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Why do I need to know about Lead Based Paint?
New rules will affect your remodeling time
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Most home owners in Colorado Springs normally don’t even think about lead-based paint. If they are getting ready to put their
house up for sale, and it was built before 1978, their Colorado Springs Realtor will tell them about their obligation to disclose whether or not they knew of lead-based paint in the home. This would include reviewing and signing the form, Lead-Based Paint Disclosure (which is mandatory) and the form, Lead-based Paint Obligations of Seller (which is not mandatory in Colorado). You can get the EPAs booklet on this new rule here
It is estimated that more than 80 percent of the housing structures in Colorado, including Colorado Springs were built before 1980, according to the 2000 U.S. Census, many of which fall under the EPA’s target properties requiring the use of RRP rules.
There is a now a new rule that affects contractors performing work on these properties. Set to take effect in April 2010, the new standards will extend to builders, painters, plumbers, and electricians working in all rental housing built before 1978. Under the “Lead: Renovation, Repair, and Painting Program” rule, contractors working under such conditions will be required to post warning signs, restrict occupants from jobsites, contain work areas to prevent the spread of dust and debris, conduct a thorough clean up, and verify the effectiveness of cleanup efforts. Supervisors will be required to complete a one-day training and certification class in accordance with the new EPA lead-safe work practices
If a home owner performs work on their own house, they don’t have to be certified. Contractors are also exempt if the area they’ll disturb is no larger than six square feet of interior painted surface, or twenty square feet of exterior surface. (not a very big space!)
Here’s some additional information about Lead Based Paint: Read the rest of this entry »
Top 5 Foreclosures in Central Colorado Springs
Central Homes in Colorado Springs – Market breakdown for Active Homes as of 3-5-10
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Related Articles:
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The Central area is located in historic part of Colorado Springs and homes are in District 11 schools. This area extends from I-25 (west) to Union Blvd. and Circle Drive (east), Circle Drive (south) and Austin Bluffs (north).
Active homes for sale: 253
- Short sales: 35 (11.6%)
- Bank-owned: 11 (3.6)
- Regular: 253 (83.8%)
- HUD: 0
- Government Owned: 1 (.3%)
- VA Owned: 2 (.6%)
Here a list of my Top 5 Colorado Springs CO Foreclosures in the Central Area
|
# |
MLS# |
Area |
BSA |
Address |
PT |
Br/Ba/G |
FLR |
YB |
Fin SQ |
Tot SQ |
LP |
CDOM |
|
1 |
673966 |
CEN |
|
2604 N Meade AV |
SIF |
3,1,2 |
RAN |
1954 |
1,349 |
1,349 |
$149,900 |
197 |
|
2 |
650204 |
CEN |
S/E |
2334 St. Paul DR |
SIF |
3,3,2 |
2 |
2003 |
1,588 |
1,588 |
$155,000 |
10 |
|
3 |
668825 |
CEN |
|
1617 E Platte AV |
SIF |
4,2,2 |
2 |
1941 |
1,988 |
2,409 |
$199,000 |
8 |
|
4 |
631055 |
CEN |
|
823 E Boulder ST |
SIF |
4,2,2 |
2 |
1908 |
1,909 |
2,377 |
$238,900 |
17 |
|
5 |
537856 |
CEN |
|
1435 N Cascade AV |
SIF |
6,6,3 |
2 |
1904 |
6,703 |
7,609 |
$799,900 |
86 |
Shadow Inventory, fact or fiction?
Foreclosures and shadow inventory
As a Colorado Springs Realtor, I live and breath real estate news. There has been a lot of speculation lately on Shadow Inventory, and I’ve been thinking about how to figure out if the Colorado Springs housing market is going to have a problem with Shadow Inventory.
The term “Shadow Inventory” refers to homes owned by lenders that are not being offered for sale yet, but probably will be before 
long. The existence of a ’shadow’ inventory of homes for sale is a hard one to prove, but I did a little research, and here is what I found.
