Colorado Springs Vintage Homes Blog
719.287.1049
Archive for September, 2009
What can I buy for $100,000?
What kind of house can I buy for $100,000 in Colorado Springs?
Search for Homes in Colorado Springs
The number of houses in Colorado Springs that are sold for less than $100,000 has continued to increased substantially over the last couple of years. It’s a great time to be an investor in Colorado Springs and it’s a great time for a first-time home buyer to purchase their first home.
Here’s a quick breakdown of houses SOLD under $100,000 and a comparison to previous years: 
01/01/09 to 08/15/09 769
01/01/08 to 08/15/08 540
01/01/07 to 08/15/07 387
01/01/06 to 08/15/06 469
01/01/05 to 08/15/05 471
Many of the these Colorado Springs homes are being bought by investors who buy the home for less than $100,000 and have payments between $650 to $700 a month. Then they turn around and rent out the homes for $800 to $900 a month.
With foreclosures continuing to be high in El Paso County Read the rest of this entry »
7 reasons to buy a HUD home in Colorado Springs
Colorado Springs HUD home
7 Reasons to Buy
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
- Comprehensive Property Report; HUD has already had a property inspection report done on their properties. Hence, you have an idea of what needs to be fixed on them. A buyer should still get an inspection done; but it’s nice to know most of what needs to be done before you put in a bid; it cuts down on the surprises.
- Precise Bid Periods: All HUD properties are on a bid period, consequently you’ll know quickly whether or not your bid has been accepted.
- Low Downpayment: $100.00 down. Yes I did type this correctly. You can get into a HUD property for $100.00 down.
- Attractive pricing: Read the rest of this entry »
Foreclosure pick of the week in Northwest Colorado Springs
Colorado Springs Foreclosure pick of the week
Search for Foreclosures in Colorado Springs
There are currently some unique bank-owned houses for sale in Northwest and southwest Colorado Springs. My pick of the week is in Northwest Colorado Springs on 7151 Wintery Loop.
It’s located in a nice established area, on a great wooded lot, set a little bit back from the road. It includes over 2400 square feet, with 3 bedrooms, 3 baths, 2 car garage. The property was originally foreclosed on in August 2009. It definitely needs updating, as I’m not sure it’s had any updating since it was built in 1977. It’s like you’ve stepped back in time; from the carpet, to the kitchen, to the light fixtures, to the bathrooms. One of my favorite features is the unique long rectangular kitchen windows that looks right out into the pines. Amazing views!
I’m not sure how to Read the rest of this entry »
More and more bank owned properties seem to be coming on the market
Foreclosure Listings in Colorado Springs as of September 20, 2009
During the last 2 weeks, starting of September 6, 75 bank-owned properties came on the market; 17 (22%) of them are already under contract
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
Related article: 3 Things to know about foreclosure homes for sale
Rules are Rules for Title Seasoning
Buying a flipped property in Colorado Springs?
Related article: 3 Things to know about foreclosure homes for sale and Deal or no Deal
FREE list of up to date foreclosures
Twice this week I’ve ran into issues with buyers who wanted to buy distressed homes in Colorado Springs with FHA loans and the 
properties didn’t have Seasoned Titles. Hence, I thought it was great subject for a blog post, as I didn’t truly understand it until this week; and my guess is that many Realtors and most consumers also don’t understand it.
If a buyer is looking at a property and is planning on getting an FHA loan, there is a title seasoning requirement of 90 days. In other words, the property must have the title recorded in the seller’s name for 90 days before the closing and funding of the FHA loan. This definitely stops any double-closings or a short term (less then 90 days) flip.
The History of Title Seasoning
I’m sure we’ve all heard stories about the crooked investor who stole a home from a sweet Aunt Sally for $80K, spent a few grand on carpet and paint, then sold it 30 days later to a homebuyer for about $150K. Because of stories like this, FHA put this rule into effect to discourage investors from flipping properties several years back. The theory was that it is supposed to tighten up lending requirements to reduce abuse and mortgage fraud.
But both of the properties Read the rest of this entry »
Sales in West Colorado Springs are up for the year
Colorado Spring Real Estate – West Area
Market Report for September 2009 – Single Family Homes
Includes Homes in Pleasant Valley and Kissing Camels
Search for homes in West Colorado Springs
The Colorado Springs West housing market continues to be a BUYERS Market, as there is currently an 6.8 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales units were ONLY down 1% from 2008 to 2007, but pricing was down more than16% from 2008 to 2007. 179 sales in 2009 vs. 158 sales in 2008, show an increase in sales for the first 8 months of the year.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004 Read the rest of this entry »
The Million Dollar Question
Related article: 3 Things to know about foreclosure homes for sale and Deal or no Deal
What is a Colorado Springs foreclosures?
