Colorado Springs Vintage Homes Blog
719.287.1049
Archive for the 'For Buyers' Category
97% high school graduation rates are possible
Search for Colorado Springs Homes
Related Articles:
- Relocating, it’s all about the schools
- Military relocation? 6 tips to read before you buy a home
- It’s against the law
- Research who you are working with
- 10 things to know about Colorado real estate
- Don’t forget about the Better Business Bureau
- I can’t be there to see it, now what?
- Private schools in Colorado Springs provide options
- District 11 continues to be the biggest
There are many different ways to evaluate Colorado Springs schools, but one measurement is the graduation rate. The percentages are based on a federal formula that takes the number of students receiving a regular diploma divided by the number of students who started 9th grade + students transferred in – students transferred out. Graduation rates are one indicator of whether the local Colorado Springs public school system is doing what it is intended to do: enroll, engage, and educate youth.
The complete reports are on the Colorado Department of Education web site, and you can download the data into an Excel Spreadsheet. For someone who loves statistics (which is me), it’s full of amazing information including the graduation rates by gender and by race; and you can even pull data by each High School in the districts. As an example, in District 11, Mitchell High School has a Read the rest of this entry »
Cash continues to drive the REO Market
Cash is still King
Search for Colorado Springs Homes
Related Articles:
There was an interesting article in DS News about how cash investors are pushing down prices. According to a quote in this article “In December 2011, data collected for the HousingPulse 
Survey shows that the overall proportion of cash buyers in the housing market surged to a record 33.2 percent, up from 29.6 percent a year earlier.” There is also a Press Release put out by Campbell, that essentially was repeated by DS News.
I did a quick calculation of Colorado Springs home transactions for 2011 and came up with the following information on what type of financing was used for home purchases in the area;
Cash 19%
Conventional Financing 31%
FHA Financing 19%
VA Financing 31%
One of the reasons that the numbers are different from the national average in the Colorado Springs Housing market, could be because of the strong military presence in the area which is shown by the 30% of home buyers that use VA financing.
This article has several key points on why Read the rest of this entry »
Don’t Assume anything in Real Estate Series, #1
I’ve decided to start a new Series, Don’t Assume Anything in Real Estate.
This series is really just a bunch of random articles about the many assumptions buyers and sellers make when selling, leasing, or purchasing a home.
Search for homes in Colorado Springs
Related Articles
- 9 reasons to use a buyer’s agent to help you find a house
- 6 things to add to your budget when buying a house
- 10 questions to ask the Neighbors
- It’s taking longer
- 7 tips to be a good Real Estate buyer
You aren’t under contract yet!
Some buyers are under the mistaken impressions that once they write an offer on their dream home, or their first investment property, they are under contract to purchase the home. This 
is definitely not correct.
After they put together their offer, their Buyer’s Agent submits the offer to a Listing Agent, and the offer is then presented to the seller. The seller has many options on how they respond.
- They can reject the offer and not respond.
- They can counter the offer
- Or they can accept the offer.
THE MOST IMPORTANT THING Read the rest of this entry »
Build a good team
Colorado Springs Real Estate Investors need a good team
Search for Colorado Springs Investment Properties
Related Articles:
Since I’m a real estate investor, as well as many of clients are also investors, I’ve continued to realized how important it is to have a team of people to help you when you are an investor.
Henry Ford was famous for saying he did not know all the answers, but knew where to find them. An investment team is no different. You don’t have to know all the real estate answers, just know where to find them.
Here’s a quick list of some of the professionals you may want to have on your team:
- Real Estate lawyer
- Tenant issues, leases, evictions, etc.
- Ownership of the property. LLC, Corporate, etc.
-
Home Inspector
-
CPA/Accountant
-
Insurance Agent
-
Make sure you know what your policy covers and does not cover. Also, not all insurance policies will cover a property when it is going thru substantial renovation and is vacant
-
Also, it’s good to have a name you can refer renters to; as you want any renters to have renter’s insurance
-
-
Contractors
-
Overall handyman/carpenter
-
Painter
-
Flooring installation and purchase
-
Flooring refinishing for wood floors
-
Cabinetry, including countertops
-
Landscaping
-
House Cleaner
-
Plumber
-
HVAC
-
Roofer Pest Control
-
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
BPO’s can kill a short sale
Killer for Colorado Springs Short Sales
Search for Colorado Springs Foreclosed Homes
Related Articles:
- 8 biggest mistakes made by Colorado Springs home buyers
- Buying a short sale vs. a foreclosure, what’s the difference?
