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Cash continues to drive the REO Market
Cash is still King
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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 »
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.”
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To find out more information about buying a home in Colorado Springs or Manitou Springs, call ….
Don’t forget about the outside
The outside is just as important as the inside
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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
In today’s age of Internet savvy buyers, the pictures of a property that are posted online are everything. And lately it seems like more and more buyers focus just as much on the outside of the property, including the landscaping, the backyard, the deck, the hot tub, the views, the front porch; just as much as they focus on the inside of the property. They are buying more than a home, they are buying a lifestyle.
Many buyers moving to Colorado Springs are doing so because they want to enjoy the beautiful views and the outside space; yet over and over I see listings that don’t include any outdoor pictures. Too bad for the sellers, as the outside can be just as important as the inside.
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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?
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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.
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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 »
Don’t plan on closing yet
Closings don’t always happen
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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 »
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.
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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
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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
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 »
10 renovations that don’t add value
Are you getting ready to remodel your home in the Colorado Springs Area?
If so, this article is for you. Not all improvements add value, in fact, some improvements can detract from the value of a house.
Related Articles:
- 6 Small improvements can pay off
- Goodbye Itty Bitty Paint Chips
- How do I hire a Colorado Springs painter?
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Swimming Pools (These definitely don’t add value to a home in Colorado Springs)
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Over remodeling for the neighborhood and the style of the house
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Room additions (Renovating a garage and making it into a living room doesn’t always add value.)
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Extensive Landscaping (too much work for most people to maintain)
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Carpet everyplace, including in the kitchen and in the bathroom
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Unusual additions (a closet that takes up an entire room, a hot tub in the family room)
- Additions and changes that aren’t up to current building codes (Don’t finish a basement or build a deck without getting the proper permits)
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Poorly done renovations (If you aren’t qualified to do something, don’t do it. I’ve seen many houses where the home owner has installed the cabinets, or the flooring, or the windows and has done a horrible job. These projects actually detract from the home.)
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Cheap materials (installing cheap flooring doesn’t work when you are in a higher-end house.)
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Newly painted walls in unique colors (For most buyers neutral colors are better, also, the “in colors” during one year quickly turn to outdated colors a couple of years later.)
If you’d like more information about real estate in the Colorado Springs area, contact Kathy at 719-287-1049 or email at KTorline@msn.com
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Kathy (719-287-1049) KTorline@msn.com
How do I hire a Colorado Springs painter?
What questions should I ask before hiring a Colorado Springs Painter?
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As part of updating our Colorado Springs investment property, we’ve hired a local Colorado Springs Painting company to paint the inside of the duplex and the small single family home on the same lot, as well as the outside of both of these units. As usual, my day-to-day life as a realtor and a real estate investor, continues to provide an unlimited source of things to write about; hence the article.
Since we purchased our rental property from a bank (it was an REO); we don’t have any idea when the last time it was painted; but it has been a very long time.
At first glance, hiring a painter may seem simple. But I think it’s much more complicated than you realize. Let’s start with some basic questions you should ask any painter you hire:
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Are you a member of the Better Business Bureau?
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Do you carry Workmen’s comp? What other insurance do you cover?
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When you paint the outside of a house, what do you for the prep work? Do you power wash the outside?
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If there is siding that needs to be repaired on the outside, do you have access to a recommended person to fix it; or do we need to take care of that ourselves?
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What type of paint do you use? Why do you choose this paint?
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What type of warranty do you provide for labor and for the paint?
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How many people are on your crew?
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How long do you expect the project to take?
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Will you paint a small sample of the building with the paint colors we’ve picked out; just to make sure we like it before the entire building is painted?
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Do you clean up after the project?
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How do you handle a home that may have lead-based paint?
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What do you require for payment?
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Do you have any past clients we can talk to?
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Will you provide a written estimate?
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How will non-painted surfaces be protected?
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Will you be using a paint primer before painting?
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What areas will be caulked before painting begins?
