Owner Carry Bill Rocks! HB-1022 – Seller Financing of Real Property

Colorado Seller Financing Bill Will Allow Owner Carry on Second Home Mortgages and Residential Investment Properties  |

On behalf of lifestyle property buyers, sellers and real estate investors, the Colorado Association of REALTORS® is working with Rep. Ray Scott (R-Grand Junction) and Sen. John Morse (D-Colorado Springs) on a bill that makes changes to Colorado law pursuant to federal law on seller financing.  Industry folks say these private market transactions are helpful to spark activity in today’s environment.

“How about if we allow older property investors with equity and younger lifestyle folks looking for financing to cooperate?”.  Now that would be a great show of  bipartisanship in Colorado?”

HB-1022 is titled “Seller Financing of Real Property”.  The legislation would allow Colorado property owners to carry the financing on up to three transactions in any 12 month period without obtaining a mortgage origination license. Current Colorado state law allows only one owner financing transaction in a twelve month period, and solely for an owners residence.  As reported in a previous post about HUD changes to owner seller financing rules,  current rules are not healthy for the Denver real estate market. Does anyone benefit from preventing these transactions?   Call you legislator and express yourself!   Or just make a comment below and I’ll pass the message along with others.

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To find the current status of House Bill 1022 visit the Colorado General Assembly home page and search for House Bill 1022 – Seller Financing of Real Property. Or you can Download HB 11-1022 Owner Financing / Seller Financing Proposed Law Changes.