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Archive for the 'Foreclosures and Short Sales' Category
5 tips to buying a short sale
Do you want to buy a Short sale in Colorado Springs?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
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If you are wondering what it takes to successfully buy a Colorado Springs home listed as a short sale, here are some tips.
1. Be patient – This is by far the most important thing to remember when buying a short sale. If you need to move by a certain
date, purchasing a short sale isn’t for you. Again, remember patience.
Don’t put in an offer, and then a week later give up on it. It’s a waste of every-one’s time. Be prepared to wait a couple of months for an answer.
2. Decide what price to offer – Have your Colorado Springs Realtor obtain information on other properties that have sold in the area. Also, ask your Realtor to obtain the listing history of the subject property as well as prices on other comparable properties that are listed for sale. After looking at all the fact, decide what price the bank may accept. According to the National Association of Realtors, 80% of the offers made on short sale properties are not accepted. It’s important to understand that lenders will not accept 50% of what the property is worth.
3. Homework - Do your “Due Diligence” on the home before making an offer. Most Short sale properties are sold “as-is”; consequently you may want to have an inspection on the property before you put in an offer on it. If there are “major” things that need repaired, you may want to get an estimate on them and take pictures of these items. It may help the lender be more willing to accept your offer to have the repair information and estimated costs to fix the items.
4.Pre-qualification letter – Give your Realtor a pre-qualification letter from your lender if you are finance the purchase. This letter will be submitted with the contract to the lender. (See: Pre-Qualification or Pre-Approval, which do you need to buy a home?)
5. Experience – Make sure your Colorado Springs Realtor has experience with short sales. (I’ve seen more deals not go through because one of the Realtors didn’t understand the short sale process and didn’t explain to the buyer what to expect.) Don’t be afraid to ask your Realtor have they successfully closed any short sales.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
High end foreclosures on the upswing in Colorado Springs
Foreclosures are going upscale across Colorado Springs
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While the high-end numbers are less in Colorado Springs than the lower-priced foreclosures, there has been a growth that reflects a 
significant shift in the foreclosure landscape and its underlying causes. Mortgage problems have moved upstream; partially because of economic conditions such as unemployment and stock losses. Also in play is a different type of risky loan called option ARM (adjustable rate mortgage) and interest only loans.
It definitely seems like the focus is shifting as we’re seeing more defaults, foreclosures and short sales in the more-affluent Colorado Springs communities. Some national experts emphasize that the foreclosure numbers don’t reflect the extent of distress at the high end. Banks are more likely to pursue short sales in luxury Colorado Springs luxury homes, in which the homeowner stays put while marketing the home for less than is owed on the mortgage.
Experts agreed that high-end homes take longer to become foreclosures because affluent people have more resources, consequently they likely to extend the time they’re struggling to make payments.
I looked over the Post Sale List dated 8-4-2010 from the El Paso Public Trustee’s office, and there is definitely evidence that foreclosures are going upscale. There was one property over $1,000,000 that was foreclosed on, 1 over $700,000, 1 over 500,000; and several over 300,000. When I compare this to the same list over a year ago, there were no Colorado Springs properties foreclosed on over $300,000.
There are currently 52 Bank-owned properties on the Colorado Springs market over $300,000; including several homes in the Broadmoor area, as well as in homes in Black Forest and in Monument.
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Kathy (719-287-1049) KTorline@msn.com
Foreclosure Home Pick of the Week — South of Colorado Springs
Not all Colorado Springs foreclosure homes are deals
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My Foreclosure pick of the week is in Rockcreek area south of Colorado Springs on 2220 Paseo Corto.
It is a single family home and includes over 2500 square feet, with 3 bedrooms, 3 baths, and a 2 car attached garage; as well as a detached 2 car garage. The detached garage doesn’t have a floor or a door; it’s more of a metal enclosure set on the ground than a true garage. The property was built in 1980; and was originally sold for $264,500 in 2003The upsides….. 3 acre lot, beautiful trees and scrub oak on the lot. The house does need some work, which is very typical for a bank owned property.
The downsides ….. very close to Highway 115; you can definitely hear the traffic noise.
The description in the MLS Says: “Unbelievable property with fabulous mountain views. Large property includes a 1000 sq. ft. garage. Home offers hardwood and slate flooring, enclosed back porch. Minutes to Ft. Carson.”
