Colorado Springs Vintage Homes Blog
Colorado Springs Real Estate, Colorado Springs Real Estate Investments, Colorado Springs realty
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Do your homework on building permits
Do your homework on Building Permits
Previous Posts
- 5 reasons lack of building permits cause big problems
- Colorado Springs Building Codes and Permits – Part I
- Colorado Springs Building Permits – Part II
- Colorado Springs Building Permits – Part III
- Colorado Springs Building Permits — Part IV
- Colorado Springs Building Permits — Part V
- 5 reasons lack of building permits cause big problems
The El Paso County Assessor’s office is one of the web sites I frequently check when I’m getting ready to write an offer for a homebuyer in the Colorado Springs Area. I like to look at the square footage, the bedrooms, the baths, the garage, and the basement information listed on the assessor’s office and compare it to t
he information on the Multiple Listing Print-out. Also, out of curiosity, I also look at the assessed value listed on the property. (I’ll write more on this later.)
You may ask, why is all of this information important? The biggest reason it is important is that discrepancies may (and I underline the word may) mean that there has been additions and improvements to the property that have not been permitted. If the assessor’s records only show 2 bathrooms, and the property has 3, it may mean there was an additional bathroom added that wasn’t permitted. If the assessor shows the basement was unfinished and the property has a finished basement, again it may mean no permits.
The next step that I do is to check the Pikes Peak Regional Building Department and see what type of permits have been done on the property. Permits are important as they ensure Read the rest of this entry »
Bargains in Colorado Springs? Maybe, maybe not
Foreclosures in Northwest Colorado Springs
Search for Foreclosures in Colorado Springs
Related Articles:
There are currently some unique bank-owned houses for sale in Northwest Colorado Springs. I saw 2 homes over the weekend in Northwest Colorado Springs, in the Southface neighborhood, not far from Vindicator and Centennial. Both of them were the same floor plan, although one had a bigger basement on it than the other one
The first property, on Bear Cloud, is located on a nice lot, but the back yard does back up to a busier road. Nice open floor plan, with a large free standing brick fireplace that greets you as you enter in the property.
It includes over 3,000 square feet, with 5 bedrooms, 3 baths, 2 car garage. The property was originally foreclosed on in October 2008. The living room has expansive windows on the southerly side. There is a nice open kitchen (of course most of the appliances have been stripped out) and it includes a good size space for a kitchen table. No formal dining room, which may or may not work for potential buyers. Large master bedroom at 17 x 15 with a 5 pc. attached bath. There may be possible structural issues on the back wall of the basement, a potential buyer would want a thorough inspection as well as a structural engineering report. The basement included 2 bedrooms and another full bath. Priced vary attractively for the square footage.
The second property on Read the rest of this entry »
Homes in Southwest Colorado Springs continues to be a Buyers Market
Colorado Spring Real Estate – Market Report for Southwest, Close to Fort Carson
Single Family Homes – Includes Broadmoor, Cheyenne Meadows, Bluff Bluffs, Quail Ridge
Search for Homes in Southwest Colorado Springs
The Southwest housing market continues to be a BUYERS Market, as there is currently a 9.425 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “BUYER’S MARKET“. 2008 Sales units are down 25% from 2007, but 2008 pricing is only down 10% from 2007.
First Quarter 2009 Market report for homes in West Colorado Springs
Colorado Spring Real Estate - West area – Market Report – Single Family Homes
Includes Homes in Pleasant Valley and Kissing Camels
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must Read Articles
- El Paso County taxes are some of the lowest in the nation!
- Colorado Springs in ratings for Best Places to Start Over
- Radon poses a threat to Colorado Springs Homes
- High Altitude Adjustment for living in Colorado Springs
- Schools in the Colorado Springs Area
- Abandoned Coal Mines Cause Problems
The West housing market continues to be a BUYERS Market, as there is currently an 9.25 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales units are ONLY down 1% from 2008 to 2007, but pricing is down more than16% from 2008 to 2007.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004 Read the rest of this entry »
Buying a short sale vs. a foreclosure, what’s the difference?