- 9 key things to know about buying a bank repo
- Banks, how low will they go?
- 7 things to know about Bank addendum’s and Foreclosed Homes
One of the fastest way to “kill” a short sale you are trying to purchase, is for the lender to receive an inflated BPO.
Let’s start with the basics
What is a BPO? The initials stand for Broker’s Price Opinion; and most lenders will order at least one, maybe two or three BPO’s , which is how they come up with a value on a property.
Who does the BPO?
BPO calculations are not an exact science, they are based on an opinion. M
ost lenders will hire Realtors to put together a BPO on a property, and in turn pay a Realtor a fee for the BPO. The fees can range from $25.00 to $125.00; and in my opinion the lenders get what they pay for. As an example, a typical BPO order requires the Realtor to drive by the property, take pictures, upload the pictures, find 3 active properties and 3 sold properties; and put all of the information together in some of format that the lender requires. A BPO can take from 3 hours to 7 hours to complete. If the lender is paying $25.00 that equates to $8.00 an hour; not much pay for how much work they are asking to have completed. At 7 hours it equates to less than $4.00 an hour. Most Realtors will try to complete the BPO as quick as possible.
Many lenders don’t have many requirements for a realtor to be qualified to do a BPO; hence a brand new agent who doesn’t have any experience actually selling properties can qualify.
It’s important to know that BPO’s are not an exact science. As an example, if I was hired to do a BPO for a house selling in a Stratton Meadows, a subdivision in Southwest Colorado Springs, near Fort Carson, I could choose from 40 houses that have sold in 2011. If I narrow the list down farther to houses less than 1000 square feet there are 27 houses that sold. The sold prices have ranged from $45,000 to $105,000. Hence if I pick the higher-end houses for the BPO, my final value for the BPO will come out higher. If I choose the lower end houses for the BPO, my valuation will come out lower.
The lender will typically take the BPO price and come up with a decision from this document on what to accept on a short sale offer. In this particular Stratton Meadows subdivision, my BPO can be as low as $50,000 or as high as $90,000. The high BPO valuation could definitely kill a deal, as a qualified buyer may only want to pay $60,000 to $70,000; but the bank may say that they’ll only accept a minimum of $70,000 based on the recent BPO they received.
Seems to me the process is flawed. Maybe a lender should always get 2 to 3 BPO’s and average them out? Every realtor who has ever been involved in short sales has a story about a transaction that didn’t go through because the BPO was too high, hence the transaction never went through.
Seems like there should be a better way.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or Short Sale Home in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
3 reasons to get building permits
3 reasons to get a Building Permit in Colorado Springs
Related articles:
- 5 reasons lack of building permits cause big problems
- Colorado Springs Building Codes and Permits – Part I
- Colorado Springs Building Permits – Part II
- Colorado Springs Building Permits – Part III
- Colorado Springs Building Permits — Part IV
- Colorado Springs Building Permits — Part V
- Why do you care about building permits?
Some people complain about getting a building permit from the local code enforcement office for changing something in their house, erecting a deck, adding a garage or making any other improvement to their property. I think it’s very important to get permits.
Before you start your next home improvement project, here’s 3 reasons to get a building permit:
- It might be a law that if you make enhancements of a certain nature to your property you must get a building permit to begin the work.
- The permit keeps everyone honest. There won’t be any shortcuts by the contractor that might affect your investment or safety. If there have been shortcuts that affect
safety, the code enforcement officer would typically find it. - You get free inspections of the work the contractor does. The code enforcement officer typically comes out to check the work and to ensure the work is up to code. Wouldn’t you prefer to know about problems on your your remodeling project? Especially before you make the final payment to your contractor.
