Colorado Springs Vintage Homes Blog
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Are foreclosures down?
Have foreclosures decreased in Colorado?
Search for Colorado Springs Foreclosed Homes
Related Articles:
- 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
144 Potential amazing deals
You can Buy a home under $100,000 in Colorado Springs
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There are (174) active listings of single family detached homes available for sale in the Colorado Springs area that are priced under $100,000! Even though 34 of these are short sales, that still leaves 14
0 homes on the market that are less than $100,000. I don’t have exact numbers, but several years ago, there were very few livable homes on the market that were priced under $100,000.
These homes range in price from $27,000 to $100,000, and from 480 square feet to 2600 total square feet. Most have 2 to 3 bedrooms, and some also include garages.
Some of these active listings do qualify for FHA & VA financing, and some only offer Cash or Conventional financing. Here are some of the areas where there are homes under $100,000:
- 33 Homes in Central Colorado Springs
- 12 Homes in Southwest Colorado Springs
- 4 Homes in East Colorado Springs
- 22 Homes in Southeast Colorado Springs
- 19 Homes in Fountain Valley (close to Fort Carson)
- 9 Homes in Powers area (close to Peterson Air Force Base)
- 9 Homes in Old Colorado City area of Colorado Springs
- 12 Homes in Southwest Colorado Springs (close to Fort Carson)
Whether you are buying your first home, or your first investment property, some of these homes are amazing deals.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
It’s important to understand the deeds on foreclosed homes
Buying a Colorado Springs Foreclosure? Make sure you understand general warranty deeds vs. special warranty deed.
Search for Colorado Springs Foreclosed Homes
Related Articles:
- 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 addendums and Foreclosed Homes
With a general warranty deed, the seller warrants that the title being transferred to the buyer is valid and free of any title defects back to the beginning of time. 
A special warranty deed warrants title only for the time period in which the seller owned the real property. It gives no warranty for problems prior to that point
As an example, if there was a title defect before the bank acquired the home at the foreclosure trustee sale, the bank would not have liability to the buyer under a special warranty deed. But they have liability to the buyer under a general warranty deed.
Hence, in order to limit their liability a bank that acquires a home at a foreclosure sale only provides a special warranty deed to the buyer.
If only a special warranty deed is furnished, it’s important for the new purchaser to have title insurance to cover any defect in title. If there is a problem, the buyer should be able to recover damages from the title insurance company for most defects in title, including those defects in title that occurred prior to the seller acquiring the real property.
Title insurance insures the buyer against past ownership problems, old liens, boundary issues, and so on. There may be exceptions in the title insurance policy, and potential buyers should know what their exceptions are. But unless there’s a specific exception, any other past title problems are covered.
The Colorado Contract to Buy and Sell Real Estate, has a specific section relating to deeds:
13. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient ______________________________ deed
If you have more questions about a general warranty deed vs. a special warranty deed, and what is covered by title insurance, you may want to contact an attorney who specializes in real estate law.
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To find out more information about buying a Foreclosed home in Colorado Springs call ….
Kathy (719-287-1049) KTorline@msn.com
No Disclosures on a Foreclosure
Disclosure on a Foreclosure, NOT
Search for Colorado Springs Foreclosures
When buying a Colorado Springs foreclosure, the buyer typically doesn’t receive disclosure documents. In Colorado,
most sellers fill out a Sellers Disclosure form. The Document states “Seller states that the information contained in this Disclosure is correct to the best of Seller’s CURRENT ACTUAL KNOWLEDGE as of this Date.”
The banks who own foreclosure properties have never lived in them and typically have only owned them a short time, so their opinion is that they are relieved of much of their disclosure duty. However, in my opinion both the the Listing Agent and the lender probably know more about the property than they are willing to tell.
Many times the banks will go into a Colorado Springs Foreclosure and redo carpet, repaint, add new drywall, and new appliances. But the lender or Listing Agent doesn’t tell you what it looked like before the work was done. Many buyers would like to know if there’s a cracked slab under that new flooring, or hardwood floors under the carpeting. Or was there some mold under the new flooring in the laundry room.