Every buyer wants a “deal” right now and I don’t blame them!
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Here is El Paso County we have an 8 month supply of houses (compared to a 5-6 month “normal” supply) and at 
least 1 out of 10 of them are “distressed sales” (foreclosure, pre-foreclosure, etc.). Although these figures vary vastly on a neighborhood by neighborhood basis. As an example, the Southeast part of town has been hit particularly hard by foreclosures and short sales, while the Northwest part of town is fairly stable. Even though these numbers may sound bad, lots of areas have 8 out of 10 properties that are distressed; especially in cities like Phoenix and Las Vegas.
Buying a pre-foreclosure or a foreclosure can be very different experience, both from a “normal” sale and from each other. Here’s a quick synopsis of the differences:
Pre-Foreclosure (often a short sale)
A short sale occurs when a house is worth less than the mortgage, and the seller’s lender accepts less than what is owed on the mortgage.
As an example, a seller may have a mortgage of $250,000 on their home in Colorado Springs. The seller is taking a job in a new city and the house is now only worth $220,000. A buyer makes an offer on the house in the amount of $220,000 and the net proceeds to the bank is $205,000 by the time the owner pays the real estate commission and the seller’s closing costs. The buyer and seller sign the contract but the offer is subject to approval by the lender, as the bank than must agree to accept $205,000 vs. $250,000 to pay off the loan. Hence the term short sale.
Some statistics say that a lender typically loses about 19% of a mortgage’s Read the rest of this entry »
New FHA limits increased again for 2009 in El Paso County
FHA has new loan limits
One of our favorite guest writers, Harry Venick sent me an email yesterday stating that the FHA has increased the loan limits for El Paso County!
According to Harry, “FHA loan limits have been increased for 2009 again: El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
Harry Venick is a Sr. Loan Officer with Adams Mortgage, LLC. He can be reached at (719) 955-3674 or his cell is: (719) 338-3879.
If you’ve been holding off because you haven’t been able to get a large enough loan with the FHA, it might be a great time to revisit Read the rest of this entry »
Tax Credit — Who is a first time home buyer?
Colorado Springs Vintage Homes is happy to feature a great article by
Bryan Yaninek with Castle & Cooke Mortgage, LLC
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!
Part I of Tax Credit Explanation
Who is Considered a First-Time Home Buyer?
There are other scenarios to consider! This one is easy; anyone who has not owned a home within the last 3 years. If they sold a home 3 years ago, the date on the HUD 1 is the determining factor.
- For a married couple, if one person owned a home within the last 3 years and the other did not, they don’t qualify for the tax credit.
- However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents Read the rest of this entry »
Resources for building a Green Home
Green Homes
Search for Homes in Colorado Springs
Are you considering building the home of your dreams this year? The newest trend is to build green by using materials that are environmentally friendly, designing your space to use energy 
more efficiently, furnishing your home with Energy Star rated appliances, avoiding waste and using natural resources as much as possible.
There’s also the advantage of doing your bit to help the environment while cutting back on your own utility bills.
Here are a few websites that offer help while you’re in the planning stages of building green: Read the rest of this entry »
21 reasons short sales fail
Part X of Colorado Springs Short Sales Series
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
According to an article in Reuters in April 2008, 1/3 of all short-sale fail. The study was conducted of more than 3,000 real estate agents by Campbell Communications.
Since I do short sales for clients in Colorado Springs and the surrounding areas, I thought I’d make up my own list of why they fail. My logic is that if I can avoid or minimize these issues as much as possible, I should be able to lessen the failure rate. Here’s my list; although I don’t have them ranked in any particular order. Some of these things I can control and some of them I can’t; regardless it was an interesting exercise to put the list together.
