colorado springs real estate journal

BUYER BEWARE:

Vol.1 No.7 www.csrej.com December 8, 2008

Also insidepAGe 2 pAGe 5 pAGe 7 pAGe 8

CmlAMeet & Mingle

HBA’sAnnual Membership Dinner

pikes peakMarketing Forum

empire TitleClient Appreciation

PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ................. page 2Local & State News ...........page 9On the Move ................... page 12Local Expert ................... page 13Sales & Motivation ............page 14

Vol.1 No.7 www.csrej.com December 8, 2008

View rule E-43 and HB1156 online at www.csrej.com/rules.pdf

Ralph Braden of Nor’wood Limited and 2009 Colorado Springs HBA President.

Bank owned properties

NAR: Fed’s buying of Fannie, Freddie debt will drive down interest rates and help to stabilize housing

Ralph Braden named 2009 Colorado Springs HBA President

Buyers that purchase bank owned properties are often not getting disclosures that are required by Colorado Law.

Newly-elected Board Members and Chairs also announced

Realtors working with the buyer oft en ask me, “What can I do, the Bank won’t give us a disclosure?” Th e problem doesn’t lie with the Bank, it lies with the listing Realtor and their em-ploying broker.

Th e two disclosures that are not being provided are Square Foot-age disclosure and the Source of Water Addendum. First, Rule E-43 requires the listing Realtor who publishes square footage (MLS) to disclose to their sellers and to the buyer the amount, the source and the date on the commission approved form. Even though the rule is very clear in the Real Estate Manual, many of these Realtors, unfortunately, do not understand it. Th e person who reviews the fi le for their company does not un-derstand it as well. What the Rule requires is for the listing Realtor to complete the form and provide the seller and the buyer a copy. Th e Realtor is not required to have the buyer and seller signatures on the form; they just need to show that they provided them with a copy of the disclosure.

HB1156 requires the Seller to provide the buyer the Source of potable water in the Seller’s Prop-erty Disclosure or the contract, i.e. Source of Water Addendum. Th ere are no exceptions for Banks.

Banks will normally select a listing Realtor for their experience and knowledge. Th e Bank is relying on their listing Realtor to do the right thing. Real-tors who list property, including Bank owned,

need to inform the seller that they must provide a Seller’s Property Disclosure with the source of wa-ter information or the Source of Water Addendum with the infor-mation. Th e bank will usually ask you to disclose the Source of Water on their behalf. Th e buyer needs to get it.

Realtors who work with a buyer in a situation where they do not re-ceive the disclosures from the list-ing Realtors should disclose to the buyer that the listing Realtor and the seller are required to disclose this information. If you don’t get it, I recommend that you should fi nd this information and provide it to the buyer, prior to the Inspection Deadline so that the buyer can ter-minate if they chose to. If you do not, then you become part of the problem and likely part of the liti-gation.

Stay safe by keeping the buyer and seller safe!

Paul Goldenbogen, CRB, GRI, is President of Heritage Realty. He welcomes your questions or comments. You can reach him at 719-548-0400.

required by Colorado Law.

By paul GoldenbogenHeritage Realty—

Th e Housing and Building Association (HBA) of Colorado Springs continued its 57-year tradition of electing high pro-fi le, industry leaders to represent the most infl uential association in the Colorado Springs region. Th e HBA represents more than 650 member companies who em-ploy over 10,000 Colorado Springs resi-dents. Membership in the HBA is diverse and covers all areas of the home building industry, including landscaping, home products, and building supplies, as well as builders and developers.

Ralph Braden with Nor’wood Limited, Inc. was installed as the 2009 HBA Presi-dent at the HBA Annual Board Election Dinner, held Wednesday, November 19 at the Colorado Springs Masonic Center. 2008 HBA President Bobby Ingels, Presi-dent of Th e Ingels Company, moved into the position of Immediate Past President, and Michelle Grove Reiland with the Spires Broadmoor was installed as the HBA President Elect. Newly elected board members were: John

Cassiani with Banning Lewis Ranch, Mike DeGrant with Lowell Development, Jim Larson with Keller Homes, Kevin Walker with Nor'wood Limited, Scott Mikulecky with Sherman & Howard and Randy Slay-baugh with Land Title.

Great news for home buyers, home sellers and the U.S. economy is how the National Association of Realtors® greeted this morn-ing’s announcement by the Federal Reserve that it will purchase housing-related debts of Fannie Mae and Freddie Mac, thus free-ing up mortgage money on Main Street.

“Th is is one of the key actions we’ve been advocating ever since the Treasury altered its course on how it would use the $700 billion recovery package passed in Sep-tember. Th is is great news for home buyers and sellers and we applaud the Fed for tak-ing this historic step,” said NAR President

Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Housing recovery is the key to economic recovery in this country and it always has been.”

