Ten Peaks Sotheby's International Realty Blog: December 2010

Selecting the Right Mortgage - Breckenridge Real Estate

Time spent shopping for a mortgage is time well spent. Before you rule out one loan or another, give some thought to your particular needs and wishes. Because you received a pre-approval before house hunting, you're ahead of the game. You already know the standard of mortgages for which you qualify.

First, you should review the major kinds of mortgages you may encounter. This list doesn't explain them all, but it does contain those you will most likely run into.

Closed Mortgage:
In a Closed Mortgage, the interest rate is locked in for the full term of the mortgage. There are costs associated with breaking the mortgage term should you wish to either re-negotiate the interest rate, or pay off the balance prior to the end of the term.

Open Mortgage:
In an Open mortgage, there is the flexibility to either pay out part or the entire balance of the mortgage at any time, with out having to pay a penalty. These mortgage are usually offered for 6 month or 1 year terms.

Convertible Mortgage
An essential question to ask about an ARM is whether there are limits on how much your rate can be raised, both at each review and over the whole term of the loan. Without limits of some kind - known as "caps" - you'll have no way to predict how much your rate (and thus your monthly payments) might change.

Under this arrangement, the buyer starts out with an ARM, but has the option of converting to a FRM at specified points during the loan term. You may want to ask the lender these questions: When can you convert? How often can you consider the option? Are there any up-front fees involved? Will you have to pay more for an ARM with the conversion feature than for an ARM without it? Are there additional fees due if and when you decide to convert? Find out what the lender's conversion rate is.

Fixed-Rate Mortgage
This is the standard mortgage model. It is the oldest and most easily understood type of mortgage. Its primary attraction is that the interest rate and the amount of payment remain fixed for the life of the loan, typically either 15 or 30 years. Fixed rate mortgages can be either open (paid out before the maturity date) or closed (cost associated to break the mortgage are applied, if paid out before the mortgage matures).

Variable Rate Mortgage (GEM)
With this kind of mortgage, the interest rate you pay rises and falls along with other rates charged throughout the economy. Therefore, you, the borrower, assume the risk of rising rates, and you stand to benefit should rates fall. If the rates go up, more of the monthly mortgage payment goes to interest on your mortgage, however if the interest rates go down, more of the monthly mortgage payment goes to paying down the principal of your mortgage. Most Variable Rate Mortgages are open, and provide flexibility for you to take advantage of market conditions and the ability pay out your mortgage, or convert to a fixed rate mortgage, without having to pay any penalties associated with breaking the terms.

Fifteen-Year Mortgage
Like the GEM, the fifteen-year mortgage enables borrowers to repay their loan more quickly, which means they build equity faster and pay less interest over the life of the mortgage.

Biweekly Mortgage
Another option for people who want to repay their loans sooner is the biweekly mortgage. Instead of making a single mortgage payment each month, borrowers who choose this option make two equal payments monthly.

Federal Housing Administration Insured Loans (FHA)
FHA insures, should one fail to pay, mortgage loans made by approved lending institutions. The FHA insures a variety of mortgages, including FRMs, ARMs, GEMs and GPMs. Down payments are low - five percent or less. The FHA doesn't set the interest rate on loans it insures, so you'll need to shop around for the best rate.

The FHA limits the amount it will insure to whichever is less: 95 percent of the local average home price or 75 percent of the loan limit set by the Federal Home Loan Mortgage Corporation, a large buyer and reseller of mortgages.

Veterans Administration Guaranteed Loans (VA)
VA loans have most of the advantages of FHA loans, and then some, but they also have eligibility restrictions. They are available only to veterans of the armed services, those currently in the service and their spouses. VA loans typically are half a percent or more below market rates, and they can be obtained with no money down.

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge Real Estate or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at www.TenPeaksSothebysRealty.com

Highlands At Breckenridge - Homes for Sale - Breckenridge Real Estate

The homes for sale in the Highlands at Breckenridge represent some of the finest home building, design, and luxury living in the world! The Highlands at Breckenridge is one the exclusive neighborhoods in Summit County. Having a home here really means "You have Arrived"! Right now the average price for the homes for sale in the Highlands is over 1.6 million and trust me when I say, to own a house in the Highlands at Breckenridge at that price is amazing! Along with the prestige of owning in the Highlands at Breckenridge, you located in some of the best scenery mother nature can provide! Great wooded lots, pristine mountain views and the prestige of living in one of the most exclusive areas are just a few reasons you would want to have your second home here!

