Author Archives: Tom Guest

This is a great article on the headaches of underwriting sent to me by Brett Johnson, Cherry Creek Mortgage 303 885 7664.  I’ve been selling real estate in Colorado for 20 years and I can honestly say the market is improving.  But, the hurdles that our buyers have to jump keep getting higher and harder.  I guess it is a necessary “evil” to protect us from the predatory characters that hide in the financial shadows…but sometimes it get overwhelming for all involved.   One of my jobs, as a Real Estate Broker for Key Masters Real Estate, is keeping everyone… Read More »

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Foreclosure Alternatives: Which option is best for you? Foreclosure alternatives were developed by both lending institutions and the government to offset losses incurred by banks during the foreclosure process. The Mortgage Bankers Association reports losses in excess of $50,000 to banks on each foreclosed home, making the foreclosure alternatives listed in this section highly sensible for them to consider. Foreclosure and foreclosure alternatives are completely separate processes. The homeowner must initiate the foreclosure alternative process. Alternatives such as loan modifications and short sales can take months to complete and are subject to the bank’s approval. In the meantime, the foreclosure… Read More »

Real Estate Quarterly Who’s Buying and Where? The landscape of the housing market has seen some changes following the economic fallout. Premium content from Denver Business Journal – by Dennis Huspeni Date: Friday, April 29, 2011, 4:00am MDT Related:Commercial Real Estate, Residential Real Estate Kathleen Lavine | Business Journal Tom Guest, broker/owner at Key Masters Real Estate, is president of Metro Brokers for 2011. He says about 60-80 percent of the business recently has been in the foreclosure market. You can’t talk about trends in the Denver residential real estate market without acknowledging the proverbial elephant in the room: foreclosures… Read More »

  It is possible to purchase a home right after going through a Short Sale! By far the easiest mortgage to obtain is a FHA loan: 1) 3.5 percent down payment, based on the purchase price of the home (e.g., $7,000 on a $200,000 home), or a gift of that same amount; 2) 3 percent to 6 percent of the purchase price, on top of the down payment, for closing costs, or a credit from the seller of the same amount; and 3) 640 FICO credit score — the middle score of those generated by the three credit bureaus (some… Read More »

It’s about time we get some good news about the Colorado Real Estate Market. You would think by the barrage of negative news reports that just about every other home was going into foreclosure. Certainly this is not the case. In fact, the housing market has stabilized in the past six months. The latest report from the Mortgage Bankers Association shows that the percentage of homeowners that were behind at least one monthly payment fell from 9.1% in the third quarter to 8.2% in the fourth quarter. Also, the 2010 delinquency rate fell from over 10% in the beginning of… Read More »