Colorado Springs Vintage Homes Blog
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HUD homes are always, always sold “as-is”
HUD properties are sold “as-is”
Search for Colorado Springs Foreclosures
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- 7 things to know about Bank addendums and Foreclosed Homes
It’s important for any homeowner or Colorado Springs Real Estate Investor to realize that all HUD properties are always, always sold “as-is”. In case you wonder exactly what that means, here’s a quick summary:
- The property is owned by HUD (SECRETARY OF HOUSING & URBAN DEV), and the seller will not fix any flaws before the sale.
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You can still do an inspection, but don’t except any items to be repaired or fixed
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If you are getting a loan on the property, discuss the property’s condition with your loan officer. Regardless of what the lender wants the condition of the property to be, HUD will not do any repairs.
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If the property incurs damage to it between the time you put in an accepted offer on it and close on the property, HUD will not fix it. A window broken, a mirror removed, pipes that are missing, all of these things won’t be fixed.
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Remember, you are purchasing this HUD home in it’s present physical condition. The seller is selling you the house without any warranties or guarantees of its condition whatsoever.
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If you do an inspection and decide you no longer want the HUD home, you may or may not get your Earnest Money back.
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HUD homes typically have a property Condition Report that is listed in the addendum section on HUDhomestore. It’s important to throughly review this information before you put in an offer on a HUD property.
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Kathy (719-287-1049) KTorline@msn.com
HUD Homes are almost perfect for Investors
Colorado Springs HUD homes and investors
Search for Colorado Springs HUD homes
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In my opinion, some of the best properties currently available for sale for Colorado Springs Real Estate Investors, are Colorado Springs HUD Homes. They are listed two different places, both in the Local MLS and in the HUD web site, www.hudhomestore.com. There are many reasons to buy HUD properties, including that they require low down payments.
Earnest Money Policy
BUT, it’s very important for real estate investors to know that once your bid gets accepted and you don’t close on the property, there is a very good chance you are going to loose your Earnest Money. On most home purchases, investors as well as homeowners, assume they can inspect a property and if the property has additional inspection items that the buyer didn’t except, they can cancel the contract and get their Earnest Money back. Not so, on HUD properties. According to the Forfeiture and Extension Policy for Investors, unless you have a special circumstance, you will forfeit your Earnest Money. Special circumstances includes death, loss of a job, serious illness. Essentially the policy says nothing about inspections.
The form also goes onto say that if acceptable documentation is not provided, or provided in a timely manner, 100% of your Earnest Money will be forfeited.
To find out more information about Colorado Springs Foreclosures and Colorado Springs HUD Homes, Call ……
Kathy (719-287-1049) KTorline@msn.com
HUD’s Good neighbor program, Half price homes
Want to buy a house at half price?
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The Good Neighbor Next Door program is administered by the Federal Housing Administration. Buyers in the program pay half the
house’s appraised value and commit to live there for three years, but there are some restrictions on who can buy them and where the home are located.
Four things to know about the Good Neighbor Next Door program:
1. It’s not available to everyone: Only Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can participate. Here’s the complete requirements to qualify.
2. Revitalization areas: According to the web site Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote “the revitalization, through expanded home ownership opportunities, of revitalization areas.”
3. Pricing: You have to pay the HUD listing price when bidding on a Good Neighbor Next Door Home. The 50% discount is then taken off of this price.
4. 3 year occupancy required: The buyer gets a “silent second” mortgage for the other half of the sales price. This is a loan that has no principal or interest payments, and if the buyer remains in the house and keeps up his payments for three years, that second mortgage is forgiven.
If the buyer moves out of the house within three years, the program can charge for a prorated portion of the silent-second mortgage. Homeowners are required to certify on a yearly basis that they still live in the home.
The owner can sell the home after 3 years and keep any equity or appreciation in the home.
There are currently 8 HUD homes in Colorado that qualify as part of the Good Neighbor Next Door Program, including one in HUD Home in Colorado Springs on:
3613 Queen Ann Way Price is $85,000 MLS 604877 1102 square ft Townhome
Bid Submission is due on 12-16/2010
To find out more information about Colorado Springs Foreclosures, Call ……
Kathy (719-287-1049) KTorline@msn.com
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 »
Bids on Colorado Springs HUD homes are handled 2 different ways
Bids on HUD homes are handled differently depending on the property classification
Search for Colorado Springs Foreclosed Homes
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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 do I find HUD homes listed for sale in Colorado Springs?