I looked at the Post Foreclosure Sale List from 6-24-09 from the El Paso County Public Trustee’s web site. This is a list of properties that completed the final stage of foreclosure in Colorado Springs, and were either bought back by the lender or purchased by an investor. I definitely found some properties on this list that were purchased back by the lender and still haven’t hit the market to be resold. As an example………
- 7150 Ravine Drive East, Certificate of Purchase went to BAC Home Loans Servicing for $198,072. Property has never hit the market to be resold
- 6993 Harrier drive, Colorado Springs, 80922, Certificate of Purchase went to the Colorado Housing and Finance Authority for $179,785.20. Property has never hit the market to be resold.
- 1524 Prairie Road, Colorado Springs, 80909, Certificate of Purchase went to the Colorado Housing and Finance Authority for $127,788.50. Property has never hit the market to be resold.
Some experts feel that lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale. And foreclosures, which some banks unload at fire-sale prices, can be a major factor in pushing down home values.
Even though I only went through one foreclosure report from in June, it does make me think there may be shadow inventory; as there definitely seems to be properties that got foreclosed on that still haven’t hit the market. Only time will tell if the Shadow Inventory theory has merit to it and if it will affect our pricing in the Colorado Springs area.
Kathy (719-287-1049) KTorline@msn.com
Colorado Springs Short Sale – February Pick
Colorado Springs Real Estate — Short Sale pick
Search for Foreclosures and Short Sales in Colorado Springs
Related Article: Buying a short sale vs. a foreclosure, what’s the difference?
My short sale pick of the week is a home in Peyton on 12410 Motley Road.
It includes over 3624 square feet, with 4 bedrooms, 4 baths, and a 3 car attached garage.
If you are looking for a large house at reasonable price in Peyton; then this is the property for you.
The property was built in 2002; and was originally sold for $306,000. It is a two-story plan, and includes a finished basement.
The upsides….. large attached three car garage, nice corner lot, stucco exterior, very well maintained, on almost 1/2 an acre, additional curved driveway, move-in ready.
The description in the MLS Says: “Must see! Shows like a model! Spacious and open floor plan. Bay windows in dining room and kitchen. Walkout kitchen to raised wood deck, 99% finished walk out basement with custom wood bar and wired with surround sound. Vaulted ceilings, bull nose corners, covered porch, beautifully landscaped front and side yard with wrap around drive way, concrete sidewalk around home, dog run, storage shed. and may be adjusted by . “
How can I steal properties from the banks?
WHAT CAN I EXPECT TO PAY?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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Real Estate Auction Facts and Observations
Are Real Estate Auctions the wave of the future?
Contact KTorline@msn.com to get a FREE list of properties coming to auction and foreclosure properties
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As I’ve continued to learn more and more about real estate auctions, here’s some more of my observations: 
- As far as I can tell, you can’t find the bid statistics on properties that sold at recent auctions. I would love to see exactly what some of the properties from last Tuesday’s auction in Golden, Colorado actually went for. I tried to write down the final bids while I was at the auction, but the next property came up for bid so fast, it was hard to keep up. The statistics would be very valuable, as it would be helpful to see the actual sold price vs. the valuation price.
- Some auctions are online only. As an example, right now there is online auction for Colorado Springs homes on www.auction.com. All of these properties seem to be properties that went for sale last week at the auction I attended. Some of these properties didn’t get bid on it, or they got bid on and the financing must not have went through and they are now back on the market.
- Most of the auctions seem to have a Buyer’s Premium. Read the rest of this entry »
Kitchens are #1 for buyers
What do homebuyers want?
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The following was provided by AVID Ratings Co., a firm that provides surveys and employee training to home builders across the United States 
and Canada. They conducted this annual survey of home buyer preference at the 2010 International Builders Conference in Las Vegas. Definitely includes some interesting insights:
- Large kitchen with an island — no surprise to me that this is #1 on the list
- Also, some of the top kitchen and bath trends according to a designer survey conducted by the National Kitchen & Bath Association include cherry as the top choice for kitchen cabinets, ceramic and porcelain tile for the flooring, under-counter refrigeration, and flexible faucets.
