Colorado Springs Vintage Homes Blog
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Are foreclosures down?
Have foreclosures decreased in Colorado?
Search for Colorado Springs Foreclosed Homes
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- 8 biggest mistakes made by Colorado Springs home buyers
- Buying a short sale vs. a foreclosure, what’s the difference?
- 9 key things to know about buying a bank repo
- Banks, how low will they go?
- 7 things to know about Bank addendum’s and Foreclosed Homes
Here’s some of the facts about Colorado Springs Foreclosures, according to a recent article by RealtyTrac:
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One out of every 168 households in Colorado were in some stage of foreclosure (The national average of one out of every 213 homes in some stage of foreclosures)
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Boulder showed the lowest foreclosure rate of major cities in Colorado, with one out of every 342 households in some stage of foreclosure
- In the Denver-Aurora metropolitan statistical areas, one out of every 156 households were in some stage of foreclosure
- Nevada posted the nation’s highest state foreclosure rate — one in every 44 housing units with a foreclosure filing in the third quarter
- Colorado Springs has one out of every 171 households in some stage of foreclosure, a decrease of 24% from last year
According to the reports on the El Paso Public Trustee’s Web Site; there are 334 NEW foreclosure starts in August 2011 (year-to-date) vs. 427 for the same month in 2010. There have been a total of 2315 NEW foreclosures in 2011 vs. 3200 for the same period number last year. The statistics show that the numbers are definitely down.
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To find out more information about buying a home or Short Sale Home in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
No utilities are on for most Bank-owned properties in Colorado Springs
Utilities need to be on for inspection
Search for Colorado Springs Foreclosed Homes
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Many bank-owned properties in Colorado Springs don’t have the utilities on, which can definitely cause some challenges to
complete a thorough and accurate inspection.
First of all, without the water being turned on, the inspector can’t check for leaks, which are one of the leading sources of damage and environmental issues within a home. If there are leaks in the pipes, it can result in many holes in the drywall and ceiling to find the leak. Big mess. Also, if there have been leaks, the house may have mold; another big mess.
Second, without the electric on, the inspector can’t check the appliances, outlets, lighting, garage door opener, hard wired smoke alarms, etc.
Third, without the gas on, the inspector can’t check how gas fired appliances function, including the stove, hot water heater, and the heating system.
At first glance it may seem easy to get all of this done. For most homes in Colorado Springs, it’s one call 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
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 »
Deal or no Deal
Do you want to buy a Colorado Springs bank owned home?
Related article: 3 Things to know about foreclosure homes for sale
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
If you have an interest in purchasing a foreclosed home in Colorado Springs, you are probably going to be in for some surprises as you start to look at homes as many of the properties need work. I looked at a home yesterday in west Colorado Springs, that is a perfect example of some (not all) bank-owned properties. First the facts:
- Property was in a desirable west side neighborhood on 3827 Ellston in Holland Park
- Currently priced at $141,000
- House was built in 1971
- It’s a bi-level with over 1700 square feet with 4 bedrooms, 2 baths, 1 car garage.
This is what the description in the MLS says: 4 bedroom, 2 bath bi-level in Holland Park. Eat-in kitchen walks out to deck, master bedroom with walk-in-closet, large back yard with sheds. It doesn’t say anything that the house needs work, not just TLC.
What were they think when they did this?
One of the previous owners put rock facing on the front of the house; but vs. removing the existing brick, it looks like they just put mortar on the existing brick and slapped the rock on the front. I’m not any type of a construction expert, but my guess is that the rock won’t last and you can see where it is already pulling away from the house.
As you walk in the house up the stairs, the main living room has been re textured in a mustard yellow; a huge entertainment center has been semi-built (again in Mustard yellow) and not sure what they were trying to do on the ceiling with the space ship look.
All of the appliances have been Read the rest of this entry »
Bidding wars on bank owned properties, the new “normal”
Are you interested in buying a bank-owned foreclosure?
Related Post: 70% of Foreclosed Properties go under contract in less than a week
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
What should I expect when buying a bank property?
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Be prepared to act fast. My research shows that 70% of bank-owned properties go under contract with 1 week of being put on the market. On many properties, the bank will accept the first acceptable offer they receive.
Since many of the foreclosure homes in Colorado Springs are priced anywhere from 10% to 25% under market value, these properties get many showings on them. There typically isn’t time to go back for 2 or 3 showings before a buyer makes a decision.