The El Paso County Assessor’s office has it valued at 307,338. At the current list price of $319,900, it may be priced a little over market value, especially considering it is so close to the Highway. There are 14 other properties in the area, priced from $119,900 to $899,900. During the last 6 months, only 2 properties have sold in the same area, ranging from $259,900 to $420,000.
If you would like to find out more about buying a foreclosed home in Colorado Springs
Call Kathy Torline, 719-287-1049 or email KTorline@msn.com
Foreclosure pick for July, 5 acre horse property in Monument
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My foreclosure pick of the week is in Monument (located north of Colorado Springs) on 4185 Spaatz Road in Pine Hills in Monument. It’s located west of I-25 and it includes over 4100 square feet, with 4 bedrooms, 3 baths, and a 2 car attached garage.
The upsides….. 5 acre lot, expansive floor plan, beautiful valley views with plenty of square footage. It’s very close to Pike National Forest, hiking trails, and only minutes from downtown Monument. It does need quite a bit of work, but at first glance it mainly looks like cosmetic work including new floor coverings, everything needs painted, appliances are needed, deck needs refinished, and the windows look in bad shape. Couldn’t tell about the roof, or the condition of the well or the heating system; all things to be checked out during an inspection.
The description in the MLS Says: “Great opportunity! 4 bed, 2 bath home with over 4,000 square feet! Tons of living space in this house. The main level features formal living and dining rooms, a family room with a fireplace and a spacious kitchen. Kitchen features a breakfast bar and tile counters and backsplash. There is a sunroom off of the family room which offers tons of natural light for the kitchen and family room area. Basement offers a large rec room and an office. Lots of windows and high ceilings throughout the main level.”
The El Paso County Assessor’s office has it valued at $394464. At the current list price of $272.900, it’s priced below market value. There are 3 other properties in the area, priced from $365,000 to $654.000. During the last 6 months, 4 comparable homes in Monument have sold in the same area, ranging from $275,000 to $406,500; averaging $110.00 per square foot.
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Kathy (719-287-1049) KTorline@msn.com
They are everywhere
Recap of Colorado Springs Foreclosures Listings, June 15, 2010
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The Colorado Springs area saw 788 new foreclosure listings for Colorado Springs bank owned homes come on the market since January 1, 2010 The homes are in a variety of different areas of the city, but the POWERS area in the city had the most foreclosures come back on the market, with 113 new listings. The SOUTHEAST area had 83 new foreclosures come back on the market and FOUNTAIN had 83 foreclosed homes come on the market. There were very few foreclosures listings since January in the Manitou, Peyton, andNorthgate areas.
The average price for current foreclosures on the market is $179,740; and the average prices for foreclosure listings that have sold is $156.614. The average home price in Colorado is currently $233,804. The statistics continue to show that Colorado Springs Bank owned properties are typically priced about 20% below the market place.
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Kathy (719-287-1049) KTorline@msn.com
How to bid at Colorado Trustee auction
Want to buy a FORECLOSED house at the Public trustee auction in Colorado?
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The El Paso Public Trustee holds a foreclosure auction every Wednesday at 10 AM. If you are interested in trustee auctions in other 
counties, check out their web sites and it will tell you when there sale date is held. Here’s the web site that lists every trustee in Colorado, their contact info, and their web sites. Here’s some of the steps involved in bidding:
(1) Bidders must submit a bidder registration form (available at the El Paso Public Trustee website or at the Public Trustee reception desk) in person to the Public Trustee at the Auction. A separate form for each property is required.
(2) Bidders are required to hold their own money during the course of the auction
(3) Bidders must have certified funds (cash, cashier’s checks, teller’s checks, or official checks are the only acceptable options) equaling the amount of the bank’s bid plus $50.00. In some other Colorado counties, including Douglas County, the opening bid must be $100.00 over the bank’s bid.
(4) Checks are made payable to The El Paso Public Trustee. The Trustee’s Office will NOT accept checks made out to private parties, third-party individuals or companies.
It’s important to note that there is no longer any redemption period for the previous owner after a foreclosure sale in Colorado. If a property is sold at auction to an investor, the owner CANNOT redeem. They are no longer the owner of the property.
Also, once a property is purchased at auction by an investor, junior lien holders have eight days in which to purchase the property from the buyer for the sale amount plus interest.
If no other buyers come forward at the Trustee auction, the home is returned to the lender and the home will eventually come back on the market as an REO (Real Estate Owned).
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Kathy (719-287-1049) KTorline@msn.com
Homework required
If you want to buy a Colorado Springs foreclosure, you’ll need to do your homework.
