473 Florence Drive Lafayette

Beautiful rancher next to open trails and community park. Great neighborhood with the finest schools around. The home is perfectly situated on a corner lot with mature foliage surrounding it. Updated kitchen & bath, h/w floors throughout, dual pane windows, crown molding throughout. a must see....

view the listing

Avoid seller-financed debt trap

Q: I have a ranch in Colorado that I sold and carried the loan for the purchase of the property. The buyers have been living in my home now for more than a year and have not paid me any money. I have a lawyer but it doesn’t seem right that they can continue to live off of others. This is putting us in debt, big time, because we can’t sell the ranch, and we’ve been told that’s the law. Is there anything we can do? –Brenda, Colorado A: Contrary to (increasingly) popular belief, it’s not legitimate or legal to get something for nothing. The buyers have breached their obligations under the mortgage note, which I’m assuming you had secured with a deed of trust against the property. When you extend seller financing, you become the buyer’s mortgage bank. And you know what happens when you stop paying the mortgage payments to a bank? Yep, they foreclose on the home and, eventually, evict you from the property. And that is your right as well — if you’ve been paid nothing in more than a year on a mortgage note that obligates the buyer to make monthly payments, it sounds like you are well within your rights to initiate and carry out foreclosure proceedings, foreclose on the home, regain title in your name, and evict the buyers in accordance with...

view the listing

Second half of 2008 should see an increase in home sales

Although existing-home sales have been soft since the beginning of this year, they are expected to improve notably during the second half of 2008, according to a forecast by the NATIONAL ASSOCIATION OF REALTORS® (NAR). Statistics suggest a sizeable pent-up demand for homes, according to NAR Chief Economist Lawrence Yun, which will be released into the marketplace as excessive home-buyer pessimism about the market begins to subside.“Ever since the credit crunch last year home sales have noticeably declined,” says Yun. “Subprime lending accounted for 20 percent of the market, and that suddenly disappeared last August. For brokers, these have been tough times, but given that we have historically low mortgage rates, I believe we’ll see an increase in sales the second half of the year.”  Steady Increase in New-Home Sales Yun believes existing home sales will start showing a sustained increase within a few months. High mortgage loan limits should translate into more sales in high-cost markets, while wider access to affordable credit should increase sales activity this summer as pent-up demand begins to be met.  NAR predicts existing-home sales will rise 6.6% to 5.74 million in 2009. Parts of the country that should see improvement include the Northeastern region and oil-patch states of Texas, Oklahoma, Louisiana, and Arkansas. Weak home sales related to jumbo-loan problems depressed home prices in the first half of this year. But Yun expects...

view the listing

4 Tips for Selling a House in a Slow Market

It’s no secret that the days of houses selling like Beanie Babies are over. After real estate appreciated at jaw-dropping rates during the first half of the decade, home prices and sales tallies have dropped precipitously in recent months—tilting market dynamics to favor buyers over sellers. That doesn’t mean your house won’t sell, just that the playing field has changed. So here are four tips to help you get a timely sale at a fair price in today’s reshuffled housing market. The slowdown doesn’t mean your home won’t sell, but it demands a different approach.  1. Make those repairs. While in years past it may have been enough just to cut the grass and retouch the paint, anyone looking to sell in today’s market will have to take care of those more onerous repair projects as well. “The buyer that might have bought a fixer-upper five years ago now has an opportunity to purchase a short sale or a foreclosure,” says Ronald Phipps, president of Phipps Realty in Warwick, R.I. “So if you have a property that needs a lot of work, you are competing against real estate-owned [properties] that are compelling rather than interesting.” So fix the leaky roof, call the plumber, and rebuild the staircase. “The modest repairs should be done,” Phipps says. “Frankly, repairs period should be done.”  2. Price to the market. Unfortunate though it may be for...

view the listing