In a four-point plan submitt ed to Con-gress last month, NAR called for the Trea-sury Department to purchase mortgage-backed securities (MBS) from banks to provide price stabilization for housing. Today the Fed said it would purchase mortgage-backed securities from Fannie

See HBA page 10

See Housing page 2

2 Colorado Springs Real Estate Journal www.csrej.com December 8, 2008

NatioN

CmlA FAll meeT And minGlenovemBer 19, 2008

Realtors Federal Credit Union hires Thomas A. Glatt as fi rst CEO

Right: Cheryl martinez of Security Title Guaranty Co., TJ lile of Republic Mortgage Insurance Company, Barb pattee of Springs Mortgage and Jean daniel of Celebration Mortgage.

Left: eileen Wolff of LandAmerica, Jay Garten of Peoples Mortgage and Kathie spurling from Ent.

Left: Amy Cavender of Simplifi ed Mortgage Solutions and Wanda Abramson of Stewart Title.

Left: Alex de Boer and stephanie dombrowski of Ent and John lauber of US Bank.Above: nate Halverson of

eMagic, “Hutch” Hutchison of Adams Mortgage, lonnie Burkholder of Air Academy Federal Credit Union, ryan renz of MGIC, Keryn derubis of LandAmerica and steve stewart of Stewart Realty.

Above: darrell Harrison of Stewart Title, sonja Fettig, molly risinger and Amelia Walsh of LandAmerica.

Above: eileen Wolf of LandAmerica, Jon paukovich of Ent Federal

Credit Union and stick newland of Unifi ed Title.

Mae, Freddie Mac, and Ginnie Mae for up to $500 billion. “Th is will be critical to a housing recovery,” Mc-Millan said.

Lawrence Yun, NAR chief econo-mist, said purchasing debt obligations of Fannie and Freddie is an important move. “We commend the Fed deci-sion because it will directly bring down long-term interest rates,” he said. “Th e level of investment should be aggressive enough to bring interest rates down in a meaningful manner. As we've seen in past recessions, home sales rise when mortgage interest rates fall.”

Yun said that given the present state of the mortgage market, interest rates on 30-year fi xed-rate mortgages are too high. “If Fed action brings down mortgage interest rates by even 1 percentage point, it would increase homes sales by 500,000 units. Th at should help to draw inventory down and stabilize prices.”

Yun said higher home sales are critical now to absorb inventory and stabilize prices. “Only with stabilization in home prices can we have a healthy housing and economic recovery,” he said.

In its announcement, the Fed said it will purchase up to $100 billion of GSE debt from primary dealers through a series of competitive auctions to begin next week. Purchases of up to $500 billion in MBS will be conducted by selected asset managers before year-end. Both the direct obligations and MBS purchases are expected to take place over several quarters.

© Copyright National Association of REALTORS. Reprinted with permission.

Th e REALTORS® Federal Credit Union board of directors today announced that veteran credit union leader, Th omas A. Glatt Sr., has been chosen the top executive of the newly chartered organization that will serve the nation’s Realtors®.

Glatt will assume offi ce as the chief executive of-fi cer of the RFCU on December 15.

“Th e REALTORS® Federal Credit Union is a ter-rifi c world-class member benefi t that the National Association of Realtors is providing to its members,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokers in Dallas-Fort Worth. “Th is is indeed a cause for celebration among all our members because this credit union is tailor-made to accommodate the work habits and lifestyles of Realtors®, most of whom are indepen-dent contractors compensated by commissions.”

“We are happy to make this great benefi t avail-able to our members as part of a number of strategic initiatives to make NAR membership even more valuable. Th e credit union was designed to be con-venient for Realtors® because it will be open 24/7 and Internet-based,” said NAR CEO Dale Stinton.

Stinton also welcomed Glatt as the RFCU’s fi rst CEO. “We are proud that such a distinguished lead-er of the credit union industry as Tom Glatt will be

heading this new organization. We are glad he will be part of our extended family.”

Realtor® Mike Brodie, chairman of the RFCU board of directors, also praised Glatt . “Realtors® will fi nd Tom to be a man of high moral integrity and ethical standards, and one of the most respected professionals in the industry. He has demonstrated a lifetime commitment to the service of others, and we’re proud he will be leading our team.”

“Th is is a great opportunity and challenge to run the fi rst Web-based credit union, and I want Real-tors to know that their own credit union will be re-sponsive to their needs and work style,” said Glatt . “Our primary job is to serve Realtors®.” Glatt said his fi rst order of business is to assemble his senior management team. Th at process has already begun.

Th e RFCU is scheduled to open for business in mid-2009. All Realtors® and their families, as well as NAR’s institutes, societies and councils, are eligible to become RFCU members. NAR staff and the staff s of state and local boards and associations are also eligible. Clients and customers of Realtors®, such as home buyers and home sellers, are not eligible.

