Colorado Springs Vintage Homes Blog
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FHA 203K loans and HUD properties, perfect partners
How can I finance a Colorado Springs HUD homes?
Search for Colorado Springs HUD homes
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There are currently 43 HUD homes for sale in the Colorado Springs area and 12 under contract. With new properties coming on
the market every day, home buyers have some great opportunities to purchase these homes. Many of them need some repairs; and are perfect candidates for an FHA 203K loan.
What is a FHA 203K loan?
HUD has an FHA 203K loan that allows home buyers to finance an additional $35,000 in repairs into their mortgage purchase. This program allows the the buyer to have easy access to the funds to improve or repair a property; including improvements identified by a home inspector or an FHA appraiser. The following is a list of some of the repairs that can be completed under this program.
* Repair/Replacement of roofs, gutters and downspouts
* Repair/Replacement/upgrade of existing HVAC systems
* Repair/Replacement/upgrade of plumbing and electrical systems
* Repair/Replacement of existing flooring Read the rest of this entry »
No utilities are on for most Bank-owned properties in Colorado Springs
Utilities need to be on for inspection
Search for Colorado Springs Foreclosed Homes
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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 »
Bids on Colorado Springs HUD homes are handled 2 different ways
Bids on HUD homes are handled differently depending on the property classification
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There have been many changes to how HUD homes are sold in the US, including that there is now only one web site to view HUD homes sold anyplace in the US, www.hudhomestore.com. One of the other major changes is how bids will be accepted for the homes. Here’s a quick overview of the process:
FHA Insurable Colorado Springs HUD Homes
When HUD places FHA insurable HUD homes on the market, there is a 10 day period where only bids by owner occupants, non-profits, and government entities will be accepted. HUD will wait until the end of ten days to accept any and all bids and make a determination of acceptance after this 10 day period. If no acceptable bid is made, the home is then opened to only owner occupants for an additional period of 20 days.
If no accepted bid is made after 30 days, then the listing will be opened up to investors as well as owner-occupants. There is no time period for acceptance and all bids will be accepted on a first come basis.
Note: I did some research as I was writing this article to see if I could come up with a definition for Insurable vs. Non-Insurable and wasn’t able to find a clear definition.
FHA Non-Insurable Colorado Springs HUD Homes
For non-insurable HUD homes, the process is much different. These homes will be available to owner-occupants for a period of only 5 days. After the five day period, HUD will determine which, if any, bids to accept. After the initial 5 days it will be opened up to investors as well as owner-occupants.
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To find out more information about buying a home in Colorado Springs or Manitou Springs, call ….
Kathy (719-287-1049) KTorline@msn.com
How can I steal properties from the banks?
WHAT CAN I EXPECT TO PAY?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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What makes buying a foreclosure different?
How to Buy a Foreclosure — Part I
If you are interested in buying a Foreclosure in Colorado Springs, it’s important that you 
realize that these are a “different type of sale”; and they go by different rules than “normal sellers”.
Most people who are looking to buy a REO in Colorado (foreclosed property) are looking for a deal. It’s important to know that deals can be had, but they can’t be stolen. Lenders are very good at pricing the properties correctly, and they typically have them priced correctly.
What makes buying a foreclosure different?
- Asset Managers set the rules, and the rules very from lender to lender as well as the and the rules can also vary from Manager to Manager within the same lender. (9 key things to know about buying a bank repo )
- Asset Managers set the price by reviewing BPO (Broker’s Price Opinions) and Appraisals. (Banks, how low will they go?)
- Asset Managers typically work Monday through Friday, no weekends, no holidays, no
evenings. - Asset Managers are looking for the highest net return and the quickest closing.
- The properties are sold “as-is” with no repairs, no warranties and no guarantees. (Homes sold “As Is” in Colorado Springs….what does it mean?)
- Asset Manager almost always require a pre-qualification letter and an Earnest Money Check before submitting an offer.
- Asset Managers can take days to give an answer on a contract.
- Asset Managers may also need to receive additional approval from their investors, mortgage services and the mortgage insurance companies on low offers. Many times they don’t have the final say in accepting a contract.
- REO Foreclosures almost always have an additional addendum’s. It’s crucial for buyers and their Realtors to read the addendum thoroughly as the addendum’s supersede the terms, dates, and deadlines in the contract.
- Remember, The Asset Manager is an employee, they are not real estate agents. Their job description is to get the property sold. They typically will be working on 300 to 400 files at a time. For them it’s a business decision.
The most important thing to remember, they all want to recover the most they can in a sale in the quickest amount of time.
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes in Colorado Springs, 5 things to know about buying foreclosures
- 8 biggest mistakes made by Colorado Springs home buyers
- Buying HUD homes in Colorado Springs, Part I
- Buying HUD homes in Colorado Springs, Part II
- Colorado Springs HUD Homes – Part III in FAQ’s
- HUD homes available for $100.00 downpayment
- Buying a short sale vs. a foreclosure, what’s the difference?
- Abandoned pets are foreclosure victims
- 7 reasons to buy a HUD home in Colorado Springs
- Rules are Rules for Title Seasoning
- The Million Dollar Question
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
7 reasons to buy a HUD home in Colorado Springs
Colorado Springs HUD home
7 Reasons to Buy
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
- Comprehensive Property Report; HUD has already had a property inspection report done on their properties. Hence, you have an idea of what needs to be fixed on them. A buyer should still get an inspection done; but it’s nice to know most of what needs to be done before you put in a bid; it cuts down on the surprises.
- Precise Bid Periods: All HUD properties are on a bid period, consequently you’ll know quickly whether or not your bid has been accepted.
- Low Downpayment: $100.00 down. Yes I did type this correctly. You can get into a HUD property for $100.00 down.
- Attractive pricing: Read the rest of this entry »