- Energy efficient appliances and energy efficient windows
- Home office/study – I wonder if this has more and more to do with people working at home, vs. commuting to an office
- Main Floor master suite — Is this a result of the baby boomer population aging?
- Outdoor living room – One of my personal favorites
The other top 10 features included Ceiling Fans (I found this one surprising to be included on the list), master suite soaker tubs, stone and brick exteriors, two-car garage, and community amenities.
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Kathy (719-287-1049) KTorline@msn.com
7 things to know about Real Estate Auctions
Colorado Real Estate Auctions — the wave of the future?
Contact KTorline@msn.com to get a FREE list of properties coming to auction
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I went to my first Real Estate Auction on Tuesday night where they auctioned off 55 homes that were located all over Colorado. All of these properties were owned by the bank and the banks had decided to sell them by auction. H
ere’s some of the interesting things to understand if you are going to go to an auction like this.
(1) Do you homework up front. Preview the property, understand the amount of any repairs that need to be done, get quotes from contractors if there is work to be done. Do your due divergence.
(2) Get registered for the auction. If you don’t register in advance, it’s too late to attend.
(3) Figure out how you are going to finance the property. If the property says that it is going for cash only, chances are you can’t get financing on it.
(4) On the day of auction, get your certified check from your lender. The auction company required to see a copy of our certified check before we could check-in on-site at the auction. We also had to bring a blank check with us; as if we would have got the winning bid, we would have had to write a check for the rest of the downpayment.
(5) Make sure and bring a picture ID with you; again we had to show proof of who we were.
(6) When the bidding starts, pay attention. It does go quick and fast. You could very well be bidding against other people in the room as well as Internet bidders.
(7) Stay to the end of the auction; as several properties were sold but then the potential buyers couldn’t secure financing, and they came back up for sale.
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Kathy (719-287-1049) KTorline@msn.com
Tax Credit for military personnel
Tax Credit for military personnel
Must Read Posts:
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Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy and other military installations in the Colorado Springs Since Colorado Springs will be glad to learn that 
the First Time Home Owner Tax Credit has some wonderful additional benefits for the military. Here’s some of the highlights:
- Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. Read the rest of this entry »
NEW Colorado Springs Foreclosure Listings
Where are the Colorado Springs foreclosed homes?
During the first two weeks of February , 52 foreclosures came on the market; 10 (16%) of them are already under contract.
Homes in Southeast Colorado Springs and Homes in the Powers area, Homes in Fountain, and homes in Northeast area are still continuing to see more foreclosures than other areas of the city.
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
Calling all Colorado Springs foodies — don’t miss this
Denver Restaurant week — Sat. Feb. 20 – Fri. March 5
Denver Restaurant Week is an annual event – a Colorado favorite. It’s now in it’s 6th annual celebration, and it’s been changed to be a
two-week celebration of the culinary scene in Denver. Participating restaurants will offer a multi-course dinner for the fixed price of $52.80 for two, or $26.40 for one (not including tax or gratuity). Yes, I did type that correct, $52.80 for two. What a deal.
When you go to official the web site, you can search by cuisine, by neighborhood, or by all restaurants. I don’t know how many restaurants are participating this year; but last year there were over 225 restaurants involved.
Since I live just as close to Denver as I do to Colorado Springs, we’re definitely going to go take advantage of the great specials and try out some new restaurants. But for my Colorado Springs readers, Denver is an easy 60 minute drive from Colorado Springs, don’t miss these great restaurant specials. Use is for an excuse to try something new and different.
