Colorado Springs Real Estate

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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 certainpink 1 small 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.

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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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 outside original oak valleysignificant 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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To find out more information about Colorado Springs and Luxury Foreclosures, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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12 things to know about the HAP Housing Program for military

 Good news on the HAP Program

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The good news for military personnel at Fort Carson, Schriever AFB, Air Force Academy and Peterson  AFB is that People uid 1639943further financial help may be available through the Homeowners Assistance Program (HAP).   HAP is an established Department of Defense program that is managed by the US Army Corps of Engineers.   It was initially only used to assist in Base Realignment and Closure (BRAC) moves, but the new economic stimulus plan expanded the program to include Permanent Change of Stations (PCS) moves.

The program offers military homeowners a chance to move without having to go through the process of a short sale and the possibility of ruining their credit.    (This is very extremely important for anyone with a security clearance.)

Here is a summary of the HAP program for PCS applicants

1. Qualifications: PCSing more than 50 miles, having purchased your home or entered into a contract to purchase prior to July 1, 2006.   Also, you must have lived there and it was your primary residence; and your orders were between February 1 2006 through September 30, 2012.  The requirements also state that the Owner must not previously received these benefit payments.

2. Your home must have declined at least 10% in value.  (This isn’t a problem in the Fort Carson and Colorado Springs market).

3. First priority HAP PCS assistance is given in the Dallas District to applicants with the MOST COMPLETE PACKAGE

4. HAP benefits are based on the amount you originally purchased the property, plus capital improvements (prior fair market value PFMV verified by your settlement statement).   The full amount of your negative value will not be reimbursed.

5. The government will provide benefits Read the rest of this entry »

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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

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How to buy a Fort Carson HAP home, or a Peterson AFB Hap Home

Don’t forget about HAP homes

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

If you are buying a home around Peterson AFB, Schriever AFB, Fort Carson, or the Air Force Academy, you may want to know People uid 1639783about HAP properties.

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HAP stands for Homeowner Assistance Program, and it is designed to help military service members sell homes that are worth less than they paid for it.   

For example, if you are looking at a Colorado Springs home where the military seller owes $350,000 on the mortgage, and the home is only worth $300,000, this may be qualified for a HAP approved sale.    If the seller qualifies, HAP will cover most of the mortgage loss at the time of sale, and allow you to buy it at it’s current market value.   It’s important to note that this is not a traditional short sale and is not subject to lender(s) approval; consequently it doesn’t take nearly as long as a short sale.

HAP, which is run by the Army Corps of Engineers, assists military personnel who are PCSing (permanent change of station) with orders to a new base more than 50 miles away.  To qualify Read the rest of this entry »

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Foreclosure pick for July, 5 acre horse property in Monument

Search for Foreclosures and Short Sales in Colorado Springs

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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 property was built in 1983; and most recently sold for $375,000 in 2005.   It is a two-story , on 5 acres zones for horses and includes a finished basement.

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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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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 IMG_2442.JPG outside of meadecounties, 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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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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 inHUD Home on Platte 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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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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:

  1. Pre-foreclosure (which is typically a short sale)IMG_3291.JPG no applicaiances, cabinet replaced, countertop, sink, faucets
  2. Trustee’s auction (where the bank buys back the property or the property is bought by an investor)
  3. 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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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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Not many foreclosed homes in Monument Colorado

Monument Homes, Market breakdown for Active Homes as of 3-31-10

For a FREE list of Colorado Springs Foreclosure Homes, Email KTorline@msn.com

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Homes in Monument continues to see a less bank-owned homes than the rest of El Paso County.

2010 tri lakes pricing

Active homes for sale:  160 in the Monument area:

  • Short sales:  23 (5.3% of the market)
  • Bank-owned:   8 (1.8% of the market)
  • Regular:  404 (92.9% of the market)
  • HUD:  0
  • VA Owned: 0
  • Government Owned:  0

 Here a list of my Top 6 Colorado Springs CO Foreclosures in the Monument area

478075  TRI    17623 Quarry WY   SIF  3,3,2  2006  1,527  1,527  $189,900  18 
643504  TRI    17840 Arrowwood DR   SIF  3,2,1  RAN  1983  1,664  1,664  $223,250  83 
603690  TRI    1586 Piney Hill PT 6  PAT  4,3,2  RAN  2006  3,453  3,488  $295,000  166 
633363  TRI    19990 Chisholm TR   SIF  5,4,3  1992  4,687  4,770  $365,900  88 
492671  TRI    19839 Chisholm TR   SIF  4,4,3  2006  4,238  4,802  $499,900  34 
587924  TRI    4630 Red Rock Ranch DR   SIF  5,7,4  RAN  2008  5,660  6,505  $895,000  58 

This Colorado Springs Real Estate report contains information on homes in Monument area.

