Join us for the 2020 Annual Commission Update class on August 17, 2020 from 8:30-12:30 (via Zoom). Register now by clicking the link below. Hope to see you there! Free to brokers. Sponsored by Aspen View Homes in connection with Unified Title.
https://rawhide.regfox.com/colorado-annual-commission-update-class-4-hours-ce-credit
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Colorado Annual Commission Update Class (4 hours CE credit)
https://www.realtor.com/realestateandhomes-detail/10110-Hahn-Rd_Calhan_CO_80808_M21072-46637
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10110 Hahn Rd, Calhan, CO 80808 - realtor.com®
Put another house on the market last night and it’s under contract today. Another happy client. We are selling homes and land. Call us for results.
Property Management and COVID-19 (April 5, 2020)
The pandemic is affecting everyone, whether though physical or economic health. Since this is pretty much new territory for us all, we will do our best to answer the questions we are getting from our property management landlord clients and our tenants, and will work with them as best we can. This is by no means an exhaustive post, and everything is subject to change as this pandemic develops. It is the best information we have at the moment.
Following is our understanding of how El Paso County landlords and tenants are affected by the mishmash of laws, orders and proposals. We remind you that we are not attorneys and this is not legal advice, so as always, we recommend that our owners and tenants seek independent legal counsel regarding their questions of law, rather than rely on us real estate brokers. We also recommend communication with tenants and landlords to work through the challenges of this time.
Tenant Questions:
1. Do I still have to pay rent? Yes, rent is still due. Utilize any rent assistance programs.
2. Can I be evicted for nonpayment of rent? Yes, but there is a temporary ban on evictions if the landlord’s mortgage is Federally related (see below). Also, the 4th Judicial District Courts are operating on a limited schedule with priority given to civil protection orders and criminal matters; civil cases and evictions rank low on the scale of importance. In-person hearings are vacated through May 1, 2020.
3. Can I be charged late fees? No, there is a temporary ban on late fees through April 30, 2020.
4. Can my utilities be shut off? Colorado Springs Utilities will not be processing utility disconnections through April 30, 2020. Contact them at (719) 448-4800 to discuss payment plans. Go to the spreadsheet built by the Public Utilities Commission to find your utility provider and see what they are doing to help. If your utility company is not listed, check their website or call them to find out their policy. Utilize any payment assistance resources available. https://docs.google.com/spreadsheets/d/1II2f7XVfdjvqm0G8gkb0-dqfeUgLJUb_AYDPv1a3DhE/edit?ts=5e7e61f4#gid=0
5. Does my landlord have to provide a payment plan for me? No, but many of our landlord clients are doing so to help out their tenants and keep some money coming in to themselves. Tenants should pay as much as they can. Remember that forbearance in collecting rent is not the same as forgiveness of rent. Unless the landlord is waiving or reducing the rent, any unpaid amounts will accrue and must be paid later.
Landlord Questions:
1. Do I still have to make my mortgage payment if I am not getting rent from my tenant? Yes.
2. If I cannot pay my mortgage, can I be foreclosed? On March 19, 2020, HUD authorized a 60-day moratorium on commencement of foreclosures of FHA-insured loans and evictions for Indian guaranteed loans. In the 4th Judicial District, all Rule 120 foreclosure cases are stayed until May 1, 2020. Under the Federal CARES Act, except with to respect to a vacant or abandoned property, a servicer of a Federally backed mortgage loan may not initiate any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, or execute a foreclosure-related eviction or foreclosure sale for not less than the 60-day period beginning on March 18, 2020.
3. Can I get help with my mortgage payments? The CARES Act provides loan payment forbearance for anyone with a federally related mortgage (VA, FHA, USDA, Fannie Mae, Freddie Mac, Ginnie Mae and Tribal programs). Borrowers may request and will receive up to a 360 day payment forbearance without proof of hardship required. During the forbearance period, no additional fees, interest, or penalties can be charge. As with the rent question above, forbearance is not forgiveness; you still have to pay back the loan. For all other loans, you need to contact the lender to work something out.
