CSREJ - May

Vol.6 No.9 www.csrej.com May 26, 2014

HBA Wins Four Awards

PAGE 6

St. Jude Dream Home Giveaway

PAGE 7

ERA Shields MDA Muscle Walk

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PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ........... Page 2Local News ............... Page 6On the Move ............. Page 13Local Expert ............. Page 14Around the Corner ...... Page 15

Tom Susemihl

Sr. Loan O� cer(719) 264-1952

[email protected] #208307

State Lic #100013573

Sharon Ballinger

Sr. Loan O� cer(719) 491-2500



TravisHarringtonLoan O� cer

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HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website. Regulated by the Colorado Division of Real Estate, Corp NMLS #3113.

By Jon PaukovichEnt—

Forecast suggests gradual improvement through 2015

How lender overlays and origination channels infl uence loan underwriting

Housing activity was sub-par in the � rst quarter of this year, dampened in part by severe weather pa� erns, but an uptrend is expected with healthy under-lying demand over the balance of the year and through 2015, according to pre-sentations at a residential real estate fo-rum here during the Realtor® Party Con-vention & Trade Expo.

Lawrence Yun, NAR chief economist, said the U.S. population has been grow-ing steadily, but job creation has not. “When you look at the jobs-to-popula-tion ratio, the current period is weaker than it was from the late 1990s through

2007,” he said. “� is explains why Main Street America does not fully feel the recovery.”

Yun said that growth in the Gross Domestic Product slowed in the � rst quarter, and possibly contracted. “� ere are no fresh signs of

recession, and the second quarter could grow about

3 percent,” he added.Yun said the home sales-to-

population ratio also has been below normal since 2008. Despite a large pent-

up demand from years of below-normal home sales, inventory constraints and

tight credit conditions continue to im-pede the market, in combination with strongly rising home prices and higher mortgage interest rates.

Although existing-home sales rose more than 9 percent to nearly 5.1 million in 2013, sales activity retrenched during the past six months. Even with gradual improvement moving forward, they are projected to decline about 3 percent for the year to just over 4.9 million, but should trend up to more than 5.2 million in 2015.

Because of tight inventories and ris-ing sales last year, the median existing-home price rose 11.5 percent to just over $197,000. Home price growth is likely to moderate from more new home con-struction, with the median price increas-ing about 6 percent in 2014 to $209,000 and reaching nearly $219,000 next year as market conditions begin to balance.

An upside of rising prices is a recovery in home equity. “Based on our forecast for this year, the median home equity gain over three years is expected to be $40,000,” Yun noted. “A gap between new and existing-home prices from ris-ing construction costs shows that prices are well supported by fundamentals in most of the country.”

He expects the Federal Reserve to end tapering of monetary policy by the end of the year and to hike the Fed funds rates in the � rst quarter of 2015.

Although the pa� ern is uneven month-to-month, mortgage interest rates are forecast to gradually rise, with the 30-year � xed rate averaging 4.7 percent this year and 5.5 percent in 2015. “Inevitably, rising mortgage interest rates will hurt housing a� ordability,” Yun said.

A recurring question I’ve heard from REALTORS® is, “Why can one lender underwrite my client’s mortgage while another says they can’t?”

� e answer may hinge on both a lend-er’s mortgage overlays and what origina-tion channel is used.

Mortgage Overlays

A mortgage overlay is an insurance policy for mortgage lenders. Lenders purchase overlays to cover � nancial loss from underwriting a mortgage loan that Fannie Mae, Freddie Mac, FHA or the VA won’t subsequently purchase or guar-antee from them. Commonly, a lender overlay requires the borrower to have a higher FICO credit score than, say, FHA requires. Many, but not all, lenders in-

stitute overlays. O� en, the cost of the overlay is passed along as a fee to the borrow-er. � e presence of an overlay, with its usually stricter qualifying crite-

ria, may explain why one lender can’t underwrite a loan that is acceptable to another lender.

Mortgage Origination Channels

In addition to mortgage overlays, dif-ferent criteria within the various mort-gage origination channels may result in di� erent underwriting decisions be-tween lenders.

Within the mortgage lending industry, three primary origination channels are commonly used to fund a mortgage loan.

1. Mortgage Broker: Wholesale mort-gage loan originators, more commonly known as Mortgage Brokers, act as in-termediaries between the lender and the borrower. � ey o� en develop relation-ships with a number of di� erent lend-ers or investors, each of which may have di� ering lending criteria, so the overlays can vary from one investor to the other. � e lender or investor will fund the loan and typically pay the broker compensa-tion for their services in the origination process

2. Correspondent Lender: Similar to a Mortgage Broker, Correspondent Lenders have relationships with mul-

tiple lenders/investors. � e primary dif-ference is that Correspondent Lenders initially fund the loans they make. Once the loan closes, Correspondent Lenders sell the loan and usually the loan servic-ing rights. To help ensure they can sell the loan, Correspondent Lenders under-write loans that meet their lenders’ or in-vestors’ guidelines. � ese guidelines are o� en more stringent than federal institu-tions’ lending criteria.

3. Direct Lender: Unlike other mort-gage loan origination channels, Direct Lenders control the entire loan process. � ey may either keep the loan or sell it to the secondary loan market. Many Di-rect Lenders service the loans they make.

See Forecast | 4

See Underwriting | 2

2 www.csrej.com Colorado Springs Real Estate Journal May 26, 2014

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National News

While they must meet federal institutions’ lending guidelines, Direct Lenders may set their own lending criteria. Typically, Direct Lenders are comfortable funding a mortgage loan which meets Freddie Mac and Fannie Mae lending guidelines. Like-wise, Direct Lenders typically do not require overlays but may place an overlay in their guidelines as an extra layer of protec-tion.