As an example, we’re currently getting the electric panel upgraded on a Colorado Springs rental house that my husband and I own. Even though we’ve done our homework on the contractor we’ve hired, we won’t know if the work is “up to code”, as we’re not trained electricians. Pikes Peak Regional Building will come out and inspect the work to make sure it meets code requirements. It certainly gives me peace of mind.
According to information on the Pikes Peak Regional Building web site, “The main goal of the Department is to safeguard life and limb, health, property and public welfare by regulating and controlling the design, construction, quality of materials, use and occupancy, location and maintenance of all buildings and structures within all zoned areas of El Paso County through the enforcement of minimum building code standards.”
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home in Colorado Springs or Manitou Springs, call ….
7 tips to be a good Real Estate buyer
How To Be A Good Real Estate Buyer
Search for Colorado Springs Homes
Related Articles
- 9 reasons to use a buyer’s agent to help you find a house
- 6 things to add to your budget when buying a house
- 10 questions to ask the Neighbors
- It’s taking longer
Real Estate buyers in Colorado Springs come in many varieties, each with their own special requests and their wish lists. Some want a home
for their retirement, others their first home, some are looking to relocate, some want to downsize, and yet others are looking for a second home It’s important for all buyers to understand how to be a good real estate buyer. Here’s my tips:
(1) Do your research. The more you understand the housing market, real estate terms, and the buying process; the better you can make an informed decision. Remember, not everything you read on the internet is correct and the real estate process is very different on a state by state basis. Research, research, and then research some more.
(2) Be Realistic. Yes, it is a Buyer’s market and yes prices are down, but that doesn’t mean every seller will accept an offer of 20 to 30% less than their asking price. Your Realtor can provide you comps for most any neighborhood you are interested in which will help you access the asking price and what you would like to offer. Also, it’s important to be realistic about bank-owned properties, banks will not give away their properties.
(3) Get pre-qualified by a reputable lender. If you are really serious about looking at homes; make sure and know what you are qualified for. If you are a cash buyer, be prepared to have access to your funds. If you are only qualified for a $200,000 house; don’t look at $300,000 homes.
(4) Be prepared for other costs. Once you get under contract, be prepared for inspection costs. Never ever scrimp on inspections.
(5) Be Honest. If you are not prepared to buy for 6 months or a year, tell your agent. If you don’t have the down payment yet, tell your agent. If you are going to use multiple Realtors, be honest, tell all the agents you are working with that you haven’t committed to one agent yet.
(6) Know what type of property you want. If you want a bank-owned property, ask your agent to explain the process and the good and the bad. If you want to buy a short sale, understand the process.
(7) Remember real estate is local. It doesn’t make any difference what the national news says or what the national web sites say; conditions vary locally and also vary neighborhood by neighborhood.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
144 Potential amazing deals
You can Buy a home under $100,000 in Colorado Springs
Search for Colorado Springs Investment Property
Related Articles:
There are (174) active listings of single family detached homes available for sale in the Colorado Springs area that are priced under $100,000! Even though 34 of these are short sales, that still leaves 14
0 homes on the market that are less than $100,000. I don’t have exact numbers, but several years ago, there were very few livable homes on the market that were priced under $100,000.
These homes range in price from $27,000 to $100,000, and from 480 square feet to 2600 total square feet. Most have 2 to 3 bedrooms, and some also include garages.
Some of these active listings do qualify for FHA & VA financing, and some only offer Cash or Conventional financing. Here are some of the areas where there are homes under $100,000:
- 33 Homes in Central Colorado Springs
- 12 Homes in Southwest Colorado Springs
- 4 Homes in East Colorado Springs
- 22 Homes in Southeast Colorado Springs
- 19 Homes in Fountain Valley (close to Fort Carson)
- 9 Homes in Powers area (close to Peterson Air Force Base)
- 9 Homes in Old Colorado City area of Colorado Springs
- 12 Homes in Southwest Colorado Springs (close to Fort Carson)
Whether you are buying your first home, or your first investment property, some of these homes are amazing deals.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
It’s taking longer
Why should you care about Days on Market?
