HUD closings in Metro Denver Colorado on HOLD!

The Department of HUD has just advised us that as of 5:00pm today if you have not already had your closing figures submitted and already scheduled and in place then any future properties currently under contract are being placed on hold until further notice and MCB will no longer be handling those files as the Asset Manager.
 
All files that have been currently handled by MCB will now be transferred to three new asset managers (HomeTelos, Matt Martin Realty and Pemco Asset Management).  All properties will be listed through the new website of www.hudhomestore.com
 
Hopefully the hold will not be in place for too long but as always Homes And People is here to help everyone work through this transition and help make your transactions go as smoothly as possibly.

Comments

Post a Comment

Popular posts from this blog

Hail-Resistant Roofs: Fact or Fiction?

Image
Colorado often experiences severe  hailstorms  that can cause devastating property damage. The Rocky Mountain Insurance Information Association reports that Colorado’s Front Range and Wyoming’s eastern plains, commonly referred to as “hail alley,” receive the highest frequency of large hailstones in North America. Over the past 10 years, hailstorms have caused nearly $1.7 billion in damage to roofs and automobiles in hail alley. The damaging hailstorms generally occur mid-May through late July. Damages incurred to roofs during hailstorms can, however, be reduced with proper roof design and roofing product selection. A properly designed roof structure can substantially reduce hail damage. Several testing agencies have developed the following recommendations for the roof designer: Shingles made with polymer-modified (SBS) asphalt have better resistance to hail damage than shingles made from oxidized asphalt. Reroofing over an existing shingle system greatly increases the ...
Read more

How much you would need to afford rent in Colorado?

Image
There is nowhere in this country where someone working a full-time minimum wage job could afford to rent a two-bedroom apartment. Downsizing to a one-bedroom will only get you so far on minimum wage. Such housing is affordable in only 12 counties located in Arizona, Oregon and Washington states, according to the report by the National Low Income Housing Coalition. You would have to earn $17.14 an hour, on average, to be able to afford a modest one-bedroom apartment without having to spend more than 30 percent of your income on housing, a common budgeting standard. Make that $21.21 for a two-bedroom home -- nearly three times the federal minimum wage of $7.25. The minimum hourly wage required to afford rent on a two-bedroom apartment, of course, depends on where you live -- ranging from a low of $11.46 in some counties in Georgia to a high of $58.04 in the San Francisco Bay Area. The most expensive state for housing is Hawaii, where workers would need to make $35.20 an hour to afford ...
Read more

IDXpro 3.0 vs 2.3

The long awaited IDXpro 3.0 is finally here, and sadly I am here to report that it is lagging behind many of the competitors in the market. I am speaking from my own experience using this system to search for homes in Metro Denver ( Metrolist MLS ). 1- Slow. The Search by map option is slow to say the least, in an attempt to show all the listings on the map, it takes 5-10 seconds for the map to populates (an eternity in Internet time), and every time the capture is changed the map has to go through the process of repopulating for another eternity. The advanced Home search function is not as friendly or as advanced as it should be: the search options are better than basic but they are still limited. 2- Subdivision search. This is one of the most important search features to both Realtors and Home buyers. This search option has two problems it did not have in version 2.3: This option has it's own page in the advanced search section eliminating the possibility of searching by city...
Read more

Silicon Valley house on the market for only $800K!!! What in the world?

Image
Eight hundred thousand dollars is certainly not an unheard of price in the world of residential real estate, as prices shoot up in hot markets such as New York, the District of Columbia, and the San Francisco Bay area. But what that amount buys in San Jose, a main node of Silicon Valley and its soaring estate prices, drew a second look: a debilitated, burned shell of a home on a small overgrown lot of the type your parents might have warned you to stay away from. The median home value in San Jose is $1,078,300. That's up 23.9% over the past year, and is predicted to rise 8.4% over 2018. The fact that severe fire damage only bumped that average down to $800,000 says a lot about the area's market, where available housing is sparse and residents prioritize proximity to their employment. PS: I just checked about an hour ago, so by the time you read this article know that the house is already under contract. I guess Metro Denver and Centennial prices are not that high after a...
Read more

Hud closing update

Many of you heard that there was a window of opportunity for us  yesterday  for us to be able to ship for closings for HUD transactions.  As of  5pm yesterday HUD will  no longer accept any more sets of figures for this week and due to the VA holiday.   This mandate will stay in place because these closings are still with MCB and the switch to the three new asset managers still has not taken place and this is for a temporary time only.
Read more