Listing Agents are taught to to disclose, disclose, disclose; but that isn’t the case with bank-owned properties. Buyers purchasing a foreclosure, need to do extra due diligence to make sure they know what they are buying. As what they see is what they get, as well as what they don’t see is also what they get.
To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
Foreclosure Home Pick of the Week — South of Colorado Springs
Not all Colorado Springs foreclosure homes are deals
Search for Foreclosures and Short Sales in Colorado Springs
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My Foreclosure pick of the week is in Rockcreek area south of Colorado Springs on 2220 Paseo Corto.
It is a single family home and includes over 2500 square feet, with 3 bedrooms, 3 baths, and a 2 car attached garage; as well as a detached 2 car garage. The detached garage doesn’t have a floor or a door; it’s more of a metal enclosure set on the ground than a true garage. The property was built in 1980; and was originally sold for $264,500 in 2003The upsides….. 3 acre lot, beautiful trees and scrub oak on the lot. The house does need some work, which is very typical for a bank owned property.
The downsides ….. very close to Highway 115; you can definitely hear the traffic noise.
The description in the MLS Says: “Unbelievable property with fabulous mountain views. Large property includes a 1000 sq. ft. garage. Home offers hardwood and slate flooring, enclosed back porch. Minutes to Ft. Carson.”
The El Paso County Assessor’s office has it valued at 307,338. At the current list price of $319,900, it may be priced a little over market value, especially considering it is so close to the Highway. There are 14 other properties in the area, priced from $119,900 to $899,900. During the last 6 months, only 2 properties have sold in the same area, ranging from $259,900 to $420,000.
If you would like to find out more about buying a foreclosed home in Colorado Springs
Call Kathy Torline, 719-287-1049 or email KTorline@msn.com
Foreclosure pick for July, 5 acre horse property in Monument
Search for Foreclosures and Short Sales in Colorado Springs
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My foreclosure pick of the week is in Monument (located north of Colorado Springs) on 4185 Spaatz Road in Pine Hills in Monument. It’s located west of I-25 and it includes over 4100 square feet, with 4 bedrooms, 3 baths, and a 2 car attached garage.
The property was built in 1983; and most recently sold for $375,000 in 2005. It is a two-story , on 5 acres zones for horses and includes a finished basement.
The upsides….. 5 acre lot, expansive floor plan, beautiful valley views with plenty of square footage. It’s very close to Pike National Forest, hiking trails, and only minutes from downtown Monument. It does need quite a bit of work, but at first glance it mainly looks like cosmetic work including new floor coverings, everything needs painted, appliances are needed, deck needs refinished, and the windows look in bad shape. Couldn’t tell about the roof, or the condition of the well or the heating system; all things to be checked out during an inspection.
The description in the MLS Says: “Great opportunity! 4 bed, 2 bath home with over 4,000 square feet! Tons of living space in this house. The main level features formal living and dining rooms, a family room with a fireplace and a spacious kitchen. Kitchen features a breakfast bar and tile counters and backsplash. There is a sunroom off of the family room which offers tons of natural light for the kitchen and family room area. Basement offers a large rec room and an office. Lots of windows and high ceilings throughout the main level.”
The El Paso County Assessor’s office has it valued at $394464. At the current list price of $272.900, it’s priced below market value. There are 3 other properties in the area, priced from $365,000 to $654.000. During the last 6 months, 4 comparable homes in Monument have sold in the same area, ranging from $275,000 to $406,500; averaging $110.00 per square foot.
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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
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:
Search for Colorado Springs foreclosures
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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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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
What makes buying a foreclosure different?
How to Buy a Foreclosure — Part I
If you are interested in buying a Foreclosure in Colorado Springs, it’s important that you 
realize that these are a “different type of sale”; and they go by different rules than “normal sellers”.