There are other questions to ask for inside paint jobs, but this should provide you a good starting point for interviewing a painter.
If you’d like more information about real estate in the Colorado Springs area, contact Kathy at 719-287-1049 or email at KTorline@msn.com
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Kathy (719-287-1049) KTorline@msn.com
How hard can it be to measure square footage of a house?
Square Footage Calculations can be challenging
Related Articles:
- Homework required
- 6 Small improvements can pay off
- 14 Things to Know when Negotiating to Purchase a Home
- 134 questions for sellers to disclose
Across the US, different MLS systems have different rules for reporting the square footage in a house. Homes in Colorado Springs that are listed in the local MLS, include abov
e grade square footage as well as below grade square footage. Many area in the U.S. only use the above grade square footage; consequently basement are not included in the calculations.
You may wonder how hard can it be measure a house. These are just a sampling of some of the issues that come up:
- If you have stairwells, do you include it on the main level or the upper level?
- Do you include closet spaces?
- What do you do with fireplaces? Read the rest of this entry »
Goodbye Itty Bitty Paint Chips
Iphone application for paint chips
Search for Colorado Springs homes
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I’ve been working on picking out paint colors for a Colorado Springs rental property we recently purchased; and once again I’m faced with picking out paint colors from those little itty bitty paint chips in the store. In the middle of me going back and forth to the paint stores, I came across an article in the Wall Street Journal about some new phone applications for picking out paint, and I thought it would be some great info to share with my readers.
Sherwin Williams has an application that you can use to capture a color that inspires you and match it to one of 1,500 Sherwin-Williams paint colors. It’s perfect if you see a color on an existing wall that you want to duplicate; but you don’t know the code. It’s a free application, and I just went to the Iphone application store, searched for, and it downloaded in a couple of minutes. I think it’s also available for Ipads, and Android phones.
The only glitch I found is that if I took pictures of the wall color I was trying to duplicate, I got different results depending on how the light was entering the room and what wall I took the picture of. So, not totally sure I’d use it to touch up paint on a wall, but if I wanted to paint a room the same color, I think I’d get close with this tool.
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Kathy (719-287-1049) KTorline@msn.com
Private transfer fees are a rip off
HOA’s and Transfer Fees for Colorado Springs Townhomes
Search for Colorado Springs townhomes
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?
- Have townhome prices bottomed out?
- FHA loans and Condos — important to know the rules
One of my pet peeves is the amount of money HOA’s charge to potential home sellers and home buyers for transfer fees and status letters. I 
recently had a closing where the status transfer fee cost $350.00 for a home in Colorado Springs that was governed by a HOA. Sounds to me that I should manage an HOA, as it probably took them 15 minutes to do the status letter, and they charged $350.00. Essentially every time a property is sold, the private transfer fee must be paid.
There currently is a bill in the Colorado legislature that looks like it is going to address these fees, it’s Bill SB 234; which would change these charges. I’ve received conflicting information on what the bill will and will not allow but it does look like it will only be for covenants recorded on or after July 1, 2011.
These private transfer fees are typically paid by the seller, or split by the seller and the buyer, and is typically a a fixed amount. The original property owner (which could have been a real estate developer) records a covenant subjecting the property to a private transfer fee. As long as the covenant is in place, this private transfer fee must be paid.
One of the problems with these transfer fee is that they are often times hidden; and don’t surface until a couple of days before the closing. It does look like the bill will still allow management companies to charge a fee related to work performed by the management company in relation to the conveyance of a unit.
Regardless of what it does or does not cover, it’s still a step in the right direction.
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Kathy (719-287-1049) KTorline@msn.com
Read the fine print on Zestimates
Zillow Zestimate can be a good tool
What is a Zestimate?
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow’s estimated market value, computed using a proprietary formula.
How accurate is Zestimate?