FREE list of up-to-date foreclosures
First – Let’s define the word, Foreclosure. When buyers talk about foreclosure, what they mean is a bank-owned property that had been acquired through the foreclosure process.
What happens once the bank gets the property?
After the bank repossesses the property (typically at the Public Trustee Sale at the County courthouse), it is assigned to an Asset 
Manager and goes through several internal procedures before it is available for sale in the marketplace. One of the processes includes a market evaluation of the property which may include a full blown appraisal to tell the bank how much the property is worth. In some cases, the bank may order a BPO (Broker Price Opinion) from a real estate broker vs. a full-blown appraisal. Some banks order both appraisals and BPOs, or they may order multiple BPO’s. They may take the average price from the BPO’s or a combination of the appraisal and the BPO. The most important thing to remember, every lender seems to have a different process on how they price properties for sale. There is no set rule.
When a market value is established and procedures are completed, the property comes on the market available for sale to home buyers. This process may take 2 weeks, or months, months, and more months.
9638 Baltusrol – Foreclosure Date: 8/14/09
7872 Steward: Foreclosure Date: 8/31/09
6618 Bethesda: Foreclosure Date: 6/5/09
4849 Bluestem: Foreclosure Date: 3/25/09
2635 Deliverance: Foreclosure Date: 6/24/09
An important thing to remember: By the time, the property comes on the market, it is immaterial on how much was originally owed by the the previous homeowner. Banks are Read the rest of this entry »
10 things to know about Colorado real estate
What makes Colorado real estate different?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I recently took some accreditation classes in another state. It was eye-opening for me to understand how much the laws vary from state to state. Since a major portion of my business is from Internet leads and from people moving to Colorado Springs from other parts of the country, these classes were very helpful.
Some other articles that could be of interest:
- News Flash – Colorado Springs ranked Fittest City
- Moving to Colorado Springs, check out Zip Skinny
- El Paso County taxes are some of the lowest in the nation!
- Colorado Springs in ratings for Best Places to Start Over
Did you know ?
- Colorado is an “actual knowledge” state, which means as Colorado Realtors we only need to disclose facts that we know and we must disclosure material facts. Some states are “imputed knowledge states”, which means Realtors are expected to know certain things.
- Most Realtors in Colorado list properties for sale in their local MLS and ask for 1% for Earnest Money. Some areas in the U.S. ask closer to 10% for Earnest Money.
- The majority of Colorado Springs homes get listed in some type of MLS database; and many homes get listed in multiple MLS’s. There are some major cities in the U.S. that don’t have an MLS.
- Colorado doesn’t have dual agency. Many states still have dual agency. In Colorado you can only be an agent for either the Buyer or the Seller, you can not be an agent for both. Read the rest of this entry »
Colorado Springs Vintage Home, open house on Saturday, September 12th
Colorado Springs Open House
Kathy will be at an open house this weekend on Saturday (September 12th) from 1:00-4:00pm, you can stop by and see her at this home at 1419 Alexander in a Vintage Colorado Springs Neighborhood, close to Union and Palmer Park.
Search for Homes in Central Colorado Springs
This home is almost 2000 square feet located in the central part of Colorado Springs.
The pride of ownership shows in this home. House is immaculate, move-in ready and everything shines.
The designer paint colors add just the right accent to the rooms. And check out the wood floors!
Deal or no Deal
Do you want to buy a Colorado Springs bank owned home?
Related article: 3 Things to know about foreclosure homes for sale
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
If you have an interest in purchasing a foreclosed home in Colorado Springs, you are probably going to be in for some surprises as you start to look at homes as many of the properties need work. I looked at a home yesterday in west Colorado Springs, that is a perfect example of some (not all) bank-owned properties. First the facts:
- Property was in a desirable west side neighborhood on 3827 Ellston in Holland Park
- Currently priced at $141,000
- House was built in 1971
- It’s a bi-level with over 1700 square feet with 4 bedrooms, 2 baths, 1 car garage.
This is what the description in the MLS says: 4 bedroom, 2 bath bi-level in Holland Park. Eat-in kitchen walks out to deck, master bedroom with walk-in-closet, large back yard with sheds. It doesn’t say anything that the house needs work, not just TLC.
What were they think when they did this?
One of the previous owners put rock facing on the front of the house; but vs. removing the existing brick, it looks like they just put mortar on the existing brick and slapped the rock on the front. I’m not any type of a construction expert, but my guess is that the rock won’t last and you can see where it is already pulling away from the house.
As you walk in the house up the stairs, the main living room has been re textured in a mustard yellow; a huge entertainment center has been semi-built (again in Mustard yellow) and not sure what they were trying to do on the ceiling with the space ship look.
