Hi there. I would love to help you find the information you are looking for. Please email me and let me know exactly what neighborhood you are asking about, and I will try my best to find out the answer for you.
All My Best,
Bodin Realty International
1805 29th St. Suite 1140
Boulder, CO 80301... more
I grew up near Windsor Gardens. When the statue was unveiled it was a big event. May I ask why you prefer to rent instead of own your home?
I'm not a lawyer, so this isn't legal advice. For that, you need a lawyer. However . . .
It's unlikely that Colorado law forbids it. More likely, it's your lender's policy--few lenders will allow someone else to assume a mortgage. You're also running into your mortgage's "due on sale" clause.
Those are the legal (from a non-lawyer) issues. However, in practice, it's very simple. Any lawyer can help you. It's true that your wife can't assume the mortgage. Your name will continue to be on the mortgage. However, she can agree to pay the entire mortgage. And you can deed your ownership to her (if that's what the two of you have agreed to). The latter will violate the due on sale clause, but that's not a law. Again, ask your lawyer.
So, as a practical matter, it's no problem if she is willing to pay the entire mortgage. The only downsides are that: (1) Your name will continue to appear on the mortgage, which might limit your ability to purchase another property; and (2) If she defaults, the lender will come after not only her but also you.
Again, any competent real estate lawyer can handle it all for you.
Hope that helps.... more
I assume you're not represented by a Buyer's Agent and are not using the Colorado Real Estate Contract. If you were using that, there is an appraisal contingency clause in the contract that allows you to notify the seller by an agreed upon date that the home didn't appraise for the sale price. If you notify the seller in writing by that date that the home didn't appraise, the contract allows you go get your earnest money back. However, if you're not working within the confines of that contract, the seller doesn't have to return the earnest money. You also have the option of re-negotiating the price with the seller based on the appraisal. You have this option whether you're working within the confines of the state contract or not. The Seller will likely run into this same situatuion with another buyer, so they may be willing to negotiate.
It sounds like the home is over priced and if you'd been represented by a buyer's agent, which costs you nothing, they would've looked at comparable recent sales and counseled you on what to offer the seller.... more