Th e RFCU is a not-for-profi t cooperative owned by its members and directed by an elected volun-teer board. It will not be owned by NAR. Like other credit unions, RFCU is a stand-alone entity, and earnings will fl ow back to the credit union and its members, not to NAR.

© Copyright National Association of REALTORS. Reprinted with

permission.

...it (RFCU) will be open 24/7 and Internet-based....it (RFCU) will be open

Housing from page 1

December 8, 2008 www.csrej.com Colorado Springs Real Estate Journal 3

director of AdvertisingRachelle Nardo

[email protected]

director of publishingJosh Olson

[email protected]

Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published twice a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.

Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.

We welcome the submission of articles, photos and press releases. please email any considerations to:

[email protected]

Article submission• Please submit articles no lon-ger than 700 words in a Word document with an accompa-nying byline and appropri-ate contact information. A headshot is also welcomed. Please submit headshot in JPG format.

press releases• Please submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format at-tached to the same email.

on the move• Please submit a short bio or press no more than 150 words for anyone that has joined your team in a Word docu-ment or directly in an email. A headshot may also be at-tached to the email as a JPG.

This is for any business in the industry (Real Estate, Build-ers, Title Companies, Mort-gage Companies, etc.)

photos/events• Please attached pictures in JPG format in an email with any notes or captions direct-ly in the email or in a Word document.

office: 719.217.3433Fax: 719.550.4373

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One in four Boomersplans to move, AARP survey reports

No radon health risks

uncovered in granite countertop study

One in four boomers age 45-64 expects to move from their current home and most will look for a home that’s more comfortable or convenient, accord-ing to a recent AARP survey.

While 79% of boomers in the survey said they would like to stay in their current home for as long as possible, many of those who indicated they would move said they wanted a better house or better climate or to be closer to family and friends.

Fifty-nine percent of those boomers who are planning to move said they wanted a home that’s on one level. Half the boomers planning to move said they wanted a newer home and 49% said they wanted a smaller home.

“While boomers will reflect the patterns of earlier generations and mostly age in place, the sheer number of boomers will increase demand for a whole variety of home and community options,” said Elinor Ginzler, AARP senior vice president.

Older boomers are significantly more likely than younger boomers to think that they will move into a single-level home — 68% vs. 54% of those planning to move – but age is not the only factor that affects expectations, according to the survey.

Boomer men (61%) are more likely than boomer women (42%) to believe that they will move into a newer home, according to the survey. Forty-one per-cent of boomer men who planned to move said they would move to a warmer or better climate compared to 25% of boomer woman.

However, more boomer women planning to move (54%) indicated they would move to a smaller home than men (41%).

The survey was conducted by Opinion Research Corporation for AARP.

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Responding to unsubstantiated news reports raising concerns over radon radiation in granite countertops, the Marble Institute of America reported on Nov. 17 that in the largest scientific study of the product ever it did not find a single stone slab that poses a health risk.

“Quantities of radon and radiation emitted by stones included in the analysis all fell well below average background levels commonly found in the United States,” the institute said.

The study included more than 400 tests of 115 different varieties of gran-ite countertops — including stones cited in media reports as being potentially problematic, the most common types of granite used in countertops in the U.S. and the more exotic stones that represent a tiny share of the market. The types of stones tested comprise about 80% of those used in domestic countertops.

See Granite page 4


Our motto, “We don’t succeed unless you do”, is something we take very seriously. In today’s market, fl exibility, education, expert closers, local underwriting, and marketing expertise are the keys to success.

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HBA AnnuAl memBersHip dinnernovemBer 19, 2008

Above: Kirk standley with CSHBA and 2009 HBA President ralph Braden with Nor’wood Limited.

Above: Claude Comito with Nichols & Comito, steve Haynes with Front Range Raynor, lynette and Brent mcpherson with New Home Guide.

Above: Terry storm – PPAR Chief Executive Officer, with wife, Carleen storm, mike law with Merrill Lynch, County Commissioner – Wayne Williams and Holly Williams for Congressman Doug Lamborn.

Above: scott Garlin with BMC West, Tony Aguero with Vantage Homes and doug Whiting with BMC West.

Left: dave Talbot with LaPlata Communities, Jill Webb with CB &T Title and Jim looney with LaPlata Communities.

Left: Joni meledrez and victoria stone with Allegory Advertising and rhonda mcdonald with Creekstone Homes.

Above: dave sered, dave Kaiser and matt diaz with Comcast with HBA Executive VP, renee Zentz (middle-right).

Above: Tom Taylor with LaPlata Communities, michelle Grove reiland with Spires Broadmoor, dave Hennekens with Arctic Spas, Jerry and dorothy novak with Classic CO. and Kevin Walker with Norwood Development Group

Above: debra Walters with County Commissioner, Jim Bensburg, 2008 HBA President Bobby ingels with Ingels CO. and mike Finkbiner with Robbins Roofing.


thankYou! for all the support

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Right: elly Jones with Prudential Professional Realtors, molly risinger with LandAmerica, and Jodi Gailliard with McGinnis GMAC Real Estate.