Most people who are looking to buy a REO in Colorado (foreclosed property) are looking for a deal. It’s important to know that deals can be had, but they can’t be stolen. Lenders are very good at pricing the properties correctly, and they typically have them priced correctly.
What makes buying a foreclosure different?
- Asset Managers set the rules, and the rules very from lender to lender as well as the and the rules can also vary from Manager to Manager within the same lender. (9 key things to know about buying a bank repo )
- Asset Managers set the price by reviewing BPO (Broker’s Price Opinions) and Appraisals. (Banks, how low will they go?)
- Asset Managers typically work Monday through Friday, no weekends, no holidays, no
evenings. - Asset Managers are looking for the highest net return and the quickest closing.
- The properties are sold “as-is” with no repairs, no warranties and no guarantees. (Homes sold “As Is” in Colorado Springs….what does it mean?)
- Asset Manager almost always require a pre-qualification letter and an Earnest Money Check before submitting an offer.
- Asset Managers can take days to give an answer on a contract.
- Asset Managers may also need to receive additional approval from their investors, mortgage services and the mortgage insurance companies on low offers. Many times they don’t have the final say in accepting a contract.
- REO Foreclosures almost always have an additional addendum’s. It’s crucial for buyers and their Realtors to read the addendum thoroughly as the addendum’s supersede the terms, dates, and deadlines in the contract.
- Remember, The Asset Manager is an employee, they are not real estate agents. Their job description is to get the property sold. They typically will be working on 300 to 400 files at a time. For them it’s a business decision.
The most important thing to remember, they all want to recover the most they can in a sale in the quickest amount of time.
Related Posts
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes in Colorado Springs, 5 things to know about buying foreclosures
- 8 biggest mistakes made by Colorado Springs home buyers
- Buying HUD homes in Colorado Springs, Part I
- Buying HUD homes in Colorado Springs, Part II
- Colorado Springs HUD Homes – Part III in FAQ’s
- HUD homes available for $100.00 downpayment
- Buying a short sale vs. a foreclosure, what’s the difference?
- Abandoned pets are foreclosure victims
- 7 reasons to buy a HUD home in Colorado Springs
- Rules are Rules for Title Seasoning
- The Million Dollar Question
If you enjoyed reading this article, why not To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
Colorado Springs Foreclosure – December Pick
Colorado Springs Foreclosure Pick of the week
Search for Foreclosures in Colorado Springs
Related Article: Buying a short sale vs. a foreclosure, what’s the difference?
My pick of the week is in Falcon Highlands, east of Colorado Springs, on 11006 Birch Hollow Way. Falcon is only a short commute to Schriever AFB, and Peterson AFB.
It includes over 4800 square feet, with 3 bedrooms, 3 baths, and a 3 car attached garage, priced at less than $300,000.
If you are looking for a BIG house at reasonable price in Falcon; then this is the property for you. The property was built in 2007/2008; by John Laing; but was never finished as John Laing went into Bankruptcy.
The house has a great floor plan, with lots of room to expand in the 2500 square foot basement.
The upsides….. large attached two car and one car garage, laundry on the same level as the bedrooms, open floor plan, separate dining space, main floor office, newly built; never lived in. Plus it’s on over 1/2 acre lot. The downsides ………….. no landscaping, no window coverings, and no floor coverings, except in the kitchen and bathroom.
The description in the MLS Says: “Newly finished former popular Clayborn floorplan includes slab granite counters, upgraded Whirlpool appliances, and hardwood floors in the entry and kitchen / eating nook. Kitchen offers a gas cooktop, double oven, and breakfast bar. This spacious rancher has a great room, main level laundry, convenient mud room, 3 car garage, and unfinished basement with plenty of room to expand. Living spaces flow with ease from one to another, and home has a functionality that all will appreciate!”
Foreclosures in Colorado Springs continue on the upswing
Foreclosures on the rise in El Paso County
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related Articles
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I was doing some research for a couple of clients on foreclosures this morning, and pulled up the current foreclosure reports for Colorado Springs as of November 30th, 2009 We’re definitely still on the upswing for foreclosure filings with a 16% increase in 2009 from 2008. Last year the average monthly rate for new foreclosures was 384, this year the monthly rate is 446. Here’s the link to the Report and here’s a quick summary of the last several years:
2004 2,298 Filings
2006 2,570 Filings Read the rest of this entry »
What can I buy for $100,000?
