Colorado Springs Vintage Homes Blog
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Archive for January, 2010
Where are the foreclosed homes?
Colorado Springs Foreclosures
Search for Foreclosures in Colorado Springs
Related Article: 9 key things to know about buying a bank repo
I’m definitely a “data-queen”, as I love analyzing data, looking at numbers. As I continue to become more and more of an REO specialist, I recently crunched some numbers to look at the current homes for sales in Colorado Springs and specifically focusing on foreclosed homes, including bank-owned, HUD homes, VA repos, and other foreclosures. It’s interesting to see where the majority of foreclosed homes for sales are located at in the Colorado Springs area. Any even more importantly, what parts of the city have very few foreclosures.
Manitou Springs and the Ute Valley area currently have very few foreclosures for sale; the northwest area of the city ; including Rockrimmon and Mountain Shadows also continue to see very little foreclosure homes for sale. The southeast part of the City (Soaring Eagles, Pikes Peak Park) and Powers area (Stetson Hills, Springs Ranch) currently have the highest amount of foreclosures for sale. The Central area (including downtown) is also continuing to see a high amount of foreclosed homes for sale.
Also, according to a new report published by Realty Trac, 1 in every 69 homes is in foreclosure, and Colorado Springs ranks #49 in their U.S. Metro Foreclosure Market Data. In Las Vegas, 1 in every 13 homes is in foreclosure, in Phoenix, it’s one out of every 22 homes.
Read the rest of this entry »
Condomium and Townhome pricing continues to see downward pressure
Colorado Spring Real Estate
Market Report for Colorado Springs Townhomes & Condominiums
Search for Townhomes and Condominiums
Related Articles:
- 5 reasons townhomes make an easy transition from apartment life
- New rules make condo buying harder
- Colorado Springs Home — Is a Condo or a Townhome right for you?
- Do you know what your townhome insurance covers?
Townhomes and Condos in Colorado Springs continue to be a BUYERS Market, as there is currently a 8 month of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“.
- Number of Townhomes and Condos in Colorado Springs sold are only down 1% from 2009 in 2008, but are down substantially from 2006, when 1767 townhomes/condos were sold.
- Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008. 2009 pricing is down 15% from the high in 2006.
Real Estate Agents have a fiduciary relationship
Fiduciary Duties
Related Articles:
- Real Estate Agent or Realtor? What’s the difference?
- How to choose a Buyer’s Agent
I came across a great article in the Gazette over the weekend about Fiduciary Responsibilities. It was informative, well-written, and very much applies to Colorado Springs Real Estate and Realtors. My favorite quote from the article written by Jim Flynn ”The law expects more of 
fiduciaries than others who have legal duties to another person.” Some examples of professional who have a fiduciary responsibility are trustees, executors, and guardians, as well as Realtors.
You may wonder what all of this has to do with real estate. The answer is, it has everything to do with Realtors and real estate in Colorado and it starts with an understanding of agency in Colorado
Agency and Real Estate
Colorado is considered an agency state, and Real Estate Agents have 2 choices of how they represent clients. According to the information in the Colorado Real Estate Manual:
Colorado Springs Real Estate Market Report for WEST area
Colorado Spring Real Estate
Market Report for West, Single Family Homes
Includes Homes in Pleasant Valley and Kissing Camels
Search for Homes in WEST area
- Federal Tax credit available for remodeling
- Real Estate Agent or Realtor? What’s the difference?
- Don’t forget about the Better Business Bureau
- What is the MLS?
Homes in Colorado Springs WEST area continue to be a NEUTRAL Market, as there is currently 5.7 months of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“.
- Number of Homes in WEST area in Colorado Springs sold are up 13% more than in 2008, but are down substantially from 2005, when 241 homes were sold.
- Average pricing continues to see downward pressure, currently down 3% from 2009 to 2008. 2009 pricing is down 19% from the high in 2007.
VA Vendee Financing helps sell VA Repos
VA Vendee Financing
Related Article: What is a VA Repo?