As a result of di�ering overlays and origination channels, what’s acceptable to one lender may not be acceptable to an-other. For example, some lenders feel loans on manufactured homes are too risky, even though they are deemed eligible by all government mortgage lending entities and are routinely un-derwri�en by other types of lenders. As REALTORS© guide homebuyers through the purchasing process, it’s helpful to know that even if a borrower is rejected by one mortgage loan originator, other lending channels are available.

Multifamily surge propels housing starts over 1 million mark in AprilSoaring production of multifamily apartments pushed na-

tionwide housing starts above the million-unit mark in April, according to newly released �gures from the U.S. Department of Housing and Urban Development and the U.S. Census Bu-reau. Total housing production rose 13.2 percent for the month to a seasonally adjusted annual rate of 1.07 million units, due entirely to a 39.6 percent increase on the multifamily side, while single-family production held steady.

“�e �at single-family data con�rm our latest surveys, which show that single-family builders remain concerned that tight credit availability and uncertain economic conditions are keep-ing potential buyers on the sidelines,” said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. “However, demand for apartment construction still remains high.”

Single-family housing starts rose 0.8 percent to a seasonally adjusted annual rate of 649,000 units in April. Meanwhile, mul-tifamily production jumped 39.6 percent to a seasonally adjust-ed annual rate of 423,000 units – their fastest pace since January 2006.

“�e growth in multifamily production is a very positive de-velopment as it shows an expected increase in household for-mations from young people renting apartments and taking the �rst step into the housing market,” said NAHB Chief Economist

David Crowe. “�ese young households will form the demand for ownership in the future.”

All four regions posted gains in combined single- and multi-family housing production in April, with the Northeast posting a 28.7 percent gain, the Midwest registering a 42.1 percent in-crease, the West posting an 11.1 percent increase and the South noting a 1.5 percent gain.

Issuance of building permits, which can be an indicator of fu-ture building activity, rose 8 percent to a seasonally adjusted an-nual rate of 1.08 million units in April. �is was due entirely to an increase in the multifamily sector, where permits registered a 21.8 percent gain to 453,000 units. Single-family permits regis-tered a marginal 0.3 percent gain to 602,000 units.

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Underwriting from 1

May 26, 2014 Colorado Springs Real Estate Journal www.csrej.com 3

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National News

Housing starts have stayed below 1 million a year for the past six years, but need to reach the long-term av-erage of 1.5 million to balance the market. “Because of the prolonged slowdown in construction, we now need 1.7 million housing starts per year to catch up,” Yun said. While improving, housing construction is seen at near-ly 1.1 million this year and approximately 1.4 million in 2015.

� e sluggish recovery in housing starts is impacted by construction costs rising faster than in� ation, labor shortages in the building trades, and the di� culty for small local home builders to obtain construction loans. “Onerous � nancial regulations are preventing small banks from originating construction loans,” Yun said.

Job growth, which is the key to overall economic health, has essentially recovered all of the eight million jobs lost since the great recession. Employment is ex-pected to improve, with job growth rising 1.6 percent in 2014 and 1.9 percent next year, a� er growing 1.7 percent in 2013; consumer con� dence should gradually rise.

� e Gross Domestic Product should grow 2.2 per-cent this year and about 2.9 percent in 2015; GDP grew 1.9 percent in 2013. In� ation, as measured by the Con-sumer Price Index, was a tame 1.4 percent in 2013 but is projected to rise to 2.5 percent this year and 3.5 percent in 2015.

Eric Belsky, managing director of the Joint Center for Housing Studies at Harvard University, agreed we’re unlikely to see a back-up in GDP. “Growth in the stock market and the recovery in housing along with pent-up demand are major factors driving the economy,” he said.

“� ere are three federal surveys that measure house-hold growth and that are inconsistent, but we had real growth in 2012 that fell back last year,” Belsky said. “Even the survey with the strongest household growth shows we’re a million below where we should be, but

we’re probably two million below. We could see a no-table uptick in household formation later this year.”

Belsky noted there are nearly three million more young adults who lived with their parents in 2012 than in 2007, and the median incomes for all young adults have declined since the great recession.

According to the Federal Reserve Bank of New York, student loan default rates have soared from just over 6 percent in 2003 to nearly 12 percent last year. Student debt is hurting credit scores and hindering the ability of some young adults to qualify for a mortgage; it could be a problem for as many as one in 10 renters who are in their 20s.

� e Joint Center for Housing Studies projects house-hold growth to rival or top the annual average pace from 1995 to 2000, and projects 76 percent of the growth over the next decade will be from minority h o u seh ol d s . � e greatest increase is ex-pected to be among house-holds age 65 and older.

According to Fannie Mae, roughly nine out of 10 people under the age of 45 expect to buy a home in the future, but Belsky said mortgage underwriting standards are dramatically tighter, which disproportionately im-pacts minorities and those with lower incomes.

Dennis McGill, director of research for Zelman & As-sociates in New York, also focused on trends in housing demand. “Our analysis of Census Data shows an aver-age of only 720,000 housing starts annually from 2010 through 2013, but our projections over the next � ve years exceed an average of 1.9 million,” he said.

“We won’t ramp up to that level right away, but if you

average housing starts for the entire period from 2010 to 2019, it would be about 1.44 million,” McGill said. “� ere is a strong tailwind to housing starts. We’re start-ing to see capital come back to single family construc-tion, which is very favorable.”

McGill notes trends in residential electric consump-tion mirror the growth in households, and also young adult employment, which is driving the growth.

� e percentage of 24 to 34 year old married couples has risen since the last recession, but they are delaying a transition to homeownership. Zelman believes that the majority of this recent change has been due to recession-ary impacts that should start to unwind.

