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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
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?
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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?
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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 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!”
More townhome bargains – Part II
My favorite townhome/condos in northwest Colorado Springs
Related Article: Townhome bargains in Colorado Springs
Search for Townhomes and condos in Colorado Springs
This is a continuation of an article I recently posted about my favorite townhomes and condos in Northwest Colorado Springs. There are some very attractive deals in the townhome/condo market; as they seem to have been hit even harder on pricing than single family homes. Here’s some more of my favorite properties I’ve recently previewed.
Condominimus in RavenCrest in Northwest Colorado Springs: Wonderful complex off of West Woodmen Road; very 
close to I-25. There are currently a couple of 1 bedroom 1 bath units on the market for less than $75,000; and a 2 bedroom 2 bath units that is bank-owned for less than $110,000. There also is a HUD repo for sale that is listed as under contract which is a 2 bedroom 2 bath unit priced under $75,000. Not very long ago the 2 bedroom 2 bath units were going for over $130,000. Included with the great location, the units are in the District 20 school district and include an outdoor swimming pool and a club house; although none of them includes garages, just carport spaces.
Arbours at Mountain Shadows: One of my favorite complexes in northwest Colorado Springs, again close to Garden of the Gods and I-25; easy access. Most units have an over-sized attached 1 car garages with direct access to the living area; perfect for the security minded homeowners and are close to Ute Valley Park and Garden of the Gods. Very well maintained complex with an outdoor pool, clubhouse, and a hot tub. There are 4 units currently for sale ranging from $125,000 to $170,000 and the HOA’s are less than $200.00 a month.
Colorado Springs Foreclosure listings in the Central as of 4-8-09
Homes in Colorado Springs
Up-to-date market information for Active and Foreclosure Homes in the Central area
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Homes in Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
Breakdown of homes for sale, INCLUDING FORECLOSURES
- Short sales: 45 (10.6%)
- Bank-owned: 37 (8.7%)
- VA Owned: 1 (.2%)
- Regular: 340 (80.4%)
Active Homes for Sale: 423
- Single Family Homes: 315 (74%)
- Condos/Townhomes/Patio Homes: 108 (26%)
Partial list of Foreclosed homes currently on the market
This Colorado Springs Real Estate report contains information on homes in Central Colorado Springs. Read the rest of this entry »
There are different types of foreclosed homes
Foreclosure Properties for Buyers — Just the Facts
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Related posts:
Buying a home that has been foreclosed on can be a very good deal, especially if you have money to invest
in fixing it up. Buyers may end up with more in equity than the amount they spend fixing the property, particularly when they do some of the work yourself. Even if you’re a first time homebuyer with no money for cosmetic or other repairs, a foreclosure may be within your reach with creative financing that allows you to finance the repairs based on the repaired value of the home.
As I was writing this article, I went to the local Multiple Listing Service and searched for all of the properties that said they were currently listed and classified as Bank owned. The search came up with 323 Bank owned properties, which is about 5% of the homes currently listed for sale. If you want a list of these properties, call or email Kathy or Nancy.
The following is a brief explanation of the majority of foreclosure properties available for buyers to purchase.
(1) Bank Owned: These type of properties are also called Real Estate owned or REO. The bank has already foreclosed, and the bank now owns the property. They are typically sold “as-is”, which means Read the rest of this entry »
Foreclosed homes in Colorado Springs, Monument and Palmer Lake
Tri-Lakes – Market breakdown for Active Homes as of 12-6-08
Search for Homes in Colorado Springs
Related Posts
Neighborhoods: Woodmoor, Kings Deer, Palmer Lake, Walden Reserve, Jackson Creek
- Single Family Homes: 427 (94%)
- Condos/Townhomes/Patio Homes: 27 (6%)
Active homes for sale:
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Short sales: 23 (5.1%)
- Bank-owned: 22 (4.8%)
- Regular: 409 (90.1%)
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
Related Posts
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 »
The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
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
- Colorado Springs Home Foreclosures – 11 benefits of a short sale - Part III of Short Sales Series
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
The foreclosure process in Colorado is quite a bit different than in other states because the governor 
appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure.
CAN I BUY A PROPERTY AT THE PUBLIC TRUSTEE SALE?
Mortgage lenders in Colorado schedule Trustee Sales when the borrowers are in default and the situations are not resolved. One of the last steps in the foreclosure process is the public trustee sale. But if you are interesting in buying properties at the sale, it’s important to know that many sales get cancelled. Also, 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
Related Posts
Active as of 11-17-08: 199
- Single Family Homes: 135 (68%)
- Condos/Townhomes/Patio Homes: 64 (32%)
Colorado Springs Foreclosures, Tri-Valley Area including Palmer Lake and Monument
Market breakdown for Active Homes in Monument and Palmer Lake as of 11-12-08
Search for Foreclosed Homes in Colorado Springs
Includes Homes in: Woodmoor, Kings Deer, Palmer Lake, Walden Reserve, Jackson Creek
Related Posts
Active as of 11-12-08: 483
- Single Family Homes: 456 (94%)
- Condos/Townhomes/Patio Homes: 27 (6%)
Breakdown of Active homes for sale as of 11-12-08: Read the rest of this entry »
