Summit County Colroado Real Estate Market

Frisco, Colorado

The Lending world in Summit County In today’s current lending environment you may think that getting a loan for a home is impossible. It turns out that it isn’t. The truth of the matter is that banks have gone back to the good old days of 20% down with verifiable credit and/or assets. So why is it that your real estate broker in Summit County, is asking you not to use your mortgage broker from Texas? He has done three loans for you and they all went smoothly. The fact is, Summit County is largely a second home and vacation home market. As many as 80% of the homes here are either rented short term, or they sit vacant the majority of the year. When your broker from outside of the county tries to get your deal for a two bedroom condo through underwriting, they have to approve the building (not just the unit) to ensure that they are not financing a “condo-tel”. Unfortunately the vast majority of the condos in Summit resemble some type of “condo-tel”. A “condo-tel” is a building that functions as a hotel but whose deed has been condominiumized and sold to individual investors that make up the home owners’ association. Lenders outside of vacation markets don’t like these types of properties. When purchasing a condo in Summit County please take some time to talk to a lender that is accustomed to financing Summit County properties (preferably a lender in Summit County). You may find that the run up to the Loan Conditions Deadline will be a little less stressful. From The P1H Team WWW.PEAKONEHOMES.COM Summit County Real Estate Professional

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Great Deals in Summit County Colorado

Posted at Summit County Colroado Real Estate Market by Matt Cheek

Nov. 20, 2008

Peak One Homes just closed on a 2 bedroom 2 bath condo in Dillon Colorado that was bought for 195K last year and just sold for 188k. This was a great deal. My client only put 10% down and got a 30 year fix loan under 6% interest. If there is ever a time to Buy, there is no time like the present. These Summit County Real deals will not last. I believe 2009 will be a turning point for the Summit County Real Estate market. There are many Sellers that are at a "need to sell point". Sellers are ready to look at any offers. So for those that are ready please give me a call. don't forget to check out our site for a list of the "good deals" in the county.

From The Peak One Homes Team

WWW.PWAKONEHOMES.COM

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