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Waiver on flipping is good for the local Colorado Springs economy
Waiver announced on 90 day flipping
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The 90 Day Flipping rule has been lifted for at least 1 year starting February 1, 2010. HOWEVER, it’s important to keep in mind that it is 
not completely free from all stipulations. Here’s a link to the actual Waiver on the HUD web site; which gives the conditions of the waiver.
What does this mean to the Colorado Springs First Time Home buyers?
It means that buyers who are going to buy a property with a FHA loan financing can do so without having to wait for 90-days from the date of the last purchase of that property in order to purchase it.
As an example: A home was purchased by an Investor on November 15, 2009 and the investor fixed up the property. With the previous 90-day rule, a buyer who was using FHA financing would have to wait 90-days from the 11/15/09 date in order to go into contract on this property. The new rule is waiving the 90 day period.
What does this mean to Colorado Springs Real Estate Investors?
It means that investors can buy and flip properties and not worry about waiting 90 days to get the property sold. Although conventional and cash purchases were not affected by the 90-day rule, the majority of homes are now being financed by FHA. This moratorium will help homes sell quicker; which means investors can then move on to the next property!
Who Else Does it Affect?
Many of the homes that the banks are foreclosing on are in bad shape and need repaired and updated to make them more attractive to Colorado Springs First Time Home Buyers.
I think this change in the guidelines will help Colorado Springs foreclosed homes sell faster, which in turn helps the local economy. It’s estimated that on an average a home buyer spends an additional $8000.00 on a house after they purchase it, which certainly also stimulates the economy.
Wouldn’t you much rather have a homeowner in your neighborhood vs. a foreclosed empty house?
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Kathy (719-287-1049) KTorline@msn.com
How to avoid information overload when looking at houses
Information overload can be avoided
Search for Homes in Colorado Springs
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Since I work with many buyers, I’m always thinking about how I can help the average Colorado Springs first time home buyer look for a home. One of the biggest challenges for first time home buyers is information overload. How do they keep all the information straight? At the end of a full day of showings, how do they remember what they saw?
Here are my top 6 tips to help the Colorado Springs first time home buyer:
- Keep notes on each house as you go through it. Why do you like it, what needs work? What’s the good, the bad, and the ugly?
When you get in the car, write everything down you can about the house. You may think you’ll remember the information later in the day, but if you write it down you know you’ll remember the key points. - Nickname the house. The “bright” house. Or the “70’s house” with the shag carpeting. Or the “cul-de-sac” house. Nicknaming the house will help you keep them straight. After seeing 10 – 15 houses in a day it becomes confusing. All the houses run together.
- If you don’t like the house, get rid of the paperwork or cross it off. (no reason to keep unneeded paperwork as it just adds to the information overload.)
- Take pictures to help you remember the houses and the features you like.
- As you go through the day seeing houses, rank the homes. On a scale of 1 to 10, which house is a 9 or a 10? Write this information down on the MLS property sheet.
- Write down all the pluses and minuses of each home on single piece of paper. That way you can look at all of information on one single sheet vs. flipping thru 20 different sheets.
Remember Knowledge is Power
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Kathy (719-287-1049) KTorline@msn.com
What type of house do you like?
Colorado Springs Houses
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I work with a lot of Colorado Springs first time home buyers, and I often ask them what type of floor plan they would like in a home. When I ask the question, I often see a blank look in their face; and I realize that first time buyers really don’t know what type of floor plan they like or don’t like; consequently I thought it would be helpful to put together some information on advantages and disadvantages of different types of house floor plans.
Ranch houses
- Sleeping and work areas are on one level; eliminating the need for stairs climbing. Can be well suited to baby boomers or seniors
- The exterior can be easy to reach and easy to maintain, although if it is built on a sloping lot with a walk-out basement, it can be more challenging to maintain
- Can be more difficult to provide privacy, since the house is on one level
- Takes more space to accommodate the same gross living area
- More expensive to build
Two Story - has a living space on two separate floors, stacked on top of each other
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