Located in the Highlands at Breckenridge is the World-Class, Jack Nicklaus designed, 27-hole, golf course! The course was opened in 1985 with just 18-holes and has since added another 9-holes! Rated at 4 1/2 stars be Golf Digest in their "Places to Play" and one of their top place to play in the nation! Not to mention Zagat rated!

In the winter this area transforms into one of the BEST Nordic Centers in the state! People come from all over to test their skills at cross-country skiing, and snow-shoeing. They even offer horse-drawn sleigh rides!

If you are interested in looking at any of the homes for sale in the Highlands at Breckenridge or any Breckenridge Real Estate please contact any of our experienced agents at Ten Peaks Sotheby's International Realty.

Loan Application Process - Breckenridge Real Estate

You've found the mortgage you want and you're ready for the next step - the loan application. The process costs anywhere from $100 to $350 and is usually nonrefundable. Lenders levy the fee to cover the costs of running credit reports, filling out mortgage-insurance applications.

What to expect

• You will need raw material, and lots of it, for the application: income and balance-sheet figures and evidence, copies of past income-tax returns and the title to your car. Take the paperwork you gathered during the prequalifying process with you.

• Be prepared to provide the name and phone number of someone who can verify your financial information - most likely your employer's personnel office. If you have substantial nonsalary income from investments, you'll be asked to substantiate this through an accountant, stockbroker, trust officer or similar source.

• Application forms are usually filled out during the interview with the help of a loan officer, but you could fill them out at home and return them.

• In addition to the application fee, you may be asked to pay a "loan origination fee" or "prepaid point" - typically 1 percent of the loan amount - when you apply, before approval is made.

• Find out what will happen to your origination fee if the lender decides not to approve your loan. Will the 1 percent origination fee be refunded? Get the answer in writing before you pay.

From the time you submit your completed loan application - and appraisal and credit reports are received - the lender has up to 30 days to approve or reject your request and inform you of its decision. Make sure you haven't been forgotten or put on the back burner. During the process, remind the loan officer of your settlement date and check on their progress.

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at www.TenPeaksSothebysRealty.com

ONLY 5 UNITS LEFT!!! Water House On Main Street, Breckenridge Real Estate

If you have ever thought about buying at Water House On Main Street in Breckenridge Colorado! NOW IS THE TIME!! Last week the remaining available units at Water House On Main Street all had their prices dropped 40%!!! So instead of paying $1,125,000 for a 2 bedroom 2 bath, you can get it now for $675,000! Now that's a deal!!! Use this Link to see what units are still available! Water House On Main There are a total of three 3 bedrooms and two 2 bedrooms still available! If you would like to more information or setup a time to schedule a private showing please contact any of our agents at Ten Peaks Sotheby's International Realty at 970.453.0550  

Water House On Main Street

Water House On Main Street is perfect for anyone looking for a second home or vacation property in Breckenridge Colorado. You are only minutes away from some of the best mountain shoppes, restaurants, and apres skiing in the world. Water House On Main Street is also one of the better places to own if you are looking for great rental income! Water House On Main Street has 26 Luxury Platinum Rated Residences. Amenities include everything from Concierge Services to Ski Valets with Boot Warmers!

Located Off: Main Street in Breckenridge Colorado

Water House On Main Street offers everything from a Luxurious One up to Three Bedroom Condos.

Amenities at Water House On Main Street include:

• Located off Main Street in Downtown Breckenridge 

  ---

• Walk To Ski 

  ---

• Concierge Services

  ---

• Hot Tub & Swimming Pools 

  ---

• Membership to Private Owners Club 

  ---

• Rental Income Potential

  ---

Breckenridge Colorado maintains the feel of a historic mining town while offering resort-like amenities and breathtaking Breckenridge real estate opportunities designed by nature to fit every lifestyle. More than 4,000 people call Breckenridge home even though thousands more visit the region to ski, snowboard and enjoy other winter activities. Other pastimes such as hiking, biking and golfing are popular with amateurs and experts alike during the gorgeous summer months.