Right: Judy music with The Masters Real Estate Group, Fred deming with Unifi ed Title and dave rich with Stuart Scott, Ltd.

Left: Camellia Coray with Coldwell Banker Trent and CO, lynn edgin with Keller Williams Hope Realty, Bev Kjoss with Prospect Mortgage and Christina elliott with Campbell Homes.

Left: margie mallouk with Red Tulip Interiors, dawn Brock with Keller Williams Hope Realty and Joslin nagle with Allstate.


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The study found that:Not one stone slab contributed to radon levels

that even reached the average U.S. outdoor radon concentration of 0.4 picocuries per liter — one-tenth the U.S. Environmental Protection Agency level for remedial action within a home.

The stones found to emit higher radon levels — though still well below average outdoor background levels — represent less than 1% of U.S. granite coun-tertop sales.

Not a single stone emitted radiation levels that even approached a radiation dose of 0.13 mil-liSievert per year, the level determined by the Euro-pean Commission to be negligible for human health risk; the U.S. has no such standard. However, this

European standard is just 30% of the 1 milliSievert per year annual dose limit recommended for the general public by the National Council for Radia-tion Protection & Measurements.

“Unlike some media reports of questionable sci-entific accuracy, this study evaluated a large variety of stones and used a number of complementary, well-established scientific techniques to assess the exposures that people could have to radon and radi-ation in real-world environments and to determine whether the presence of these specific stones could compromise consumer health,” the Marble Insti-tute said.

“Our study included detailed mapping of radia-tion emitted from various stones that had areas that we identified as being elevated above levels for typi-cal granite countertop material,” said Dr. John F. McCarthy, president of Environmental Health &

Engineering, the independent environmental test-ing firm that conducted the study.

“We found that it’s easy to get what appear to be high readings of radon or radiation from a small fraction of granite countertops, but those readings do not reflect the actual risk to consumers because they do not assess the real exposure, only isolated, extreme measurements,” he said.v

“As with any other type of environmental mea-surement, assessing the real risk to consumers must take into account more than isolated readings from small spots on a countertop,” McCarthy said. “It must reflect real-world exposure scenarios and be interpreted using well-established principles of en-vironmental health.”

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Above: rob, stephanie and baby Jackson Hawthorne of Empire Title with stacy Kibler with Keller Williams Partners.

Right: Bill mcAfee of Empire Title, dustin Kimberlin with Keller Williams Clients Choice and Bill White with Cherry Creek Mortgage.

Left: Kaylynn mathews with Empire Title and steve Aragon with The Masters Real Estate Group getting ready for the movie.

Above: The ladies of Empire Title greet everyone with a smile.

Above: Jody Heffner of Platinum Group Realtors brought his family to enjoy the movie and they were happy to pose with sharron myers with Empire Title.

Granite from page 4


LoCaL & StatE

Campbell Homes teams up with Care and Share

Gary Markle named EDC’s Vice President of Local Industry

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Th e Colorado Springs Regional Econom-ic Development Corporation (EDC) has named Gary Markle as its Vice President of Local Industry.

Markle is widely known as the Found-ing President and CEO of Colorado Springs Technology Incubator and continues to serve as its Executive Chairman. He also founded two highly successful soft ware companies that were sold to publicly traded companies.

“Gary’s knowledge of the issues facing our local primary employers will be an immense asset to EDC,” commented Mike Kazmierski, EDC’s President and CEO. “He knows, fi rst-hand, the challenges of running a successful business. Gary’s experience at the Incuba-tor will also be important as we grow the entrepreneurial business base in Colorado Springs.”

He is a member of the Advisory Board for the Colorado Institute of Technology Trans-fer and Implementation (CITT I) and serves on a number of other community and busi-ness boards. He helped establish the Colo-rado Springs chapter of the National Jobs Partnership program (NJP) which focuses its curriculum on enhancing life skills for the underprivileged and disenfranchised youth within Colorado Springs.

“Th e opportunity to join EDC’s team and build on the EDC’s mission is something I couldn’t pass up. I look forward to making a measurable impact on the Local Industry goals,” Markle stated.

Markle has a B.S. in Business Management, Tiffi n University, and took an M.B.A. course at the University of Colorado, Graduate School of Business. In 1999, he was recog-nized with the Seymour Cray Entrepreneur of the Year award. He is married and has three children.

Th e mission of Th e Colorado Springs Re-gional Economic Development Corporation, a private not-for-profi t corporation, is to sus-tain quality of life through a healthy econo-my. It does so by providing economic devel-opment services that result in the current and future retention and att raction of primary jobs which provide for economic diversity, replacement of lost jobs and create job op-portunities for those entering the workforce for the fi rst time.

