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Archive for the 'Real Estate Dictionary' Category
USDA has money to lend for home buyers in rural areas of Colorado!
Are you searching for a home in Colorado that’s perhaps a little out of the way? Perhaps an area like Peyton or Rush (even parts of the Springs may qualify). Do you have a good credit rating but lack a big down payment? (only requirement is $100 down). Perhaps you only make a small amount of the median income in the area, which might prevent you for qualifying for a conventional
USDA has MONEY to lend for home loans
loan. There’s help out there for you in the form of a USDA (United States Department of Agriculture) home loan! That’s right, the USDA has a home loan program geared to help people with a low to moderate income purchase homes in rural areas (you may also be surprised at what rural means). These loans are backed by the US government and unlike FHA loans, USDA loans do not require the borrower to qualify for monthly mortgage insurance premiums.
To see if you qualify based on the income limits, visit Colorado USDA office adjusted income limits which can provide you the limits based on the county that you want to purchase your home in.
USDA loans offer competitive rates and also allow seller concessions to be used towards closing costs. There’s no Read the rest of this entry »
Real Estate Dictionary, “L” is for Latent Defects
Knowledge is Power — Real Estate Dictionary
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I’m looking at buying a house in Rockrimmon, and my Colorado Springs Realtor said that I should check for latent defects, what is she talking about? A latent defect is a physical weakness not noticeable after a reasonable inspection of the property. Since some homes in Rockrimmon were built over old mines; you may want to have structural engineer involved in the inspection.
Why do I need to find out if a home in Old Colorado City has lead-based paint in it? Because, lead-based paint is a hazardous product that is no longer manufactured and it is potentially poisonous The presence of lead-based paint must be disclosed to buyers and tenants residing in a property built before 1978.
Real Estate Dictionary, “K” is for Kick Plate
Knowledge is Power — Real Estate Dictionary
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I’m looking at an old house in Old Colorado City, and the inspector said it has Knob and Tube wiring and 
that we should get an electrical inspector to check it out. What type of wiring is this? It’s a method of wiring in very old buildings where the wires are attached to porcelain knows and tubes as an insulating method. The inspector was correct, you should be a licensed electrical contractor inspect it.
The inspector we hired to look at a house in the Old North End said none of the doors have kick plates Read the rest of this entry »
Homes sold “As Is” in Colorado Springs….what does it mean?
“As Is” – what does it mean
Search for Foreclosed Homes in Colorado Springs
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While looking through some homes recently with a buyer, we came across a home that said “As Is”. Whatever does that mean, asked my buyer. I explained that it means the seller is unwilling or unable to make any kind of repairs to the property to meet the needs of the buyer. This is actually done for a variety of reasons.
#1-The homeowner is trying to do a “short sale” where they are trying to prevent foreclosure. If this is the case, the sellers may not have the finances to do any required repairs.
#2-The owner is a bank (REO) owned property that has already gone through the foreclosure process, Read the rest of this entry »
Real Estate Dictionary — “J” is for Jumbo Loan
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Knowledge is Power — Real Estate Dictionary
My sister and I are buying a home in Colorado Springs, and my mother said we should own it in Joint 
Tenancy. What does this mean? Joint Tenancy means that both your sister and you would own the property in equal shares with right of survivor ship; your share would automatically pass to your sister upon your death. If you have questions, ask your Colorado Springs Realtor or contact a lawyer.
Is a second mortgage the same as a junior loan? Yes, sometimes people will use the two terms to mean the exact same thing. This type of loan has a lower priority than a first mortgage.
What is a jumbo loan? This is a loan that Read the rest of this entry »
Real Estate Dictionary, “I” is for Inactive
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My mother told me that houses are not considered liquid investments, they are illiquid. This means that real 
estate cannot be quickly converted to cash.
My Colorado Springs Real Estate agent put her license on inactive. What does this mean? Colorado does allow Realtors put their license on inactive, which means that your Realtor cannot conduct business because her license is not active. You’ll hear people also refer to this as putting their license in “Ice”
I’m helping my grandmother sell her house in the Old Colorado City in Colorado Springs, and my brother said she is incompetent to make this decision, not sure what he means. Incompetence refers to a person who is not Read the rest of this entry »
Real Estate Dictionary – “H” is for Home Inspection
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My Colorado Springs Realtor said that landlords are required to keep the property habitable, what does this mean? Habitable means that the property must be fit to live in. If the property poses an imminent threat to the health or safety of the occupant, it is considered inhabitable.
What is hazard insurance? This insurance is for loss from physical damage to the property due to hazards such as fire, wind, and flood.