4. Do I have a Federally backed loan? Here are websites where you can check to see if your loan is related to Fannie or Freddie:
Fannie Mae Loan Lookup: https://www.knowyouroptions.com/loanlookup
Freddie Mac Loan Lookup: https://ww3.freddiemac.com/loanlookup
If you want to download or read the CARES Act, you can find it here: https://assets.documentcloud.org/documents/20059055/final-final-cares-act.pdf
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Statewide Utilities' Measures Undertaken in Response to EO 2020 012
To the Colorado Springs Brokerage Community March 24, 2020
Re: COVID-19
Everyone is rightly concerned about the current viral pandemic; however, the real estate markets of the country can’t just stop functioning. People still need and want to buy, sell and relocate, which is why settlement providers (includes brokers, lenders and title people) are considered essential personnel (a mixed blessing). We all need to take common sense precautions to avoid getting infected or transmitting it to others. Yes, it cuts into how we typically do business, but tough; the only constant in life is change. It is about all of us, not just you. Real estate brokers deal with risk management daily, and this is another serious risk for us to pay special attention to. Following are suggestions for real estate professionals in that regard:
CLOSINGS: Closing company staff is at particularly high risk of infection because they cannot control who comes to them for closings. While I normally say that real estate brokers should attend their closings that may not work in the current environment (brokers are still required to ensure accurate settlements statements). Brokers may need to take steps to protect themselves and their crucial team members that work for the title companies.
Title companies are implementing steps that may include no coming to the broker’s office to close, limiting office access to only those who must sign closing documents, requiring electronic delivery of deposits (using apps such as ReProTool), only doing split closings instead of buyer and seller meeting together, brokers signing settlement statements electronically and not attend closings (documents and checks to be delivered to the broker’s office), doing drive-up closings in parking lots (parties not coming into the office at all) and encouraging mailout or emailout closings (though clients would still need to meet with a notary for acknowledgments). Talk to the closing company so you know what the deal will be for your clients on closing day. Other ideas include:
* Discuss with your closing team the idea of sending out closing documents (may not work for the loan package, other than the Note and Deed of Trust) via email in advance, so that you and your clients can review them prior to the client showing up to sign them. That will limit the time the closer needs with the clients because they can just quickly sign and leave.
* Only those people who have to sign documents should attend closing. Inform your clients to leave “spectators” at home, or have them wait in the car if they need to run in to sign their documents. Brokers can be available by phone or video, sign settlement statements electronically and receive commissions by wire transfer or next-day delivery. At least this pretty much requires that any disputes between buyers and sellers will need to be resolved prior to closing and not at the closing table.
* If attending closing prep clients to cut the chit chat. Get in, sign and get out ASAP to limit exposure time. Split closings, or staggering signing times for buyer and seller is good because it minimizes the number of people in the closing room at a time.
* Don’t hang out in the title company lobby. Stay outside until it your turn to sign. Do your congratulatory photos and gift giving outside the title office or elsewhere.
* If you or your clients are symptomatic or infected, do not come to the title office. If you or your clients just returned from traveling where exposure may have occurred, do not come. Make other closing arrangements.
SHOWINGS:
* Open houses are not prudent now. Some hungry litigator might view it as a broker deliberately exposing the client’s home to potentially infected visitors, or exposing visitors to others who might be infected. Discuss showing protocols with your sellers and incorporate them into listings.
* Change showing instructions to limit time in the house and eliminate overlapping showings. Include any seller requirements in the showing instructions.
* Wear gloves and avoid touching what you can.
* Consider providing hand sanitizer, wipes and/or gloves for clients (if you have some).
* Masks (if you can find them) are now a cool fashion accessory, not a sign of paranoia.
* Don’t drive with clients; have them follow you to homes you show them.
* Disclosure. If a home occupant is or was infected, or suspects they might be infected, suspend showings, or at least notify brokers and buyers in advance of the showing in writing (use email, not text), so they can make informed decisions about whether to enter the property to see it. Various articles indicate the virus can live on surfaces for some period of time, so it is likely to be viewed legally as a material fact. As Jon Goodman would say, “When in doubt get it out.”
CONTRACTS:
* While a number of contracts have terminated for reasons relating to the virus, most appear to be staying on track. We are seeing clauses appear in contracts with automatic extensions related to coronavirus. Read them carefully, and be sure they work for lenders, as well as the parties. Seek legal counsel, if necessary, and remember not to create your own form unless it gets blessed by your attorney for your firm’s use. The Colorado Bar Association came out with Form COVID-19 ADDENDUM (COVID19-3-20) which we are allowed to use as a Standard Form.
* Disclosure. The smart money says the seller should disclose on the Seller’s Property Disclosure form (or the broker may want to make supplemental disclosure if the seller will not). Consult your company’s legal counsel.
To protect our staff, our office is mostly closed right now while we work remotely. Please call if you need or want us. Stay safe out there! Doug Barber
Just listed. Great ranch style home on maintenance free lot near Marksheffel and Highway 24. 3 bedroom, 2 bath, 2-car garage. New interior paint and carpet. Great condition. $275,000. Call Porsche Harvey (719-271-5965)or Doug Barber(719-338-3053). This will not last the weekend.