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

Foreclosure pick of the month for April

Colorado Springs Foreclosure – Pick of the Month for April

Search for Foreclosures and Short Sales in Colorado Springs

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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 inclIMG_2771.JPG fireplaceudes 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! IMG_2776.JPG denCountry 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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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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 fShort Sale homes are Sold "AS-IS"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.

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Townhome Foreclosure Pick of the week for April

foreclosure IMG_2559 kitchen

Colorado Springs Townhome Foreclosure – Pick of the week

Search for Foreclosures and Short Sales in Colorado Springs

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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 foreclosure IMG_2560 fireplacecolors, move-in ready.

The description in the MLS says:  “Two Story Townhome with stucco exterior, 3 bedrooms, 2 baths and 2 car attached garage. Finished basement with large family room. Gas fireplace, Central AC, neutral colors, includes all appliances including clothes washer and dryer.”
 
The El Paso County Assessor’s office has it valued at $182,908.  At the current list price of $179,900, it’s priced a little bit below market value.   There are 2 other properties for sale in the complex; one at $195,900 and another at 199,000; and both of these only have a 1 car garage.   During the last 6 months, 1 comparable property in the same complex sold at $200,000.  The HOA’s are currently only $75.00 a month,
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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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 areIMG_2429.JPG carlton outside 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.

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Top 5 Foreclosures in Central Colorado Springs

Central Homes in Colorado Springs – Market breakdown for Active Homes as of 3-5-10

For a FREE list of Foreclosure Homes, Email KTorline@msn.com

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The Central area is located in historic part of Colorado Springs and homes are in District 11 schools.   This area extends from I-25 (west) to Union Blvd. and Circle Drive (east), Circle Drive (south) and Austin Bluffs (north).

Active homes for sale:  253

  • Short sales:  35 (11.6%)
  • Bank-owned:  11 (3.6)
  • Regular:  253 (83.8%)
  • HUD:  0
  • Government Owned:  1 (.3%)
  • VA Owned:  2 (.6%)
Here a list of my Top 5 Colorado Springs CO Foreclosures in the Central Area

#

MLS#

Area

BSA

Address

PT

Br/Ba/G

FLR

YB

Fin SQ

Tot SQ

LP

CDOM

673966 

CEN 

 

2604 N Meade AV  

SIF 

3,1,2 

RAN 

1954 

1,349 

1,349 

$149,900 

197 

650204 

CEN 

S/E 

2334 St. Paul DR  

SIF 

3,3,2 

2003 

1,588 

1,588 

$155,000 

10 

668825 

CEN 

 

1617 E Platte AV  

SIF 

4,2,2 

1941 

1,988 

2,409 

$199,000 

631055 

CEN 

 

823 E Boulder ST  

SIF 

4,2,2 

1908 

1,909 

2,377 

$238,900 

17 

537856 

CEN 

 

1435 N Cascade AV  

SIF 

6,6,3 

1904 

6,703 

7,609 

$799,900 

86 

 
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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.MOTLEY IMG_2414 back of house

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 . “MOTLEY IMG_2362 kitchen

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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

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I am often asked by buyers how much they can expect to pay for a Colorado Springs foreclosures and short sales.    You can definitely get a good deal them, just don’t expect to steal them.
 
My research shows that short sales and foreclosure sell for 97% to 99% of the list price.    If you think you will get a Colorado Springs foreclosure or a Colorado Springs short sale for 50% off the list price, you are wrong and wasting your time.   
 
But, it’s important to know that bank-owned homes in Colorado Springs are already priced aggressively and ready to move.   When you look at the SOLD price for the different categories, bank-owned homes and short sales sold for 20 – 25% less than the “normal” sales in Colorado Springs  Here’s a quick recap of Sales from January 1, 2010 to February 15, 2010:
 
pricing comparisions
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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

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As I’ve continued to learn more and more about real estate auctions, here’s some more of my observations: ROYAL LOOKING TOWARDS EAST IN BACK YARD IMG_2316

  • 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 »

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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.   HIMG_2022 kitchenere’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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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.IMG_2235 briargate outside

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.

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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.

All FORECLOSURES ON THE MARKET

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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-veteransIMG_0836 front of house
  • 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 »

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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.IMG_0846 downstairs

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 »

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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 hill drive sink gonerealize 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?
  1. 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 )
  2. Asset Managers set the price by reviewing BPO (Broker’s Price Opinions) and Appraisals.  (Banks, how low will they go?)
  3. Asset Managers typically work Monday through Friday, no weekends, no holidays, no hill drive missing toiletevenings.
  4. Asset Managers are looking for the highest net return and the quickest closing.
  5. 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?)
  6. Asset Manager almost always require a pre-qualification letter and an Earnest Money Check before submitting an offer.
  7. Asset Managers can take days to give an answer on a contract.
  8. 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.
  9. 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.
  10. 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.