Search for Colorado Springs Homes
Related Articles
Why should you care about Days on Market? Why is this number important? Sellers know that the longer their house is up for sale, the less likely they have of being offered their asking price and are often willing to discuss a lower price. Buyer’s often look at properties and want to know the Days 0n Market; and essentially the longer the property has been on the market, the more buyers think they are in a better negotiating position.
But just as important as the current days on market, is the trend for the days on market. If the days on market continues to drop in a neighborhood, the market is starting to become more of a seller’s market in this particular area; and the more the days on market continue to increase, the more the housing market in this particular area becomes a buyer’s market.
Here’s some of the facts about days on market in Colorado Springs:
- Single Family homes in the Colorado Springs area lingered on the market this year 136 days as of June 30th versus 105 as of June 30th, 2010.
- It took an average of 31 days longer to sell single-family homes in the Colorado Springs area in June 2011 than it did in June 2010.
- The average days on the market for June was 90 days for the 2nd quarter in 2011 vs. 70 days for the same quarter in 2010.
- Denver is currently at 86 days for a house to sale. Phoenix is 106 days on market. Las Vegas is 159 days.
- Breckenridge is 90 days. Pueblo is 125 days. Fort Collins is 59. Aspen is 300 days.
I know I always write articles about real estate is local, but this chart really shows the differences in the Colorado Springs area. The shortest days on market in the area is 78 days in the Southeast, which also happens to be one of the lowest priced areas in the city. The highest days on market are in Black Forest and Manitou; which are areas where the house prices are above the average in Colorado Springs.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
More Research required
The El Paso County Assessor’s office provides a wealth of information
Search for Colorado Springs Homes
Related Articles
- 9 reasons to use a buyer’s agent to help you find a house
- 6 things to add to your budget when buying a house
- 10 questions to ask the Neighbors
- How accurate are real estate listings on the Internet?
- Embracing Technology
One of the many things I do when I’m getting ready to write an offer for a buyer, is to look at the property at the Assessor’s Office. In El Paso County, the Assessor’s web site site, provides a wealth of information for perspective buyers.
In El Paso County, you can search by address, by a range or addresses, by Schedule Number, of by Last name.
Once you go to a specific Colorado Springs address, or schedule number, the web site Read the rest of this entry »
Embracing Technology
Technology is an important tool for Buyer’s Agents
Search for Colorado Springs Homes
Related Articles
- 9 reasons to use a buyer’s agent to help you find a house
- 6 things to add to your budget when buying a house
- 10 questions to ask the Neighbors
- How accurate are real estate listings on the Internet?
If you are looking for a Colorado Springs Buyer’s Agent; you may want to ask them how they utilize technology to help assist you in looking for a home. If you are from out-of-state or out of the county, a Buyer’s Agent who embraces technology can be a huge assistance to you. They need to be your eyes and ears on the ground.
Here’s some questions to ask a Buyer’s Agent
** Can they preview homes for you? If so, can they take additional photos of homes and get them sent to you? Do they have the ability to take videos of potential properties and neighborhoods and email them to you? Or could they post all of the photos and videos online and send you the link to look at them?
** If you want to know about crime statistics and school information, do they know where to get the data? Or can they direct you to places on the web that you can get the data?
** Are they proficient in your preferred mode of communication? Essentially if you text, you want an agent that texts. If you are out of the country and you use Skype, then you want an agent who uses Skype. Make sure you can communicate quickly and efficiently.
** How do they write their real estate contracts? Many Colorado Springs Realtors use E Contracts, which is an online software system that creates Colorado Real Estate Contracts and it makes it very easy to send the link to the legal documents. Buyers can actually just sign online with their mouse and it’s considered a legally binding contract.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Don’t plan on closing yet
Closings don’t always happen
Search for Colorado Springs Homes
Related Articles
- 9 reasons to use a buyer’s agent to help you find a house
- 6 things to add to your budget when buying a house
- 10 questions to ask the Neighbors
Just because you’ve signed the Colorado Real Estate contract and came to terms on the price, it doesn’t mean you own the house yet. I don’t 
know the exact percentage, but I’m guessing 10% to 15% of real estate contracts don’t make it to the final closing. There are many reasons for cancelled contracts, but here’s the 4 most common.