McGill said their analysis shows the existing-home inventory relative to the number of households in the � rst quarter of this year is 30 percent lower than the average of the past two decades. In addition, total sales closings in 2013 were 20 percent lower than the 25-year average. “If we don’t bring capacity back to the market, home prices will continue to rise strongly,” he said.

A Zelman consumer survey shows most young adults believe a lack of savings for a downpayment is their big-gest hurdle to obtaining a mortgage, but most of them think they need a much larger downpayment than is ac-tually required.

For example, 25 percent believe they need a down-payment of 16 to 20 percent, and another 15 percent believe they need a downpayment of more than 20 per-cent. However, the actual requirement for an FHA loan is 3.5 percent.

Even with the well-known debt issues, nearly one-quarter of people under the age of 35 are debt free, which is be� er than the historic average. In addition, the Zelman survey shows that contrary to fears, there is no correlation between student loan debt and household formation. “A lot of this is a recessionary impact that we think is overlooked,” McGill said.

© National Association of Realtors. Reprinted with permission.

Student debt is hurt-ing credit scores and hindering the ability of some young adults to qualify for a mortgage

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Local News

ERA Herman Group ranked in REAL Trends

Local HBA wins four NAHB awards

According to a recent research report produced by REAL Trends, the 500 largest residential real estate brokerage �rms in the nation controlled just over 2 million resi-dential sales transactions in 2013. �e transactions represent close to 32.6 percent of all new and resale transactions completed by brokers during the year, yet the REAL Trends 500 represented less than three-��hs of one percent of all brokerage �rms. �e 500 ranked brokers closed 2,577,483 home transactions with a value of over $767 bil-lion during 2013 up from $624 billion in calendar year 2012.

Included in the REAL Trends 500 is __E� Herman Group Real Estate_ head-quartered in Denver, Colorado. E� Herman Group Real Estate ranked number 187 in the REAL Trends 500 with 3189 residential transaction sides closed last year.

�e 2014 REAL Trends 500 is a compilation of a nationwide study of leading resi-dential real estate companies conducted by REAL Trends, the trusted source for useful and timely information. �is year's survey represents the most comprehensive collec-tion of data assembled on the leaders of the residential brokerage industry. Numbers are documented by outside accounting �rms.

“�e recovery in housing sales was re�ected in the results from the REAL Trends 500,” says REAL Trends editor Steve Murray. “�ere were a record number of �rms that closed more than $1 billion in sales and over 1,000 units. Unit sales were up 13.0 percent overall and total sales volume was up 23.0 percent. �ere were over 1,450 �rms that quali�ed for either the REAL Trends 500 or the Up and Comer list. Many of the �rms that had increased unit sales accomplished this through organic growth while merger activity remained slower than in years past. We expect acquisition activity to pick up, however, in the years to come as the market consolidates.”

NRT, Inc. led the REAL Trends 500 as the largest residential brokerage company in the country. �e �rm closed 320,026 transactions in 2013. Owned entirely by Realogy, NRT acquires residential real estate brokerage �rms and operates them as a�liates of Coldwell Banker Real Estate Corporation and E� Franchise Systems, Inc.

�e Housing & Building Association of Colorado Springs has received four awards from the National As-sociation of Home Builders’ Association Excellence Awards (AEA). �e AEA is an annual program designed to recognize the outstanding accomplishments of state and local HBAs and executive o�cers in the �eld of as-sociation management. �e four awards include:

Best Parade or Tour of Homes - 2013 Parade of Homes

�e Parade of Homes o�ers the general public a �rst-hand look at the current trends and innovations in new home design. �e 2013 Parade of Homes featured an in�ll proj-ect due to a natural disaster 12 months before the Parade that destroyed 346 homes in communities that were built in the late 1970’s. �is award was judged on single- or sca�ered-site tours of homes (either new and/or remodeled), all of which bene�t the association. Speci�c components of the project, including planning, communications and promotional materials, challenges faced/addressed and innovative aspects of the program or event were evaluated.

Best Publication (Print or Electronic) - Parade of Homes Magazine / App

�e Parade of Homes magazine provides detailed information about each of the Pa-rade homes and hubsites in the 2013 Parade of Homes. �e magazine was converted to an IOS App with expanded content and Awards update. �is award was judged on innovative and comprehensive printed or electronic communications to association membership and/or the non-member public.

Best Workforce Development Plan Implemented - Constructing A Future For Our Veterans

A monthly average of 400 Fort Carson soldiers strive to �nd work a�er discharge. �e Colorado Springs Housing & Building Association partnered with Aspen Pointe & Pikes Peak Community College to present a construction curriculum, developed by CSHBA members, which provides graduates with desirable skills for employment in the industry. �is award was judged on successful programs, projects or ideas that encourage and improve the number of quali�ed workers in the industry.

Best Local Government Affairs Effort - Successful Amendments to Countywide Extraordinary Land Use Powers

�e Successful Amendments to Countywide Extraordinary Land Use Powers is one component of our successful government a�airs program. It builds upon our inno-vative, multifaceted government a�airs approach of a member driven government af-fairs program from our political and PAC program, to our Public Policy Council. �is category includes government relations or political involvement programs that speci�-cally lobby locally elected and appointed o�cials (e.g. city, single municipality, county) or public agencies on local HBA member issues, such as codes, impact fees, develop-ment/building regulations, permi�ing or other industry issue.

�e Housing & Building Association of Colorado Springs was also awarded the Best Professional Association Award in 2013 from the Colorado Springs Business Journal. �e Association made a strong e�ort to direct people who lost their homes in the Wal-do Canyon and Black Forest �res toward local contractors.