I’m looking at a property Read the rest of this entry »
Real Estate Dictionary, “G” is for Gift letter
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What is a gap loan? A gap loan is very similar to a bridge loan, it’s used for temporary financing
My Great Aunt is very ill; can we get a guardian appointed to make legal decisions for her? You’ll want to discuss this with a legal counsel, as a guardian is lawfully appointed by a court who is vested with the power and duty to care for and manage the affairs of a person who is legally incompetent and unable to do so himself.
My Colorado Springs Realtor Read the rest of this entry »
Real Estate Dictionary – “F” is for Flag Lot
Knowledge is Power, Real Estate Dictionary
I’m really interested in selling my house, but I don’t want to sell my oak hand-carved shelves affixed to the wall in the dining room and hallway as they were a gifts from my grandparents. In most states, including in Colorado, the chandlers would be considered Fixtures and would be included with the sale of your house. Make sure your Realtor exclude these items in your listing agreement; or you could take them down.
What is the FHA? Federal Housing Administration (FHA) is an agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is insuring of residential mortgage loans made by private lenders.
I was looking at a property description in the MLS, and it said the house was on a Flag Lot, what Read the rest of this entry »
Real Estate Dictionary — “E” is for Earnest Money
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Why do I need to put down Earnest Money when I’m making an offer on a house? In Colorado, Earnest Money is partially 
used to show your intention to purchase the property; it is consideration for the contract. You don’t have to put down Earnest Money, as you can also sign some type of promissory note, or you can use an Alternative Earnest Money Deadline.
The house that I want to buy in Old Colorado City has a utility easement on the Read the rest of this entry »
Real Estate Dictionary — “D” is for Deed
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I’m looking at selling my home in the Old North End, and I want to know how long it will take me to sell my house? Your Realtor can do some research and tell you about the Average days on market in your neighborhood. This will give you a starting point for your expectations.
What is a deed? A deed is a document used to transfer ownership in a property. There are many types of deeds, but the most common in Colorado is a General Warranty Deed.
My neighbor is trying to sale their house in a short-sale, and he said he is concerned about a Deficiency Judgement, what is this? The bank or financial institution that holds the mortgage on the property may get a judgment against your neighbor for the loan deficiency, and they call this a Deficiency Judgment.
I’ve been reading about demographics, is this something Read the rest of this entry »
Real Estate Dictionary — “C” is for CMA
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Who has capacity to sign a contract? Most adults have capacity to sign a contract, even if they are illiterate. A minor, typically does not have capacity to sign a contract.
I heard
someone say that I needed to look at the CC & R’s in the subdivision. CC & R’s stand for covenants, conditions and restrictions; which are considered private restrictions on the use of the property. Many new subdivisions in Colorado Springs and Monument have CC & R’s.
What does caveat emptor mean? It is a Latin term that stands for Let the Buyer Beware; the buyer is buying a property “as-is” In Colorado, bank owned properties are often sold “as-is”
Why do I have to wait for the Certificate of Occupancy on my new house? Because Read the rest of this entry »
Real Estate Dictionary — “B” is for Building Codes
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My brother lives in a Brownstone in Philadelphia. What type of house is this? A Brownstone is typically a row house, often times found in larger cities. There are some brownstones in downtown Denver and also some in Colorado Springs around the Broadmoor Hotel.
What is a building code? Building codes are set up by cities, counties, and states and are used to provide minimum building standards. They also help ensure that the buildings construction is safe. In Colorado Springs and Monument, the building code is enforced by the Pikes Peak Regional Building Department. In Woodland Park, the building code is enforced by the Teller County Building Department
The newspaper said it is a Buyer’s market. What does this mean? The newspaper is referring to a situation where there are more houses on the market than there are buyers, essentially supply exceeds demand. Markets vary neighborhood by neighborhood, consequently there can be both a Buyer’s Market and a Seller’s Market in the same city. Read the rest of this entry »
Real Estate Dictionary — “A” is for Absorption Rate
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What does Absorption Rate mean to me as a buyer? An Absorption Rate is an estimate of the rate at which a particular classification of space (house, condo, new housing, etc.) will be sold within the next year. A high absorption rate, means that it is a Buyer’s Market.
I’m moving from Colorado to Oklahoma; my Oklahoma Realtor said that I need to get an Abstract on the property I’m buying. An Abstra
ct is a document that is a full summary of all proceedings affecting a parcel of real estate together with a statement of the present status. In Colorado Springs, title searches are used in place of abstracts.
What does it mean when my agent says the contract has been accepted? Acceptance is an expression of intent of a person receiving an offer to be bound by the terms of an offer. In Colorado, acceptance must be in writing
What is an addendum to a contract? An addendum is Read the rest of this entry »
