Colorado Springs Vintage Homes Blog
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No utilities are on for most Bank-owned properties in Colorado Springs
Utilities need to be on for inspection
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Many bank-owned properties in Colorado Springs don’t have the utilities on, which can definitely cause some challenges to
complete a thorough and accurate inspection.
First of all, without the water being turned on, the inspector can’t check for leaks, which are one of the leading sources of damage and environmental issues within a home. If there are leaks in the pipes, it can result in many holes in the drywall and ceiling to find the leak. Big mess. Also, if there have been leaks, the house may have mold; another big mess.
Second, without the electric on, the inspector can’t check the appliances, outlets, lighting, garage door opener, hard wired smoke alarms, etc.
Third, without the gas on, the inspector can’t check how gas fired appliances function, including the stove, hot water heater, and the heating system.
At first glance it may seem easy to get all of this done. For most homes in Colorado Springs, it’s one call Read the rest of this entry »
High end foreclosures on the upswing in Colorado Springs
Foreclosures are going upscale across Colorado Springs
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While the high-end numbers are less in Colorado Springs than the lower-priced foreclosures, there has been a growth that reflects a 
significant shift in the foreclosure landscape and its underlying causes. Mortgage problems have moved upstream; partially because of economic conditions such as unemployment and stock losses. Also in play is a different type of risky loan called option ARM (adjustable rate mortgage) and interest only loans.
It definitely seems like the focus is shifting as we’re seeing more defaults, foreclosures and short sales in the more-affluent Colorado Springs communities. Some national experts emphasize that the foreclosure numbers don’t reflect the extent of distress at the high end. Banks are more likely to pursue short sales in luxury Colorado Springs luxury homes, in which the homeowner stays put while marketing the home for less than is owed on the mortgage.
Experts agreed that high-end homes take longer to become foreclosures because affluent people have more resources, consequently they likely to extend the time they’re struggling to make payments.
I looked over the Post Sale List dated 8-4-2010 from the El Paso Public Trustee’s office, and there is definitely evidence that foreclosures are going upscale. There was one property over $1,000,000 that was foreclosed on, 1 over $700,000, 1 over 500,000; and several over 300,000. When I compare this to the same list over a year ago, there were no Colorado Springs properties foreclosed on over $300,000.
There are currently 52 Bank-owned properties on the Colorado Springs market over $300,000; including several homes in the Broadmoor area, as well as in homes in Black Forest and in Monument.
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Kathy (719-287-1049) KTorline@msn.com
Foreclosure pick for July, 5 acre horse property in Monument
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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 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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Kathy (719-287-1049) KTorline@msn.com
Foreclosure pick of the month for April
Colorado Springs Foreclosure – Pick of the Month for April
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My foreclosure pick of the week is Monument on 19990 Chisholm in the Woodcrest area of Monument. It includes over 4500 square feet, with 5 bedrooms, 4 baths, and a 3 car attached garage. The property was built in 1992; It is a 2 story, and incl
udes a finished basement.
The Upsides
Nice floor plan with plenty of space. Stunning fireplace with floor to ceiling brick, an amazing den with lots of wood and built in shelves. Formal Dining room, gourmet kitchen, open floor plan, plenty of room for a family. Wonderful wood floors on the main level.
The Downsides
Could use some updating, especially in the kitchen and bathrooms. Carpet could also use replaced. But for a bank-owned property, it’s in really good shape.
The Facts
The description in the MLS says: 5 bedroom, 4 bath, 3 car two-story located in Woodcrest with mountain views! 
Country kitchen with hardwoods, island and nook, 5-piece master bath, formal living and dining rooms, finished basement. Neutral Colors. Close to schools and I25.”
The El Paso County Assessor’s office has it valued at $478,000. At the current list price of $374,000 it’s currently priced below market. It is currently owned by the Bank of New York and was foreclosed on in January, 2010. At the current price, it’s at $83.00 a square foot and most of the properties in the Monument area go for close to $110.00 a square foot.
There are 13 other bank-owned properties in area, prices ranging from $237,000 to $995,000 and there 23 short sales in the area.
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Kathy (719-287-1049) KTorline@msn.com
Where are the foreclosed homes?
Where are the Colorado Springs Foreclosed Homes?
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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
Colorado Springs Foreclosure — Pick of the Month for March
Colorado Springs Foreclosure – Pick of the Month for March
Search for Foreclosures and Short Sales in Colorado Springs
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My Foreclosure pick of the week is Colorado Springs on 2021 Carlton Avenue close to Constitution and Chelton. It includes over 2100 are
feet, with 3 bedrooms, 3 baths, and a 2 car attached garage. The property was built in 1960 ; It is a Raised Ranch plan, and includes a semi-finished basement.
