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Colorado Springs home buyers tips
Colorado Springs RealEstate – Home buyer Tip #1
Related articles:
- 5 reasons lack of building permits cause big problems
- Colorado Springs Building Codes and Permits – Part I
- Colorado Springs Building Permits – Part II
- Colorado Springs Building Permits – Part III
- Colorado Springs Building Permits — Part IV
- Colorado Springs Building Permits — Part V
Since I work with many Colorado Springs home buyers; it’s important for me (and for them) to do some extra due diligence
Falling down deck on a Briargate Foreclosure
we put together their offer and complete the purchase on their dream house.
Tip #1
Building Codes / Zoning Compliance/Common Interest Community Documents:
If you want to change the house from a Single Family Home to a Tri-plex, you’ll want to make sure that is OK with the current zoning on the property. (Related Article: Quick Explanation of Zoning in Colorado Springs and surrounding cities)
Double check the building permits. Does that beautiful new finished basement have a permit on it? How about the new deck that was built? In the Colorado Springs area, Read the rest of this entry »
How to choose a Buyer’s Agent
How do I find a Buyer Agent?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Finding homes for sale in Colorado Springs can be overwhelming task, especially for first time buyers. So, how do you go about selecting a Buyer’s agent to help you?
For starters you may want to put together a check list of questions to ask potential agents.
- How many transactions did you complete last year?
- Do you primarily work with buyers ?
- What is your commission? How do you get paid?
- Do you work as a Buyer’s Agent? Have you had any special training to work with buyers?
- Do you have recent references I can contact? Read the rest of this entry »
Why do I have to pay mortgage insurance?
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC in Colorado Springs
Related Articles:
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Will VantageScore Bring Consistency?
- Colorado Springs Mortgages — tips for consumers on points
- Marriage and Mortgages FAQ’s
- How do I get a down payment for Homes in Colorado Springs?
Why Pay Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn’t have otherwise. On January 1st, 2007, legislation went into effect making Read the rest of this entry »
Appraisals and Inspections, 2 important steps for home buyers
The following information is the fifth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #11 through 15.
For a FREE Buyer’s Guide, Email KTorline@msn.com
11. When making an offer to purchase a home, consider any minor repairs or defects when determining your offer 
price. If there are items you wish to be resolved at the time of purchase, include those items on the Purchase Contract.
12. Understand that the appraiser and the inspector are two different people. The appraiser is hired by the lender to determine whether sufficient market value in the property warrants making the requested loan. The home inspector is hired by the homebuyer to conduct a general home inspection, or a more specific inspection for environmental issues, such as lead-based paint, radon, asbestos, mold, etc.
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Home inspectors are NOT licensed in Colorado. and you should choose a home inspector who is a member of the American Society of Home Inspectors (ASHI). (See my previous post: One way to find a good home inspector)
13. Attend the property inspections. A good inspector will show you problems and potential problems with a property, but will also give you tips on how to care for a house.
What type of house do you like?
Colorado Springs Houses
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I work with a lot of Colorado Springs first time home buyers, and I often ask them what type of floor plan they would like in a home. When I ask the question, I often see a blank look in their face; and I realize that first time buyers really don’t know what type of floor plan they like or don’t like; consequently I thought it would be helpful to put together some information on advantages and disadvantages of different types of house floor plans.
Ranch houses
- Sleeping and work areas are on one level; eliminating the need for stairs climbing. Can be well suited to baby boomers or seniors
- The exterior can be easy to reach and easy to maintain, although if it is built on a sloping lot with a walk-out basement, it can be more challenging to maintain
- Can be more difficult to provide privacy, since the house is on one level
- Takes more space to accommodate the same gross living area
- More expensive to build
Two Story - has a living space on two separate floors, stacked on top of each other
Read the rest of this entry »
Must know facts about buying a Colorado Springs short sale
Colorado Springs Short Sale Buyers need to know facts
Related post: Buying a short sale vs. a foreclosure, what’s the difference? and 5 things to know about buying a short sale
For a FREE List of Foreclosures and Short Sales email Kathy Torline at KTorline@msn.com
Good Deals: YES, this is a good opportunity for the buyers. NO, this is NOT a foreclosure!