Search for Foreclosed Home in Colorado Springs
If you are interested in buying a VA Repo home in the Colorado Springs area, you’ll want to understand take advantage of VA Vendee Financing. Here’s some of the basic the facts:
- It’s a loan product offered to individuals and investors to help finance the purchase of VA Repos
- It’s offered to both veterans and non-veterans
- VA may contribute up to 6% of the purchase price for buyer’s closing costs
- Interest rates are determined by the VA
- For investors there is no maximum number of investment properties; down payment can be as little as 5% down
- For owner occupieds, amount can be financed with 0% down.
- Mortgage insurance is not required.
- It’s available to both owner occupied and investors
- Properties are always sold “as-is”
- There is no contingency for financing or for inspection
There are currently several Read the rest of this entry »
Old Colorado City Housing Market Report for 2009
Colorado Spring Real Estate
Market Report for Old Colorado City, Single Family Homes
Search for Homes in Old Colorado City
- Federal Tax credit available for remodeling
- Real Estate Agent or Realtor? What’s the difference?
- Don’t forget about the Better Business Bureau
- What is the MLS?
Homes in Colorado Springs Old Colorado City area continue to be a NEUTRAL Market, as there is currently a 10 months of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“.
- Number of Homes in Old Colorado area in Colorado Springs sold are 15% more than in 2008, but are down substantially from 2005, when 295 homes were sold.
- Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008. 2009 pricing is down 18% from the high in 2005.
What you see is what you get
Bank Repos can be surprising
Search for Foreclosed homes in Colorado Springs
Related Article: What makes buying a foreclosure different?
I was out previewing properties yesterday for a buyer who is moving to Colorado Springs from out of state; and it reminded me how nothing takes the place of seeing a property in person. No matter how good technology is, you still have to see it.
One of the properties I was looking at was in the North Central part of Colorado Springs in a neighborhood called Roswell. Roswell is a unique neighborhood, lots of history with some houses being built in the early 1900’s. Parts of the neighborhood have been rehabbed and some parts still look a little rough and distressed.
The property I previewed is on Tremont Street, listed at $109,000 for 2100 square feet. At first glance it seemed like a great deal at around $50.00 per square foot, 5 bedrooms, 2 baths. This is the description in the MLS, which certainly gives fair warning that the property needs work:
FIXER UPPER, FIXER UPPER, FIXER UPPER. PROPERTY CAN BE A SINGLE FAMILY RESIDENCE OR SET UP AS A DUPLEX. STUCCO EXTERIOR, TWO SEPERATE ENTRANCES. STAMPED AND STAINED CONCRETE PATIO WALK WAY. NEWER VINYL WINDOWS. LARGE LOT PLENTY OF ROOM FOR A DETACHED GARAGE. CLOSE TO PENROSE HOSPITAL AND DOWNTOWN AND TWO BLOCKS FROM 1/2 MILLION DOLLAR HOMES ON WOOD AVENUE!!!! NO UTILITIES SO USE A FLASH LIGHT. CLOSE TO MONUMENT VALLEY PARK AND WALKING TRAILS. UNIQUE LOCATION.
What is a VA Repo?
VA Repos in Colorado Springs
Related Article: What makes buying a foreclosure different?
Search for Foreclosed Home in Colorado Springs
There are many different types of foreclosed homes in Colorado Springs, as well as the rest of the US, that hit the market, including VA repos. These are the result of foreclosed homes that were financed with a VA loans. Currently these homes are marketed for sale through Bank America Homes Loans.
The properties are typically listed in the MLS, but they can also be viewed on www.reotrans.com and on www.homesales.gov and www.va.reotrans.com
Here’s some basic facts about VA repos.
- Buyers must use a Real Estate agent to submit their offer.
- VA provides addendums which outline their policies
- VA properties are always sold “as-is”
- VA does not include an inspection period in their offers. If a buyer is interested, they should do the inspection before they put in their offer. Read the rest of this entry »
What makes buying a foreclosure different?
How to Buy a Foreclosure — Part I
If you are interested in buying a Foreclosure in Colorado Springs, it’s important that you 
realize that these are a “different type of sale”; and they go by different rules than “normal sellers”.
Most people who are looking to buy a REO in Colorado (foreclosed property) are looking for a deal. It’s important to know that deals can be had, but they can’t be stolen. Lenders are very good at pricing the properties correctly, and they typically have them priced correctly.
What makes buying a foreclosure different?
