Jon's Journal

CERTIFIED DISTRESSED PROPERTY EXPERT

2010-10-20T13:05:00.003-06:00

As Certified Distressed Property Experts I deal with banks, loan servicer’s and asset managers who contact us to help determine the value of their assets.

Visit www.jonurnban.com for more info: How To Buy or Sell Pre-Foreclosures & Short Sales.
You can be sure that you’ve selected a firm with previous experience and expertise of local market trends. I have the knowledge and experience.

Contact Jon Urban today 303-229-2800.

Do you want to know what your home is worth in today’s Shifted market?
Click here http://www.jonurban.com click my homes value. If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship we can help please contact me Jon Urban, Certified Distressed Property Expert (CDPE). 303-229-2800.
Are you facing a financial hardship?

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that
permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include
-Adding missed payments to the existing loan balance
-Making an adjustable-rate mortgage into a fixed-rate mortgage
-Extending the number of years you have to repay

4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale if you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu of Foreclosure your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure a legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.
We believe that a Short Sale is the last option that a homeowner has before foreclosure.
Preserving homeownership & homeowner equity is always the first priority.

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Helping homeowners understand all their options is a passion I have in my business. Give me a call!

Jon Urban, CDPE, Urban Companies short sale expert
303-229-2800 cell
www.jonurban.com

It is serious busines buying a home

2010-06-03T12:23:00.002-06:00

Recently I have been reminded how serious and important it is for me to represent my clients as a honest and true professional. I have had the privilege and responsibility of helping several new buyers purchase their first new home. I truly enjoy working with first time buyers because there are always lots of questions and I get to be a teacher. Teaching has always been so much fun and it is so much fun to help first time buyers understand the whole buying process. One of these new first time buyers really opened up to me about how nervous they have been and how they were really counting on me to get them through it all. When they told me this I stopped for a few extra seconds thinking about how I could respond with my heart instead of just a quick less thoughful response. I really felt the fear and uncertainty was incredibly real and in my heart I wanted to tell him I was totally committed to looking out for him! After those few extra seconds I told him I would help him through this like he was my own brother and I was going to give everything I had! After this conversation it became a little more real to me how I need to serve all my clients like I would my very own brother or sister or mother or father. It is really my desire and passion to give it my all with everyone that the good Lord blessing me with in my business!!

What should my asking price be?

2010-01-26T18:00:00.003-07:00

I posted this article exactly one year ago! Such a very important topic I think it is a good idea to post it again!!!

Here are some home pricing pitfalls...When it's time to sell your home, it's very easy to be snared in the overpricing trap. After all, you want top price for your home. With this very dffucult market for sellers you need to be very careful not to price your home too high. Given that, it's logical that the asking price you set could be higher than "fair market value." Unfortunately, you probably won't realize it's too high until much later.Here are just a few of the disappointments you'll be facing with an overpriced house:Responses to your ads will probably be slow, since the public recognizes overpricing. Remember, people buy by comparison.Some prospects who are attracted may be the wrong ones. They will be attracted because they're looking for a home priced the same as yours – but with MORE features.Very few buyers will even make an offer on an overpriced home. The reason? Even if you accept their lower offer, they aren't getting a bargain since the final price is probably no less than "fair market value."Your home will help buyers make a favorable decision on other homes that are priced fairly. Do you really want to be the example that drives people elsewhere?If you do find a buyer at your price, their mortgage application could be rejected because of a low appraisal; the house simply doesn't meet the standards that the price indicates. This has become a huge factor in todays market.This all sounds rather bleak, so what can you do to solve the pricing issue? Work with an experienced professional who knows the market in your neighborhood. Take advantage of the research and advice your real estate agent can offer, and you'll be on your way to setting the right price for your home.Jon

Denver one of smartest places to buy

2010-01-26T16:44:00.002-07:00

Some great news for Denver market! Click on the link above to see how Denver ranked in the top 10 by Forbes magazine.