Make sure and avoid these 6 mistakes:
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(1) Bidding War: Don’t get caught up in a bidding war. Some banks are under pricing their foreclosed homes; which can result in
multiple bids. Buyers can get excited and pay too much. Research ahead of time and know how much you want to pay.
(2) Repair Costs: Don’t underestimate repair costs. Do a home inspection. Take along a professional who can help give you an estimate of how much repairs costs will come to.
(3) More research required: Look at recent building permits on the Pikes Peak Regional Building web site, and make sure you know what’s been permitted and what hasn’t. Also, check out the information on the El Paso Assessor’s office, make sure the square footage is the same as the property listing. A buyer may think they are buying at 1500 square property, but the Assessor may have it listed at 1200 square feet.
(3) Neighborhood Home work: Know what comparable homes cost in the same area. In some areas with multiple foreclosure, prices can be depreciating. Get information on current sold properties as well as current active homes for sale in the area.
(4) Neighborhoods are important: Don’t buy in a neighborhood flooded with foreclosures: A neighborhood saturated with REOs and foreclosures may have declining prices.
(5) Financing: Do have your financing in place. If you don’t already have pre-approval from a lender, you won’t be able to put an offer on a property, as sellers want to know that you are financially qualified. You must be able to move quickly.
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Kathy (719-287-1049) KTorline@msn.com
Do you want to buy a Foreclosure in Colorado Springs?
You want to buy a foreclosure?
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First, you have to decide at what stage of foreclosure you want to buy. There are three options:
- Pre-foreclosure (which is typically a short sale)
- Trustee’s auction (where the bank buys back the property or the property is bought by an investor)
- REO (for real estate owned by the bank).
Pre-foreclosure: These houses are in the foreclosure process, but they have yet to be sent to auction. Most owners are typically trying to sell them because they are “upside down,” they owe more on the house than it is worth. Homes are typically sold “as-is”.
This means that potential buyers must negotiate a deal with the lender (or lenders) as well as the owner. This is often called a short sale and it’s a complicated and slow process. One advantage is that a buyer can typically inspect the home before purchase. This may not be the case in other types of foreclosure sales.
In Colorado, a Notice of Election and Demand is filed, and then it’s approximately 120 days before the auction date.
Trustee’s auction: These sales CAN yield the lowest prices, but they have more risk. The house may NOT be available for inspection, as well as they still may be occupied. Also, in Colorado, you must bring certified funds to the Trustee’s auction to purchase the property.
Repossession: This occurs after the home has gone through the Trustee’s auction and the bank (or the government) gains possession of the property. Buyers can almost always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property comes with a clear title. These properties are sold “as is”. The lenders normally won’t pay for repair of any cosmetic issues, but occassionally they will pay for some or all of repairs that are health and safety issues.
The next article will includes mistakes a foreclosure buyer can avoid.
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Kathy (719-287-1049) KTorline@msn.com
Foreclosure pick of the month for April
Colorado Springs Foreclosure – Pick of the Month for April
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My foreclosure pick of the week is Monument on 19990 Chisholm in the Woodcrest area of Monument. It includes over 4500 square feet, with 5 bedrooms, 4 baths, and a 3 car attached garage. The property was built in 1992; It is a 2 story, and incl
udes a finished basement.
The Upsides
Nice floor plan with plenty of space. Stunning fireplace with floor to ceiling brick, an amazing den with lots of wood and built in shelves. Formal Dining room, gourmet kitchen, open floor plan, plenty of room for a family. Wonderful wood floors on the main level.
The Downsides
Could use some updating, especially in the kitchen and bathrooms. Carpet could also use replaced. But for a bank-owned property, it’s in really good shape.
The Facts
The description in the MLS says: 5 bedroom, 4 bath, 3 car two-story located in Woodcrest with mountain views! 
Country kitchen with hardwoods, island and nook, 5-piece master bath, formal living and dining rooms, finished basement. Neutral Colors. Close to schools and I25.”
The El Paso County Assessor’s office has it valued at $478,000. At the current list price of $374,000 it’s currently priced below market. It is currently owned by the Bank of New York and was foreclosed on in January, 2010. At the current price, it’s at $83.00 a square foot and most of the properties in the Monument area go for close to $110.00 a square foot.
There are 13 other bank-owned properties in area, prices ranging from $237,000 to $995,000 and there 23 short sales in the area.