A. Training and education (One short sale class is not enough to prepare a realtor to represent a client in short sale.)
(1) Seller’s agents don’t always understand what they are doing
(2) Buyer’s agents don’t always understand what they are doing
B. A buyer is never found for the property
(3) Price is too high
(4) There is too much inventory on the market for buyers to choose from
(5) Undesirable location
(6) Property needs major repairs
(7) Not enough time to market the property before the property goes to foreclosure
C. Offer is too low Read the rest of this entry »
How do you price a Colorado Springs short sale?
The Art of Pricing a Short Sale
Part IX of Colorado Springs Short Sales Series
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
I’ve had some agents tell me that it seems like everyone will be a short sale expert by the time all this is said
and done. Ladies and Gentlemen, I have to say that there are very FEW experts in short sales in this market; as I think every situation is different and every lender is different. No two situations are the same. Here are some of my favorite comments about short sales from other agents …………..
The seller needs to fix the roof, it won’t pass inspection. If the seller had the money to fix the roof, he wouldn’t be in a short-sale. Did you see the verbiage sold “as-is” in the MLS? Did you see that it was listed as cash or conventional financing only?
Why can’t the seller keep the utilities on? Again, if the seller had the money to keep the utilities on, he probably wouldn’t be in a short-sale.
And my favorite …………. I’m going to advise my seller to price the house really cheap, that way I’ll get several offers to send to the lender. I know the lender will accept any offer they get.
OK, so you are going to ask me: “And what does it matter Read the rest of this entry »
What you MUST know about short sales on FHA loans
Colorado Short Sale Series – Part VII
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Every short sale listing is different, mainly because each lender has their own way of handling things and their own set of rules regarding short sales. But in addition to different rules with each lender, there are also special requirements for FHA loans.
The Dept of HUD published Mortgagee Letter 2008-43 on December 24, 2008, which details the new 
procedures for the FHA Pre-Foreclosure sale (PFS). The PFS is what FHA calls their Short Sale. If a seller is shorting an FHA loan, here’s some of the major things they need to know:
procedures for the FHA Pre-Foreclosure sale (PFS). The PFS is what FHA calls their Short Sale. If a seller is shorting an FHA loan, here’s some of the major things they need to know:- HUD used to have a rule that required the property to appraise for at least 63% of the indebtedness , this is no longer in affect.
- HUD used to accept 82% of the appraised value as their net – now it is 88% if it sells within 30-days marketing time, Read the rest of this entry »
Tax Benefits of home ownership
Does our tax code have benefits for homeowners?
Lets look at renting vs. owning your own home.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.
The amount of money a renter spends on rent can be about the same as the amount a homeowner spends on 
a mortgage. With the tax benefit for home owners, the savings for homeowners can be significant. Though, if something breaks or becomes faulty it will be the homeowners responsibility to repair or replace as they no longer have a landlord.
(1) One of the best known benefits of owning your home is the mortgage interest deduction. Homeowners are allowed to deduct the interest paid on their primary residence. If you have a home that you live in most of the year and also have a vacation home you can deduct the interest paid up to one million dollars. You can also deduct interest on home equity loans up to $100,000.
(2) If you’re a first time buyer, you can also qualify for the new $7500 Homebuyer tax credit. A first time buyer means you haven’t purchased a home in the past three years or have not lived in a home you’re paying a mortgage on. Unless Congress Read the rest of this entry »
What are the credit consequences on a short sale?
Part VII in Short Sales Series for Colorado Springs Home Owner’s
Related Previous Posts:
- Colorado Springs Homes, 4 things to know about a short sale – Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options – Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale – Part III of Short Sales Series
- The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
- How long does it take to do Colorado Springs Short Sale? – Part V in Short Sale Series
- Are there tax ramifications to a Colorado Springs Short Sale – Part VI
Are there any credit consequences to a Short Sale?