Zillow has a complete explanation of estimates on their web site. Alot of the data they pull is from public records, and it has a chart that shows it’s median error rate. It states, in El Paso County, the average margin of error of the Zillow Zestimate is 10%, and in Douglas County it’s 9.1%. What I do 
find interesting, is that it takes a little bit of digging to find this info on their web site about the accurancy; and my guess is that most homeowners and potential buyers don’t even go far enough to find the accuracy chart. I’ve had many sellers and buyers quote me on what Zillow says a house is worth, and I always tell them that it is a good starting point on value; but more research is required.
Here’s the “fine-print” verbiage about pricing on Zillow’s web site:
“The home data we have compiled to generate a Zestimate home valuation varies by location. Some counties provide all the data we could hope for, but others are lacking such key things as the number of bedrooms and bathrooms, or, in some cases, the square footage of the home. The more data we have, the more accurate the Zestimate. And, we’ve made it easier for our users to help us improve accuracy by incorporating edited home facts into our Zestimate calculations. In some areas, we might not be able to produce a Zestimate at all, but we do have some basic information on the homes. The tables below show you where we have Zestimates and other home information.”
A 10% variance may not sound like much, but on a $200,000 house it can make a swing in pricing of $20,000, or on a $500,000 home that equates to $50,000 price difference.
In my opinion, the the best source for pricing a property to purchase or to sell, is to have an experienced Realtor who is familiar with the neighborhood complete a comprehensive CMA on a property. But, having said that, the Zillow web site can provide some good guidelines, as long as you realize there is a margin or error built in the numbers. It’s a starting point.
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Kathy (719-287-1049) KTorline@msn.com
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Financing matters!
If you are getting ready to sell a home, it’s important to know what kind of financing buyers use to purchase a home in Colorado Springs
Are you asking why I would say this? Essentially, financing matters.
If you would like information about selling your Colorado Springs Home, call Kathy Torline at 719-287-1049
Related Articles:
- Smells don’t sell
- How long should it last?
- Why didn’t my house sell? Top 6 list of reasons
- Why didn’t my house sell? Part II
- hat are polybutylene pipes? Colorado Springs homeowners beware!
- Why didn’t my home sell?
- Make every showing count
- 134 questions for sellers to disclose
Different financing options effect home sellers in different ways
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Buyers who use FHA and VA financing have certain closing costs they cannot pay for, hence the seller ends up paying for these costs. Over 50% of Colorado Springs buyers are currently using VA or FHA loans.
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Both FHA and VA buyers typically take about 45 days to close.
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Conventional loans can typically close even faster than FHA and VA loans, maybe within 30 days.
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If a home needs substantial repairs, a great option is to market it to be financed with a FHA 203K loan.
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Both VA and FHA appraisals can come back with appraisal conditions that can be required home repair items to be fixed before the loan can be processed. As an example, FHA requires the home to meet minimum living conditions which could cost the seller money; including repainting areas on the exterior of the property where paint is flaking and peeling.
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Both VA and FHA loans limit how much a seller can contribute towards the buyer’s closing costs and down payment
Here’s a chart that shows the financing for homes sold in Colorado Springs for the first two months of 2011.
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Kathy (719-287-1049) KTorline@msn.com
VA short sales and security clearances
Did you know that a foreclosure (or late payments) may affect a home owners security clearance and could cost their job?
If you would like some other helpful advise on selling your home, please feel free to call Kathy at 719-287-1049, KTorline@msn.com
Related Articles:
- How to buy a Fort Carson HAP home, or a Peterson AFB Hap Home
- 12 things to know about the HAP Housing Program for military
- 12 Acceptable Reasons for a Short Sale
If a homeowner has a job that requires a security clearance, they may want to consider a short sale vs. letting their house foreclose. Or they may want try for a loan modification before being forced to sell
the property.
A security clearance is needed in jobs where a person needs to have access to classified information. Usually, a police officer, a CIA agent, a military officer, or even a federal contractor is required to have a security clearance to be qualified for his position or role. The cancellation of their security clearance may mean a person is no longer qualified for such a role or job. Thus, a foreclosure may result in the loss of employment for a police officer, military officer, CIA agent or federal contractor!