Here’s the top 3 restaurants on my list:
Root Down I’ve heard great things about this restaurant, so it’s definitely on my list. The reviewers say “It has a terrifically hip, stylish décor — studied yet casually fun. It touts that locally farmed and organic products are used whenever possible. It recycles everything. Oh, and the food is downright impressive.” Read the rest of this entry »
Foreclosure Pick of the Week
Colorado Springs Foreclosure pick of the week
Search for Foreclosures in Colorado Springs
Related Article: 9 key things to know about buying a bank repo
My foreclosure pick of the week is in Pinecreek in Briargate on 10181 Oak Knoll Terrace.
It includes over4500 square feet, with 4 bedrooms, 3 baths, and a 3 car attached garage.
If you are looking for a BIG house at reasonable price in Briargate area; then this is the property for you.
The property was built in 2005; and was originally sold for $478,000. It has a ranch floor plan, and includes a finished basement of 2249 square ft.
The upsides….. large attached three car garage, District 20 schools, laundry on the same level as the master bedroom, open floor plan, separate dining space, main floor office, newer built, upgraded gourmet kitchen, hard wood floors in the kitchen and dining room. Overall a very nice property.
What really happened to our prices?
Colorado Springs Housing Report
Search for homes in Colorado Springs
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Kathy (719-287-1049) KTorline@msn.com
Learn the Colorado foreclosure process, it’s different
Buying a Colorado Springs Foreclosed Homes — important to understand the trustee process
As a student of Foreclosures in Colorado, both to help sellers facing foreclosures, and for buyers looking to buy a Colorado Springs foreclosure, I’m always trying to learn more about the foreclosure process in Colorado. I attended a class this week
taught by Pete Griffiths, the in-house legal counsel for Land Title. Very good instructor, and definitely understands the legal process of foreclosures in Colorado Springs. Here’s some of the things I learned in the class that I thought I’d pass on.
- There was 50,514 foreclosures in Colorado in 2009.
- Legally, the definition of foreclosure in Colorado for contract purposes, is defined as a homeowner who is 30 days behind in their payments.
- Colorado is the only state that has a Public Trustee, whose duties are defined by statute.
- If you are the successful bidder on a foreclosed home at at the Public Trustee auction, you don’t automatically own the property. There are redemption periods for junior lien holders. Only at the end of the redemption periods (if junior lien holders don’t redeem) will you officially be the owner of the property.
- The majority of junior liens are “wiped out” if you are the successful bidder at the Public Trustee sale, but not everything goes away. it’s important to partner with a good title company who can give you information about other liens on the property including HOA liens and tax liens.
Remember, make sure and do your research
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Kathy (719-287-1049) KTorline@msn.com
Celebrate a time of love and friendship
Valentine’s Day in Colorado Springs
Also, make sure to check out one of their Romantic packages.Briarhurst Manor Estate
404 Manitou Ave in Manitou Springs
719-685-1864
Don’t just celebrate Valentine’s for a day this year – celebrate it for a whole week at Briarhurst Manor. They will be featuring a menu that incorporates a fare of “Love and Passion” with a pre fixe six course menu. (If you don’t make it for Valentine’s Day, maybe you’ll want to come for one of their Murder Mystery Dinners.)
Melting Pot
30-A Pikes Peak Ave. in Colorado Springs
719-385-0300
Looking for a special way to spend the most romantic night of the year? Then The Melting Pot is the place for you. You and your date can dip into four courses including a spinach artichoke cheese fondue, lobster, filet mignon, bananas foster, plus much more!
Choose Wisely
How do I choose a home inspector?
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Since, I have several buyers who have recently have gotten contracts accepted to buy their dream homes, I thought it was good timing to
write a quick blog about home inspectors and inspections. Almost all REALTORS® (99%) recommend a home buyer to have a home inspection; as a good qualified home inspector is crucial to the home buying process.
There are lots of ways to find a good home inspector in Colorado Springs, and referrals are one of the best ways. Or you can look online, or check the local phone book. But regardless of which way you choose, here’s a list of potential questions you could ask before you hire the inspector:
- What are your qualifications? How long have you been in the business?