What kind of house can I buy for $100,000 in Colorado Springs?
Search for Homes in Colorado Springs
The number of houses in Colorado Springs that are sold for less than $100,000 has continued to increased substantially over the last couple of years. It’s a great time to be an investor in Colorado Springs and it’s a great time for a first-time home buyer to purchase their first home.
Here’s a quick breakdown of houses SOLD under $100,000 and a comparison to previous years: 
01/01/09 to 08/15/09 769
01/01/08 to 08/15/08 540
01/01/07 to 08/15/07 387
01/01/06 to 08/15/06 469
01/01/05 to 08/15/05 471
Many of the these Colorado Springs homes are being bought by investors who buy the home for less than $100,000 and have payments between $650 to $700 a month. Then they turn around and rent out the homes for $800 to $900 a month.
With foreclosures continuing to be high in El Paso County Read the rest of this entry »
7 reasons to buy a HUD home in Colorado Springs
Colorado Springs HUD home
7 Reasons to Buy
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
- Comprehensive Property Report; HUD has already had a property inspection report done on their properties. Hence, you have an idea of what needs to be fixed on them. A buyer should still get an inspection done; but it’s nice to know most of what needs to be done before you put in a bid; it cuts down on the surprises.
- Precise Bid Periods: All HUD properties are on a bid period, consequently you’ll know quickly whether or not your bid has been accepted.
- Low Downpayment: $100.00 down. Yes I did type this correctly. You can get into a HUD property for $100.00 down.
- Attractive pricing: Read the rest of this entry »
The Million Dollar Question
Related article: 3 Things to know about foreclosure homes for sale and Deal or no Deal
What is a Colorado Springs foreclosures?
FREE list of up-to-date foreclosures
First – Let’s define the word, Foreclosure. When buyers talk about foreclosure, what they mean is a bank-owned property that had been acquired through the foreclosure process.
What happens once the bank gets the property?
After the bank repossesses the property (typically at the Public Trustee Sale at the County courthouse), it is assigned to an Asset 
Manager and goes through several internal procedures before it is available for sale in the marketplace. One of the processes includes a market evaluation of the property which may include a full blown appraisal to tell the bank how much the property is worth. In some cases, the bank may order a BPO (Broker Price Opinion) from a real estate broker vs. a full-blown appraisal. Some banks order both appraisals and BPOs, or they may order multiple BPO’s. They may take the average price from the BPO’s or a combination of the appraisal and the BPO. The most important thing to remember, every lender seems to have a different process on how they price properties for sale. There is no set rule.
When a market value is established and procedures are completed, the property comes on the market available for sale to home buyers. This process may take 2 weeks, or months, months, and more months.
9638 Baltusrol – Foreclosure Date: 8/14/09
7872 Steward: Foreclosure Date: 8/31/09
6618 Bethesda: Foreclosure Date: 6/5/09
4849 Bluestem: Foreclosure Date: 3/25/09
2635 Deliverance: Foreclosure Date: 6/24/09
An important thing to remember: By the time, the property comes on the market, it is immaterial on how much was originally owed by the the previous homeowner. Banks are Read the rest of this entry »
Interesting foreclosed home in Holland Park
Colorado Springs Foreclosed Properties
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I saw an interested foreclosed home yesterday in West Colorado Springs in Holland Park. The property definitely has possibilities, even though it needs lots of TLC and updates. Here’s the main facts, it was built in 1978 and is currently listed at $184,900; 4 bedrooms, 2 baths, 2 car garage. The property was foreclosed on in May 2009 and the El Paso County Assessor has it valued at $232,000. It last sold in 2005 at $217,500 The property has some nice curb appeal from the outside, stucco, circular drive; in my opinion it looks nicer on the outside vs. the inside. It’s in a nice established west side neighborhood.