- Asset Managers set the rules, and the rules very from lender to lender as well as the and the rules can also vary from Manager to Manager within the same lender. (9 key things to know about buying a bank repo )
- Asset Managers set the price by reviewing BPO (Broker’s Price Opinions) and Appraisals. (Banks, how low will they go?)
- Asset Managers typically work Monday through Friday, no weekends, no holidays, no
evenings. - Asset Managers are looking for the highest net return and the quickest closing.
- The properties are sold “as-is” with no repairs, no warranties and no guarantees. (Homes sold “As Is” in Colorado Springs….what does it mean?)
- Asset Manager almost always require a pre-qualification letter and an Earnest Money Check before submitting an offer.
- Asset Managers can take days to give an answer on a contract.
- Asset Managers may also need to receive additional approval from their investors, mortgage services and the mortgage insurance companies on low offers. Many times they don’t have the final say in accepting a contract.
- REO Foreclosures almost always have an additional addendum’s. It’s crucial for buyers and their Realtors to read the addendum thoroughly as the addendum’s supersede the terms, dates, and deadlines in the contract.
- Remember, The Asset Manager is an employee, they are not real estate agents. Their job description is to get the property sold. They typically will be working on 300 to 400 files at a time. For them it’s a business decision.
The most important thing to remember, they all want to recover the most they can in a sale in the quickest amount of time.
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes in Colorado Springs, 5 things to know about buying foreclosures
- 8 biggest mistakes made by Colorado Springs home buyers
- Buying HUD homes in Colorado Springs, Part I
- Buying HUD homes in Colorado Springs, Part II
- Colorado Springs HUD Homes – Part III in FAQ’s
- HUD homes available for $100.00 downpayment
- Buying a short sale vs. a foreclosure, what’s the difference?
- Abandoned pets are foreclosure victims
- 7 reasons to buy a HUD home in Colorado Springs
- Rules are Rules for Title Seasoning
- The Million Dollar Question
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
Short Sale borrowers can buy again
New rules for FHA borrowers who previously had a short sale
Since Colorado Springs, like many places in the US have their share of homeowners who have done short sales, I was
really glad to see that HUD released some new guidelines about Short Sale Borrowers and information on when they may be eligible for a FHA loan. There are many reasons to do a short sale (12 Acceptable Reasons for a Short Sale) , and in my opinion, some are legitimate and some are not. These new rules give some clear guidelines.
Here’s a recap of document published on December 19, 2009:
Here is the actual language from the new FHA Guidelines:
FHA Guidance on Short Sales Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to take advantage of declining market conditions, and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.
Manitou Springs Housing Market Report, 2009
Housing Market Report for Manitou Springs, Single Family Homes
Includes Homes in Crystal Hills
Homes in Manitou Springs continue to be a Buyers Market, as there is currently a 10.1 months of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET”.
- Number of Homes in Manitou Springs sold are down by 18% in 2009 vs. 2008. When comparing the high of 90 homes sold in 2006, unit sales are down by 43%.
- Average pricing continues to see downward pressure, currently down 2% from 2009 to 2008. Pricing is actually down 32% from the high of $326,257 in 2007.
Read the rest of this entry »
Don’t let the big ticket items surprise you
Buying a home in Colorado Springs? Don’t forget about the big ticket items
Related Articles:
- One way to find a good home inspector
- Top 5 Remodeling projects
- Free local money for home improvements
- Federal Tax credit available for remodeling
Since I work with many first time home-buyers looking at homes in the Colorado Springs area, I really like to help educate them on what components of a house they should look closely at. Of course, real estate is and probably will always be about location, location, location. But once a buyer finds the perfect location and the perfect floor plan, then they should really focus on the condition of the house.
A qualified home inspector (see Appraisals and Inspections, 2 important steps for home buyers article) will help immensely with going through the major components of a house; but I still think it’s a good idea for potential buyers to have a mental check list of things they should be looking at. If a buyer knows up front that there are problems with the house, they can then keep that in mind when submitting their offer to the seller. My mantra………. an educated buyer can make better decisions.
What are the big ticket money items?
Here’s my list of the seven big items I think buyers should focus on:
- Roof - How does it look? Are there shingles missing? What type of roof is it? Is it shake shingle? Is it Woodruff? It is concrete? Are the shingles curling on the edges? Is there one or two layers of shingles, or even 3 layers? Can you see dips in the roof? Do you see any signs of water damage in the ceilings or on the walls? Read the rest of this entry »
Where do I find a loan to buy a distressed property?