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©2014 North American Title Group and its subsidiaries. All Rights Reserved. North American Title Group and its subsidiaries are not responsible for any errors or omissions, or for the results obtained from the use of this information. | CO14-4095 R 02-07-14

DOWNTOWN COLORADO SPRINGS 102 N. Cascade | Suite 330 Colorado Springs, CO 80903

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On May 18, Renata Grot of Colo-rado Springs received news that would change her life. She is the winner of the St. Jude Dream Home® Giveaway in Col-orado Springs, which is a 3,300-square-foot, single family home built by Classic Homes and located in Banning Lewis Ranch in Colorado Springs.

Renata said she purchased one ticket early in the campaign, not thinking she would win but knowing she wanted to support a good cause like St. Jude. Her and her family were able to see the St. Jude Dream Home for the � rst time shortly a� er � nding out they were the winners.

Not only does the St. Jude Dream Home with an estimated value of $415,000 bene� t the new homeowner, but also the children of St. Jude Chil-dren’s Research Hospital® who are bat-tling cancer and other deadly diseases,

such as patient Datiauna Gordon.“Dai Dai was originally diagnosed

with bilateral Retinoblastoma (eye can-cer) here at the Children's Hospital in Denver. A� er discussions with the medi-cal team assigned to us we decided to go to St. Jude Children's Research Hospital to continue treatment there. From the � rst day of arriving at St. Jude, Dai Dai was given the greatest sincerity and care I believe available to her”, said mom Di Di Gordon. “Every chemotherapy and radiation treatment she received they made her feel as comfortable as they could, which made it be� er on her and us as the parents as well. We are very happy that we chose St. Jude for her treatment. She looks forward to her follow up visits, even though it is for cancer checkups.”

Since the St. Jude Dream Home Give-away launched in 1991, St. Jude has given away more than 300 houses and

raised more than $240 million in ticket sales, making it the largest single-event fundraiser for the hospital. It’s because of programs like this that no family ever pays St. Jude for anything, and St. Jude covers the cost of treatment, travel, lodg-ing and food for our patients and a family member.

We are so thankful to our many local and national sponsors who made this campaign possible, such as KKTV 11 News, Classic Homes, Banning Lewis Ranch, Epsilon Sigma Alpha, � e Ga-ze� e, Colorado Homes & Lifestyles, Heuberger Motors, Furniture Row, Han-son HotSpring Spas, Hilton Garden Inn – Colorado Springs Airport, Brizo and Shaw Floors. With this incredible sup-port, St. Jude Children’s Research Hos-pital can continue to � nd cures and save children in Southern Colorado, across the nation, and around the world.

Other prize winners are:

• Open House Prize: $10,000 shopping spree at Furniture Row – Becky Atencio of Pueblo

• Early Bird Prize: 2014 Subaru Outback, courtesy of Heuberger Motors – Christina Peterson of Colorado Springs

• Bonus Prize: a Hot Spot Rhythm hot tub, courtesy of Hanson HotSpring Spas – Janell Miller of Colorado Springs

• Talo Smart Touch Kitchen Faucet courtesy of Brizo – Robert Davis of Colorado Springs

• $1,000 American Express Gift Card, courtesy of All My Sons Moving & Storage – Adam Rash of Colorado Springs, CO

• $1,000 Gift Card, Shaw Floors – Ann Weida of Colorado Springs

• Haro Flightline 29 Comp Mountain Bike 29er, courtesy of Colorado Springs Bike Shop – Michelle Williams of Fountain

• Spa Package, courtesy of St James Team doTerra #345835 – Donna Mitchell of Colorado Springs

Winner of St. Jude Dream Home® Giveaway announced live on KKTV 11 News


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Local News

Contact Christy NixonDirector of Business Development

Call: 719-210-9555Email: [email protected] Delmonico Drive, Suite 330 | Colorado Springs, CO 80919

Are you closing fewer than 12 transactions per year?

Do you want more? Do you need training and support?

Check out some of our programs:• ListingMastery–ExclusiveProgramforaLimitedNumberofAgents

• MentorProgramforNewAgents• GenerousCommissionPlans• WeeklyTrainingClasses• 7DayperWeekBrokerSupport

We o�er a friendly professional business o�ce with all the tools, training and support needed to succeed.

Ent announces $500 Mortgage Closing Guarantee

WEICHERT Pikes Peak Group wins Office Award

Realtors and borrowers can be con-�dent that their loan will close on time with Ent Federal Credit Union’s new $500 Mortgage Closing Guarantee. For Conventional, VA and FHA as well as Colorado CHFA, Bond and El Paso County Turnkey loans, Ent will guar-antee to meet the borrower’s mortgage loan closing date, as documented in the original purchase agreement, or provide a $500 credit to the borrower at the time of closing.

“We realize that, for most people, buying a home isn’t something they do

very o�en,” said Jon Paukovich, Ent’s vice president of Mortgage Lending. “Even for members who have purchased a home in the past, the process may feel somewhat unfamiliar due to the changes caused by recent mortgage regulations. We want to help borrowers and realtors feel more con�dent during their home buying experience by taking some uncer-tainty out of the process.”

For more information, including Ent’s $500 Mortgage Closing Guarantee’s terms and conditions, visit Ent.com/MortgageGuarantee.

Saddletree Homes, known for quality and cra�smanship in high-end home-building, has introduced a new series of homes at a lower price point. “Our Amer-ican Traditions Series has been very well received,” said Kelley Barcus, CFO, about the new, lower-priced models.

