Colorado Springs Vintage Homes Blog
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Are prices starting to stablize?
Colorado Springs Homes — Average Sales Price Comparison
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The Colorado Springs Real Estate market continues to be a a BUYER’s market for single family homes in most neighborhoods. But it’s important to remember that real estate is regional, and varies on a neighborhood by neighborhood basis. Prices have continued to move downward, but they seem to have stabilized. The current prices are similar to where they were in 2004 and 2005.
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7 reasons to buy a HUD home in Colorado Springs
Colorado Springs HUD home
7 Reasons to Buy
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- 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 »
