Colorado Springs Vintage Homes Blog
Colorado Springs Real Estate, Colorado Springs Real Estate Investments, Colorado Springs realty
719.287.1049
Bargains are out there
Colorado Springs has a foreclosure problem — but it’s not as bad as the newspapers would make you think
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
In the past two years, Colorado Springs and surrounding communities have seen a record number of foreclosure filings: in El Paso County there were 4,602 in 2008, and 3,556 in 2007. Those numbers may seem high, but in 1988 (over 20 years ago), it reached a high of 3,476 and the population was probably half of what it is now. Year-to-date, according to the Public Trustee’s web site, there have been 522 foreclosures; an average of 174 foreclosures a month.
As a result, it’s a great time for buyers and investors in Colorado Springs and anyone relocating to Colorado Springs to find some bargain opportunities in foreclosed homes. Many people that may not have been able to buy before, now have a better selection of homes in the lower end price category.
A
s I’ve been setting up some automatic property searches from the local MLS database for some buyers I’m working with, it made me think on how much the market has changed. A couple of years ago, it was almost impossible for a buyer to find a habitable home in Colorado Springs for less than $150,000; and there was very little under $100,000. So of course, I thought I’d research some numbers and see what the statistics showed. Sure enough, in 2008 there was almost twice as many single family homes under $100,000 that sold than the year before.
Here’s some foreclosure facts
A foreclosure is a legal action that a lender(s) takes against a homeowner who miss several mortgage payments. Read the rest of this entry »
Foreclosure Colorado Springs, Central Area
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in Central As of 1-7-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
FORECLOSURES
Neighborhoods: Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
Active Homes for Sale as of 1-7-09: 497
- Single Family Homes: 387 (78%)
- Condos/Townhomes/Patio Homes: 110 (22%)
Breakdown of homes for sale, INCLUDING Read the rest of this entry »
Fradulant Short Sales hurt the Colorado Springs Real Estate Market
Fraudulent short sales ?
Short Sales – Part IV of Short Sale Series
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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
Fraud can sadly sometimes come into play in a short sale transaction, which can causes a ripple affect in the Real Estate market and with legitimate sellers who need to do a short-sale. The following is a list of some of the things I’ve heard about in the marketplace. If you are a Seller, I strongly suggest that you stay away from these options.
(1) Submitting “Ghost” offers. I’ve ran into some Realtors who submit “ghost” offers to get lender approval before they have a committed buyer. They have a friend, or someone else they know, write an “ghost” offer; and this person doesn’t have any real intention of purchasing the property. The Short Sale Package gets submitted to the lender with the hope of getting approval from the lender. Once the lender gives approval on the offer, the person who put in the “ghost” offer withdrawls their offer.
I’m not a lawyer nor am I legal expert, but my understanding is that this is considered a fraudulent act if the initial “Buyer” on the offer did not have a true intention to purchase the property. These “fraudulent offers affect the industry as it clogs up the lender pipelines to sort through and review the bonafide offers.
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%)
Foreclosures in Colorado Springs, Southwest Area including the Broadmoor
Market breakdown for Broadmoor Homes as of 11-13-08
Search for Broadmoor Homes in Colorado Springs
Related Posts
Includes homes in Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Active as of 11-13-08: 507
- Single Family Homes: 403 (79%)
- Condos/Townhomes/Patio Homes: 104 (21%)
Active homes for sale as of 11-13-08:
- Short sales: 33 (6.2%)
- VA Owned: 2 (.4%)
- Bank-owned: 19 (3.6%)
- Regular: 481 (91.3%)