Also, this link here is a quick video about the market in Denver. There are some definite bright spots to see here. Denver's average selling price is $255,877 up over 13 percent from a year earlier. Sales activity is strong for homes under $250,000 as well! This is a very accurate video about Denver market....http://cbs4denver.com/video/?id=67146@kcnc.dayport.com

Latest update on Tax Credit

2010-01-25T14:13:00.003-07:00

A MUST READ!!!
I have been asked to pass on accurate information regarding the homebuyer tax credit that is available until April 30, 2010. I want to make sure my clients know the latest changes to help you take advantage before it’s too late. This is truly a wonderful time to think about making a move to another home or buying your first home! This is a true $8,000/$6,500 tax credit and just like money given to you!! With interest rates at historic lows and housing prices hitting bottom DO NOT MISS OUT ON THIS SHORT WINDOW OF TIME TO BUY OR SELL A HOME!!!
HERE IS THE LATEST MOST ACCURATE INFORMATION ON THE HOME BUYER TAX CREDIT….
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
· Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
· Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040
Recent news:IRS Releases Revised Tax Forms, Instructions for Claiming Tax Credit (Jan. 25)Economists' Podcast: Lawrence Yun Discusses Market Recovery, the Tax Credit, and Employment (Jan. 12)Economists' Commentary: Existing-Home Sales and the Tax Credit (Dec. 22)
Who Qualifies for the Extended Credit?
· First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
· Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
1. The price of the home.
2. The buyer's income.
PriceUnder the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer IncomeUnder the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Please feel free to call or email me any specific questions you may have. I would love to hear from you!
Many blessing to you in 2010!!!

2010 is here!

2010-01-04T12:49:00.003-07:00

I finally got this blog up and running again after some technical difficulties the last few months. Some of you have asked me how it has been going personally and in the Real Estate business. Personally my family and I are all doing great! Here is a recent picture of us all....

I am looking at an incredible 2010! My kids are getting so big now and we are enjoying each day with them.

The Real Estate business has been very good and going to be great in 2010! Prices are holding steady for sellers and for buyers there are some great buys with foreclosures.

It is my commitment to be a true Real Estate professional for you and keep you updated regularly through this blog.

Many blessings to you this year!

Jon Urban

Some Very Good Real Estate News

2009-04-16T13:35:00.003-06:00

We all need a liitle good news in this tough market so here it goes. I love spreading this news to you!

Denver on list of 10 cities where Americans are relocating: Denver is one of 10 U.S. cities on a new Forbes magazine list of cities where Americans are relocating. (read more here)

Drop in mortgage rates trigger race to buy, refinance: Tumbling interest rates are setting off a mortgage-refinancing scramble among homeowners and pulling undecided buyers into the market. (read more here)

Mortgage Refinancing May Hit $2 Trillion in 2009: The Mortgage Bankers Association
on Tuesday
jacked up its 2009 forecast for mortgage originations to reflect the Fed's recent moves to engineer lower mortgage rates. The group now expects mortgage originations to total $2.78 trillion this year--an increase of more than $800 billion from its previous estimate.
(read more here)

New home sales in surprise rebound: NEW YORK: Sales of newly constructed homes rose unexpectedly in February, rebounding nearly 5% after sinking to the lowest level on record in January, according to a government report released March 25th. (read more here)

Xcel selects SunPower to build solar plant in Alamosa: Xcel Energy today announced it has selected SunPower Corp. to build North America's second-largest photovoltaic solar-power plant in Alamosa. The 17-megawatt plant would come online by the end of 2010. The project is expected to create about 200 jobs during construction. (read more here)

Pueblo approves SDS: Last night, after a three hour hearing, The Pueblo County Commissioners voted unanimously to approve Colorado Springs' proposed Southern Delivery System, which will deliver water from Pueblo reservoir to Colorado Springs. (read more here)

Grand Junction Makes the Cut: Grand Junction makes the cut! For the first time, Grand Junction has made the Forbes Business Top 25 as one the best small places for business and careers (read more here)

Did You Know?
Ft. Collins ranked 2nd and Colorado Springs ranked 10th on Forbes latest “Best Metros” list?

I am excited to see more good news as we head toward summer!

Jon Urban
Urban Companies

FINALLY SOME GOOD NEWS

2009-02-20T09:37:00.005-07:00

With all the bad news the mainstream media is putting out lately I think it's about time we start fighting back with some positive news. Here some very encouraging signs the ecomony is already turning upward in the Denver area. Great reasons why now is a wonderful time to consider buying and investing in a home!

We’re Number One: The Pew Research Center's new survey says, "Denver is the most desirable city in America!" Forty-three percent of those in the survey say Denver was the city they would most like to live in if they had a choice of living in the nation's top 30 cities. In the top five Denver was followed by Seattle, San Diego, Tampa and Orlando. The bottom five, all east of the Mississippi were Cleveland, Cincinnati, Kansas City, Minneapolis and Detroit. http://www.kdvr.com/news/kdvr-denver-top-city012909,0,4773717.story

Schwab to add 500 jobs in Douglas County: Charles Schwab Corp. will bring 500 new jobs to Colorado by 2011, Gov. Bill Ritter announced Thursday January 15th at the state Capitol. http://denver.bizjournals.com/denver/stories/2009/01/12/daily55.html?surround=etf
Existing-Home Sales Show Strong Gain In December: Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors® report released January 26th. http://www.realtor.org/press_room/news_releases/2009/01/ehs_shows_strong_gain?LID=RONav0021