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Kathy (719-287-1049) KTorline@msn.com
New Colorado Springs Foreclosure homes continue to come back on the market
Where are the Colorado Springs Foreclosed Homes?
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The Colorado Springs area saw 128 new foreclosure listings for Colorado Springs bank owned homes come on the market since April 1, 2010. The homes are in a variety of different areas of the city, but the POWERS area in the city had the most foreclosures come back on the market, with 23 new listings. The SOUTHEAST area had 14 new foreclosures come back on the market and FOUNTAIN had 14 foreclosed homes come on the market. There were NO foreclosures listings since April 1st, in the Manitou, Peyton, or Northgate areas. The price on these Colorado Springs Foreclosed homes ranged from $49,900 for a small condo in Northeast Colorado Springs to $1,100,000 for 3700 square foot home built in 2003 located on 35 acres in Pueblo. The average price was $174,292.
Kathy (719-287-1049) KTorline@msn.com
Be prepared to bid higher
Colorado Springs Foreclosed homes are going for more than the asking price
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.
Related Articles:
- 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
- 7 reasons to buy a HUD home in Colorado Springs
The Colorado Springs Housing market has been started to see more and more buyer demand from homeowners and investors, especially in homes prices $200,000 and below, and no where is it more evident than in bank-owned homes and in HUD homes.
New bank-owned properties come on the market almost everyday, and new HUD homes consistently hit the market. One of the things I love about the www.mcbreo.com web site, which is the company that administers HUD homes in Colorado Springs areas; is the bid statistics page. It shows you exactly what the bids recent were on HUD homes. It also includes information on the bid, the net price, when the bid was submitted, and whether the property is still available. Some properties are getting 5 to 10 bids on them.
As an example, here’s the info on a property on Pinnacle Drive in Colorado Springs.
| CASE: 052-226748 | STATUS: Offer Accepted | ADDRESS: 2922 PINNACLE DRIVE, Colorado Springs, CO 80910 | LIST PRICE: 85,000 | BED/BATH: 3/1.00 | LAST LIST DATE: 03/26/2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 of these 8 bids were for more than the asking price
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If you are interested in a Colorado Springs HUD homes or a Colorado Springs bank-owned home, you may need to be prepared to bid more to get the property.
Kathy (719-287-1049) KTorline@msn.com
8 reasons NOT to buy a short sale
8 Reasons NOT to Buy a Colorado Springs Short Sale
For a free List of up-to-date Colorado Springs Short Sales, email Kathy at KTorline@msn.com
Short sales in Colorado Springs happen when home sellers do not receive enough money from a buyer to pay off their existing mortgages, and the lenders agree to take less than the amount owed to them. On the surface, it appears that a short sale buyer is getting a good deal. Although a some short sales may be a great deal for a buyer, many of the times, a buyer would be better off buying a home that is not in default or a bank-owned property.
1. Sellers Paid Too Much
If a home originally sold for $300,000 a few years ago and is now for sale at $200,000, this doesn’t necessarily mean a buyer is getting $100,000 of equity for f
ree. It may mean the seller paid too much in a rising market and now the market has fallen. It does mean the seller has no equity. It’s important for buyers and their Colorado Springs Realtors to do their homework and make sure they know how much the property is worth in today’s market.
2. Sellers Borrowed Too Much
Some banks were eager to lend money and allowed borrowers to over-mortgage the home, meaning the borrower’s loan balance exceeded the value of the property. Appraisals have always been subjective, and not all appraisers will place the same value on a home. Although against the law, some appraisers used to be pressured by banks to appraise at the amount the home owner wanted to borrow.
3. Not qualified
Some Colorado Springs Realtors don’t understand short sales, and they might convince a seller into considering a short sale when the seller does not qualify for a short sale. Sellers must prove a hardship and submit evidence of the hardship to the lender for approval. Occasionally some agents list homes as short sales without ever talking to the lenders or pre-qualifying the sellers.
Townhome Foreclosure Pick of the week for April
Colorado Springs Townhome Foreclosure – Pick of the week
Search for Foreclosures and Short Sales in Colorado Springs
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?
My Foreclosure pick of the week is in Colorado Springs on 1543 Garden Vista Grove in the west part of Colorado Springs; close to Bear Creek Park.
It includes over 1800 square feet, with 3 bedrooms, 2 baths, and a 2 car attached garage. If you are looking for newer Colorado Springs townhome at reasonable price in West Colorado Springs; then this is the property for you.
