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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.
It includes over 3624 square feet, with 4 bedrooms, 4 baths, and a 3 car attached garage.
If you are looking for a large house at reasonable price in Peyton; then this is the property for you.
The property was built in 2002; and was originally sold for $306,000. It is a two-story plan, and includes a finished basement.
The upsides….. large attached three car garage, nice corner lot, stucco exterior, very well maintained, on almost 1/2 an acre, additional curved driveway, move-in ready.
The description in the MLS Says: “Must see! Shows like a model! Spacious and open floor plan. Bay windows in dining room and kitchen. Walkout kitchen to raised wood deck, 99% finished walk out basement with custom wood bar and wired with surround sound. Vaulted ceilings, bull nose corners, covered porch, beautifully landscaped front and side yard with wrap around drive way, concrete sidewalk around home, dog run, storage shed. and may be adjusted by . “
How can I steal properties from the banks?
WHAT CAN I EXPECT TO PAY?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related Articles:
Learn the Colorado foreclosure process, it’s different
Buying a Colorado Springs Foreclosed Homes — important to understand the trustee process
As a student of Foreclosures in Colorado, both to help sellers facing foreclosures, and to assist buyers looking to buy a Colorado Springs foreclosure, I’m always trying to learn more about the foreclosure process in Colorado. I attended a class this week
taught by Pete Griffiths, the in-house legal counsel for Land Title. Very good instructor, and definitely understands the legal process of foreclosures in Colorado Springs. Here’s some of the things I learned in the class that I thought I’d pass on.
- There was 50,514 foreclosures in Colorado in 2009.
- Legally, the definition of foreclosure in Colorado for contract purposes, is defined as a homeowner who is 30 days behind in their payments.
- Colorado is the only state that has a Public Trustee, whose duties are defined by statute.
- If you are the successful bidder on a foreclosed home at at the Public Trustee auction, you don’t automatically own the property. There are redemption periods for junior lien holders. Only at the end of the redemption periods (if junior lien holders don’t redeem) will you officially be the owner of the property.
- The majority of junior liens are “wiped out” if you are the successful bidder at the Public Trustee sale, but not everything goes away. it’s important to partner with a good title company who can give you information about other liens on the property including HOA liens and tax liens.
Remember, make sure and do your research
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Kathy (719-287-1049) KTorline@msn.com
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 C
olorado 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
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.
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!
I’m not sure how to Read the rest of this entry »
Must know facts about buying a Colorado Springs short sale
Colorado Springs Short Sale Buyers need to know facts
Related post: Buying a short sale vs. a foreclosure, what’s the difference? and 5 things to know about buying a short sale
For a FREE List of Foreclosures and Short Sales email Kathy Torline at KTorline@msn.com
Good Deals: YES, this is a good opportunity for the buyers. NO, this is NOT a foreclosure!
Offers for a Short Sales YES, you can make offers on what you think it is fair market price, but NO, you can not 
buy 50 cents on a dollar of what the owner pay for, unless the owner overpaid and/or the market has dropped 50%. Lenders will not approve a short sale below fair market value. Buyers, if you are planning to buy a Short Sale property, please manage your expectation.
Time Frame For a Short Sales: YES, you have to be patient, as part of the process. The Short Sales sellers have to submit a Short Sales Hardship package, and both buyers and sellers will have to wait. NO, you cannot expect bank to get things done faster; they work on their own timetable.
In the case of Short Sales, the Buyer has to wait Read the rest of this entry »