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Multiple bids are turning into the norm. Many bank-owned foreclosures in Colorado Springs are now in multiple bid situations. This means that the bank has received several offers (1 to 20) on the property all within the same day or two. Many banks then have each potential buyer sign a Read the rest of this entry »
Banks are doing surprising things
Banks are fixing up foreclosures to sale
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Some interesting things are happening with bank-owned homes in the Colorado Springs Area. I have a client under contract to purchase a townhome in Colorado Springs; in a established well-kept complex in the Rockrimmon neighborhood where not many units come up for sale.
Before we looked at the property, I prepped my buyer and told her that bank properties are typically sold “as-is” with no 
repairs; and many times the properties are in bad shape. This particular bank seems to have a new and improved philosophy on selling their properties. They have :
** Replaced all the carpet on the main and upper level
** Furnished brand new appliances, including a microwave
** Completely cleaned the property
** Completely painted the main and upper level of the townhome Read the rest of this entry »
What can I expect to pay?
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 Colorado Springs foreclosures. My research shows that short sales and foreclosure sell for right around 95% 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, you are wrong and wasting your time. These homes are already priced aggressively and ready to move.
Colorado Springs Foreclosures May 2009
- 153 Foreclosures Sold (16% of the total sales for the month)
- $157,454 Average Sales Price
- 98% Sold for Price vs. List Price
- Average days on market: 72
Colorado Springs Short Sales May 2009
- 53 Short Sales Sold (6% of the total sales for the month)
- $176,960 Average Short Sales Price
- 98% Sold for Price vs. List Price
- Average days on market: 167 Read the rest of this entry »
Bank owned properties are selling like hotcakes! Quick and fast
Sunday bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of May 24, 2009
During the last 7 days, 44 bank-owned properties came on the market; 32 of them are already under contract or pending. 73% of these new listings went under contract in a week.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Colorado Springs Homes for Sale — New Foreclosure Listings For week of April 25th
Saturday bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of April 25th , 2009
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Bargain Home in Southwest Colorado Springs as of 4-20-09
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in Southwest As of 4-20-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com Search for Homes in SouthWest Colorado Springs
Must Read Articles
Neighborhoods: Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Active homes for sale, INCLJUDING FORECLOSURES
- Short sales: 22 (4.8%)
- VA Owned: 1 (.2%)
- Bank-owned: 22 (4.8%)
- Normal: 412 (90%)
- Government Owned: 2 (.4%)
Active Homes for Sale as of 4-20-09: 458
- Single Family Homes: 323 (71%)
- Condos/Townhomes/Patio Homes: 135 (29%)
Partial list of Foreclosed homes currently on the market Read the rest of this entry »
5 things to know about buying a short sale home
Want to buy a short sale?
Related post: Buying a short sale vs. a foreclosure, what’s the difference?
For a FREE List of Foreclosures and Short Sales email Kathy Torline at KTorline@msn.com
Do you have questions about buying a Colorado Springs home that is noted as a “short sale”? Here are some of the most frequently asked questions I often hear from buyers, along with a brief answer.
1. Is the Short Sale negotiation process the same for a short sale as for a regular sale?
Yes, except that there is one EXTRA layer: After the buyer and seller agree on a price and terms, the seller’s 
lender (or lenders) and other lien holders must also agree on the offer. This can add anywhere from a month to 5 or 6 months to the process.
2. Are loans types the same for a short sale as for a standard home purchase?
The type of loans a buyer can use are the same as for a standard real estate transaction. But if the property is not in good condition, a buyer may not be able to use a VA loan or a FHA loan; as the property may come back with conditions from the appraisal process; and most sellers in a short sale situation don’t have the funds to make the requested repairs. Most short sales are sold “as-is”.
3. What are some of the disadvantages of buying a short sale property?
It can often takes the seller’s lender(s) and lien holders a long time to respond to a offers, and a buyer can become frustrated and give up. Also, some Realtors accept offers from several buyers, and submit all of these offers to the lender(s). Read the rest of this entry »
New Foreclosure reporting bill signed by the Governor
Public Trustees are unique to Colorado
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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The foreclosure process in Colorado is quite a bit different than in other states because the Governor appoints a 
“Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. The Public Trustee acts as a representative of the lender to facilitate the sale, which typically occurs in the form of a public auction.
Because of these differences, national foreclosure reporting companies may report a Colorado foreclosed property as many as two to three times between the Notices of Election and Demand, and at the point of a public trustee sale, thereby inflating Colorado foreclosure figures.
Over the years, concerns have been raised that foreclosure numbers for Colorado are inflated versus other states that have already implemented standardized reporting procedures. This can put Colorado at a disadvantage when national numbers are analyzed and compared.