CSU, CU economists - Colorado’s recovery could start as early as summer: Colorado went through a bad economic year in 2008 and can expect more of the same this year, but there are signs that a recovery could start as soon as summer, a pair of Colorado’s top university business economists agreed Wednesday. http://denver.bizjournals.com/denver/stories/2009/01/19/daily20.html?surround=etf
Creative Foam moving into Longmont: Creative Foam, a designer and manufacturer of foams and plastics for the automotive, medical, and composite markets, announced in January 2009 that it is leasing 70,000 square feet in Longmont. The Michigan-based company is expanding in Colorado to service Danish wind turbine manufacturer Vestas Wind Systems. http://www.metrodenver.org/site-selection/news-deals

Fannie Mae to Loosen Refinancing Rules: Fannie Mae will loosen rules for homeowners seeking to lower their mortgage payments by refinancing. The District company, which accounts for more than 40 percent of the $12 trillion in U.S. residential mortgage debt, is seeking to break a "logjam" in refinancing and allow more homeowners to take advantage of near-record low interest rates, according to Brian Faith, a spokesman for Fannie Mae, which like its rival, Freddie Mac, is under government control. http://www.washingtonpost.com/wp-dyn/content/article/2009/02/05/AR2009020503157.html

Did You Know?
Colorado rated as the sixth best state for business in 2008, ranked No. 1 for both labor and growth prospects. - Forbes

Denver Real Estate Market one of the Best in the Country!

2009-01-29T10:08:00.006-07:00

Here is some great news for the Denver area! According to an article in the Rocky Mountain news published on January 27Th. 2009, The Denver housing market has outperformed all but one market in the 12 months ending in November 2008. Also, in November 2008, Denver-area homes lost only 1.1 percent, making it the best-performing city in the S&P/Case-Shiller Home Price Indices. Home prices in the Denver area fell only by 4.3 percent in the 12 months ending in November. This is great news for Denver compared to other 20 metro areas average at 18.2 percent. Only Dallas, with a 3.3 percent decline, fared better than Denver. The decline in Denver is very small compared to areas like Phoenix and Las Vegas. These were the two worst markets through November, losing 32.9 percent and 31.6 percent, respectively, according to Case-Shiller. In some towns in California, homes that sold for $1 million two years ago probably are worth less than $600,000 today according to this article.....

I also agree with most area market forecasters who predict Denver and the whole state of Colorado to continue to outperform the nation. We may even see "minor" increases in home sales activity this year from 2008! One of the reasons for this is our market is not overbuilt. Denver has a very small amount of new homes being built and we are not plagued by a huge inventory of resale homes like so many other metro areas. We also never had the roller-coaster rise and fall of home prices other cities experienced!

What does this mean for you if you are considering buyer or selling a home in the Denver area in 2009? This means you will be faring far better than just about anywhere in the country! The Denver area is going to continue to be a great place to invest in Real Estate. What great encouragement for all of us!

Jon

What should my asking price be?

2009-01-26T11:27:00.005-07:00

Here are some home pricing pitfalls...
When it's time to sell your home, it's very easy to be snared in the overpricing trap. After all, you want top price for your home. With this very dffucult market for sellers you need to be very careful not to price your home too high. Given that, it's logical that the asking price you set could be higher than "fair market value." Unfortunately, you probably won't realize it's too high until much later.
Here are just a few of the disappointments you'll be facing with an overpriced house:
Responses to your ads will probably be slow, since the public recognizes overpricing. Remember, people buy by comparison.
Some prospects who are attracted may be the wrong ones. They will be attracted because they're looking for a home priced the same as yours – but with MORE features.
Very few buyers will even make an offer on an overpriced home. The reason? Even if you accept their lower offer, they aren't getting a bargain since the final price is probably no less than "fair market value."
Your home will help buyers make a favorable decision on other homes that are priced fairly. Do you really want to be the example that drives people elsewhere?
If you do find a buyer at your price, their mortgage application could be rejected because of a low appraisal; the house simply doesn't meet the standards that the price indicates. This has become a huge factor in todays market.
This all sounds rather bleak, so what can you do to solve the pricing issue? Work with an experienced professional who knows the market in your neighborhood. Take advantage of the research and advice your real estate agent can offer, and you'll be on your way to setting the right price for your home.

Jon

What is most precious and important in your life?