Employers have the right to conduct credit checks on their employees, particularly those who hold sensitive positions. In fact, some employers say that foreclosures are one of the most serious events that can happen to affect an individual’s security clearance other than a felony or even some misdemeanors.
On the other hand, a short sale is usually recorded on a borrowers credit report as “paid in full” or “paid in less than full.” Thus, an employer may not even be aware that the employee has used a short sale.
Many people who have security clearance have a VA loan on their house. It’s important to know that lenders with VA loans may consider a short sale for home owners, even if the home owner isn’t late on their payments. This is good news for military personnel at Fort Carson, Schriever AFB, Air Force Academy and Peterson AFB.
VA Short sales are called Compromise Sales when there is a hardship. Here are some examples of situations that are considered hardships:
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FINANCIAL SITUATION OR JOB WILL REQUIRE HE/SHE TO RELOCATE.
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A DECREASE IN INCOME.
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MAJOR MEDICAL EXPENSE.
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THE DEATH OF A PRINCIPAL WAGE EARNER, SPOUSE OR FAMILY MEMBER.
These are some examples of situations that are not considered hardships:
- DESIRES A LARGER HOME.
- NO LONGER LIKES THE NEIGHBORHOOD
- HOMEOWNER OWNS OTHER HOMES AND/OR HAS SUFFICIENT ASSETS THAT CAN BE LIQUIDATED.
- THE PROPERTY VALUES ARE NO LONGER A SOUND INVESTMENT
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To find out more information about Colorado Springs and short sales, Call ……
Kathy (719-287-1049) KTorline@msn.com
New regulations for Colorado HOA’s
Colorado HOA’s are now required to register
Search for Colorado Springs Townhomes
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?
- Have townhome prices bottomed out?
- FHA loans and Condos — important to know the rules
The Colorado Legislature passed a bill in 2010 that requires all Colorado HOAs to register with the Division of Real Estate. The current deadline for registration is of March 1, 2011; and after that date there are penalties.
If HOAs fail to register, according to the bill, they may be prevented from filing or enforcing liens to collect assessments and could also be prevented from enforcing covenants. The goal of registration is to track how many HOAs exist in Colorado and how many homes are part of HOAs. Currently there are about 3500 HOA’s have registered.
The Bill, HB 1278, also creates the HOA Information and Resource Center which is to be headed by the “HOA Information Officer” appointed by the Executive Director of the Department of Regulatory Agencies. The new Executive Director Aaron Acker . The purpose of tT]he HOA Information and Resource Center is to (a) serve as a clearing house for information concerning the basic rights and duties of unit owners, developers, and unit owners’ associations under CCIOA, and (b) track and report inquiries and complaints regarding HOAs to the Division of Real Estate.
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Kathy (719-287-1049) KTorline@msn.com
Short sales and teamwork
Colorado Springs Short Sales, it’s all about the teams
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In completing a Colorado Springs short sale, you have many different teams —each with his or her own responsibility. It’s important that all of the teams work together with a common goal.
First off, you have the Seller. The responsibility of the Seller is the same as any seller, but in addition to that they need to provide all of the documentation required for the short sale package and any other documents requested by the lender.
Then there is the Listing Agent. They are responsible for listing the property as well as providing the seller with all the information about the short sale process.
Then there is the Short Sale negotiator. (This may or may not be the Listing Agent.) This individual must be well-organized, tenacious and have a strong understanding of the short sale process.
Then there is the Buyer’s Agent, who represents the buyer in the purchase of the short sale including an explanation of the risks and benefits of purchasing a short sale.
Then there is the Buyer, who needs to be ready, willing, and able to perform. The Buyer should also understand the importance of signing a contract, the short sale process, and the length of time to complete the process.
Other teams include the Bank Employees who do the short sale negotiating, the Escrow and Title officers, and the Buyer’s Lender.
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