Saddletree and its subsidiary, Sympho-ny Homes, have been building homes in El Paso County for almost two decades. For the last 14 years, Saddletree and Symphony Homes have focused their ef-forts on semi- custom homes designed to meet a growing family’s needs. Saddle-tree’s specialty is the ability to o�er de-sign surprises. For example, a Saddletree home might o�er more windows and an open space feel to their living areas, a unique approach to square footage and a number of customarily non-standard amenities which they have made stan-dard and included in the purchase price.

Saddletree introduced the American Traditions Series to meet the growing demand for homes in the low to mid 300’s price range. Built by the same mas-

ter tradesmen as Saddletree’s higher-end homes, American Traditions homes still include luxury �nishes and features such as custom-�t granite slab counters, gran-ite composite under-mount sinks, 2-1/4” red oak wood �ooring and a 7-year lim-ited warranty. �ey are located on beauti-ful lots in the Cordera and Jackson Creek neighborhoods.

Saddletree announced last week that they would also be closing their sales of-�ces on Sundays. It’s an unusual move for a homebuilder, but will allow their sales sta� to spend one weekend day with their families. “We hope this move will not greatly inconvenience real estate agents or our potential buyers,” said Barcus. “We hope that, once everyone is aware of this change, they’ll just plan to visit us on Saturdays instead of Sundays.”

Saddletree Homes introduces new line of lower-priced homes and announces new schedule

WEICHERT, REALTORS® - Pikes Peak Group has been identi�ed by Weichert Real Estate A�liates, Inc. (WREA) as a “Model O�ce.” �e Colo-rado Springs agency was one of eight in the franchise’s 37-state network to re-ceive the 2014 Model O�ce Award. �e presentation was made at the Weichert National Convention held in Atlantic City, New Jersey.

�e o�ce at 411 South Tejon Street, Colorado Springs, met the criteria of changing needs and trends, as well as overall functionality, signage and curb appeal, interior décor and design, com-munication and other electronic resourc-es, plus “magic” touches that made this winner stand out. Speci�cally, the narra-

tive that accompanied the presentation, heard by some 1,000 conventioneers, reported:

“Out west in scenic Colorado Springs is WEICHERT, REALTORS® – Pikes Peak Group, celebrating their sixth an-niversary as a Weichert a�liate. �e of-�ce is conveniently located, spacious, gracious and picturesque--both inside and out. A beautiful central lobby serves as a hub for the company’s several divi-sions—residential and commercial bro-kerage and residential and commercial property management. Everything is done �rst class (furnishings, décor, art-work), including a sleek, pre-wired con-ference/training room, agent work areas, and relaxing kitchen/break room.”

Left: Monika Newman holds the 2014 Model Office Award presented to the Colorado Springs Weichert agency.


[email protected] | www.csrej.com

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Property Management

By Robert Lynde, MPM RMPMilestone Real Estate Services

As a Realtor and property manager I am like you concerned about Fair Hous-ing issues. While showing a rental the other day I had a question that isn’t nor-mally a fair housing concern, but does deal directly with steering. � e potential tenant was military and asked, “how’s the school district? I’ve been told I need to be in District 20 or 12”. I happened to be showing a very nice house located in District 3 at the time. As Realtors we are so careful about what we say and how we say it that we o� en give a generic answer to such questions to avoid anything close to the truth, at least the truth as I see it. But for whatever reason when the ques-tion was asked directly of me, I was silent for a couple of seconds and decided to tell the truth.

I said it doesn’t ma� er what school district your kids go to in the Colorado Springs area, it depends on how engaged you are with your kids education. I went on to explain that my sister teaches a half mile from this home in District 3 and is a great teacher and gives all she has to the students in her class. I have two tenants who work in District 2 and if they teach half as good as they do taking care of the rental they live in, their students are get-ting some of the best education possible. I have a principal for District 49 renting from me who puts in endless hours for the kids she believes in. A neighbor of mine taught in D-12 for years and always gave her heart and soul to her kids. My ex-wife is a librarian in District 11 and I’d put her up against any librarian in any district in the area. She cares about do-ing a good job and cares about her kids just like everybody I just mentioned, and they are all in di� erent school districts.

It’s not teachers and the people who work at the di� erent school districts that determine your kids education, it’s how engaged you are with their education. By chance my kids go to D-20 and I can tell you they have had some great teach-ers and some not so great teachers. If the school districts themselves are the deter-mining factor, then my daughter Rachel who is a freshman at Milwaukee School of Engineering should not be best friends with Sara who graduated from District 3

and a� ends the same college as Rachel and is also majoring in engineering. Be-cause as the word on the street and on base is if you want a good education, you need to get your kids into D-20 or D-12.

Having a freshman in college, a junior and sophomore in high school and an 8th grader who have had successes and challenges along the way, I � rmly believe it’s not the school district but how in-volved you are as a parent in your childs education. Over the years we have had some great teachers and others who just didn’t click with our kids. All along what made the di� erence was the support, en-couragement and time we gave our kids when it came to school. If it’s important to you, it will be important to them. So to answer your question, any school district in the area is great if you are engaged and participate in your kids education.

� e dad appeared to be a li� le taken aback, but responded very quickly, and said, “of course we are engaged”, but honestly I felt that it was just an answer, really what else was he going to say with-out sounding pre� y bad, “no we are not engaged, education is the schools job”. His wife had nodded and I believe un-derstood what I was saying about being involved in her kids education, but didn’t say much, just looked at her husband when he responded so quickly. � at is one of the reason why I feel his response was not from the heart.

I took a risk of pushing this potential tenant away because of the directness of my answer, but honestly I didn’t care. I really felt good just to tell it how it is. Ed-ucating our kids is not the responsibility of the school district, it is the responsibil-ity of the parent.

So the question is how will you and I answer that question the next time it aris-es? Only time will tell, but in the mean-time I can tell you that I will continue to be engaged in my kids education.