Gary Markle - EDC’s Vice President of Local Industry.


LoCaL & StatE

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Also honored were the volunteer “Chairs” of more than 15 diff erent commit-tees and Councils that carry out the mission of the Housing & Building Associa-tion. Th ese volunteers give hundreds of hours each year to support the building industry. A special thank you to Kyle Campbell with Classic Consulting for serving as the Land Use Committ ee Chair from 2005-2008; Jim Larson with Keller Homes for serving as the Code Review Committ ee Chair from 2004-2008; Kenton Pass with Kenton Pass & Company for serving as the Remodelors Council Chair for 2008; Scott Smith with La Plata Communities for serving as the Public Policy Chair from 2001-2008 and Brad Ausmus with Bradley Homes for serving as the President of HBA Cares from 2005-2008

A highlight of the evening was the donation of $10,000 in proceeds from the 2008 Parade of Homes to HBA Cares. HBA Cares is the charitable founda-tion associated with the Housing & Building Association of Colorado Springs (HBA). Th e primary mission of HBA Cares is to support non-profi t organiza-tions and programs that provide housing and living assistance to individuals and families in need throughout the Pikes Peak Region.

Achievements such as these are great testimonials to the housing and build-ing industry, both in our local community, as well as at the national level. We all benefi t from those whose time, loyalty, and leadership are so graciously and willingly given.

The HBA of Colorado Springs is a non-profi t trade association comprised of over 650 member compa-nies. The local association is affi liated with the Colorado Association of Home Builders with a membership exceeding 3,000 and the National Association of Home Builders, which has more than 231,000 member companies nationwide. The HBA of Colorado Springs is committed to promoting policies that allow for the production of safe, decent and affordable housing and to enhancing the environment for the housing and building industry in El Paso County.

Coldwell Banker Holiday Toy Drive to benefi t the Children’s Hospital in Colorado Springs

Ashley Wilson, Relocation Sales Manager for Coldwell Bank-er Residential Brokerage in Colorado Springs, is spearheading a Coldwell Banker Holiday Toy Drive to benefi t the Memorial Hospital for Children. Wilson is en-couraging everyone in the community to participate in this worthwhile en-deavor that will brighten the holiday season by providing gift s for children currently being treated for various illnesses and injuries at the hospital

“Th e children being treated at Memorial Hospital for Children in Colorado Springs range in age from newborn to 17 years,” said Wilson. “Th eir greatest need is toys for infants and toddlers in addition to items for teenagers. Th e items donated must be new and unwrapped and there must not be any violent themes. Please bring a gift bag with tissue paper with the gift s. We are asking people to bring two toys, one for a boy and one for a girl. We can also accept fi nancial donations, and gift bags would also be greatly appreciated. I wish to thank ev-eryone in advance for their generous donations to these children. By opening your hearts at this special time of year, your generosity will brighten the holidays for these children.”

Th e toy delivery is scheduled for Monday, December 22, 2008 from noon to 1 p.m. Financial donations will be accepted through December 15th. Volunteers will make a toy purchase run on December 17th and will meet at the Coldwell Banker offi ce on Th ursday, December 18th to stuff the gift bags with toys. Please deliver all toy donations to Ashley Wilson no later than Wednesday, December 17th. Coldwell Banker in Colorado Springs is located at 2075 Research Park-way, Suite B, Colorado Springs, CO 80920-1058.

For more information, contact Ashley Wilson at 719-550-2412 or via email at [email protected]. Ashley or a Coldwell Banker associate can email a list of toy items acceptable for infants, toddlers, and teenagers that will help you shop for appropriate items.

Memorial Hospital for Children was opened in December 2007 in partner-ship with Th e Children’s Hospital. Th e Memorial Hospital central expansion in-cludes modern technology and amenities in a comfortable healing environment just for children. Memorial Hospital for Children is the only children’s hospital in southern Colorado. Th e hospital provides special care for thousands of chil-dren from premature newborns to teenagers every year. For more information, visit www.mhchildren.com.

For more information on Coldwell Banker Residential Brokerage, visit the leading real estate company online at www.ColoradoHomes.com.

HBA from page 1


CaUGHt oN CaMERa

Above: Aspen View Homes Family Fun Fest at Freedom Heights in Fountain.

Above: susan van dam with Coldwell Banker Cheyenne Mountain Realty serves up coffee at her shop ”Chicks Espresso”.

Above: Julie pearson, Kirk standley with HBA and Wally roy with WR Starkey Mortgage model donations provided by Colorado Springs Real Estate Journal that will go to help those in need this Holiday.

Above: Tamara san Agustin of New Home Associates of Colorado works her shift at one of their kiosks at the Citadel Mall.