All of the appliances have been Read the rest of this entry »
Homes in Holland Park in West Colorado Springs
My Colorado Springs neighborhood pick of the week — Holland Park
Search for Homes in Holland Park
Related Articles on Colorado Springs Neighborhoods:
- Homes in Crystal Hills, hidden gems
- Mountain Shadows homes in the foothills
- Pinecliff homes, secluded and quiet
- Colorado Springs Neighborhoods – Pleasant Valley
- Colorado Springs Neighborhoods — Pinon Valley
Holland Park in Colorado Springs is a community that is located in west Colorado Springs.
To get to Holland Park homes from I-25, turn west on Garden of the Gods. Then turn left (south) on Chestnut. The subdiv
ision is west of Chestnut, in between Garden of the Gods and Fillmore.
Single family homes in Holland Park currently range in price from $140,000 to $180,000. There are currently 14 houses for sale in the general area. There is also several townhome complexes called the Vondelpark Condominiums, The Meadows, Holland Park Townhomes, and Creekview Townhomes. Prices currently range from $140,000 to $150,000.
The majority of the houses were Read the rest of this entry »
55 Colorado Springs Foreclosed Homes came on the market last week
Foreclosure Listings in Colorado Springs as of September 6, 2009
During the last 2 weeks, starting of August 24, 55 bank-owned properties came on the market; 19 (25%) of them are already under contract
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
New Colorado Springs Foreclosure Read the rest of this entry »
Research who you are working with
Is your Colorado Mortgage Broker Licensed?
Does the Colorado Realtor you are working have an active License?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must Read Posts:
I got an email this week from DORA (Colorado Department of Regulatory Agencies) about the number of Mortgage professionals who just had their licenses inactivated; and realized it was a great idea for a blog post.
According to an article in 5280, The Colorado Division of Real Estate inactivated 4,560 mortgage-broker licenses—more than 
half the licenses in the state—because brokers didn’t keep up with their licensing paperwork. It’s unclear how many of those brokers remain active, but some may have simply left the business as the economy struggles.
Also, according to an article in the Denver Post ” More than half of Colorado’s mortgage brokers have had their licenses inactivated because they failed to comply with new education and testing requirements that took effect early last month. The Colorado Division of Real Estate on Monday inactivated 4,560 licenses of brokers who have failed to comply with the law. About a third of those were held by out-of-state brokers.
Real Estate License Requirements
As a Realtor, there are many things I have to do to keep my license in good standing, including Read the rest of this entry »
Colorado Springs Home prices — similar to 2004
Graphs tell the story on Colorado Springs home prices
Search for homes in Colorado Springs
Since a lot of my business is relocation, I talk to a lot of people who are looking at moving to the Colorado Springs area. Even though our average pricing is down in Colorado Springs, we certainly haven’t been hit as hard as many cities. The graph below really shows exactly where the current average pricing is, which is close to 2004 pricing. But like all cities, the average price varies vastly on a neighborhood by neighborhood basis. Some areas have held strong, and some areas have seen their pricing drop by 30% or more.
To find out more information about Colorado Springs Real Estate, Contact Kathy Torline (KTorline@msn.com) 719-287-1049
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
Some other articles that could be of interest:
- News Flash – Colorado Springs ranked Fittest City
- Moving to Colorado Springs, check out Zip Skinny
- El Paso County taxes are some of the lowest in the nation!
- Colorado Springs in ratings for Best Places to Start Over
Interesting foreclosed home in Holland Park
Colorado Springs Foreclosed Properties
Search for Colorado Springs Foreclosures
Related post:
I saw an interested foreclosed home yesterday in West Colorado Springs in Holland Park. The property definitely has possibilities, even though it needs lots of TLC and updates. Here’s the main facts, it was built in 1978 and is currently listed at $184,900; 4 bedrooms, 2 baths, 2 car garage. The property was foreclosed on in May 2009 and the El Paso County Assessor has it valued at $232,000. It last sold in 2005 at $217,500 The property has some nice curb appeal from the outside, stucco, circular drive; in my opinion it looks nicer on the outside vs. the inside. It’s in a nice established west side neighborhood.
The bank (who is the current owner) has put in new carpet and new paint; but there is still plenty that needs to be done. In the master bedroom, one of the closets had been converted to an additional bathroom, even though there is a small bath right around the corner. The bathroom conversion (addition) was not done very well, and probably should be torn out and it should be made back to a closet. Or better yet, do a major change and take the 2 bathrooms and combine them to 1 nice spacious master bath. OR, the bathroom in the closet could be redone; as then it would be very usable for handicap access.
Kitchen was also pretty outdated; as it Read the rest of this entry »