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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049)   KTorline@msn.com

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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 wasolivierl080200086 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.

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Colorado Springs Foreclosure – December Pick

Colorado Springs Foreclosure Pick of the weekIMG_2216 outside of house

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.IMG_2220 kitchen

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!” 

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Foreclosure in Old Colorado City, Deal or No Deal?

Foreclosure pick of the week
 
Search for Foreclosures in Colorado Springs
 
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related Article:  Buying a short sale vs. a foreclosure, what’s the difference?

My Colorado Springs foreclosure pick of the week is in Old Colorado City on 2415 W. Platte.    It includes over 2300 square feet, with 4hr10015033-0[1] 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. 

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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.

  1. Seller has a genuine hardship.
  2. Seller is cooperative and motivated to complete the steps required by the lender(s)
  3. Lender(s) and other lien holders have been contacted and are willing to consider a short sale Read the rest of this entry »

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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
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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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 »

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Foreclosures in Colorado Springs continue on the upswing

Foreclosures on the rise in El Paso County
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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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 »

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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, bMan looking out window of empty room c uid 1178742ut here my top 12 list of acceptable reasons:

  1. Financial Hardship due to a reduction of income, still employed but you are making less money
  2. Financial Hardship due to unemployment
  3. Financial Hardship due to your ARM loan resetting and you can no longer afford the payments
  4. Divorce
  5. Death
  6. Military Deployment
  7. Job Relocation Read the rest of this entry »

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Banks, how low will they go?

WHAT CAN I EXPECT TO PAY?

For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com

I am consistently asked by buyers how much they can expect to pay for a Colorado Springs foreclosures.  My research shows that short sales and foreclosure sell for right around 97% to 99% of the list price.    If you think you will get a CForeclosure Price analysis Sept 2009olorado Springs foreclosure or a Colorado Springs short sale for 50% off, you are wrong and wasting your time.  These homes are already priced aggressively and ready to move. When you look at the SOLD price for the different categories, bank-owned home sold for 31% less than the “normal” sales in Colorado Springs  Here’s a quick recap of September Sales:

Colorado Springs Foreclosures September 2009

  • 114 Foreclosures Sold (14% of the total sales for the month)
  • $147,189  Average Sales Price
  • 99% Sold for Price  vs. List Price
  • Average days on market:  58

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Foreclosure pick of the week

Colorado Springs Foreclosure pick of the weekIMG_1939 palmer outside
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com

My pick of the week is in Palmer Lake on 18710 Cloven Hoof Drive.

 It includes over 1500 square feet, with 2 bedrooms, 1 baths, 2 car carport

The property is hidden back off of the road; and if it’s seclusion you want this is the property for you. Like many foreclosures I preview, this one hasn’t had much updating done to it; as well as it needs some additional TLC.    It reminded me of a tree house; stuck in the woods with trees everyplace.

It’s on a wonderful wooded lot, but you have to drive up a rutted dirt road to find the place. Definitely secluded and hidden.    No garage, but the house is built over a carport; so with some construction expertise you could probably enclose the carport and make it a garage.

IMG_1926 palmer wooded lot

The kitchen cabinets looked very well constructed, as at one time I’m sure they were very nice.  

IMG_1931 palmer wonderful cabinets

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What is the MLS?

What is the Pikes Peak Multiple Listing Service (PPAR)?

Search for Homes in Colorado Springs

One of the acronyms that most Realtors in Colorado Springs use is “MLS”.    When you are in any industry, you get used to using the kara Ridgecommon acronyms of that industry and forget your clients and customers may not understand your jargon. 

Let’s start with the definition:  MLS stands for Multiple Listing Service.   The MLS is a shared computer database accessed by the majority of local Colorado Springs Realtors.  It contains detailed information on thousands of listed properties (including land) for sale in the area.

Think of the the MLS as a big property warehouse – sort of like a “Wal-Mart.”   When property is available for sale, it goes in the warehouse. When it is sold, it gets taken out of the warehouse.

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Foreclosure pick of the week in Southwest Colorado Springs

Colorado Springs Foreclosure pick of the week

Search for Colorado Springs Foreclosures

Related Article:  Foreclosure pick of the week in Northwest Colorado Springs

My foreclosure pick of the week is in Southwest Colorado Springs on 1825 Parkview Blvd.   It’s located in a nice established area in Skyway in District schools, on a wonderful lot, set a little bit back from the main road.   It includes over 3600 square feet, with 5 bedrooms, 3 baths, 2 car garage.