Offers for a Short Sales YES, you can make offers on what you think it is fair market price, but NO, you can not 
buy 50 cents on a dollar of what the owner pay for, unless the owner overpaid and/or the market has dropped 50%. Lenders will not approve a short sale below fair market value. Buyers, if you are planning to buy a Short Sale property, please manage your expectation.
Time Frame For a Short Sales: YES, you have to be patient, as part of the process. The Short Sales sellers have to submit a Short Sales Hardship package, and both buyers and sellers will have to wait. NO, you cannot expect bank to get things done faster; they work on their own timetable.
In the case of Short Sales, the Buyer has to wait Read the rest of this entry »
Open House tips
It is Open House Season
The following information is the forth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tip #10.
For a FREE Buyer’s Guide, Email KTorline@msn.com
Many Colorado Springs Realtors hold open houses; and do so on many weekends during the spring and summer 
time. It can be a great way for a Realtor to get additional exposure for their sellers and it can also provide a way for Realtors to meet other potential buyers and sellers.
Also, many potential home buyers like to visit open houses. It’s a great way for them to get educated about the marketplace and to see a wide variety of homes in different neighborhoods. It helps them to see what is for sale.
When a buyer visits an open house; it’s important for them to understand who the Realtor is representing. (See my previous article about Who is Representing You?) Many people visiting an open house; don’t realize the Realtor at the open house may ONLY be representing the Seller.
In Colorado, potential clients can be represented 3 different ways, as a Buyers Agent, as a Seller Agent, and as a Transaction Broker. (See my previous article on Buyer Representation.) As a potential home buyer Read the rest of this entry »
Top 3 websites for home buyers
The following information is the third in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #7 – 9
For a FREE Buyer’s Guide, Email KTorline@msn.com
Home Buying Resources on the Internet
As I started to put together this article, I originally was going to write it about the wonderful resources that HUD provides on the Internet, but as usual, my blog article evolved into something much more. The Internet provides all of us an amazing opportunity for education, and home buying is no exception. Remember, knowledge is power.
Tip #7: My favorite site for Home Buyers: HUD web site. In fact, when you google “buying a home”, the first site that comes up is HUD’s site. The site provides an easy way to find out about all of the loan products offered through HUD/FHA, but equally important it offers perspective buyers great advice on all types of things. One of my personal favorites is the quick easy list they have on the 9 steps to buying a home:
Nine steps to buying a home
- Figure out how much you can afford
- Know your rights
- Shop for a loan
- Learn about homebuying programs
- Shop for a home
- Make an offer Read the rest of this entry »
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 »
New FHA limits increased again for 2009 in El Paso County
FHA has new loan limits
One of our favorite guest writers, Harry Venick sent me an email yesterday stating that the FHA has increased the loan limits for El Paso County!
According to Harry, “FHA loan limits have been increased for 2009 again: El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
Harry Venick is a Sr. Loan Officer with Adams Mortgage, LLC. He can be reached at (719) 955-3674 or his cell is: (719) 338-3879.
If you’ve been holding off because you haven’t been able to get a large enough loan with the FHA, it might be a great time to revisit Read the rest of this entry »
Making your home more energy efficient
Colorado Springs Vintage Homes is happy to feature an article by our
NEWEST Guest Blogger
Mark W. Baxley with Brick and Mortar Home Inspections, Inc.
Making Your Home More Energy Efficient
Leaky windows and other gaps in your home can add costly dollars to your utility bill. Ensuring your home is adequately sealed and well insulated can make a significant impact on your heating and cooling costs.
Identifying where air comes in and out of your home is the first step in making your home more energy efficient.
FLOORS, WALLS, AND CEILINGS
Adequately insulating the home is the most cost effective way to improve energy efficiency and comfort. To earn the most savings, add insulation to the attic. Generally, a minimum depth of 10″ – 14″ is recommended if insulating with loose fill fiberglass. This could save up to 20% on heating and cooling costs.
When it comes to insulation, don’t forget about the water heater. Water heaters 7 years or older will benefit from an insulating blanket. This inexpensive investment will keep the water hot and reduce energy costs.
AIR DUCTS
Forced air heating and cooling systems use ducts to distribute air throughout the home. Typically, 15% – 20% Read the rest of this entry »
Don’t let your dream house become a nightmare
Tips for Colorado Home Buyers, beware of buying a meth home Part II
Related Posts
What are the dangers of living in a meth lab house?
