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Cash continues to drive the REO Market
Cash is still King
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There was an interesting article in DS News about how cash investors are pushing down prices. According to a quote in this article “In December 2011, data collected for the HousingPulse 
Survey shows that the overall proportion of cash buyers in the housing market surged to a record 33.2 percent, up from 29.6 percent a year earlier.” There is also a Press Release put out by Campbell, that essentially was repeated by DS News.
I did a quick calculation of Colorado Springs home transactions for 2011 and came up with the following information on what type of financing was used for home purchases in the area;
Cash 19%
Conventional Financing 31%
FHA Financing 19%
VA Financing 31%
One of the reasons that the numbers are different from the national average in the Colorado Springs Housing market, could be because of the strong military presence in the area which is shown by the 30% of home buyers that use VA financing.
This article has several key points on why Read the rest of this entry »
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 in
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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Kathy (719-287-1049) KTorline@msn.com
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
VA Vendee Financing helps sell VA Repos
VA Vendee Financing
Related Article: What is a VA Repo?
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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-veterans
- 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 »
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 »
