by Jon Terry | Jun 19, 2014 | Blog, Buying A Home, Short Sale
What is a backup offer and what purpose does it serve in this exuberant Denver Real Estate Market? A backup offer is a second place offer. The home is already under contract with Buyer 1, but Buyer 2 submits a contract to the seller. When the seller signs the backup...
by Jon Terry | Dec 22, 2013 | Blog, Buying A Home, Selling a Home, Short Sale
Learning real estate lingo is an important part of buying/selling a home. Here are a few common words you may hear if you’re buying or selling a home. 1. Appraisal An appraisal is an assessment done by a certified appraiser justifying the purchase price for a...
by Jon Terry | Sep 30, 2013 | Blog, Foreclosure, Mortgage Guidelines, Short Sale
The Great Recession that started in late 2007 forced many responsible Colorado homeowners into mortgage loan default and/or bankruptcy. Because of this, the Federal Housing Authority (FHA) realized that credit histories don’t always reflect a person’s true ability or...
by Jon Terry | Jan 10, 2013 | Mortgage Guidelines, Mortgages, Short Sale, Taxes
Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. Lenders send out 1099s to account for the amount of the debt they have forgiven. However, the Mortgage Forgiveness Debt Relief Act...
by Jon Terry | Apr 2, 2012 | Blog, Buying A Home, Foreclosure, Housing Analysis, Residential Real Estate, Short Sale
After a series of months during which foreclosure volume was low, total filings have started to rise again, says RealtyTrac. In February of 2012, 21 states posted a year-over-year increase in monthly foreclosure filings, according to the national...
by Jon Terry | Oct 11, 2011 | Blog, Buying A Home, Buying in a Recession, Credit, Foreclosure, Mortgages, Residential Real Estate, Short Sale
In these difficult economic times, I am commonly asked whether it would be better to have a short sale or a foreclosure on ones credit report. The answer is complicated and has lot of moving parts. A short sale shows up on your credit report as a “derogatory...