There is a new Bill, HB 1197
Colorado Springs Foreclosure listings in the Central as of 4-8-09
Homes in Colorado Springs
Up-to-date market information for Active and Foreclosure Homes in the Central area
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Homes in Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
Breakdown of homes for sale, INCLUDING FORECLOSURES
- Short sales: 45 (10.6%)
- Bank-owned: 37 (8.7%)
- VA Owned: 1 (.2%)
- Regular: 340 (80.4%)
Active Homes for Sale: 423
- Single Family Homes: 315 (74%)
- Condos/Townhomes/Patio Homes: 108 (26%)
Partial list of Foreclosed homes currently on the market
This Colorado Springs Real Estate report contains information on homes in Central Colorado Springs. Read the rest of this entry »
Bargains are out there
Colorado Springs has a foreclosure problem — but it’s not as bad as the newspapers would make you think
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
In the past two years, Colorado Springs and surrounding communities have seen a record number of foreclosure filings: in El Paso County there were 4,602 in 2008, and 3,556 in 2007. Those numbers may seem high, but in 1988 (over 20 years ago), it reached a high of 3,476 and the population was probably half of what it is now. Year-to-date, according to the Public Trustee’s web site, there have been 522 foreclosures; an average of 174 foreclosures a month.
As a result, it’s a great time for buyers and investors in Colorado Springs and anyone relocating to Colorado Springs to find some bargain opportunities in foreclosed homes. Many people that may not have been able to buy before, now have a better selection of homes in the lower end price category.
A
s I’ve been setting up some automatic property searches from the local MLS database for some buyers I’m working with, it made me think on how much the market has changed. A couple of years ago, it was almost impossible for a buyer to find a habitable home in Colorado Springs for less than $150,000; and there was very little under $100,000. So of course, I thought I’d research some numbers and see what the statistics showed. Sure enough, in 2008 there was almost twice as many single family homes under $100,000 that sold than the year before.
Here’s some foreclosure facts
A foreclosure is a legal action that a lender(s) takes against a homeowner who miss several mortgage payments. Read the rest of this entry »
Finding diamonds in the rough
Colorado Springs Foreclosures
Search for Foreclosed Homes in Colorado Springs
I have several buyers who are looking at buying Bank Owned Properties in Colorado Springs, and yesterday I went and previewed some of them in the higher-end luxury foreclosure market
I don’t think the pictures will do justice to what I saw; but there were some interesting properties. My favorite was a 
property in a wonderful section of town back behind the Broadmoor Hotel. The home is located on an amazing lot, with great views of the city, an abundance of local wildlife, but …………………… property definitely needs some help.
The outside wasn’t bad; had some shake shingles that need updating, and new windows that were put in but the installation wasn’t finished. Stucco on the outside would make it look much better. Fantastic decks all over the place; and a wonderful unique floor plan with around 5000 square feet, with 4000 finished. It’s definitely a diamond in the rough.
Comparable properties that are updated and in good shape in the same Broadmoor Heights neighborhood in Colorado Springs are listed for around $650,000; this one is listed under $400,000, and it sold back in 1998 for $950,000. I’m not a contractor; but I would guess that for $150,000 to $200,000 you could make this into an amazing property; then a new owner would have $150,000 in built-in equity. And for 5 bedrooms, 5 baths, 4 fireplaces on .8 of an acre, with expansive windows; it’s definitely a diamond in the rough. The property has been foreclosed on at least twice, maybe it’s just waiting for the right owner to see it’s potential?
The doors leading into the property Read the rest of this entry »
There are different types of foreclosed homes
Foreclosure Properties for Buyers — Just the Facts
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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Buying a home that has been foreclosed on can be a very good deal, especially if you have money to invest
in fixing it up. Buyers may end up with more in equity than the amount they spend fixing the property, particularly when they do some of the work yourself. Even if you’re a first time homebuyer with no money for cosmetic or other repairs, a foreclosure may be within your reach with creative financing that allows you to finance the repairs based on the repaired value of the home.
As I was writing this article, I went to the local Multiple Listing Service and searched for all of the properties that said they were currently listed and classified as Bank owned. The search came up with 323 Bank owned properties, which is about 5% of the homes currently listed for sale. If you want a list of these properties, call or email Kathy or Nancy.
The following is a brief explanation of the majority of foreclosure properties available for buyers to purchase.
(1) Bank Owned: These type of properties are also called Real Estate owned or REO. The bank has already foreclosed, and the bank now owns the property. They are typically sold “as-is”, which means Read the rest of this entry »
