Saturday Reporter-Herald June 5, 2010 E1
Real Estate Matters
www.realtyguide.com • Saturday, June 5, 2010 • Reporter-Herald
Comparable values can’t always be found ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: My wife and I have excellent credit scores and secure incomes, and yet we have been unable to refinance some rental residential properties that we own because appraisers are not able to locate comparable properties. Our current 30-year mortgages are around 6.75 percent, and the current market rates for such properties are at least 1 percent lower. But our town is so small there are few, if any, sales to use as comparables. When we approach potential lenders they are invariably eager for our business (and eager for our deposits) but only after we have spent days tracking down and filling out all the required forms are we then told: “We are sorry but the appraiser was not able to find comparable properties sufficiently close in time and distance to appraise your property.” I further emphasize that we were disqualified, not because the comparable values were too low but because they could not be found. I will also add that, although we are near retirement age, we intend to hold onto these properties for many years to come and plan to live nearby and one day manage the properties ourselves. Answer: You are between a rock and a hard place. If a lender can’t get comparables to determine what your properties are worth, that will make it very difficult to refinance these properties. But you already know that. While you did not indicate the types of lenders you have approached, you might want to try your local savings and loan to see if they have a better feel for the market in your area and if they are more willing to lend money in your community. Of course, many local banks and savings and loans have been hit hard by bad real estate loans made to local developers, and consequently they may not be in the position to do any lending at the moment. If you’ve tried your local banks and were unable to get anywhere, your options might be limited. You didn’t indicate how long you’ve had your loans in place. If you have had the loans for some time, you should consider whether the reduction in the interest rate is enough to overcome the expense of refinancing the properties. While I See GLINK/Page E6
RE/MAX Alliance Tees It Up Agents to host charity golf tournament benefiting Children’s Miracle Network RH PAID ADVERTORIAL
R
E/MAX Alliance in Loveland knows the importance of giving. The real estate company annually donates nearly $120,000 to the Children's Miracle Network through various company fund-raising programs and Realtor participation. David Powell, RE/MAX Alliance Managing Broker, said the Loveland agents go above and beyond in charitable acts. “Each of our agents donates $5 on every one of their transactions, and some donate even more than that,” he said. “When you add it all up, this amounts to a very sizable sum of money.” The company also hosts an annual charity golf tournament supporting the Children’s’ Miracle Network. RE/MAX Alliance’s 17th annual tournament will be held on August 16, 2010 at the Riverdale Dunes and Knolls Golf Club in Brighton. The theme for this year’s tournament is A Dream is a Wish Your Heart Makes. “The golf tournament is our biggest event of the year,” Powell said. “It’s always a lot of fun, but most importantly, we go home at the end of the day feeling good about our contributions.” The 2009 RE/MAX Alliance Charity Golf Tournament raised over $60,000, and 100 percent of the proceeds raised by the RE/MAX Alliance Charity Golf Tournament go to Children's Hospital in Denver. Each year, Children’s Miracle Network hospitals provide more than $2.5 billion in charitable care. These non-profit children’s
Photo courtesy of RE/MAX Alliance
Golf carts line up at a previous RE/MAX Alliance charity golf tournament.
Tournament information When: Tournament is on August 16. Check in is at 9:30 a.m., shotgun start is at 11:30 a.m., and the golf ball drop, live auction and dinner will start at 5:30 pm. Where: Riverdale Dunes and Knolls Golf Club, 13300 Riverdale Road, Brighton For more information: 303-759-6636, e-mail kimhawkins@remax.net or visit www.AllianceGolfForKids.com.
hospitals depend on community support. The tournament is a best ball scramble, so the community is invited to grab a foursome and make a day of it. There is also a helicopter ball drop, in which for $20 you can purchase a golf ball to be dropped with over 700 other golf balls from a helicopter. The ball that lands closest to or in the hole wins the owner of that ball $1,000. With the gracious support from corporate sponsors, RE/MAX Alliance’s mission is to
help make a difference in the lives of youth. Not only will supporters receive the satisfaction of making a difference in the lives of children and their families, but they will also gain exposure to an elite market of real estate professionals. “This truly is a charitable contribution to such a phenomenal organization,” Powell said. “The Children’s Miracle Network has dozens of locations all over the nation, and we are thrilled to be a part of their mission. RE/MAX has been partnered with the CMN program since 1992, and it is definitely one of our greatest accomplishments as a company.” For more information on specific offices, sales associates, or career opportunities, contact Kim Hawkins, at 303-759-6636 or via email at kimhawkins@ remax.net. Additional information is available online at www.HomesInColorado.com.
RE/MAX ALLIANCE RECOGNIZED AND INDUCTED INTO THE MAE B. BOETTCHER SOCIETY RE/MAX Alliance was recently recognized by the Mae B. Boettcher Society as a qualifying Photo courtesy of RE/MAX donor to The Children’s Hospital Foundation. The funds raised RE/MAX Alliance agents stand with a check to The Children’s help support the treatment of all Hospital.
children and the continuing search for some of the most common, yet currently incurable diseases. The Mae B. Boettcher Society acknowledges donors who have contributed $250,000 to $999,999 throughout their lifetimes to The Children’s Hospital. The Boettcher Society will launch this year with 164 members including individuals, corporations, foundations, associations and organizations. RE/MAX Alliance representatives will participate June 7 for an inaugural event recognizing this extraordinary group of philanthropists. Mae Boettcher's passion for The Children's Hospital stemmed from her service on the Children's Board of Directors from 1951 until 1976. Her involvement led to philanthropic support and influence, including the Boettcher Foundation's historic $5 million gift to the Imagine the Miracles Campaign for The Children's Hospital. Mae Boettcher has touched many lives through her philanthropy. “Through the continued support of our staff, agents, friends and family, we believe we can truly make a difference in the lives of youth in the Rocky Mountain region. And … our children are our future,” said Chad Ochsner, Broker/Owner. “RE/MAX Alliance cares a great deal about the community and is committed to actively supporting local organizations and causes through fundraising efforts and involvement from its associates. Children’s Miracle Network is near and dear to us, and just one of the many ways we can give back,” Ochsner added.
Inside this week’s Home & Real Estate Realtor of the Week Roberto Ortiz, Broker/Owner with Assist 2 Sell/Or tiz Realty, Inc.
Page E3
Mortgage rate update This week Last week
Spruce up your home with Irises
Director y
Page E4
Page E5
30-year fixed
4.91%
4.87%
15-year fixed
4.30%
4.34%
5/1 ARM
3.76%
3.80%
Trend