The dangers that go along with meth houses include exposure to cancer causing chemicals that can saturate 
walls, carpets and other building materials as well as all contents. Lead and mercury are common byproducts. Chemicals, such as solvents, may be disposed of in plumbing or simply poured on the ground. If not removed properly these can cause various health problems.
Meth manufacturing or cooking leaves behind 5 to 7 pounds of chemical waste for each pound of meth that is produced. These byproducts are considered hazardous waste. Mitigation can include:
- REMOVAL: Furnishings, draperies, carpeting, wallpaper, paneling, etc.
- VENTILATION: When solvents and other chemicals that may have soaked into the walls are slowly vaporizing.
- NEUTRALIZATION: Where acids or bases have been used, the potential for harmful effects may be reduced or removed through neutralization.
- DETERGENT-WATER WASHING: Some nonporous and semi-porous surfaces such as floors, tiles, walls and ceilings can be cleaned with detergent washing.
- ENCAPSULATION or SEALING: Contamination may be covered with layers of oil-based paint, polyurethane or other materials.
It’s important to understand that to properly clean up a meth house you need professionals. The state of Colorado does not regulate meth lab cleanup. It’s also Read the rest of this entry »
Real Estate Dictionary — “J” is for Jumbo Loan
Search for Homes in Colorado Springs
Knowledge is Power — Real Estate Dictionary
My sister and I are buying a home in Colorado Springs, and my mother said we should own it in Joint 
Tenancy. What does this mean? Joint Tenancy means that both your sister and you would own the property in equal shares with right of survivor ship; your share would automatically pass to your sister upon your death. If you have questions, ask your Colorado Springs Realtor or contact a lawyer.
Is a second mortgage the same as a junior loan? Yes, sometimes people will use the two terms to mean the exact same thing. This type of loan has a lower priority than a first mortgage.
What is a jumbo loan? This is a loan that Read the rest of this entry »
Real Estate Dictionary, “I” is for Inactive
Search for Homes in Colorado Springs
Knowledge is Power — Real Estate Dictionary
My mother told me that houses are not considered liquid investments, they are illiquid. This means that real 
estate cannot be quickly converted to cash.
My Colorado Springs Real Estate agent put her license on inactive. What does this mean? Colorado does allow Realtors put their license on inactive, which means that your Realtor cannot conduct business because her license is not active. You’ll hear people also refer to this as putting their license in “Ice”
I’m helping my grandmother sell her house in the Old Colorado City in Colorado Springs, and my brother said she is incompetent to make this decision, not sure what he means. Incompetence refers to a person who is not Read the rest of this entry »
Buying a home in Colorado — what you should know about making an offer
Colorado Springs Home buyers
If you are looking at purchasing a home, these are some of the things you’ll need to make decisions on …….
• How will title be taken (joint tenants, tenants in common, severalty)?
• Do you have the earnest money readily available (plan on about 1% of purchase price)?
• Will you be financing or paying cash. If financing have you talked to a loan officer yet? If paying cash do you documentation from the bank?
• Do you need to add any Read the rest of this entry »
Real Estate Dictionary — “E” is for Earnest Money
Knowledge is Power
Search for Homes in Colorado Springs
Why do I need to put down Earnest Money when I’m making an offer on a house? In Colorado, Earnest Money is partially 
used to show your intention to purchase the property; it is consideration for the contract. You don’t have to put down Earnest Money, as you can also sign some type of promissory note, or you can use an Alternative Earnest Money Deadline.
The house that I want to buy in Old Colorado City has a utility easement on the Read the rest of this entry »
Relocating to Colorado Springs, it’s all about the schools
Are you relocating to Colorado Springs?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
One of the most important elements to look at these days when buying a home is school districts according to a study by Trulia.com. Some studies have also found that despite the overall downturn in residential real estate, homes in highly rated school districts have kept their value better. And in many cities, home buyers are willing
to pay a premium for areas that schools considered better than average.
Most people agree that home buyers are attracted to neighborhoods with good schools, but not everyone agrees on what makes a good school. Some families want schools with high teacher-student ratios, others look for schools with good sports programs, others look at the testing information, and others may look for smaller schools with less students. And some home buyers may focus on the high school graduation rate, or whether they have an honors program, or a program for disabled children, or the Read the rest of this entry »