The bank (who is the current owner) has put in new carpet and new paint; but there is still plenty that needs to be done. In the master bedroom, one of the closets had been converted to an additional bathroom, even though there is a small bath right around the corner. The bathroom conversion (addition) was not done very well, and probably should be torn out and it should be made back to a closet. Or better yet, do a major change and take the 2 bathrooms and combine them to 1 nice spacious master bath. OR, the bathroom in the closet could be redone; as then it would be very usable for handicap access.
Kitchen was also pretty outdated; as it Read the rest of this entry »
Top 6 Colorado Springs Short Sale Questions Answered
Top 6 Colorado Springs Short Sale Questions Answered
Are you considering selling your home by means of a short sale, but have lots of questions? If so, read on ……
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
(1) I want to do a short sale and have a 2nd mortgage, does this make me ineligible? 
No. Both of your lenders will need to be satisfied in some way to complete the short sale. Many short sales do involve 1st and 2nd lien holders.
(2) Do I have to miss a payment to do a Short Sale?
No, not necessarily. Some lenders will accept short sale offers from sellers who have never missed a payment. But most lenders don’t seem to pay much attention to a seller and a request for a short sale when a payment has not been missed.
(3) How does a listing agent get paid a commission?
The bank will pay the commission along with all the other usual closing costs. Read the rest of this entry »
Colorado Springs HUD Homes — Part III in FAQ’s
Are you Interested in buying a foreclosed home in Colorado Springs?
4 MORE things to know about HUD homes
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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This is Part III in my series about HUD homes. There are currently some great deals available on HUD homes. They are located all over the U.S; including many in El Paso County, and the list of homes available for sale varies in each bid period. Here’s a partial list of the current HUD homes for sale in El Paso County. There are currently over 50 homes listed on the site for the upcoming bid period ending on 1-12-09. If you would like a complete list, contact Kathy or Nancy and we’ll send the FREE list to you.
| 534 Lynn Ave1925 Chamberlin S1107 Neptune | $81,000$210,000 | 3/1.003/1.003/2.00 |
(10) What type of financing 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
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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 »
Colorado Springs HUD Homes, Part II
Are you Interested in buying a foreclosed home in Colorado Springs?
5 MORE things to know about HUD homes
Search for Foreclosed Homes in Colorado Springs
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(6) Does HUD inspect homes before they sell them?
When you view the Property Detail on the the Mcbreo web site, the link takes you to a comprehensive detail page on the property. On this page, you can link to the Property Condition Report. This report contains information on the major components of the house including the roof, structure, exterior, plumbing, Electrical, HVAC, Interior and Appliances. If deficiencies have been found; it is explained in the Work Required area of the report and it is assigned a dollar amount to correct the issue. It’s a wonderful, very comprehensive report; very informative for potential buyers.
(7) Should I get a home inspection on a HUD home?
All HUD homes are sold “as-is”, without warranty. HUD will not make any repairs nor pay to correct any problems. Read the rest of this entry »
Foreclosures in Colorado Springs – Old Colorado City
Market breakdown for Old Colorado City Homes as of 11-13-08
Search for Homes in Old Colorado City
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Active as of 11-17-08: 199
- Single Family Homes: 135 (68%)
- Condos/Townhomes/Patio Homes: 64 (32%)
Colorado Springs Home Foreclosures — 11 benefits of a short sale
Do you own a home in Colorado Springs?
Ask for help before foreclosure starts — don’t stick your heard in the sand!
Short Sales — Part III of Short Sale Series
Previous Posts:
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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
- 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
The Benefits of a Short Sale:
- The Seller avoids a foreclosure on their credit report.
- It can help the Seller with a solution to an embarrassing situation.
- A home may be spared abandonment. (Some short-sales homes are vacant, but they typically aren’t abandoned)
- The Buyer gets a house at a good price; and typically the home is in better shape than a foreclosed house. Read the rest of this entry »