(1) Financing
Even though you got a prequal letter from your bank, things can still happen when your loan gets to underwriting. Maybe the requirements changed for the loan, your credit score may have changed, the underwriters may require additional documentation on expenses. These are just a few of the things that can cause a loan not to get approved. Loan guidelines change daily.
(2) Buyer’s Remorse
As a buyer, you may feel remorse after you submit the contract. You may start to feel you made a big mistake. You may think there are so many great homes on the market, is this one really the right one? Is there something better you haven’t seen yet? Is your dream house still around the corner? Do you think you can get a better price on a different house? Read the rest of this entry »
What’s in a name?
Colorado Street Names
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Most Colorado Springs buyers find their homes based on the location and price. I’ve also had buyers consider the direction the front door faces and 
the house number. Some buyers are even drawn to properties because of a street name. I haven’t had a buyer not purchase a home on a street because of its name, but I think it could happen.
* Some names are totally appropriate for Colorado ……… Scotch Pine, Blue Spruce, Big Timber
* Some Colorado Springs subdivisions have a theme to them and honor our rich Native American History …….. War Eagle, Dancing Horse, Owl Ridge, Anasazi Court, Bison Ridge, all in the Northwest Side of town
* Some name make you smile ………………Whimsical, Splendid, Nevermind, Delighted Circle, Blissful, all in a subdivision on the East Side of town
* Some subdivisions honor our pioneers history from the 1800’s ………….. Summer Grace, Pony Tracks, Haystack, Long Creek, Reed Grass, all in subdivisions around the Powers Area
* Then there are the bird streets ………….. Audobon, Pheasant, Oriol, Lark, EagleView, all in the East part of town
* How about Constellation Drive? Virgo? Libra? Sagittarius? All in the Southwest part of town
Do you really want to live on Devil’s Thumb? How about a street name you can’t pronoune or can’t spell ……… Poughkeepsie? Huerfano Drive ? Do you want to live on Smoochers Circle? Would you not buy a house because of the street address?
Kathy (719-287-1049) KTorline@msn.com
Resources for Colorado Springs Crime Statistics
Where is the Crime in Colorado Springs?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Related Articles:
Trulia recently purchased a mapping technology that draws statistics and inputs this information into a map. One of the many challenges of being a Realtor that specializes in Colorado
Springs relocation, is that people coming into the city want to know where it is safe to live; and where are the major areas of crime. Since I’m bound by Fair Housing Laws, I have to be extremely careful of what type of information I share, as I’m not allowed to “discriminate” against particular neighborhoods. But I can certainly direct potential buyers to different web sites that will help them gather their own information and make their own informed decisions.
Trulia new acquisition draw statistics from 3 different data sources that report to most the police agencies in the country, SpotCrime, Crime Reports, and EveryBlock. This data is then used to power the results in the maps. The Crime Map is still in currently in beta form and currently only covers 50 major metropolitan areas. It will eventually be a great resources for people moving to Colorado Springs.
Here’s a list of some of the other web sites that I share with potential buyers:
- CBI website http://cbi.state.co.us/ — Gives you everything from registered sex offenders to crime stats.
- http://www.neighborhoodscout.com — When you put in an address for a Colorado Springs neighborhood, it gives you all types of information about the area, including crime stats, a general overview of the area, as well as school information.
- http://www.NeighborhoodScan.com – This site gives you extremely detailed information about sex offenders.
- http://www.spotcrime.com – Maps out crime occurrences, and allows you to pull up details on specific crimes.
- http://www.crimereports.com — Also gives you extremely detailed information about sex offenders.
- http://www.relocationessentials.com — Compares crime in Colorado Springs vs. the national average. As an example, it shows you that Colorado Springs has less homicide and burglaries than the national average.