IMG_1921 parkview front of house

One of my favorite features was the hardwood floors, and of course I love main level living ranch homes with walkout basements.   At first glance, it looks like the property has been well maintained.   The property could use some updating and would look much better with granite counter tops and changing out the linoleum floor in the kitchen.   It has a nice 5 pc. master bath with an easy to maintain tile floor.   The only thing I thought was odd is Read the rest of this entry »

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Foreclosure pick of the week in Northwest Colorado Springs

Colorado Springs Foreclosure pick of the week

Search for Foreclosures in Colorado Springs

There are currently some unique bank-owned houses for sale in Northwest and southwest Colorado Springs.  My pick of the week is in Northwest Colorado Springs on 7151 Wintery Loop.

winter loop outside

It’s located in a nice established area, on a great wooded lot, set a little bit back from the road.  It includes over 2400 square feet, with 3 bedrooms, 3 baths,  2 car garage.   The property was originally foreclosed on in August 2009.    It definitely needs updating, as I’m not sure it’s had any updating since it was built in 1977.    It’s like you’ve stepped back in time; from the carpet, to the kitchen, to the light fixtures, to the bathrooms.   One of my favorite features is the unique long rectangular kitchen windows that looks right out into the pines.  Amazing views!

Winter loop kitchen

I’m not sure how to Read the rest of this entry »

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Rules are Rules for Title Seasoning

Buying a flipped property in Colorado Springs? 

Related article:  3 Things to know about foreclosure homes for sale and Deal or no Deal

FREE list of up to date foreclosures

Twice this week I’ve ran into issues with buyers who wanted to buy distressed homes in Colorado Springs with FHA loans and the IMG_1752 hans kitchenproperties didn’t have Seasoned Titles.  Hence, I thought it was great subject for a blog post, as I didn’t truly understand it until this week; and my guess is that many Realtors and most consumers also don’t understand it.

If a buyer is looking at a property and is planning on getting an FHA loan, there is a title seasoning requirement of 90 days.   In other words, the property must have the title recorded in the seller’s name for 90 days before the closing and funding of the FHA loan.   This definitely stops any double-closings or a short term (less then 90 days) flip.  

The History of Title Seasoning

I’m sure we’ve all heard stories about the crooked investor who stole a home from a sweet Aunt Sally for $80K, spent a few grand on carpet and paint, then sold it 30 days later to a homebuyer for about $150K.    Because of stories like this, FHA  put this rule into effect to discourage investors from flipping properties several years back.    The theory was that it is supposed to tighten up lending requirements to reduce abuse and mortgage fraud.

But both of the properties Read the rest of this entry »

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Colorado Springs Neighborhoods – Pleasant Valley

My Colorado Springs neighborhood pick of the week– Pleasant Valley

Search for Homes in Pleasant V alley

pleasant valley

Pleasant Valley in Colorado Springs is a community that is a vintage neighborhood located in west Colorado Springs.    As you drive through it, you feel like you have stepped back in time to “Leave it to Beaver” ; most of the lawns are perfectly manicured, houses are in great shape, you almost expect to see white picket fences with a 1950’s cars in the drive-ways.

 To get to Pleasant Valley homes from I-25, turn west onto Colorado Blvd.   Then turn right (north) on 30th Street and you are in Pleasant Valley.

pleasant valley home 15 percent

Single family homes in Pleasant Valley currently range in price from $209,000   to $259,000.  There are currently 7 houses and 3 townhomes for sale in the area.  The townhome complex is a small complex with reasonable HOA’s at $120.00 a month; and it’s a pet-friendly complex. Read the rest of this entry »

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Home sales in Central Colorado Springs continue to be brisk

 Colorado Spring Real Estate 
Market Report for homes in Central Colorado Springs  – Single Family Homes

Search for Homes in Central Colorado Springs

The Central part of Colorado Springs housing market continues to be a NEUTRAL Market, as there is currently a 5.66 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.  Sales were only down 16% from 2008 to 2007, but average pricing was down 5% from 2007 to 2008.   395 single family homes have been sold in 2009 vs. 467 for the same period in 2008; a decline of 15%.

 central market report June

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10% of homes for sale in Monument are bank-owned or short-sales

Homes in Colorado Springs

Market information for Active and Foreclosure Homes in Tri-Lakes As of 7-13-09

For a FREE list of Foreclosure Homes, Email KTorline@msn.com

Neighborhoods:  Woodmoor, Kings Deer, Palmer Lake, Walden Reserve, Jackson Creek

tri-lakes-foreclsoures

Breakdown of homes for sale, INCLUDING FORECLOSURES

  • Short sales:   32 (6.5%)
  • Bank-owned:    15 (3.0%)
  • Regular:  446 (90.5%)

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