- What organizations do you belong to? Do you belong to the Better Business Bureau in Colorado Springs? (see previous article: Don’t forget about the Better Business Bureau)
- Do you have a list of past clients I can contact? Read the rest of this entry »
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
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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
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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
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- 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 our 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 listing the ANNUAL LIST of scams published by the Denver-Boulder Better Business Bureau. The Pikes Peak Better Business Bureau also has a 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 the scam artists:
- Ask to see reference, then follow up with the references. Read the rest of this entry »
NEW Colorado Springs Foreclosure Listings
NEW Colorado Springs Foreclosures homes as of December 31, 2009
During the December 2009, 151 foreclosures came on the market; 56 (37%) of them are already under contract.
Homes in Southeast Colorado Springs and Homes in the Powers area and Homes in Fountain are still continuing to see more foreclosures than other areas of the city.
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
Read the rest of this entry »
Colorado Springs townhomes, pricing continues to decline
Colorado Springs Townhomes and Condos
Related Articles
Sales continue to be brisk in 2009, and it looks like they will end the year higher in 2009 than 2008. But pricing has continued to see downward pressure.
Colorado Springs Foreclosure – December Pick
Colorado Springs Foreclosure Pick of the week
Search for Foreclosures in Colorado Springs
Related Article: Buying a short sale vs. a foreclosure, what’s the difference?
My pick of the week is in Falcon Highlands, east of Colorado Springs, on 11006 Birch Hollow Way. Falcon is only a short commute to Schriever AFB, and Peterson AFB.
It includes over 4800 square feet, with 3 bedrooms, 3 baths, and a 3 car attached garage, priced at less than $300,000.
If you are looking for a BIG house at reasonable price in Falcon; then this is the property for you. The property was built in 2007/2008; by John Laing; but was never finished as John Laing went into Bankruptcy.
The house has a great floor plan, with lots of room to expand in the 2500 square foot basement.
The upsides….. large attached two car and one car garage, laundry on the same level as the bedrooms, open floor plan, separate dining space, main floor office, newly built; never lived in. Plus it’s on over 1/2 acre lot. The downsides ………….. no landscaping, no window coverings, and no floor coverings, except in the kitchen and bathroom.
The description in the MLS Says: “Newly finished former popular Clayborn floorplan includes slab granite counters, upgraded Whirlpool appliances, and hardwood floors in the entry and kitchen / eating nook. Kitchen offers a gas cooktop, double oven, and breakfast bar. This spacious rancher has a great room, main level laundry, convenient mud room, 3 car garage, and unfinished basement with plenty of room to expand. Living spaces flow with ease from one to another, and home has a functionality that all will appreciate!”
Top 5 Remodeling projects
Remodeling in Colorado Springs?
For a Free Market Analysis on your neighborhood, email Kathy Torline at KTorline@msn.com
HOME REPAIR Must read Articles:
The 2009 Remodeling Cost vs. Value Report just got released, and I think it’s a MUST read for all Colorado Springs homeowners 
and all Realtors. There is an amazing wealth of information is included in this report. It the 22nd annual report and compares the cost of remodeling vs. value. I really enjoyed the data since I’m personally getting ready to do my first flip this year, which also made me realize what a great document it is for Investors.
On the web site, you can pull up the info on 80 different cities. It starts with going to your area of the country on the map, then picking out the closest city. Colorado Springs wasn’t one of the cities, but Denver was; hence the data may need to be adjusted slightly for the Colorado Springs area vs. Denver; as our housing prices are probably 10% to 20% less. Once you are in the report, you can sort by Cost Recovered, Resale Value, and other headings. It’s heaven for a statistic junkie.
Remodeling in Colorado Springs?
If you are thinking about starting a remodeling project in 2010, this is where I would suggest to start. Many sellers and homeowners assume Read the rest of this entry »