As I continue to do more and more Short Sales for home sellers in Colorado, I frequently get asked this question. It’s a fairly simple answer, as the moment a home owner get 30+ days behind on their mortgage payment, the bank will probably report this information to the credit bureau. When a late payment is reported; it does have a direct affect on your credit.
It’s also important to note that when the actual Short Sale is completed, many lenders will report that the account was “paid in full for less than the full amount.” A credit report may also be marked as “settled.” Each lender has a different way of reporting that a Short Sale was done, but this seems to be the most common language that is seen. Read the rest of this entry »
Buying a Home in Colorado Springs, manage your most valuable asset! Part VI
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part VI
Anza Goodbar, President of Clearview Mortgage 
Previous Posts by Anza:
- Tips for Colorado Springs Consumers – what is identify theft?
- Want to buy a home in Colorado Springs, manage your most valuable asset!
- Buying a Home in Colorado Springs, manage your most valuable asset! Part II
- Buying a Home in Colorado Springs, manage your most valuable asset! Part III
- Buying a Home in Colorado Springs, manage your most valuable asset! Part IV
- Buying a Home in Colorado Springs, manage your most valuable asset! Part V
Now that you understand the individual components of your credit score and how they factor into your total score, let’s talk about what you can do to increase your score.
How to build your credit score:
You may be young and just starting to build a credit history, you may have been married and all of the credit history was in your husband’s name or you may have experienced difficulties in your past that have caused blemishes on your credit report.
The first step is to pull a tri-merged report to verify it is accurate. For this example, let’s say everything reporting is correct. You may not have a score because you have not applied for credit in the past. It may be difficult for you to obtain credit Read the rest of this entry »
Foreclosed homes in Colorado Springs, Monument and Palmer Lake
Tri-Lakes – Market breakdown for Active Homes as of 12-6-08
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Related Posts
Neighborhoods: Woodmoor, Kings Deer, Palmer Lake, Walden Reserve, Jackson Creek
- Single Family Homes: 427 (94%)
- Condos/Townhomes/Patio Homes: 27 (6%)
Active homes for sale:
-
Short sales: 23 (5.1%)
- Bank-owned: 22 (4.8%)
- Regular: 409 (90.1%)
Tips for Colorado Home Buyers, beware of buying a meth home
Don’t let your dream home turn into a nightmare!
Search for Homes in Colorado Springs
Part I of Series
Related Posts
There continues to be an epidemic sweeping the Midwest that presents health and safety risks to potential home buyers. There is widespread use of homes, garages, sheds, even motor vehicles to manufacture illegal drugs, specifically methamphetamine. It’s important for potential buyers to understands the basic facts about meth labs; and for buyers to do their due diligence when buying a home
What is a meth lab?
According to the verbiage on the Colorado Spring City Government web site: “Illicit manufacture of meth involves the process of combining multiple chemicals to another substance (referred to as a “precursor”) to create methamphetamine. The most common Read the rest of this entry »
Foreclosed Homes in Colorado Springs, West Area
West - Market breakdown for Active Colorado Springs Homes as of 12-6-08
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Neighborhoods: Kissing Camels, Cedar Heights, Mesa, Chelsea Glen, Pleasant Valley, Holland Park
Related Posts
Active as of 12-6-08: 226
- Single Family Homes: 146 (65%)
- Condos/Townhomes/Patio Homes: 80 (35%)
Active homes for sale:
- Short sales: 13 (5.8%)
- VA Owned: 1 (.04%) Read the rest of this entry »
How do I prevent frozen pipes?
It’s Frozen Pipe Time
Get a Free Market Analysis on your Home, Email KTorline@msn.com or call 719-287-1049
With the official start of winter in Colorado only days away (December 21st); I thought it may be a good idea to share some tips on how to prevent frozen pipes.
Let’s start with a simple explanation of frozen pipes ………………… When water freezes within a pipe, the volume of water expands. The same amount of water takes up more space as a solid than as a liquid. This causes the pipes to expand and possibly break. The temperatures in Colorado Springs lately have been dipping down in the single digits; and a few simple tips can save you thousands of dollars later.