Sometimes it just feels good to tell the truth...

Local Am Fam Insurance agent earns American Star ExcellenceNigel Cass, an American Family Insurance agent in Colorado Springs, has been

recognized for providing outstanding customer experience under the American Star Excellence in Customer Experience Certi� cation. Nigel joins other American Family agents who have demonstrated the high-est level of commitment to outstanding customer service.

Nigel has been an agent for American Family since November 1991. His o� ce is located at 5520 Library Ln Colorado Springs, Co 80918.

“� ere are many choices out there in the insurance marketplace,” said Dan Schultz, American Family Insurance’s president and chief operating o� cer. “� e American Star Excellence in Customer Experience Certi� cation lets consumers know these are agents with an established track record of excellent customer service.”

� e service excellence distinction was determined through an evaluation process conducted under guidelines established through the American Star Excellence in Cus-tomer Experience certi� cation. � e process consists of a customer satisfaction survey which measures customers’ overall experience with their current American Family agent. Only agencies that perform in the top 20 percent of all insurance agencies na-tionwide, based on customer satisfaction surveys, are eligible to become American Star Excellence in Customer Experience certi� ed.

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On the Move

Schell, Luciano, Walker

Synergy Realty GroupMaya Lewis-Schell is a Colorado

Springs native with over 10 years of Real Estate experience in many di� erent mar-kets. She has helped families buy and sell over 300 homes in Colorado and Ari-zona. Integrity and customer service is number one for her. She vows to always represent you with the utmost of service and professionalism.

Amanda Luciano grew up in Colo-rado Springs, moved away and came home knowing it’s a great place to live and work.

A� er covering the local residential and commercial real estate markets for the Colorado Springs Business Journal, Amanda decided to become a Realtor herself. Honest and easy to work with, she’s now dedicated to using that back-ground knowledge and experience to smoothly navigate the Colorado Springs real estate market for her clients.

Kayla Walker: I am pleased to an-

nounce that I have joined Synergy Re-alty Group, Inc. I have been a Colorado licensed real estate agent for approximate-ly three years and hold a B.A. in History from the University of Colorado at Colo-rado Springs. I have lived in Colorado most of my life and in Colorado Springs for the past seventeen years. When I’m not helping my clients � nd their perfect home or sell their current home, I enjoy skiing, gol� ng, hiking, mountain biking and tak-ing my dog, Bentley, to the dog park.

Wayne PinegarNextage Pikes Peak Properties

Wayne Pinegar, of Colorado, has been awarded the prestigious Certi� ed Resi-dential Specialist (CRS) Designation by the Council of Residential Specialists, the largest not-for-pro� t a� liate of the National Association of REALTORS.

Wayne Pinegar is Broker/Co-owner of Nextage Pikes Peak Properties and a member of the Pikes Peak Association of Realtors.

Wayne Pinegar said “I chose to earn the CRS designation because it com-bines a requirement of both classroom education and real world experience. My 10+ years of serving clients with over 500 completed transactions con-tributed signi� cantly to earning this designation and that means a lot to me”.

Hagedorn, Searfoss,

TardoniaERA Sheilds Real Estate

E� Shields Real Estate recently an-nounced the addition of three new bro-ker associates to their growing team of real estate professionals serving consum-ers in El Paso, Pueblo, Teller, Douglas and Elbert counties.

"We’re honored to have Jesse Hage-dorn, Heather Searfoss and Be� y Tar-donia join our growing team," said Cathi Sullivan, Vice President/General Man-ager with E� Shields Real Estate. "� ey all bring a variety of experience and prov-en knowledge that will certainly bene� t our company and our customers."

As part of E� Shields Real Estate Hagedorn, Searfoss and Tarodnia will be able to o� er homebuyers and sellers a wide variety of valuable products and services including online listings, home warranty plans, the E� Sellers Security Plan and our 10K Award Home listing advantage program. � e 10K listing pro-gram encourages area real estate profes-sionals to sell properties enrolled in the program with a chance to win $10,000.

Karen StenslandThe Platinum Group

Providing excellent customer service and support has been in Karen’s blood for over 30 years. As a former Adminis-trative and Executive Assistant for many di� erent types of companies as well as a

number of local Real Estate profession-als, the move to a Licensed Realtor was an easy transition for her. She is fortu-nate to have been taken in under Don-na Andersen’s umbrella where she can learn from Donna’s over 25 years of ex-perience and knowledge. Karen intends to continue the “Real People, Real Re-sults and Clients First” philosophy the Andersen Team subscribes to.

Karen was born and raised in the San Francisco Bay Area and relocat-ed to Colorado in 2003, where she lives in Woodmoor with her husband, two children and two German Shep-herds. When not in the o� ce, Karen enjoys spending time with her fam-ily and friends. During the warmer months she enjoys seeing the beauti-ful outdoor scenery, taking day trips in the truck, or si� ing on the back of her husband’s Harley.

Shumaker, Noriega,

LessigCentury 21 Curbow Realty

Kristi Shumaker moved to the beau-tiful city of Colorado Springs fourteen years ago, from the beaches of South-ern California. Although she misses the Paci� c Ocean, she absolutely loves liv-ing in the mountains. Kristi lives with her wonderful husband, Josh and two sons Micah and Jakob, and three dogs. Her family enjoys a variety of outdoor activities like backpacking, rock climb-ing, and hiking. She is excited to join the agents at CENTURY 21 Curbow Real-ty. Kristi hopes to grow her real estate business to serve many of those living in this fantastic community.