The property was built in 2005; and originally sold for $186,900. The townhouse is a two-story plan, and includes a finished basement.
The upsides….. west side of Colorado Springs in the foothills, attached two car garage, newer construction, air conditioning, neutral 
colors, move-in ready.
Where are the foreclosed homes?
Where are the Colorado Springs Foreclosed Homes?
Search for Colorado Springs Foreclosed Homes
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The Colorado Springs area saw 384 new listings for Colorado Springs bank owned homes come on the market since January 1, 2010. The homes are in a variety of different areas of the city, but the POWERS area in the city had the most foreclosures come back on the market, with 59 new listings. The SOUTHEAST area had 38 new foreclosures come back on the market and FOUNTAIN had 44 foreclosed homes come on the market. There were very few new foreclosures listings in the the quarter in the Northwest or Manitou areas. The price on these Colorado Springs Foreclosed homes ranged from $27,900 for a small home in Pueblo to $995,000 for 6500 square foot home built in 2008 located in Red Rock Ranch in the Monument area. The average price was $183,891.
Kathy (719-287-1049) KTorline@msn.com
Colorado Springs Foreclosure — Pick of the Month for March
Colorado Springs Foreclosure – Pick of the Month for March
Search for Foreclosures and Short Sales in Colorado Springs
Must Read Articles
My Foreclosure pick of the week is Colorado Springs on 2021 Carlton Avenue close to Constitution and Chelton. It includes over 2100 are
feet, with 3 bedrooms, 3 baths, and a 2 car attached garage. The property was built in 1960 ; It is a Raised Ranch plan, and includes a semi-finished basement.
The Upsides
The upsides….. nice roomy attached two car garage, kitchen has been partially updated and wall has been knocked out to open up the living space. A very modern master bath has been added with access directly to the hot tub on the deck. Also, the windows have been changed to vinyl which is always definite plus.
Read the rest of this entry »
Where are the Bank-Owned Homes in Colorado Springs
Where are the Colorado Springs Foreclosed Homes?
Search for Colorado Springs Foreclosed Homes
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The Colorado Springs area saw 62 new listings for Colorado Springs bank owned homes come on the market since March 1, 2010. The homes are in a variety of different areas of the city, but the Southeast part of the city had the most foreclosures come back on the market, with 12 new listings. There were no new foreclosures listings in the last 10 days in the Northwest or Manitou areas. The price on these Colorado Springs Foreclosed homes ranged from $39,900 for a condo in Southeast Colorado Springs to $510,000 for a 4000 square foot home built i 2005 located in Northgate. The average price was $163,033.
Kathy (719-287-1049) KTorline@msn.com
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
Related Articles:
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
Related Articles:
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 »
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
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
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.
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 to assist 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
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 »
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 »
What you see is what you get
Bank Repos can be surprising
Search for Foreclosed homes in Colorado Springs
Related Article: What makes buying a foreclosure different?
I was out previewing properties yesterday for a buyer who is moving to Colorado Springs from out of state; and it reminded me how nothing takes the place of seeing a property in person. No matter how good technology is, you still have to see it.
One of the properties I was looking at was in the North Central part of Colorado Springs in a neighborhood called Roswell. Roswell is a unique neighborhood, lots of history with some houses being built in the early 1900’s. Parts of the neighborhood have been rehabbed and some parts still look a little rough and distressed.
The property I previewed is on Tremont Street, listed at $109,000 for 2100 square feet. At first glance it seemed like a great deal at around $50.00 per square foot, 5 bedrooms, 2 baths. This is the description in the MLS, which certainly gives fair warning that the property needs work:
FIXER UPPER, FIXER UPPER, FIXER UPPER. PROPERTY CAN BE A SINGLE FAMILY RESIDENCE OR SET UP AS A DUPLEX. STUCCO EXTERIOR, TWO SEPERATE ENTRANCES. STAMPED AND STAINED CONCRETE PATIO WALK WAY. NEWER VINYL WINDOWS. LARGE LOT PLENTY OF ROOM FOR A DETACHED GARAGE. CLOSE TO PENROSE HOSPITAL AND DOWNTOWN AND TWO BLOCKS FROM 1/2 MILLION DOLLAR HOMES ON WOOD AVENUE!!!! NO UTILITIES SO USE A FLASH LIGHT. CLOSE TO MONUMENT VALLEY PARK AND WALKING TRAILS. UNIQUE LOCATION.