2009-01-20T10:05:00.005-07:00

I have been asking myself this question frequently this past week! A friend and neighbor was just killed tragically in a snowmobile accident. We had a lot in common....he was my age (40) and left behind a wife and 3 young children. He desired to live his life for the Lord and his family was very active in a local church. We had worked together in the Real Estate business.

The news of his death has been very difficult and has caused me to think a lot about how I am living my life everyday. Are my actions each day reflecting what is most precious and important in my life? Am I seeking to know the Lord Jesus with all of my heart each day? Am I willing to love and sacrifice for my family, friends, or someone in need? Will I put my own desires after the needs of others? What will I be remembered for when I pass into eternity?

I am recommitting to live my life today for what is most precious and important! What are you living your life for?

Jon

HAPPY NEW YEAR!

2008-12-28T16:41:00.006-07:00

Its going to be a great year in 2009! Thank you to everyone for making 2008 a very successful year in the Real Estate business...It is very exciting to meet new friends and continue to serve families!

There is going to be so much opportunity for buyers and sellers in 2009 and its going to be a great time to make a move!

Here are a few reasons why.

1. Interest rates are the lowest they have been in 30 years.

2. there are some great possibilities for buyers in short sales, foreclosures, and bank owned properties.

3. The Denver market is still strong for buyers! Overall only about a 3% drop in home values in 2008. Some areas of Denver have kept their value and had small gains. Denver is very strong compared to most other parts of the country.

What a privilege to have wonderful success working with buyers and sellers in this market. Its a blessing to have gained valuable experience working on short sales, foreclosures and bank owned properties. Its even more fun to be able to pass this knowledge onto my clients saving them thousands of dollars....

Call me or email me and I will be happy put this knowledge to work for you!

See you in 2009!

Jon

CLICK HERE TO SEARCH THE MLS ON MY WEBSITE

2008-12-15T16:43:00.017-07:00

Wow it sure has been cold! Last night we broke the coldest temperature ever at -18 degrees! It is now really winter and we are suppposed to get more snow tonight. I AM HAVING SO MUCH FUN! I love the snow and so do my kids......

One of my goals in my business was to update my website before 2009. It is truly one of the most cutting edge websites available. New tools for buyers and sellers such as instant home evaluations (just enter your address) and buyer MLS home searches with great look up fields and even daily home updates sent directly to your email! YOU WILL LOVE ALL THE BENEFITS!

One thing that is going to make a quick impact on the Real Estate market is the low interest rates. JUST IN THE LAST WEEK A 30 YEAR FIXED RATE IS AROUND 5%! THE LOWEST IN OVER 4 YEARS!
A WONDERFUL TIME TO BUY!

Jon

Real Estate update and our son Matthew swimming

2008-12-11T22:34:00.005-07:00

I am very thankful to be keeping busy right now in my business. It is a tough time right now in the Denver area market. However, it is a very good time for buyers with the 30 year fixed interest rate at its lowest in years at 5.25%.

The last video of Rebekah was fun so I am posting Matthews 100 Yard Backstroke race from last weekend. He finished 8th in the finals with this race! I am amazed at how fast Matthew is growing. He will be 13 on December 30!

Jon

2008-12-10T23:19:00.000-07:00

I thought I would try posting a very short video of my daughter Rebekah swimming the 50 yard backstrock in a swim meet last weekend. She is really a great little swimmer! Definitely gets this talent from her mom. I never have liked the water too much but my kids sure do!

Both Matthew and Rebekah swim for the DU Hilltoppers on a USA swim team. They practice 3 to 4 times a week at DU and have very competitive swim meets 1 to 2 times a month. So much fun for all of us......

Blessings,
Jon

2008-12-10T22:49:00.000-07:00

Hi again,

Well, it is already December 10Th. and Christmas is quickly approaching! We are starting to feel the Christmas spirit and yesterday I put up more lights outside on our home. Jeremiah my 7 year old, has been asking me to put up more lights outside. He wants our house to be the best in the neighborhood:) I found out how expensive those lights really are! After $100 dollars of lights we still are not even close to having as many lights as most houses........

Real Estate has been extremely busy. What a huge blessing to have some wonderful clients to work with. The Lord has been so good to us this year!

I hope you all have a wonderful Christmas time and keep Christ in Christmas!

Jon

Jon's Journal

2008-12-09T10:28:00.000-07:00

Welcome everyone to my new Blog site! I am so excited to finally start blogging and communicating with friends and family.....With this blog site my hopes are keeping everyone updated on the Real Estate market, our company at Urban Companies and my family.
This is also not just about me! I would love for some interaction and thoughts here from you:)

Many Blessings to you,

Jon