Kathy (719-287-1049) KTorline@msn.com
Colorado Springs on list of most affordable Homes in Colorado
Colorado Springs is affordable
Search for Colorado Springs Homes
Related Articles:
- Colorado Springs Home Values, square footage price varies
- Neighborhood Pick of the week, Pleasant View near the Air Force Academy
- Colorado Springs Neighborhood — Pinon Valley
- Homes in Holland Park in West Colorado SpringsHouses in Flying Horse are seeing a price increase
- Homes in Mountain Shadows remain strong
- #808080″>Colorado Springs Vintage homes in Pleasant Valley have strong sales in 2010
- Neighborhood pick of the week, Cedar Heights in west Colorado Springs
- Neighborhood pick of the week, Woodmoor in Monument
- Neighborhood Profile, Historic Old North End in Colorado Springs
- Neighborhood Profile, Historic homes in the East End Addition in Central Colorado Springs
- Neighborhood Profile, Pinecliff in Northwest Colorado Springs
- Neighborhood profile: Kissing Camel custom homes in West Colorado Springs
Since I’m a statistic fanatic, I read every article I can that talks about pricing and comparing home prices in Colorado Springs with other parts of the U.S. Caldwell Banker does a home
listing report that compares pricing in 2300 cities across the U.S. The report includes a list of the top 10 most expensive markets and the top 10 least expensive market. 6 of the most expensive cities were in California, and some of the least expensive homes were Georgia and Ohio
According to the report, In Colorado, the average four-bedroom, two-bathroom home is $357,556. The national average price is $293,251.
The top five most affordable Colorado markets were
- Pueblo at $141,160
- Alamosa at $186,890
- Montrose at $208,875
- Colorado Springs at $222,936
- Thornton at $234,856
The top 5 least affordable Colorado markets were:
- Evergreen at $922,183
- Boulder at $860,671
- Durango at 472,147
- Broomfield at 470,345
- Golden at 470,244
The prices come from the average home listing price between September 2010 and March 2011 in more than 2,300 North American markets.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
How accurate are real estate listings on the Internet?
It’s on the Internet, it must be correct
Search for Colorado Springs Homes
Related Articles
- 9 reasons to use a buyer’s agent to help you find a house
- 6 things to add to your budget when buying a house
- 10 questions to ask the Neighbors
As a Buyer’s Agent in Colorado Springs, I work with many buyers from all parts of the world looking to relocate to Colorado Springs. The Internet is a wonderful tool for buyers, as they can find out so much information about the Colorado Springs area as well as check for 
potential homes. BUT, not every home listing they find on the Internet is correct.
Each Realtor is typically responsible for inputting their home listings in the local MLS system, which is called PPAR in the Colorado Springs area. Many Realtors have office administrators or assistants that input the data for them; but the Realtor is ultimately responsible for the the information. Even though most Realtors strive to have the information correct, it’s extremely easy to get something wrong. I’m guessing that the average listing has 100 to 150 fields of data that need to be filled in; which leaves alot of room for error.
But even more important than the initial input of all of the data about a home, is all of the places the information gets distributed to line. Every web site has a different way they get their information and different ways their information gets updated. As an example, as a member of PPAR, my listings get distributed to Zillow and Trulia and Realtor.com. But there are many, many other web sites out there; and some of them get updated more often than others. According to a recent quote in the Wall Street Journal, “21% of the data agents individually submit for posting on real estate websites isn’t updated when changes are made to the price or when the property is sold, according to a report released last month by listing web sites, Trulia.com”
Remember, just because it is online doesn’t make it accurate
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Highest and best offers are becoming more common
Highest and Best offer on Colorado Springs REO Properties
Search for Colorado Springs Foreclosed Homes
Related Articles:
- 8 biggest mistakes made by Colorado Springs home buyers
- Buying a short sale vs. a foreclosure, what’s the difference?
- 9 key things to know about buying a bank repo
- Banks, how low will they go?
- 7 things to know about Bank addendums and Foreclosed Homes
If you are interested in buying a Colorado Springs Foreclosure, get prepared for the “highest and best” discussion. Many lenders are pricing their properties very attractively, hence
they often attract multiple offers on the same property.
As soon as multiple offers come in, most banks will have the Buyer’s Agent talk to their Buyer; and have the Buyer submit their highest and best offer. Essentially the lender wants the best price they can get for the property. (just like any seller).