What is a VA Repo?
VA Repos in Colorado Springs
Related Article: What makes buying a foreclosure different?
Search for Foreclosed Home in Colorado Springs
There are many different types of foreclosed homes in Colorado Springs, as well as the rest of the US, that hit the market, including VA repos. These are the result of foreclosed homes that were financed with a VA loans. Currently these homes are marketed for sale through Bank America Homes Loans.
The properties are typically listed in the MLS, but they can also be viewed on www.reotrans.com and on www.homesales.gov and www.va.reotrans.com
Here’s some basic facts about VA repos.
- Buyers must use a Real Estate agent to submit their offer.
- VA provides addendums which outline their policies
- VA properties are always sold “as-is”
- VA does not include an inspection period in their offers. If a buyer is interested, they should do the inspection before they put in their offer. Read the rest of this entry »
What makes buying a foreclosure different?
How to Buy a Foreclosure — Part I
If you are interested in buying a Foreclosure in Colorado Springs, it’s important that you 
realize that these are a “different type of sale”; and they go by different rules than “normal sellers”.
Most people who are looking to buy a REO in Colorado (foreclosed property) are looking for a deal. It’s important to know that deals can be had, but they can’t be stolen. Lenders are very good at pricing the properties correctly, and they typically have them priced correctly.
What makes buying a foreclosure different?
- Asset Managers set the rules, and the rules very from lender to lender as well as the and the rules can also vary from Manager to Manager within the same lender. (9 key things to know about buying a bank repo )
- Asset Managers set the price by reviewing BPO (Broker’s Price Opinions) and Appraisals. (Banks, how low will they go?)
- Asset Managers typically work Monday through Friday, no weekends, no holidays, no
evenings. - Asset Managers are looking for the highest net return and the quickest closing.
- The properties are sold “as-is” with no repairs, no warranties and no guarantees. (Homes sold “As Is” in Colorado Springs….what does it mean?)
- Asset Manager almost always require a pre-qualification letter and an Earnest Money Check before submitting an offer.
- Asset Managers can take days to give an answer on a contract.
- Asset Managers may also need to receive additional approval from their investors, mortgage services and the mortgage insurance companies on low offers. Many times they don’t have the final say in accepting a contract.
- REO Foreclosures almost always have an additional addendum’s. It’s crucial for buyers and their Realtors to read the addendum thoroughly as the addendum’s supersede the terms, dates, and deadlines in the contract.
- Remember, The Asset Manager is an employee, they are not real estate agents. Their job description is to get the property sold. They typically will be working on 300 to 400 files at a time. For them it’s a business decision.
The most important thing to remember, they all want to recover the most they can in a sale in the quickest amount of time.
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes in Colorado Springs, 5 things to know about buying foreclosures
- 8 biggest mistakes made by Colorado Springs home buyers
- Buying HUD homes in Colorado Springs, Part I
- Buying HUD homes in Colorado Springs, Part II
- Colorado Springs HUD Homes – Part III in FAQ’s
- HUD homes available for $100.00 downpayment
- Buying a short sale vs. a foreclosure, what’s the difference?
- Abandoned pets are foreclosure victims
- 7 reasons to buy a HUD home in Colorado Springs
- Rules are Rules for Title Seasoning
- The Million Dollar Question
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.
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 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!”
Foreclosure in Old Colorado City, Deal or No Deal?
My Colorado Springs foreclosure pick of the week is in Old Colorado City on 2415 W. Platte. It includes over 2300 square feet, with 4![hr10015033-0[1]](http://coloradospringsvintagehomes.com/files/2009/12/hr10015033-01.jpg)
bedrooms, 2 baths, 2 car detached garage.
If you are looking for a fixer upper at a reasonable price in the desirable west side of Colorado Springs located close to Garden of the Gods, then this is the property for you.
Even though the property was built in 1948 and a Vintage Home, the property seems to need a fair amount of work. Let’s first start with the main level, carpets need replaced, but I think there may be wood floors under the carpet on the main floor which is always a bonus. The kitchen could use a complete overhaul, but you could probably keep the existing kitchen cabinets, and redo the floor and the put in appliances. There is some cracking in some of the ceilings, so as usual, you’d want a great structural inspection just to make sure it’s structurally sound. And I think all of the walls would benefit from being re-textured and repainted.
Short Sales can be Successful
What makes a successful Short Sale?
