Colorado Springs Vintage Homes Blog
719.287.1049
FHA 203K loans and HUD properties, perfect partners
How can I finance a Colorado Springs HUD homes?
Search for Colorado Springs HUD homes
Related Articles:
There are currently 43 HUD homes for sale in the Colorado Springs area and 12 under contract. With new properties coming on
the market every day, home buyers have some great opportunities to purchase these homes. Many of them need some repairs; and are perfect candidates for an FHA 203K loan.
What is a FHA 203K loan?
HUD has an FHA 203K loan that allows home buyers to finance an additional $35,000 in repairs into their mortgage purchase. This program allows the the buyer to have easy access to the funds to improve or repair a property; including improvements identified by a home inspector or an FHA appraiser. The following is a list of some of the repairs that can be completed under this program.
* Repair/Replacement of roofs, gutters and downspouts
* Repair/Replacement/upgrade of existing HVAC systems
* Repair/Replacement/upgrade of plumbing and electrical systems
* Repair/Replacement of existing flooring Read the rest of this entry »
Bids on Colorado Springs HUD homes are handled 2 different ways
Bids on HUD homes are handled differently depending on the property classification
Search for Colorado Springs Foreclosed Homes
Related Articles: 
There have been many changes to how HUD homes are sold in the US, including that there is now only one web site to view HUD homes sold anyplace in the US, www.hudhomestore.com. One of the other major changes is how bids will be accepted for the homes. Here’s a quick overview of the process:
FHA Insurable Colorado Springs HUD Homes
When HUD places FHA insurable HUD homes on the market, there is a 10 day period where only bids by owner occupants, non-profits, and government entities will be accepted. HUD will wait until the end of ten days to accept any and all bids and make a determination of acceptance after this 10 day period. If no acceptable bid is made, the home is then opened to only owner occupants for an additional period of 20 days.
If no accepted bid is made after 30 days, then the listing will be opened up to investors as well as owner-occupants. There is no time period for acceptance and all bids will be accepted on a first come basis.
Note: I did some research as I was writing this article to see if I could come up with a definition for Insurable vs. Non-Insurable and wasn’t able to find a clear definition.
FHA Non-Insurable Colorado Springs HUD Homes
For non-insurable HUD homes, the process is much different. These homes will be available to owner-occupants for a period of only 5 days. After the five day period, HUD will determine which, if any, bids to accept. After the initial 5 days it will be opened up to investors as well as owner-occupants.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a home in Colorado Springs or Manitou Springs, call ….
Kathy (719-287-1049) KTorline@msn.com
How do I find HUD homes listed for sale in Colorado Springs?
Colorado Spring HUD homes
Search for Colorado Springs Home Foreclosures
Related Articles:
There are now three Asset management firms responsible for marketing HUD homes in Colorado and HUD has created a new website to show all of their listings. In addition, HUD homes are now listed on a daily basis vs. they used to be listed on bid periods.
The new website to find HUD homes for sale all over the country is the HUDHomeStore.com. It offers a completely new interface.
On the main page you can either click on the map or pick a state from the pull down menu on the left of the search properties box. After you click “search” you get a list of HUD homes with pictures and addresses. You can then click on the image or case number to display details on a specific house.
What I really like about the new web site is that you can click on different headings to sort the data; which means you can sort by price, by bedrooms, by baths, by listing date. This is a big improvement from the previous web site with mcbreo.com.
Another way to find HUD homes is on the local MLS. All HUD homes have to be listed on the MLS per HUD guidelines, however, you may encounter some problems with the MLS listings:
- When a Listing Agent inputs the listing into the MLS, a house may not be clearly labeled as a HUD home. At least not in the description available to the general public. A real estate agent can search for agent remarks (which are not visible to the public) and find HUD homes that way; but the general public can not.
- Also, as HUD homes are making the transition to the 3 Asset Management companies, some homes listed on the HUD home store aren’t even listed in the MLS. But I do think as the transition continues, the MLS will continue to get updated with the information.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
To find out more information about buying a Foreclosed home in Colorado Springs or Manitou Springs, call ….
Kathy (719-287-1049) KTorline@msn.com
Be prepared to bid higher
Colorado Springs Foreclosed homes are going for more than the asking price
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.
Related Articles:
- 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
- 7 reasons to buy a HUD home in Colorado Springs
The Colorado Springs Housing market has been started to see more and more buyer demand from homeowners and investors, especially in homes prices $200,000 and below, and no where is it more evident than in bank-owned homes and in HUD homes.
New bank-owned properties come on the market almost everyday, and new HUD homes consistently hit the market. One of the things I love about the www.mcbreo.com web site, which is the company that administers HUD homes in Colorado Springs areas; is the bid statistics page. It shows you exactly what the bids recent were on HUD homes. It also includes information on the bid, the net price, when the bid was submitted, and whether the property is still available. Some properties are getting 5 to 10 bids on them.