Want to buy a Colorado Springs Foreclosure, check out FHA 203K Loans –
Related posts:
- 10 things to know about Colorado real estate
- One way to find a good home inspector
- 11 things to ASK about when buying a new home in Colorado Springs
- Top 5 Remodeling projects
- Free local money for home improvements
- Federal Tax credit available for remodeling
With foreclosures at an all time high in the Colorado Springs area, it’s a perfect time to pick up a good deal on a home. BUT, the challenge is that many of these homes need work and many buyers don’t know they have options on loans that can help them purchase the property as well as still have money for the work that needs to be done. One of the best programs around is the FHA 203K Loan. It provides a great way to buy a distressed property and to still have money to get the repairs done. Let’s start with some of the basics.
What type or properties are eligible?
- A one to four-family dwelling that has been completed for at least one year, including townhouses and condominiums
- The program can also be used to convert a one-family dwelling to a two-, three-, or four-family dwelling
Where can I get more details?
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The HUD web site has more information than you probably ever need to know, but it’s worth reading the highlights on the web site. There is also a great section about FHA 203K Loans on the FHA web site.
What type of Improvements are eligible in the FHA 203K Streamline?
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Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement/upgrade of existing HVAC systems (When and why should I replace my furnace?)
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of flooring, tiling and carpeting
- Remodeling, such as kitchens and bathrooms
- Weatherization, including storm windows and doors, insulation, weather stripping
- Purchase and installation of appliances, including free standing ranges, refrigerators, washer/dryers, dishwashers and microwave ovens
- Repair/replace/add exterior decks, patios, porches
- Window and door replacements and exterior wall re-siding (Colorado Springs home Improvement — it’s all about the windows)
- Basement finishing and remodeling
- Basement waterproofing
- Septic System and/or well repair or replacement
- Lead-based paint stabilization
- Accessibility improvements for persons with disabilities
The next post will include a step-by-step guide of the application process.
Kathy (719-287-1049) KTorline@msn.com
Downtown Colorado Springs Homes – Market Report for 2009
Market Report for CENTRAL and DOWNTOWN area, Single Family Homes
Includes Homes in Old North End, Roswell, Bonnyville, Patty Jewett, Downtown
Search for homes in CENTRAL and DOWNTOWN Colorado Springs
Related Articles:
- Federal Tax credit available for remodeling
- Real Estate Agent or Realtor? What’s the difference?
- ILC versus a Survey, what’s the difference?
- Don’t forget about the Better Business Bureau
- Colorado Springs home Improvement — it’s all about the windows
- Preparing your home for a home inspection – Advice for Sellers
- What is the MLS?
Homes in Colorado Springs CENTRAL area continue to be a NEUTRAL Market, as there is currently a 6.7 months of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET”.
- Number of Homes in CENTRAL area in Colorado Springs sold are up in 2009 vs. 2008, but are down substantially from 2005, when 802 homes were sold.
- Average pricing continues to see downward pressure, currently down 13% from 2009 to 2008. Pricing is actually down 25% from the high of $192,233 in 2007.
2009 Colorado Springs Market Report for homes in Southwest
Market Report for Single Family Homes in Southwest
Includes Homes in Broadmoor Bluff, Cheyenne Meadows, Quail Ridge, Broadmoor
Search for homes in Southwest Colorado Springs
- Federal Tax credit available for remodeling
- Real Estate Agent or Realtor? What’s the difference?
- ILC versus a Survey, what’s the difference?
- Don’t forget about the Better Business Bureau
- Colorado Springs home Improvement — it’s all about the windows
- Preparing your home for a home inspection – Advice for Sellers
- What is the MLS?
- Number of Homes in Southwest Colorado sold are up in 2008, but are still down substantially from 2005, when 801 homes were sold.
- Average pricing continues to see consistent downward pressure, currently down 16% from 2009 to 2008.
- Average days on market has continued to increase from 97 to 91.
Colorado Springs Open House, Sunday, January 10th
Come see a move-in ready home in Central Colorado Springs
Search for Homes in Colorado Springs
Kathy will be at an open house this weekend on Sunday from 12:00-3:00pm, you can stop by and see her at this home at 1419 Alexander in Central Colorado Springs; close to Palmer Park and Union. Priced to sell at $175,000.