The Upsides
The upsides….. nice roomy attached two car garage, kitchen has been partially updated and wall has been knocked out to open up the living space. A very modern master bath has been added with access directly to the hot tub on the deck. Also, the windows have been changed to vinyl which is always definite plus.
Read the rest of this entry »
Foreclosure Pick of the Week
Colorado Springs Foreclosure pick of the week
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Related Article: 9 key things to know about buying a bank repo
My foreclosure pick of the week is in Pinecreek in Briargate on 10181 Oak Knoll Terrace.
It includes over4500 square feet, with 4 bedrooms, 3 baths, and a 3 car attached garage.
If you are looking for a BIG house at reasonable price in Briargate area; then this is the property for you.
The property was built in 2005; and was originally sold for $478,000. It has a ranch floor plan, and includes a finished basement of 2249 square ft.
The upsides….. large attached three car garage, District 20 schools, laundry on the same level as the master bedroom, open floor plan, separate dining space, main floor office, newer built, upgraded gourmet kitchen, hard wood floors in the kitchen and dining room. Overall a very nice property.
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 »
What you see is what you get
Bank Repos can be surprising
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Related Article: What makes buying a foreclosure different?
I was out previewing properties yesterday for a buyer who is moving to Colorado Springs from out of state; and it reminded me how nothing takes the place of seeing a property in person. No matter how good technology is, you still have to see it.
One of the properties I was looking at was in the North Central part of Colorado Springs in a neighborhood called Roswell. Roswell is a unique neighborhood, lots of history with some houses being built in the early 1900’s. Parts of the neighborhood have been rehabbed and some parts still look a little rough and distressed.
The property I previewed is on Tremont Street, listed at $109,000 for 2100 square feet. At first glance it seemed like a great deal at around $50.00 per square foot, 5 bedrooms, 2 baths. This is the description in the MLS, which certainly gives fair warning that the property needs work:
FIXER UPPER, FIXER UPPER, FIXER UPPER. PROPERTY CAN BE A SINGLE FAMILY RESIDENCE OR SET UP AS A DUPLEX. STUCCO EXTERIOR, TWO SEPERATE ENTRANCES. STAMPED AND STAINED CONCRETE PATIO WALK WAY. NEWER VINYL WINDOWS. LARGE LOT PLENTY OF ROOM FOR A DETACHED GARAGE. CLOSE TO PENROSE HOSPITAL AND DOWNTOWN AND TWO BLOCKS FROM 1/2 MILLION DOLLAR HOMES ON WOOD AVENUE!!!! NO UTILITIES SO USE A FLASH LIGHT. CLOSE TO MONUMENT VALLEY PARK AND WALKING TRAILS. UNIQUE LOCATION.
What is a VA Repo?
VA Repos in Colorado Springs
Related Article: What makes buying a foreclosure different?
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There are many different types of foreclosed homes in Colorado Springs, as well as the rest of the US, that hit the market, including VA repos. These are the result of foreclosed homes that were financed with a VA loans. Currently these homes are marketed for sale through Bank America Homes Loans.
The properties are typically listed in the MLS, but they can also be viewed on www.reotrans.com and on www.homesales.gov and www.va.reotrans.com
Here’s some basic facts about VA repos.
- Buyers must use a Real Estate agent to submit their offer.
- VA provides addendums which outline their policies
- VA properties are always sold “as-is”
- VA does not include an inspection period in their offers. If a buyer is interested, they should do the inspection before they put in their offer. Read the rest of this entry »
Where do I find a loan to buy a distressed property?
Want to buy a Colorado Springs Foreclosure, check out FHA 203K Loans –
Related posts:
- 10 things to know about Colorado real estate
- One way to find a good home inspector
- 11 things to ASK about when buying a new home in Colorado Springs
- Top 5 Remodeling projects
- Free local money for home improvements
- Federal Tax credit available for remodeling
With foreclosures at an all time high in the Colorado Springs area, it’s a perfect time to pick up a good deal on a home. BUT, the challenge is that many of these homes need work and many buyers don’t know they have options on loans that can help them purchase the property as well as still have money for the work that needs to be done. One of the best programs around is the FHA 203K Loan. It provides a great way to buy a distressed property and to still have money to get the repairs done. Let’s start with some of the basics.
What type or properties are eligible?
- A one to four-family dwelling that has been completed for at least one year, including townhouses and condominiums
- The program can also be used to convert a one-family dwelling to a two-, three-, or four-family dwelling
Where can I get more details?