Breckenridge real estateoffers a wide variety of choices when it comes to finding the right property. Luxury homes, mountain cabins, townhomes, condos and acreage are available for homebuyers looking to settle in this wonderful mountain town. To buy or sell in the Breckenridge Real Estate area or any other area in Summit County, contact the experienced real estate professionals at Ten Peaks Sotheby's International Realty.

Polishing the Merchandise (Exterior) - Breckenridge Real Estate

Roof and Gutters

• Repair or replace loose, damaged or blistered shingles
• Clean gutters and downspout strainers
• Check gutters for leaks and proper alignment
• Inspect flashings around roof stacks, vents, skylights and chimneys
• Clear obstructions from vents, louvers and chimneys
• Check fascias and soffits for decay and peeling paint
• Inspect chimney for any loose or missing mortar

Exterior Walls

• Renail loose siding and check for warping or decay
• Paint siding if necessary
• Check masonry walls for cracks or any other damage
• Replace loose or missing caulking

Driveway

• Repair concrete or blacktop if necessary

Garage

• Lubricate hinges and other hardware on your garage door
• Inspect doors and windows for any peeling paint
• Check condition of glazing around all windows
• Test electrical outlets

Foundation

• Check walls, steps, retaining walls, walkways and patios for cracks, heaving or crumbling

Yard

• Mow lawn, reseed or sod if necessary
• Trim hedges, prune trees and shrubs
• Weed and mulch flower beds

Breckenridge Colorado maintains the feel of a historic mining town while offering resort-
like amenities and breathtaking Breckenridge real estate opportunities designed by nature
to fit every lifestyle. More than 4,000 people call Breckenridge home even though
thousands more visit the region to ski, snowboard and enjoy other winter activities. Other
pastimes such as hiking, biking and golfing are popular with amateurs and experts alike
during the gorgeous summer months.

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at http://tenpeakssothebysrealty.com/

Polishing the Merchandise, Brecknridge Real Estate

Attic

• Check underside of roof for leaks, stains or dampness
• Look around chimney for condensation or signs of water
• Clean and clear ventilation openings if necessary
• Clean out stored junk

Walls and Ceilings

• Check condition of paint and wallpaper
• Repair cracks, holes or damage to plaster or wallboard

Windows and Doors

• Check for smooth operation
• Replace broken or cracked panes
• Repair glazing
• Check condition of weather stripping and caulking
• Examine paint
• Test doorbell or chimes
• Test burglar alarms
• Wash windows and even woodwork, if necessary

Floors

• Inspect for creaking boards, loose or missing tiles, worn areas
• Check baseboards and moldings
• Test the staircases for loose handrails, posts, treads

Bathrooms

• Check tile joints, grouting and caulking
• Remove mildew
• Repair leaking faucets and shower heads
• Check the condition of painted or papered walls
• Test operation of toilet

Kitchen

• Wash all appliances
• Clean ventilator or exhaust fan
• Remove accumulation of grease or dust from tiles, walls, floors

Basement

• Remove clutter
• Check for signs of dampness, cracked walls or damaged floors
• Inspect structural beams
• Check pipes for leaks

Electrical System

• Check exposed wiring and outlets for signs of wear or damage
• Repair broken switches and outlets Label each circuit or fuse

Plumbing System

• Check water pressure when taps in bathroom(s) and kitchen are turned on
• Look for leaks at faucets and sink traps
• Clear slow-running or clogged drains
• Bleed air off radiators if needed, and check for leaking valves

Heating and Cooling Systems

• Change or clean furnace and air-conditioning filters
• Have equipment serviced if needed
• Clear and clean area around heating and cooling equipment

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at www.TenPeaksSothebysRealty.com

Community Events in Breckenridge Colorado

Now is a great time to visit Breckenridge Colorado! There are so many fun events and not to mention the world class skiing at Breckenridge Ski Resort! Checkout whats up and coming in Breckenridge and all of Summit County.

