Car Garages w/Opener

719.352.9998

Lorson Ranch - Single FamilyFrom the $190sHomes Ready Now!

3-5 BedroomsHardwood & Tile Floors3 Car Tandem Garage*5 Piece Master Bath*42" CabinetsFinished Basement*

719.440.0830

Meridian Ranch - Single FamilyFrom the low $200sHomes Ready Now!

3-6 Bedrooms3-4 Car GaragesGranite Counters Hardwood & Tile Floors

719.304.4919

Forest Meadows - Single FamilyFrom the low $200s3-6 Bedrooms3-4 Car GaragesHardwood & Tile Floors

719.304.4919

1)

2)

3)

4)

* Varies by plan. See builder for details.

25

85

87

Fort Carson

S Powers Blvd

Woodmen Rd Mer

idia

n Rd

Powers

Powers

Drennan

Hancock Expy

S Academy

Fontain Blvd

Markshe�el Rd

Markshe�el Rd

21

Mesa Ridge Pkwy

1

3

4

2

24

Blac

k Fo

rest

4% Commission on Sales Price.

We appreciate our local Realtors.

Homes Ready Now!

3543 Bay Owl Gr.

$149,195Andor Plan: 2 Bedrooms, 2.5 Baths, AC, 2 Car Garage, Private Courtyard.

Soaring Eagles (1)

5117 Hawks Crest Pt.

$166,195Griffin Plan: 3 Bedrooms, 2.5 Baths, AC, Fireplace, 2 Car Garage, Private Courtyard.

Soaring Eagles (1)

10497 Mt. Evans Dr.

$235,995The Rocky: 3 Bed w/Loft, Main Level Master, Full Unfinished Basement, 3 Car Garage.

Meridian Ranch (3)

7123 Red Cardinal Loop

$195,995The Hallberg: 2-Story, 3 Bedrooms, 2.5 Baths, Kitchen Island, 2 Car Garage.

Forest Meadows (4)

Documents

Colorado Springs Real Estate Journal