If you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049, KTorline@msn.com
Some statistics say that only 10% of short sales result in a successful closing. Not good odds. Made me start thinking about what makes a successful short sale. They do take a lot of hard work and each one is different, but there are some key factors that can make the difference between a successful short sale and one that fails.
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Seller has a genuine hardship.
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Seller is cooperative and motivated to complete the steps required by the lender(s)
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Lender(s) and other lien holders have been contacted and are willing to consider a short sale Read the rest of this entry »
9 key things to know about buying a bank repo
Do you want to buy a bank-owned property in Colorado Springs?
Understand the Differences
Related Articles:
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes sold “As Is” in Colorado Springs….what does it mean?
Buying Bank properties is very different than buying a home from a regular seller. Make sure you and your Realtor have discussions about what makes them different, as bank-owned properties aren’t for everyone. Here’s some of the big differences
(1) “As-is”: Most banks won’t repair anything in the property, the property is sold “as-is”. Although there are starting to be some exceptions to this and some banks are starting to fix up the properties, most are sold “as-is”.
(2) No Seller’s Disclosures: The banks typically won’t give out any Seller’s Disclosures or Square Footage Disclosures as they don’t know anything about the property. Hence, it all up to the buyer to do their due diligence.
(3) Response Time: Sometimes banks respond quick and fast when they receive an offer; but many times it can take days, or even a week to get a response to an offer. Read the rest of this entry »
Foreclosures in Colorado Springs continue on the upswing
Foreclosures on the rise in El Paso County
Related Articles:
I was doing some research for a couple of clients on foreclosures this morning, and pulled up the current foreclosure reports for Colorado Springs as of November 30th, 2009 We’re definitely still on the upswing for foreclosure filings with a 16% increase in 2009 from 2008. Last year the average monthly rate for new foreclosures was 384, this year the monthly rate is 446. Here’s the link to the Report and here’s a quick summary of the last several years:
2004 2,298 Filings
2006 2,570 Filings Read the rest of this entry »
12 Acceptable Reasons for a Short Sale
Are you thinking about selling your Colorado Springs Home? Do you want to do a short sale?
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
Many times I’ve been asked about why would a homeowner would want to do a short sale. The reasons are many, b
ut here my top 12 list of acceptable reasons:
- Financial Hardship due to a reduction of income, still employed but you are making less money
- Financial Hardship due to unemployment
- Financial Hardship due to your ARM loan resetting and you can no longer afford the payments
- Divorce
- Death
- Military Deployment
- Job Relocation Read the rest of this entry »
New Colorado Springs Foreclosures as of 11-15-09, average prices at a 25% discount
NEW Foreclosure Listings in Colorado Springs as of November 15, 2009
During the first two weeks of October, 77 bank-owned properties came on the market; 8 (10%) of them are already under contract. This is double the amount of properties that have been coming on the market in a typical 2 week period.
Homes in Southeast Colorado Springs and Homes in the Powers 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
Foreclosure listings are the best deals in Colorado Springs, sold for less than 24% of “regular” Home sales
Read the rest of this entry »
My foreclosure pick of the week
Colordo Springs Foreclosure pick of the week
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes sold “As Is” in Colorado Springs….what does it mean?
My pick of the week is in Holland Park area on 1090 Kara Ridge Pt.
It includes over 1400 square feet, with 2 bedrooms, 3 baths, 2 car attached garage.
If you are looking for a Colorado Springs townhome at a reasonable price in the desirable west side located close to Garden of the Gods, then this is the property for you.
The downside
Even though the property was built in 2004, the property has been lived in fairly hard. There are some dings in the wall, paint chiped on some of the bull nose corners, some broken tiles in the main entryway; all easy cosmetic things to fix.
The one downside I saw about the property, the master bath only has a shower, vs. a shower and bath. The carpet going to the garage is stained, but it may be able to be cleaned up. Also it’s a typical bank-owned property with no appliances, but it has been cleaned up.
The other thing I didn’t like about the property was it’s location in the complex. It’s a middle unit and there are another 8 units located just a sidewalk away; because of it’s location it felt dark and crowded.
The upsides
The upsides, Read the rest of this entry »
Sunday Foreclosure Bargains
Foreclosure Listings in Colorado Springs as of November 1, 2009
During the last two weeks of October, 64 bank-owned properties came on the market; 15 (24% ) of them are already under contract, or pending.
Homes in Fountain and in the Southeast area of town continue to see the most foreclosures
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