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oN tHE MoVE

debi Boucher PrudentialProfessional Realtors

Debi Boucher has been a licensed REALTOR® in the Pikes Peak region since 1998 and proudly announces her return to Prudential Professional, REALTORS®. Debi, a long time resident of Woodland Park, specializ-es in residential and land sales in Woodland Park, Teller County and the Ute Pass areas. Debi is Teller County’s ONLY accredited Staging Professional (ASP) REAL-TOR®, assisting her sellers and other agent’s sellers to present their homes to the best possible advantage.

Jonathan nau PrudentialProfessional Realtors

We are pleased to announce that Jonathan Nau, an experienced REALTOR®, has joined the Pruden-

tial Professional team. He specializes in residen-tial property in the greater Colorado Springs area. Jon’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Jon gives each client his undivided att ention. Jon is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

sanjeeva selagamsetty PrudentialProfessional Realtors

Prudential Professionals are excited to announce another experienced real estate broker has joined its family of REALTORS®. Sanjeeva Selagamsett y is a veteran of real estate sales. He is very knowledge-able in pricing properties to get the quickest trans-action, at the highest price with the lowest amount of inconvenience. Mr. Selagamsett y also works very closely with mortgage professionals to help his buy-

ers fi nd the right program for their needs. Sanjeeva knows that one size does not fi t all. Real Estate is a very personal transaction. Sanjeeva Selagamsett y looks forward to hearing from you.

eric singer PrudentialProfessional Realtors

We are pleased to announce that Eric Singer, an experienced REALTOR®, has joined the Pruden-tial Professional team. Eric has been recognized by his peers and awarded the Broadcast Citizen of the Year. He also helped to win two National Edward R. Murrow Awards for his role in the capturing of two escaped prison convicts. He specializes in residen-tial property in the greater Colorado Springs area. Eric’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Eric gives each client his undivided att ention. Eric is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

Jerry Hunn PrudentialProfessional Realtors

We are pleased to announce that Jerry Hunn, GRI, ABR, AHWD, an experienced REALTOR®, has joined the Prudential Professional team. Jerry graduated from Jones Real Estate College in July 2004. He is originally from Michigan and retired from the U.S. Army aft er 20 years of service. He was a past owner of a retail and service business in Colorado Springs and Denver Metro areas. He has been a resident of Colorado since his fi rst home purchased in Fountain, 1972. He has had several investment properties over the years and still does today. He married Lisa (Soon Jun) in 1970 and has two sons and fi ve foster children. Having obtained the GRI and AHWD certifi cate, he is ready to pro-vide his clients with exceptional service whether the real estate needs are in single or mutli-family residences, investments, 1031 exchanges, land or commercial properties.

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LoCaL EXPERt

By Jo stinettPeak View Real Estate

Appraisals—

Back in April of this year I wrote a column on Market Analysis and why it was critical to the appraisal process. I stressed the importance of providing market trends to lenders, highlighted key memos published by Freddie Mac and Wachovia, and pointed out some of the factors that infl uence market conditions. Since then I have had the opportunity to present my market analysis procedures to CAREA members (Colo-rado Association of Real Estate Appraisers) and am honored to have had that class approved through the Colorado Division of Real Estate for continuing edu-cation for Realtors.

It is always a good feel-ing to be ahead of the curve instead of being dragged along kicking and scream-ing as “improvements” are made to your profession. On November 14th Fannie Mae raised the bar for appraisers by updating their selling guidelines. Fannie Mae’s Announcement 08-30 states the following:

“Due to current conditions in the real estate market, it is paramount that appraisers are provided with su� cient guidance to properly appraise and document the ap-praisal report.”

One of the most signifi cant changes is the Mar-ket Conditions Addendum (Form 1004MC) which will be required with all appraisals of one-to-four unit properties eff ective April 1, 2009.

Th is addendum summarizes the information that the appraiser should have analyzed during the mar-ket analysis process. To quote my earlier column, “Gone are the days of seemingly healthy portfolios propped up by appreciating markets and exotic loan programs. Lenders and insurers now want to know their investment decisions are sound.” And gone are the days of an appraiser just checking � e Box. Th e appraiser must now calculate and show absorp-tion rates, list/sale ratios, and other market indica-tors.

To some appraisers this is just business as usual. Th is information has always been part of their work fi le and/or included in the addendum to the ap-praisal report. Nevertheless, for many appraisers, this is new territory. With housing values trending

upward over the last 15 years, these ap-praisers have never analyzed market conditions. Nobody really cared … the market was increasing … it was a no brainer. Many more appraisers who were trained during this time didn’t re-ceive much instruction from their su-pervisors and appraisal courses cover-ing market trending and analysis were few and far between.

