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Real Estate Dictionary Category

Don’t forget about your mortgage interest deduction

Colorado Springs Vintage Homes Blog Don't forget to take advantage of the Mortgage Interest Deduction for your Colorado Home Search for all Homes in Colorado Springs There are many wonderful benefits to owning your own home, and it's always important to remember to take advantage of the interest rate deduction.  There has been periodic discussions about the deduction being taken away by Congress, and time will tell if this ever happens.  But in the mean time, don't forget to take advantage of it and include it on...Continue Reading!

Colorado Real Estate Terms: What is a Listing Agent? What is a Buyer’s Agent?

Colorado Springs Vintage Homes Blog  Colorado Real Estate Terms Search for Colorado Springs real estate Like all industry's, the real estate industry has it's fair share of real estate jargon.  These are terms that realtors use day in and day out, but the general public doesn't understand these terms as they are industry specific. Let's first start with the term Listing Agent.  What the heck does that mean? When a home owner wants to sell their home, they typically list it with a Realtor to provide marketing services...Continue Reading!

USDA has money to lend for home buyers in rural areas of Colorado!

Colorado Springs Vintage Homes Blog 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 loan.  There's help out there for you in the form...Continue Reading!

Real Estate Dictionary, “L” is for Latent Defects

Colorado Springs Vintage Homes Blog Knowledge is Power — Real Estate Dictionary   For a free Buyers Guide, Email Kathy Torline at [email protected] 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...Continue Reading!

Real Estate Dictionary, “K” is for Kick Plate

Colorado Springs Vintage Homes Blog Knowledge is Power — Real Estate Dictionary For a free Buyers Guide, Email Kathy Torline at [email protected] 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,...Continue Reading!

Homes sold “As Is” in Colorado Springs….what does it mean?

Colorado Springs Vintage Homes Blog "As Is" - what does it mean Search for Foreclosed Homes in Colorado Springs Related Articles: 5 things to know about buying foreclosures 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...Continue Reading!

Real Estate Dictionary — “J” is for Jumbo Loan

Colorado Springs Vintage Homes Blog  Search for Homes in Colorado Springs 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...Continue Reading!

Real Estate Dictionary, “I” is for Inactive

Colorado Springs Vintage Homes Blog  Search for Homes in Colorado Springs Knowledge is Power -- Real Estate Dictionary 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...Continue Reading!

Real Estate Dictionary – “H” is for Home Inspection

Colorado Springs Vintage Homes Blog  Search for Homes in Colorado Springs Previous posts: A is for Absorption Rate B is for Building Code C is for CMA  D is for Deed E is for Earnest Money F is for Flag Lot G is for Gift Letter H is for Home Inspection I is for Inactive J is for Jumbo Loan K is for Kick Plate Knowledge is Power -- Real Estate Dictionary 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...Continue Reading!

Real Estate Dictionary, “G” is for Gift letter

Colorado Springs Vintage Homes Blog Knowledge is Power, Real Estate Dictionary   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...Continue Reading!

Real Estate Dictionary – “F” is for Flag Lot

Colorado Springs Vintage Homes Blog Previous posts: A is for Absorption Rate B is for Building Code C is for CMA  D is for Deed E is for Earnest Money F is for Flag Lot G is for Gift Letter H is for Home Inspection I is for Inactive J is for Jumbo Loan K is for Kick Plate 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...Continue Reading!

Real Estate Dictionary — “E” is for Earnest Money

Colorado Springs Vintage Homes Blog  Knowledge is Power  Search for Homes in Colorado Springs 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...Continue Reading!

Real Estate Dictionary — “D” is for Deed

Colorado Springs Vintage Homes Blog Knowledge is Power  Search for Homes in Colorado Springs  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...Continue Reading!

Real Estate Dictionary — “C” is for CMA

Colorado Springs Vintage Homes Blog Knowledge is Power  Search for Homes in Colorado Springs 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...Continue Reading!

Real Estate Dictionary — “B” is for Building Codes

Colorado Springs Vintage Homes Blog Knowledge is Power Search for Homes in Colorado Springs 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...Continue Reading!

Real Estate Dictionary — “A” is for Absorption Rate

Colorado Springs Vintage Homes Blog Knowledge is Power  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 Abstract is a document that is a...Continue Reading!