Colorado Springs Vintage Homes Blog
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Shop for a Lender like you shop for a house
The following information is the second in a series of Buyer Tips to provide tips for both the first-time homebuyer and the most experienced homebuyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area.
For a FREE Buyer’s Guide, Email KTorline@msn.com
Tips #2 – 6
2. Consult a mortgage lender prior to looking at homes. Lending requirements seem to be changing daily, so make sure and know your mortgage options and what you qualify for. Don’t wait until you find a home to get pre-qualified.
As a Colorado Springs Realtor, this is probably one of the biggest mistakes I consistently see made by all home buyers. It’s important to know in advance what you are qualified for. If you qualify for $150,000; don’t look at houses that are worth $250,000; you’ll just get discouraged and disillusioned. It’s similar to looking at a Lexus SUV, when you can really only afford a Nissan SUV.
3. Shop around when it comes to mortgage lenders, as rates and closing costs can vary vastly between lenders. The “Best Rate” isn’t always Read the rest of this entry »
Broadmoor Homes, Market Report for November
Colorado Springs Real Estate – Market Report for Broadmoor Homes
Single Family Homes
Search for Homes in Broadmoor
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Single Family Homes in Broadmoor were built from 1900 to the 2000
’s. The majority of the houses are ranches and 2-storys, with 4 to 6 bedrooms, 3 – 5 baths, and 2-4 car garages. The average home has appx. 3000 to 5000 square footage. The absorption rate of 2.09 houses per month shows that there is a 21 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area.
Broadmoor homes are located in the Southwest area of Colorado Springs and in District 12 school
- Grade School: Canon
- Middle School: Cheyenne Mountain
- High School: Cheyenne Mountain
Broadmoor homes are: Read the rest of this entry »
Colorado Springs Building Permits — Part V
Everything you want to know
about Building Permits in Colorado Springs – Knowledge is Power
Get a Free Market Analysis on your Home, Email KTorline@msn.com or call 719-287-1049
Previous Posts
(1) QUESTION: I put in a new sprinkler system in my home in Kissing Camels, and recently received something from the Building Department saying I needed a Backflow Preventer. What is this?
ANSWER: A backflower preventer keeps possible contaminated water from backing up into your domestic water supply. A license is required to install this device.
(2) QUESTION: I need to hire a roofing contractor, how can I be sure the contractor will do a good job?
ANSWER: First of all, do your due diligence before hiring a contractor You can check with Read the rest of this entry »
Colorado Springs Short Sale Primer, an explanation of debt forgiveness
Colorado Springs Short Sale Primer on Deb
When lenders accept less than what it is owed, they have 3 options:
- They can do nothing
- They can go after the deficiency
- They can send a 1099, which mean they forgive the debt and send out a 1099 form for the deficiency,
As an example:
Property is worth $220,000
Balanced owed is $240,000
Net received by the lender after the short sale is $190,000
The lender incurred a deficiency of $ $50,000
Why would a lender send a 1099 for the Deficiency?
The lender lost $80,000 of their income and they forgave the borrower’s debt. Per IRS regulations Read the rest of this entry »