Moises Noriega is a new agent with CENTURY 21 Curbow Realty. He has been in the � nancial industry for seven years helping customers with consumer and mortgage loans. Moises made a ca-reer change to the exciting world of real estate, where he looks forward to help in the process of buying and selling homes. He was born in Colorado but raised in Texas and graduated from the Univer-

sity of Texas at San Antonio with a de-gree in business. Most of his free time is spent with his wife, daughter, and their chocolate lab. � ey enjoy spending time outdoors either hiking or mountain bik-ing. Moises is an avid sports fan and his favorite sports are baseball and football.

Emily Lessig was born and raised in Colorado Springs. She is proud to call this beautiful city her home. She enjoys snowboarding in the winter and hik-ing/camping in the summer. Emily is excited to start her career in real estate as the new Administrative Assistant at CENTURY 21 Curbow Realty.

Ken VenanziMerit Co., Inc.

Ken Venanzi joined Merit Co., Inc. in May of 2014. Ken has over 30 years of real estate experience. He moved to Colorado in 2000 and enjoys golf in his free time. Over the course of Ken’s career he has won many awards and is eager to help buyers � nd their dream homes.

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Local Expert

By Bill McAfeeEmpire Title—

Owner’s Extended Coverage (OEC)Will or Will Not? That is the question.

Part 2 of 2

Empire Title of Colorado Springs

Empire Title of Woodland Park

In addition to the survey exception there is also an exception for mechanics liens. Mechanics liens are an unusual lien in the real estate industry. � e time frame on a mechanics lien starts when the work is completed and not when the lien is recorded. � is brings up a challenge for title companies to insure and real con-cern for potential buyers. � e mechanics lien could actually be recorded a� er the real estate closing and yet have priority to a date prior to closing. For this reason title companies will insure or delete over this exception but only if buyers and sell-ers sign an a� davit con� rming that they have not done anything to create such a lien. � e buyer then would be given protection as long as he/she is not the party who created the lien. Now that we have covered the standard exceptions, I am going to brie� y touch on exceptions numbers � ve and six.

Exception number � ve refers to gap coverage. � is is any liens that would be recorded from the last time the title com-pany checks public records to the time the new deed is recorded. Generally the buyer is given gap coverage as long as the title company closes the transaction. If the title company does not close the transaction - for example if a buyer bor-rows money from a bank and the bank closes the transaction themselves - the buyer will typically not have gap cover-age. � ere are additional endorsements that a buyer could purchase in order to receive gap coverage in this scenario. � is brings us to exception number six.

Exception number six deals with un-paid taxes, assessments, and unredeemed tax sales prior to the year of closing. In order for the title company to give this protection they order a tax certi� cate or other documentation from the treasurer to verify that any unpaid taxes have been paid. By doing this the title company does insure against past tax liens; howev-er, property taxes in Colorado are due in arrears. � ere still will be an exception on the owner’s policy that states ‘taxes and assessments for the current year, subsequent years, a lien not yet due and payable.’ In laymen’s terms this means

the property taxes for 2014 will not be due until 2015. � e title company is let-ting the buyer know that this is a lien that will happen in 2015 if the property taxes are not paid.

I hope that has been relevant informa-tion for buyers and sellers as it pertains to the standard exceptions. Remember exceptions are items that are not covered by title insurance unless they are deleted or insured over. Owners Extended Cov-erage does this for the � rst six exceptions. Exceptions 1-4 are generally covered by an endorsement. Exception 5 is covered when the title company closes the trans-action and a� davits are signed. Excep-tion 6 is covered through tax certi� cate or other documentation from the trea-surer. � ere will be a question posed to those selling real estate. � at question as it pertains to Owners Extended Cov-erage, gives two choices. � ose choices are: ‘Will or Will Not’. As somebody who buys and sells a lot of residential real estate I cannot imagine situations where the choice would be ‘Will Not’. As somebody who eats massive amounts of chocolate donuts I totally understand the ‘Will’. Buyers please remember the choice of ‘Will’ protects you against sur-vey ma� ers and mechanic’s liens which could have a dramatic impact on the property you are purchasing. For most people their home is the biggest indi-vidual purchase they will ever make. So my question to you will be ‘What is your decision, Will or Will Not’? By choosing ‘Will’, you will have coverage over the standard exceptions. By choosing ‘Will Not’, you will not have coverage over the standard exceptions.

Feel free to contact Bill McAfee at Empire Title with questions that you would have regarding title insurance ma� ers. � is information is deemed reliable but not guaranteed; it is always recommended that buyers and sellers get council in ma� ers of which they do not have expertise.


Around the Corner

send

eventus your

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Friday, May 30Campbell Homes BBQ and Model Grand Opening at Falcon Hills11:30am-1:30pm @ Falcon HillsRSVP 719.494.8010

Meet Your State Delegation3pm-5pm @ Space Foundation | Area 51Shawn Dahlberg 719.884.2832

Meridian Ranch Concert Series6pm-8pm @ Fairway Heights ParkBand: Velvet Rut MeridianRanch.com

Thursday, June 5Masterminds Networking Group7:30am-9am @ Canon National BankRSVP to David Alley, 719-632-3526 [email protected]

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am-10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

HUD/GFE9am-11am @ Empire [email protected] 719-884-5300

Saturday, June 7Home Buying Seminar (for clients)10am-12pm @ Ent (Galley)Ent.com/Seminars 719.574.1100 ex 6670

Monday, June 9HBA PAC Golf Tournament11:30am-6:30pm @ Kissing Camels Golf Course at the Garden of the Golds Club719-592-1800 ext. 11 [email protected]

Tuesday, June 10Home Staging: Professional Tips That Help Sell Homes9am-10:30am @ Ent (Campus Dr)RSVP Ent.com/RealtorWorkshop

Wednesday June 11Line by Line Sale/Purchase Contract w/Oliver Frascona9am-12pm @ Banning Lewis RanchMartinna Hill, Land Title 719.244.2123