Here’s some tips when you get the phone call about submitting your highest and best offer.
(1) Don’t be surprised about the highest and best conversation,
(2) Keep the emotion out of decision; and don’t get offended that the bank is asking you for your highest and best offer.
(3) If you want to change your original offer; don’t get caught up in a bidding war. Think of it logically. What do you want to pay for the property? It’s important to know that some bank-owned properties are actually being sold for more than the asking price.
(4) Many banks will have you sign a document saying that you were notified about submitting your highest and best offer.
(5) Highest and Best offers don’t always mean changing the price. It can also mean making the offer a quicker close, changing to a cash buyer with no financing, no other contigencies, changing the amount of Earnest Money.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
Kathy (719-287-1049) KTorline@msn.com
Why do you care about building permits?
Colorado Springs Buildings Permits
Many Colorado Springs home buyers, as well as many Colorado Springs Real Estate Investors, don’t know about the amazing resources available at the web site for Pikes Peak Regional Building.
Related articles:
- 5 reasons lack of building permits cause big problems
- Colorado Springs Building Codes and Permits – Part I
- Colorado Springs Building Permits – Part II
- Colorado Springs Building Permits – Part III
- Colorado Springs Building Permits — Part IV
- Colorado Springs Building Permits — Part V
When I’m helping a Colorado Springs homebuyer or an investor, one of the first places I go before putting together an offer is to check out the status of building permits on a potential property. When purchasing a Colorado Springs It’s important to know when the last time the roof was replaced, when the furnace was replaced, when that new addition on the back of the house was built ? You can find out all of this info and more from the Pikes Peak Regional web site.
Knowing about building permits is even more important when purchasing foreclosed homes in Colorado Springs, as the Seller (i.e. the bank) typically won’t be filling out any type of Sellers Disclosure. So if you really want to know some of the history of the house, searching building permits is crucial.
When you go to the Regional web site, you can search by street name or by El Paso County Parcel Number.
Then, when you pull up info for a specific address, the info on the web site will show you a description of projects that were permitted and when they were completed. You can then click on the permit # and it will give you even more details.
Now, it’s important to note that everyone gets permits done for the work on a house, but they should.
Remember, knowledge is power.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
Kathy (719-287-1049) KTorline@msn.com
Townhome and condos continue to see pressure on pricing
Why are Colorado Springs condos and townhomes harder to sell than houses or townhomes?
The Colorado Springs housing market for Condos and Townhomes continues to see a decline in pricing and numbers of units sold in 2011. 2010 pricing decreased by 3% from 2009 and 2011 pricing has currently declined by 5% from 2010. There were more units sold in 2010 vs. 2009.
Search for Colorado Springs Condos and Townhomes
Related Articles:
There are 5 main reasons that condos and townhomes are currently harder to sale than a Single Family Home in Colorado Springs
- As foreclosures continue to hit the Colorado Springs home market, buyers are now choosing houses over townhomes since they can get them for about the same price. Read the rest of this entry »
9 neighborhoods with Historic Colorado Springs Homes
Are you looking to buy a Historic Home in Colorado Springs?
Search for Colorado Springs Homes
Related Articles:
If you are interested in buying a Historic Home in Colorado Springs, here’s a quick listing of some of the neighborhoods you may want to check out:
-
Old Colorado City
-
Location: Historic West side of Colorado Springs
-
Year Built: 1890 to 1920
-
Currently 59 properties for sale built before 1940
-
Price Range: $41,000 to $495,000
-
Average Price: 172,766
-
-
Old North End
-
Location: Central Colorado Springs
-
Year Built : 1910 – 1930
-
Price Range: $129,900 to $999,999
-
Average Price: $482,190
-
-
East End Addition
-
Location: Central Colorado Springs
-
Year Built: 1920 – 1940
-
Price Range: $175,000 to $264,000
-
Average Price: $217,425
-
-
Ivywild
-
Location: Southwest Colorado Springs
-
Year Built: 1900 – 1940
- Price Range: $85,000 to $195,000
- Average Price: $157,190 Read the rest of this entry »
-