Refinished Wood Floors, Designer Paint Colors
Colorado Springs Real Estate, 2009 Market Report for Northwest Area
Colorado Spring Real Estate
Market Report for Northwest – Single Family Homes
Includes Homes in Rockrimmon, Mountain Shadows, Peregrin, Pinecliff
Homes in Colorado Springs Northwest continue to be a NEUTRAL Market, as there is currently a 4.1 months of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET”.
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Number of Homes in Northwest Colorado Springs sold are almost the same as 2008, but are down substantially from 2005, when 532 homes were sold.
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Average pricing continues to see downward pressure, currently down 12% from 2009 to 2008.
Are you ready to toss that fruit cake you got for Christmas?
#33 Unique Things to do #8 – Annual Fruitcake Toss
Search for Homes in Manitou Springs
Looking for something unique to do this weekend? Plan on coming to the 15th Annual Fruitcake Toss held in Manitou Springs. The launch is set to begin at 9:30 am on January 9, 2010 at the Manitou Spring High School. The event used to beld at the Park but it has been moved back to the the High School to allow even more room to fling the fruitcakes.
It’s the dessert that gets no respect
“The worst gift is fruitcake,” Johnny Carson once suggested. “There is only one fruitcake in the entire world, and people keep sending it to each other.” When I was a kid growing up in Kansas, but dad used to get fruitcakes from his customers and suppliers during Christmas. I truly think we threw most of them away, at least I hope we did.
What are the rules for the toss?
The rules of the Fruitcake Toss are pretty entertaining to read, and here are some of my favorites ……….the cakes cannot contain anything inedible, they’ll be inspected by the fruitcake Toss Technical inspector, if you don’t have a Fruitcake you can rent one $1.00, there are weight classes for 2 lb. and 4lb. cakes; and the launch device can’t be powered by fuel.
Read the rest of this entry »
When and why should I replace my furnace?
Buy or Selling a home in Colorado Springs? Check out the Furnace
Related Articles:
- Don’t forget about the Better Business Bureau
- Colorado Springs home Improvement — it’s all about the windows
- Preparing your home for a home inspection – Advice for Sellers
For a Free Market Analysis on Colorado Springs neighborhoods, email Kathy Torline at KTorline@msn.com
There are many things that are important when you go to buy and sell a house; but it’s crucial you understand the major components of 
a house and the related costs to replace them. Roofs, windows, heaters; all can run into major money. Since my hubby and I are planning on buying a Colorado Springs investment property this year, we’ve been putting together a list of contractors to use for major home components. Let’s start with some of the essentials.
What is the life span of a furnace?
The typical life of a furnace is appx. 20 years; but some furnaces last 25 to 35 years. One way to make sure it lasts even longer is to periodically have it serviced and change your furnace filter as recommended by the manufacturer. Think of it the same way you think of “an oil change” for you car. Preventative maintenance can definitely extend the life of the furnace.
Why would I replace the furnace?
If your furnace or boiler is older than 20 years, it may be good investment to replace it with a high-efficiency model with the guidance of a licensed contractor. Also, with the current energy tax credit Read the rest of this entry »
How to avoid home repair scams
Home repair tops list of #1 scams in Colorado
Must read posts:
- Do your homework on building permits
- Top 5 Remodeling projects
- ILC versus a Survey, what’s the difference?
- Free local money for home improvements
The Denver Post recently published an article about the ANNUAL LIST of scams published by the Denver-Boulder Better Business Bureau. The Pikes Peak Better Business Bureau also has a very similar list published on their web s
ite. Drum roll please …………., #1 on the Denver-Boulder Better Business Bureau list:
- Home Repair swindles. The article states “ Due to the historic storms Colorado saw in the summer of 2009, countless unscrupulous contractors swarmed into the state to take advantage of damaged property owners. Some of the worst problems reported involved contracts that required all insurance money be owned to the contractor, even if the consumer cancels before work begins, inflated costs and high-pressure sales.”
Here’s some suggestions on how to avoid scam artists:
- Ask to see references, then follow up with the references. Read the rest of this entry »