CREC Update1pm-4pm @ Banning Lewis RanchMartinna Hill, Land Title 719.244.2123

Thursday, June 12Farm and Land8:30am @ Rudy's on 8th StreetGreg Wolff: 719-590-1711

Women's Council of Realtors11am-1pm @ The Sunbird RestaurantMichele: [email protected]

Tuesday, June 17NARPM Meeting11am-1pm @ Clarion Hotel (314 W. Bijou)Danielle Coke, 719-495-2247

Wednesday, June 18Advanced eContracts10am-12pm @ Empire [email protected] 719-884-5300

How to Sell HUD Homes9am-12pm @ Legacy [email protected]

Restoring Contaminated Buildings12:30pm-2:30pm @ Legacy [email protected]

Thursday, June 19Mandatory Annual Commission Update9am-1pm @ Empire [email protected] 719-884-5300

Intro to Title and Escrow1pm-3pm @ Legacy [email protected]

Friday, June 20Independent Brokers Forum9am-10:30am @ PPARwww.ppar.org

Meridian Ranch Concert Series6pm-8pm @ Fairway Heights ParkBand: TBA MeridianRanch.com

Saturday, June 21Building a Home from The Ground Up10am-12pm @ Ent (Galley)Ent.com/Seminars 719.574.1100 ex 6670

Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

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The “Hooked on Classic” Realtor Recognition Program is back

by popular demand! And that means we’ll be paying out more

than line when we say thanks to all of our hard-working sales

partners out there for promoting our properties!

With each qualified closing, we’ll be handing out cash. Cold

hard cash, along with a handsome 4% commission. And as

your closings increase, so will your bonuses—from $1,000 to

$3,000!

The catch? You have to qualify to participate.

So don’t wait. Call or visit your nearest

Classic Homes Sales Model today andget outfitted for the biggestadventure ever.

*Pricing, availability, and program terms subject to change.

Hooked On ClassicREALTOR RECOGNITION PROGRAM.

ANNOUNCING THE 2014

4% commission on base priceand qualify for the Hooked onClassic Program.

1st Closing

2nd Closing

3rd Closing

4% commission on base price + $1,000 Bonus

4% commission on base price + $2,000 Bonus

4th Closing (and beyond)

4% commission on base price + + $3,000 Bonus

Here’s how it works—by the numbers…

Program Terms and Conditions:1) Hooked on Classic 2014 Bonus Incentives will be paid

on all contracts originated between 1/1/2014 and

12/31/2014. Contracts must close to receive bonus. 2) 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. 3) All 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 earned on an

individual REALTOR basis, team sales are not

cumulative. 6) Bonus incentives will be

awarded to the individual agent listed

on the contract. 7) Program subject to

change without notice.

BANNING LEWIS RANCH

Sales Model – 7163 Cottonwood

Tree (80927) - 719-886-4995

MLS #7786351, The Hillspire,

6503 Forest Thorn Ct, 4 Bed,

Study, 3.5 Bath, 2 Car Garage,

Ranch, 3,272 sq. ft., $367,183

CARRIAGES AT INDIGO RANCH Sales Model – 6411 Wind

River Point (80923)719-573-2009

MLS #7049977The Stanhope,

7663 Matchlock Hts4 Bed, 3 Bath, 2 Car Garage,

Ranch/Paired Patio Home2,739 sq. ft., $274,900

INDIGO RANCH AT STETSON RIDGE Sales Model – 7104

Mustang Rim Dr (80923) 719-574-6610

MLS #736981, The Alpine, 7140 Mustang Rim Dr

3 Bed, 2.5 Bath, 2 Car Garage, 2-Story,

2,485 sq. ft.,$312,166

FLYING HORSE: THE VILLAGE OF

MESSINA Sales Model – 1155 Old

North Gate Rd (80921)

719-694-8840

MLS #758969, The Vail,

1528 Yellow Tail Dr

4 Bed, Study, 2.5 Bath,

3 Car Garage, 2-Story

3,853 sq. ft., $419,851

FLYING HORSE:THE VILLAGE OF SIENA

Sales Model – 1908 Turnbull Dr (80921) - 719-495-7297

MLS #771555, The Brougham, 13255 Cake Bread Hts

3 Bed, 2.5 Bath, 2 Car Garage, Ranch/Paired Patio Home

3,086 sq. ft., $379,900

FLYING HORSE:THE VILLAGE OF

VERONASales Model – 1908 Turnbull Dr

(80921) - 719-495-7297

MLS #7012063, the Stratford,

1908 Turnbull Dr, 5 Bed, 4 Bath,

3 Car Garage, Ranch, 4,614 sq. ft.

$646,096

PROMONTORY POINTE Sales Model – 15530 Short Line Ct

(80132) - 719-481-9828MLS #797553, The Vail,

15675 Transcontinental Way,5 Bed, Study, 3.5 Bath, 3 Car

Garage, 3,853 sq. ft.,$411,597

WOLF RANCH:

Sales Model – 5906 Brave Eagle Dr.

719-282-1650

MLS #712584, The Vail,

6223 Leon Young Dr

4 Bed, Study, 2.5 Bath, 3 Car

Garage, 2-Story, 3,840 sq. ft.,

$364,900

MOUNTAIN SHADOWS Sales Model – 5573 Majestic Dr

(80919) - 719-323-4283MLS #755625, The Rushmore,

5573 Majestic Dr3 Bed, Loft, 2.5 Bath,2 Car Garage, 2-Story2,770 sq. ft., $299,900

Cast Your line on

these featured

Quick Move-In Homes!

www.ClassicHomes.com/Hooked

SOLD

Documents

CSREJ - May