•  Gold Run Nodic Center Opens This Saturday!!
  • Located off Tiger Road 1 mile east of Highway 9 in Breckenridge
• DBA Lighting Contests
  • Dillon Business Association is hosting 2 lighting contest that ends December 12th.
• Annual Book & Bake Sale:
  • Hosted at the Summit County Library from 12-6pm today and 9am - 5pm on Saturday
• Community Hanukkah Party on Sunday:
  • The Synagogue of the Summit will host a community Hanukkah Party at the Summit County Community & Senior Center
• Frisco Wassailing Days:
  • Starting Saturday December 11th everywhere on Main Street in Frisco!!!
• Borders Books Toy-And-Book Drive
  • Going on from now until December 25th
• Summit County Cares Kid's Carnival
  • Sunday from 2-5pm at the Silverthorne Pavilion
• Toys for Tots Drive
  • Located at Edward Jones in Frisco. 975 N. Ten Mile Drive, Suite E3 from 8am-5pm
• Free Concert from Arrested Development in Keystone!!!
  • This Saturday starting at 4pm at River Run in Keystone

Breckenridge Colorado maintains the feel of a historic mining town while offering resort-
like amenities and breathtaking Breckenridge real estate opportunities designed by nature
to fit every lifestyle. More than 4,000 people call Breckenridge home even though
thousands more visit the region to ski, snowboard and enjoy other winter activities. Other
pastimes such as hiking, biking and golfing are popular with amateurs and experts alike
during the gorgeous summer months.

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or  sell in the Breckenridge Real Estate area or any other area in Summit County, contact the experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at http://tenpeakssothebysrealty.com/

Breckenridge Real Estate - Congratulations, You're a Homeowner!

You've done it. You've bought a home. You own part of The Dream. In the process you've also acquired many responsibilities and concerns. There are mortgage payments to make, records to keep and maintenance work to complete. Below are a few tips for the new owner.

Mortgage payments

Every month you'll receive a statement from your lender reminding you that your mortgage payment is due - or, if you have a coupon book, you'll have to remember to send your payment on time.

Some lenders can automatically deduct your monthly payment from your checking account. This saves you time and postage costs. And it can prevent the possibility of missing a payment. Ask your lender about this service.

Furnishing and renovating

You've just moved in. Most of your belongings are still in boxes. But you've decided the first thing you want to do is redo the first-floor bathroom, buy new furniture for the living room and strip the wallpaper from every wall in the house.

Stop. Put your hands in your pockets, seal your wallet, tie yourself to a chair. Don't do anything major right away.

Acquiring a home requires some adjustment. Your mortgage payment is probably a good deal higher than the rent you've been paying, so you need some time to get used to the new cash regimen you'll be living under. Too many new buyers realize to late that they had no idea how much it costs to run a home.

The message here is simple common sense. Go for a slow, smooth transition. You'll probably be living in this house for a good while; don't try to do everything at once, even if you can afford it.

Papers to keep

You should keep a copy of every document you signed at the closing. It's especially important to keep a copy of your settlement form. It will be useful when you file your taxes and if you sell your home. For example, the real estate taxes and loan discount points you paid as part of your closing costs are tax deductible. So, when you file your taxes, refer to your settlement form to get these amounts.

In addition to the closing documents, you should keep all insurance records, such as homeowners and title insurance. You would need to have access to your homeowners policy if, for example, someone were to sue you because they were injured on your property. And you would refer to your title insurance policy if you were to find a flaw in the title after you bought the house.

It's a good idea to keep these important records in a safe place. You may want to store them in a safety deposit box or a bank vault in addition to keeping a copy at home.

Home maintenance

Your mortgage requires that you adequately maintain your property and not allow it to deteriorate. And as a homeowner, you can't afford to sit back and postpone maintenance. You can extend the life of appliances and fixtures and avoid expensive repairs by performing routine maintenance yourself.

It's a good idea to set up a budget for your home's regular maintenance and unexpected repairs. You may want to budget 1 percent of the purchase price of your house to cover annual maintenance and repairs. You also may want to stick to a regular savings plan to cover essential bills, emergency repairs and large, periodic expenses such as property taxes and homeowners insurance.

Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
experienced real estate professionals at Ten Peaks Sotheby's International Realty.