(1) During extreme low temperatures all pipes located on exterior walls should have a slight trickle of water dripping continuously through the faucet. The cost of the extra water is low compared to the cost to repair a broken pipe. Moving water doesn’t freeze as readily as stagnant water.
(2) Thermostats should be kept above 55 degrees Fahrenheit.
(3) Leave the cabinet doors under the kitchen sink open so that the room air can warm the pipes. Read the rest of this entry »
What are closing costs?
Closing cost explanation
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
When buying real estate in Colorado Springs, the closing is the last step. It is the process of passing ownership of property from seller to buyer. As a buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Here are some common fees:
Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the 
beginning of your loan application process.
Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage, but varies from lender to lender.
Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.
PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.
Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.
Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance.
Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.
Must Read Posts for Buyers and Sellers:
- It’s against the law
- Who is Representing YOU?
- Shop for a Lender like you shop for a house
- Research who you are working with
- 8 biggest mistakes made by home buyers
- Colorado Springs Home — Is a Condo or a Townhome right for you?
- Joint Tenants or Tenants-In-Common, the choice is yours when purchasing a home
- How to choose a Buyer’s Agent
Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay a portion of all of the settlement costs.
If you enjoyed reading this article, why not To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
Old Colorado City Commercial district…fun to visit and lots of history
Old Colorado City during the early years
Search for Homes in Colorado Springs
The commercial district of Old Colorado City, located on W. Pikes Peak Ave., dates to the turn of the century (20th that is) when it was quite productive and prosperous. Due to the closeness of the railroad yards and ore mills it became a transportation and gold processing center. The railroads brought lots of tourists as well, creating a thriving hospitality business.
The business district reflected this economy. You could buy dry goods, furniture groceries. There were also drugstores and meat markets. Many of these building’s brick facades were provided by The Stucco, Brick and Cement Company located in Old Colorado City. Many of the buildings also housed meeting rooms, business offices, dentists, doctors and lawyers in the upper floors.
There were no shortage of saloons as
more than a dozen were in operation to provide refreshments and recreation for the populace, tourists and Colorado Springs residents trying to escape the city’s liquor free atmosphere. Places like Hoffman House, Oxford Club, Arcade, Colorado City Beer Hall and Bucket of Blood where many of them had second floor dance halls and gambling dens. The Cucharras Street Red Light District was on the adjacent street where you could indulge in more racier recreation if desired. Liquor, gambling and prostitution was banned in 1913 though you could still indulge in the town of Ramona which was founded by the bar owners for only those purposes. These buildings were later razed and Thorndale Park now occupies part of that scarlet town site.
Colorado City was annexed to Colorado Springs during World War I and became a bedroom community , which is now known as the westside. Due to the waning of Cripple Creek an economic decline started in the 1910’s and lasted until the mid 1900’s. Several of the original buildings were updated to unflattering modern renovations and several burned to the ground. Traffic declined even further when Highway 24 opened in the 1960’s.
Finally in the 1970’s, the district underwent a revival, supported by the City of Colorado Springs. Many properties were restored to the turn of the century looks and even some compatible new buildings were constructed on the vacant lots. Today the district is listed in the National Register of Historic Places. As in yesteryear, today “Old Town’s” ambiance attracts Colorado Springs residents and tourists. There are lots of shops, restaurants and interesting storefronts. Wide sidewalks, shade trees and park benches allow folks to stop, shop, eat and stay awhile. Notice the cornices, patterned brickwork and other wonderful architectural features of these historic commercial buildings.
If you liked this article, try reading some of these:
- Cripple Creek Gold Rush and what it meant to Colorado Springs
- Old Colorado City Springs to Life with a Vigilante System of Government
- 33 Unique things to do-#5 Van Briggle Pottery and Museum
To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