According to Fan-nie Mae, “� e Form

1004MC is intended to provide the lender with a clear

and accurate understanding of the market trends and conditions

prevalent in the subject neighborhood. � e form provides the appraiser with

a structured format to report the data and to more easily identify current market

trends and conditions.” Th e Guidelines for Us-ing Form 1004MC also provide instruction on

the Inventory Analysis, Overall Trends, Seller Concessions, and Foreclosure Data portions of the

form.Many modifi cations and regulations have been

developed in the last year to curtail abuses in the mortgage market. Each one has been chock-full of pros, cons, and unintended consequences, and Form 1004MC is no exception. Th e att empt at ac-countability is admirable, and the att empt to stan-dardize the format to ease the underwriting and review process is also commendable, but there are confl icts.

According to HUD’s FHA Valuation Protocol, the “one unit housing trends” on page one of the current 1004 (URA R) are to be determined as fol-lows:

Mark the box describing the current trend in property values for One-Unit single family homes in the com-munity.

Mark the appropriate demand/supply trend. To deter-mine the equilibrium status of supply and demand in the neighborhood, compare the number of houses sold to the number of houses listed for sale in a recent time period. � e similarity or di� erence between the number of houses sold and listed, not the absolute numbers, should determine the demand/supply level.

Appraisers have historically interpreted this to mean all single family homes, not just “comparable properties”. (As a side note (in my humble opinion) if there

is considerable diversity in the neighborhood, such as Black For-est or � e Broadmoor, this should be addressed and re� ected both on the report and in the addendum. I discuss this topic in detail during my CE course.) On the other hand, the “Inventory Analysis” section of Form 1004MC is expected to refl ect “the total pool of comparable properties � om which a buyer may select a property” within the neigh-borhood boundaries. Th ese are two very diff erent sets of data.

Whether or not the appraisal is for FHA purpos-es, most appraisers who carry out a detailed market analysis do so in adherence with the FHA Valuation Protocol instructions. At this point in time there is not a clear directive on how to reconcile these two diff erent sets of data. Th e only solution appears to be including a detailed addendum, which is what some appraisers have been incorporating in their appraisal reports anyway. Further more, IMHO, the use of strictly “comparable properties” within the neighborhood boundaries may not allow enough data points for a meaningful and credible analysis or trend.

Th e other catch relates to the instruction “Anoma-lies in the data such as seasonal markets, new construction, or other factors must be addressed in the form.” As well as the comment “An increase in the absorption rate is generally viewed as a positive trend, whereas a decrease in the absorption rate may be viewed as a negative trend.” Both of these rein-force the need for comprehensive, careful analysis of the data, particularly in El Paso and Teller Coun-ties where the real estate market is unquestionably seasonal.

I said it in my April column, and I will say it again. “It is the appraiser’s job to analyze the market data and report accordingly.” With the Form 1004MC it is going to harder for an appraiser to skip this criti-cal step. It is also vital that the appraiser get it right. Our real estate market depends on it. FHA has re-iterated that they will insure loans in declining mar-kets and Fannie Mae has reiterated that they will purchase loans in declining markets; however the LTV may still be reduced whereby having the un-intended consequence of bringing about a further decline. Our housing market and housing aff ord-ability is much more stable than that of the nation as a whole. Let’s keep it that way!

Jo Stinett is the owner/operator of Peak View Real Estate Appraisals, Inc. and specializes in El Paso and Teller Counties. She is FHA ap-proved and a member of Women’s Council of Realtors as well as the Colorado Association of Real Estate Appraisers. To contact Jo you may e-mail her at [email protected] or call her at (719) 510-0804.

te lo dije: Introducing Fannie Mae’s new 1004MC

6% RealtorCommissionOn Freedom Heights Inventory Homes


We are conditioned to avoid sales people until we have found what we are looking for on our own.

SaLES & MotiVatioN

Know your market?

Identify one of the following pieces of information for a

chance to win a free eBlast!

Addressseller’s Agent/Broker

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Wherein the

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All listing accurate when published. All listings located within the Pikes Peak Region.

Knowing how to phrase good ques-tions and listen in ways that show genu-ine appreciation for what others want to communicate is one of the most im-portant att ributes you can possess. Too many of us have a need to talk before we listen. I see this over and over while observing sales people role-play. Th e general public associates sales people as

"smooth talkers", "slick talkers" and having the "gift of gab". I cringe when I hear people say such things. Have you ever heard someone describe a sales per-son as a "very observant and perceptive listener"?

Talking gives us a false sense of control. In reality, sales people who are asking questions and listening to what is being said are the ones who are control-ling the subject matt er of the conversation. We are much more eff ective when we listen fi rst and re-spond aft erwards.

When you meet your prospects for the fi rst time, it is normal for most of them to oppose involve-ment with you. We are conditioned to avoid sales people until we have found what we are looking for on our own. Listen and observe fi rst. Th e idea is to build rapport as quickly as possible so you can go beyond general conversation and discover their true needs and motivations.