-
The HUD web site has more information than you probably ever need to know, but it’s worth reading the highlights on the web site. There is also a great section about FHA 203K Loans on the FHA web site.
What type of Improvements are eligible in the FHA 203K Streamline?
-
Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement/upgrade of existing HVAC systems (When and why should I replace my furnace?)
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of flooring, tiling and carpeting
- Remodeling, such as kitchens and bathrooms
- Weatherization, including storm windows and doors, insulation, weather stripping
- Purchase and installation of appliances, including free standing ranges, refrigerators, washer/dryers, dishwashers and microwave ovens
- Repair/replace/add exterior decks, patios, porches
- Window and door replacements and exterior wall re-siding (Colorado Springs home Improvement — it’s all about the windows)
- Basement finishing and remodeling
- Basement waterproofing
- Septic System and/or well repair or replacement
- Lead-based paint stabilization
- Accessibility improvements for persons with disabilities
The next post will include a step-by-step guide of the application process.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
NEW Colorado Springs Foreclosure Listings
NEW Colorado Springs Foreclosures homes as of December 31, 2009
During the December 2009, 151 foreclosures came on the market; 56 (37%) of them are already under contract.
Homes in Southeast Colorado Springs and Homes in the Powers area and Homes in Fountain are still continuing to see more foreclosures than other areas of the city.
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
Read the rest of this entry »
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 »
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 »
All types of foreclosed homes are hitting the market, from A to Z
I was going through the list of the new Colorado Springs foreclosure homes that just came on the market, and was surprised by the huge range in properties.
For a Free list of Foreclosed Homes in Colorado Springs, email KTorline@msn.com
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There is a home that just came on the market in Cripple Creek with over 3,500 square feet for $110,000. Wow, but there 
is a catch. The property hasn’t been finished and doesn’t have a occupancy certificate on it. No interior walls yet, no deck, no floor covering, no bathroom fixtures. It’s almost a blank slate.
Then there is a home in Larkspur, 7918 square feet for $550,000 on 10 acres land. From first glance it looks like a great deal. But, I’ve been in this property, and even though it was built in 2005, property does need some work. Read the rest of this entry »
36% of new bank-owned properties on the market are in Fountain and Southeast Colorado Springs
Foreclosure Listings in Colorado Springs as of August 10, 2009
During the week of August 3rd, 69 bank-owned properties came on the market; 47 (68%) of them are already under contract
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
New Foreclosure Listings for the week Read the rest of this entry »
Foreclosed homes in Colorado Springs continue to sale quickly
Foreclosure Listings in Colorado Springs as of August 1, 2009
During the week of July 27th, 71 bank-owned properties came on the market; 46 (65%) of them are already under contract, or pending.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Must Read Articles
Read the rest of this entry »
70% of Foreclosed Properties go under contract in less than a week
Sunday bargains – Homes in Colorado Springs
Foreclosure Listings in Colorado Springs as of July 3, 2009
During the week of July 6th, 64 bank-owned properties came on the market; 45 of them are are already under contract, or pending.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Banks are doing surprising things
Banks are fixing up foreclosures to sale
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Some interesting things are happening with bank-owned homes in the Colorado Springs Area. I have a client under contract to purchase a townhome in Colorado Springs; in a established well-kept complex in the Rockrimmon neighborhood where not many units come up for sale.
Before we looked at the property, I prepped my buyer and told her that bank properties are typically sold “as-is” with no 
repairs; and many times the properties are in bad shape. This particular bank seems to have a new and improved philosophy on selling their properties. They have :
** Replaced all the carpet on the main and upper level
** Furnished brand new appliances, including a microwave
** Completely cleaned the property
** Completely painted the main and upper level of the townhome Read the rest of this entry »
What can I expect to pay?
WHAT CAN I EXPECT TO PAY?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
I am consistently asked by buyers how much they can expect to pay for Colorado Springs foreclosures. My research shows that short sales and foreclosure sell for right around 95% to 99% of the list price. If you think you will get a Colorado Springs foreclosure or a Colorado Springs short 
sale for 50% off, you are wrong and wasting your time. These homes are already priced aggressively and ready to move.
Colorado Springs Foreclosures May 2009
- 153 Foreclosures Sold (16% of the total sales for the month)
- $157,454 Average Sales Price
- 98% Sold for Price vs. List Price
- Average days on market: 72
Colorado Springs Short Sales May 2009
- 53 Short Sales Sold (6% of the total sales for the month)
- $176,960 Average Short Sales Price
- 98% Sold for Price vs. List Price
- Average days on market: 167 Read the rest of this entry »