If you would like more information about buying or selling in Breckenridge or any other
area in Summit County, contact the experienced local real estate professionals at Ten
Peaks Sotheby's International Realty. For Free listing alert updates check out our website
at www.TenPeaksSothebysRealty.com

Breckenridge Real Estate in Breckenridge, Colorado

Thank you for taking the time to visit our new blogging site! From everyone at Ten Peaks Sotheby's International Realty in Breckenridge Colorado, I would like to say hello and please feel free to contact any of our agents with any of your real estate needs> Here is a liitle information about our company.

Ten Peaks Sotheby's International Realty offers a comprehensive agent and client support system emphasizing an innovative marketing approach, custom marketing plans, and personal attention from some of the finest agents in Summit County. Our affiliation with Sotheby's International Realty® brand brings an international network of marketing resources to your doorstep.

Founded in 2003, in Summit County, Colorado, by broker Scott Mitchell and his wife and REALTOR® Lori Mitchell. Ten Peaks Sotheby's International Realty has quickly developed into one of the most successful locally owned and operated real estate firms in Summit County.

In March 2007, Ten Peaks was awarded the prized Sotheby's affiliation, a prestigious brand built on a 260 year reputation and foundation for excellence. Sotheby's International Realty® brand offers unparalleled access to the world's wealthiest buyers and most distinctive properties through a global network of affiliates. Ten Peaks exclusive affiliation with Sotheby's International Realty® brand affirms its commitment to provide platinum level service, marketing, and expertise.

Short Sales vs. Foreclosures - Breckenridge Real Estate

" I feel this is one the countries "Pink Elephants", everyone knows about them but no one talks about them. Luckily we don't have to deal with toom any short sales or foreclosures in Breckenridge or Summit county. Depending what side of the coin you are on a short sale can be a great investment or the worst thing to happen in your life. Either way a short sale or foreclosure is not an easy process and it seems like most Americans are getting a crash course wether they want it or not."

Short Sales vs Foreclosures - The Real Deal

July 11, 2008

Editor's Note: Short sales and preforeclosures are two home types that constitute a growing subset of bargain homes that also includes properties referred to as "distressed" and "auction" homes.

With many Americans facing the very real threat of foreclosure, many are looking for ways to avoid it. One option, and a topic that has garnered a lot of industry interest, is a real estate short sale. Normally reserved for stocks and other finance-related transactions, short sales are becoming an increasingly popular, and common, foreclosure avoidance tactic for homeowners.

Courtesy of AOL Real Estate

To help understand how a short sale would relate to, or differ from, a foreclosure, it may be helpful to point out that short sales can also be referred to as "pre-foreclosure sales" which, as the name implies, precedes the home being officially repossessed or foreclosed on by the lender. That is, the property is sold much earlier than the months it typically takes to reach foreclosure, allowing all parties to move on from the transaction sooner.

It should be noted that there are still negative ramifications for short sales, even if less damaging than those associated with foreclosures and/or bankruptcy. For example, a short sale homeowner's credit will still be adversely affected by settling with the lender. In fact, according to an article by Elizabeth Weintraub on About.com, the effects on credit are about the same for short sale and foreclosure and could drop a sellers overall score by as much as 200-300 points. However, short sales do carry less negative effects than foreclosures. Short sale sellers are widely seen as less risky than foreclosed sellers. Case in point, Fannie Mae recently adjusted their guidelines to dictate only a two year waiting period for a short sale seller to buy another primary residence, while they extended the waiting period for foreclosures to five years. Fannie Mae Guidelines

At its best, a short sale can be a win-win for both parties. For the seller, a short sale provides the opportunity to avoid foreclosure and the dreaded implications that a foreclosure brings, in addition to being able to return to home ownership sooner; alternately, the lender receives most of the value of the loan sooner, and avoids incurring additional legal or carrying costs while the foreclosure process plays out, which can sometimes even take years. And, frankly, short sales are great options for savvy buyers - but these buyers need to not only be looking for a bargain, but have the time and skills to negotiate effectively as well. See "Buying Short Sales".

The net-net of this topic - short sales do present a better option for distressed sellers than foreclosures. However, it is neither an easy or short process, and sellers should seek thorough legal and tax advice when considering this route.