Commentary from Real Estate Today! Radio Show 11.11.2006

The world renowned Pediatrician Dr. Benjamin Spock once said “A human being is happiest and most successful when dedicated to a cause outside his own individual, selfish satisfaction.”

A day in the life of a real estate agent or mortgage banker can be filed with triumphant mountain top moments and at times heart breaking realities – as we assist families in making their home dreams a reality and help many clients work through life’s challenges.

I want to share with you two experiences from the past week. We have been assisting a family, a wonderful husband and wife with four children in achieving the dream of purchasing their first home and providing long term security for their family. Opportunities for first time homebuyers have increased dramatically since the American Dream Down payment Initiative was signed into law in December 2003. The American Dream Down payment Assistance Act authorizes up to $200 million annually for fiscal years 2004 – 2007 to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. Our team has become expert in working with first time homebuyers and it was a thrill to assist another family by utilizing down payment assistance – they will close on their home next week.

The second experience was less joyful. I sat down with a homeowner in the final stages of foreclosure and helped her work through the options that remain available to her in an effort to salvage the equity she and her husband have in their home. The most common mistake I see made by individuals facing foreclosure is failing to act as early in the process as possible, which limits the options available to them to resolve the problem. In Colorado the foreclosure process is statutory and there are strict guidelines that must be followed to provide the homeowner a reasonable time to restore past due payments or pay the loan in full trough a refinance -- or the sale of the property. The longer a homeowner waits to act, the more difficult it becomes to achieve a favorable outcome. This family being in the later stages of the foreclosure process will need to consider a sale as a means of solving the problem and getting a fresh start.

One of the primary objectives of the Real Estate Today Team is to educate and to advocate for homeowners, in achieving the mountain top moments and guiding them through the challenges they may face at a given time.

We have assembled a great team whose members bring a wide range of experience and a common passion to serve their clients.