Professional sales people will start conversations with unique and interesting questions. Questions that are non-threatening and focused on building immediate trust and rapport such as "How may I be of service, to you, today?" and "Can you tell me a litt le bit about your situation?”

Your customers will also have a preferred way of communicating and making decisions. Some peo-ple are more Visual and prefer to “see” the home before discussing their motivations with you. Some people are more Auditory and will want to ask questions and “talk” to you before moving along further in the purchase process. Others will need

to get a Feeling for the home, you and the environment. Th ese folks want to “feel” comfortable with everything before they make a decision. Th e key here is that we use all of our senses to communicate and we will switch or use a combina-tion depending on the situation. Don’t get stuck on one or the other, just listen to where they are at that moment in time.

Questions asked with warmth and sincere curi-osity will usually evoke pleasant responses. When you listen and observe with expressive interest in what your prospect is saying, the process tends to encourage open and productive conversations. Th is also creates fruitful relationships. Listening is a skill that is seldom mastered. Understanding is the objective.

With over 20 years of experience in the housing industry in strategic sales and marketing roles, Charlie Roter, has worked with many ma-jor home building companies developing and communicating their company’s vision and strategy through training, positioning, branding, and associated growth initiatives. For questions or comments visit www.charlieroter.com.

Ask the right questions, listen, observe and understand

By Charlie roterSales Trainer—


aRoUND tHE CoRNER

DECEMBERWednesday, December 10Creating a Winning Home Buying Experience7:30am @ HBA Offi [email protected] / 719-592-1800www.cshba.com

SMS Listing Tour8:30am @ Legacy [email protected]

How to Buy a Home and Finance Repairs FHA Streamline 203K9am @ LandAmericaRSVP: 719-475-8800

Water Loss During Inspection9am @ Empire [email protected] / 719-884-5300

Basic Mold Information for the Realtor11:30am @ Empire [email protected] / 719-884-5300

NAHREP Holiday Party6pm @ Rhinos Sports & [email protected] / 719-635-6247

Thursday, December 11FHA Seminar9:30am @ Empire [email protected] / 719-884-5300

When Things Go Wrong (3 CE)10am @ Land Title (Downtown)Call Kris: [email protected]

WCR Holiday Auction11am @ Marriott [email protected] / 393-3532

Online Customer Meeting1pm @ Empire [email protected] / 719-884-5300

Friday, December 12Exchangers8am @ Valley Hi club House

HBA Sales & Marketing Council8:30@[email protected] / 719-592-1800

Saturday, December 13Reverse Mortgages10am @ Ent (Campus Drive)Register at Ent.com/Seminars or call 719-550-6998

Wednesday, December 172008 Annual Commission Update Course Version Two8:30am @ Empire [email protected] / 719-884-5300

Thursday, December 18Pikes Peak Marketing Forum8am @ Colorado Springs Country ClubRuthie Lohrig-Kline: 492-3998

Builder – Realtor Committee11:30@ Campbell [email protected] / 592-1800

HBA CARES4pm @ HBA [email protected] / 719-592-1800

Friday, December 19Reverse Mortgage 1019am @ Peoples National [email protected] / 719-548-5118

Saturday, December 20First-Time Home Buyers10am @ Ent (Galley Rd)Register at Ent.com/Seminars or call 719-550-6998

Friday, December 26Day After Gatherings atCampbell Homes11am @ 5 locationswww.campbellhomes/ 719-266-9780

JANUARYThursday, January 8WCR Luncheon “The Finer Elements of Charisma”11am @ Marriott Hotel [email protected] /393-3532

Thursday, January 15Foreclosures (3 CE)10am @ Land Title (Downtown)Call Kris: [email protected]

Wednesday, January 21Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | [email protected]

Saturday, January 31HBA Annual Awards Dinner [email protected] | 719-592-1800

FEBRUARYThursday, February, 12WCR Luncheon“Guerilla Selling in Hard Times”11am @ Marriott Hotel [email protected] / 393-3532

Friday, February 13Breakfast With The Builders8am @ Doubletree [email protected] / 592-1800

MARCHFriday, March 6-8HBA Home & Garden Show1 pm @ Phil Long Expo [email protected] / 719-592-1800

Thursday, March 12WCR Luncheon “Business Planning”11am @ Marriott Hotel [email protected] /393-3532

Wednesday, March 18Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | 719-278-9080

NOVEMBER & DECEMBER

HBA Cares Warm Clothing DriveNew and Used Socks, Hats,

Coats, Boots, Gloves etc. Anytime @ HBA Of� ceCall Helen at 592-1800

Ent Holiday Food DriveFood Items and Monetary Donations

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colorado springs real estate journal

Documents

th e buyer

th e bank

th e realtor

listing realtor

th e person

source of water addendum

th e problem doesnt

view rule e