As an example, here’s the info on a property on Pinnacle Drive in Colorado Springs.
| CASE: 052-226748 | STATUS: Offer Accepted | ADDRESS: 2922 PINNACLE DRIVE, Colorado Springs, CO 80910 | LIST PRICE: 85,000 | BED/BATH: 3/1.00 | LAST LIST DATE: 03/26/2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 of these 8 bids were for more than the asking price
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
If you are interested in a Colorado Springs HUD homes or a Colorado Springs bank-owned home, you may need to be prepared to bid more to get the property.
Kathy (719-287-1049) KTorline@msn.com
Where are the foreclosed homes?
Where are the Colorado Springs Foreclosed Homes?
Search for Colorado Springs Foreclosed Homes
Related Articles:
The Colorado Springs area saw 384 new listings for Colorado Springs bank owned homes come on the market since January 1, 2010. The homes are in a variety of different areas of the city, but the POWERS area in the city had the most foreclosures come back on the market, with 59 new listings. The SOUTHEAST area had 38 new foreclosures come back on the market and FOUNTAIN had 44 foreclosed homes come on the market. There were very few new foreclosures listings in the the quarter in the Northwest or Manitou areas. The price on these Colorado Springs Foreclosed homes ranged from $27,900 for a small home in Pueblo to $995,000 for 6500 square foot home built in 2008 located in Red Rock Ranch in the Monument area. The average price was $183,891.
Kathy (719-287-1049) KTorline@msn.com
Where are the foreclosed homes?
Colorado Springs Foreclosures
Search for Foreclosures in Colorado Springs
Related Article: 9 key things to know about buying a bank repo
I’m definitely a “data-queen”, as I love analyzing data, looking at numbers. As I continue to become more and more of an REO specialist, I recently crunched some numbers to look at the current homes for sales in Colorado Springs and specifically focusing on foreclosed homes, including bank-owned, HUD homes, VA repos, and other foreclosures. It’s interesting to see where the majority of foreclosed homes for sales are located at in the Colorado Springs area. Any even more importantly, what parts of the city have very few foreclosures.
Manitou Springs and the Ute Valley area currently have very few foreclosures for sale; the northwest area of the city ; including Rockrimmon and Mountain Shadows also continue to see very little foreclosure homes for sale. The southeast part of the City (Soaring Eagles, Pikes Peak Park) and Powers area (Stetson Hills, Springs Ranch) currently have the highest amount of foreclosures for sale. The Central area (including downtown) is also continuing to see a high amount of foreclosed homes for sale.
Also, according to a new report published by Realty Trac, 1 in every 69 homes is in foreclosure, and Colorado Springs ranks #49 in their U.S. Metro Foreclosure Market Data. In Las Vegas, 1 in every 13 homes is in foreclosure, in Phoenix, it’s one out of every 22 homes.
Read the rest of this entry »
More and more bank owned properties seem to be coming on the market
Foreclosure Listings in Colorado Springs as of September 20, 2009
During the last 2 weeks, starting of September 6, 75 bank-owned properties came on the market; 17 (22%) of them are already under contract
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
Related article: 3 Things to know about foreclosure homes for sale
55 Colorado Springs Foreclosed Homes came on the market last week
Foreclosure Listings in Colorado Springs as of September 6, 2009
During the last 2 weeks, starting of August 24, 55 bank-owned properties came on the market; 19 (25%) of them are already under contract
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
New Colorado Springs Foreclosure Read the rest of this entry »
Fake HUD sites — Buyers Beware
HUD foreclosures
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Fake websites are popping up on the Internet with the intent of gathering your contact information. An example of such a web site is bailout.hud-gov.us/, although this web site now seems to have been taken down. If this site pops back up, please note that this is not a HUD site, even though it has official looking photos and an official ’government looking’ seal.
When I originally paged through this site, it had a consumer alert tab that warns of fraudulent websites. There is absolutely no connection to HUD. Their disclosure page reveals that they are, “….a for profit business…..” Consumers beware.
The official HUD web site is http://www.hud.gov/, and the site of the company that handles HUD properties in Colorado is www.mcbreo.com
HUD properties continue to provide some great deals for Colorado Springs Home Buyers. Here’s a couple of my favorite HUD properties currently for sale:
3602 Ian Point Colorado Springs, CO 80920 $120,000 Read the rest of this entry »
HUD homes available for $100.00 downpayment
Attention Buyers! Excellent Foreclosure Opportunity!
Are you Interested in buying a foreclosed home in Colorado Springs?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
There is new limited time program for purchasing HUD foreclosures for only $100.00 down. There are currently over 50 homes listed on the site for the upcoming bid period ending on 2-15-09.
Here are some of the requirements
- FHA Loan
- Primary Home
- Buyer must make full price offer Read the rest of this entry »