Colorado Spring HUD homes
Search for Colorado Springs Home Foreclosures
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There are now three Asset management firms responsible for marketing HUD homes in Colorado and HUD has created a new website to show all of their listings. In addition, HUD homes are now listed on a daily basis vs. they used to be listed on bid periods.
The new website to find HUD homes for sale all over the country is the HUDHomeStore.com. It offers a completely new interface.
On the main page you can either click on the map or pick a state from the pull down menu on the left of the search properties box. After you click “search” you get a list of HUD homes with pictures and addresses. You can then click on the image or case number to display details on a specific house.
What I really like about the new web site is that you can click on different headings to sort the data; which means you can sort by price, by bedrooms, by baths, by listing date. This is a big improvement from the previous web site with mcbreo.com.
Another way to find HUD homes is on the local MLS. All HUD homes have to be listed on the MLS per HUD guidelines, however, you may encounter some problems with the MLS listings:
- When a Listing Agent inputs the listing into the MLS, a house may not be clearly labeled as a HUD home. At least not in the description available to the general public. A real estate agent can search for agent remarks (which are not visible to the public) and find HUD homes that way; but the general public can not.
- Also, as HUD homes are making the transition to the 3 Asset Management companies, some homes listed on the HUD home store aren’t even listed in the MLS. But I do think as the transition continues, the MLS will continue to get updated with the information.
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To find out more information about buying a Foreclosed home in Colorado Springs or Manitou Springs, call ….
Kathy (719-287-1049) KTorline@msn.com
Be prepared to bid higher
Colorado Springs Foreclosed homes are going for more than the asking price
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.
Related Articles:
- 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
- 7 reasons to buy a HUD home in Colorado Springs
The Colorado Springs Housing market has been started to see more and more buyer demand from homeowners and investors, especially in homes prices $200,000 and below, and no where is it more evident than in bank-owned homes and in HUD homes.
New bank-owned properties come on the market almost everyday, and new HUD homes consistently hit the market. One of the things I love about the www.mcbreo.com web site, which is the company that administers HUD homes in Colorado Springs areas; is the bid statistics page. It shows you exactly what the bids recent were on HUD homes. It also includes information on the bid, the net price, when the bid was submitted, and whether the property is still available. Some properties are getting 5 to 10 bids on them.
As an example, here’s the info on a property on Pinnacle Drive in Colorado Springs.
| CASE: 052-226748 | STATUS: Offer Accepted | ADDRESS: 2922 PINNACLE DRIVE, Colorado Springs, CO 80910 | LIST PRICE: 85,000 | BED/BATH: 3/1.00 | LAST LIST DATE: 03/26/2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 of these 8 bids were for more than the asking price
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If you are interested in a Colorado Springs HUD homes or a Colorado Springs bank-owned home, you may need to be prepared to bid more to get the property.
Kathy (719-287-1049) KTorline@msn.com
Where are the Bank-Owned Homes in Colorado Springs
Where are the Colorado Springs Foreclosed Homes?
Search for Colorado Springs Foreclosed Homes
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The Colorado Springs area saw 62 new listings for Colorado Springs bank owned homes come on the market since March 1, 2010. The homes are in a variety of different areas of the city, but the Southeast part of the city had the most foreclosures come back on the market, with 12 new listings. There were no new foreclosures listings in the last 10 days in the Northwest or Manitou areas. The price on these Colorado Springs Foreclosed homes ranged from $39,900 for a condo in Southeast Colorado Springs to $510,000 for a 4000 square foot home built i 2005 located in Northgate. The average price was $163,033.
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 »
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.
Bargain Home in Southwest Colorado Springs as of 4-20-09
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in Southwest As of 4-20-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com Search for Homes in SouthWest Colorado Springs
Must Read Articles
Neighborhoods: Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Active homes for sale, INCLJUDING FORECLOSURES
- Short sales: 22 (4.8%)
- VA Owned: 1 (.2%)
- Bank-owned: 22 (4.8%)
- Normal: 412 (90%)
- Government Owned: 2 (.4%)
Active Homes for Sale as of 4-20-09: 458
- Single Family Homes: 323 (71%)
- Condos/Townhomes/Patio Homes: 135 (29%)
Partial list of Foreclosed homes currently on the market Read the rest of this entry »
Fake HUD sites — Buyers Beware
HUD foreclosures
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Fake websites are popping up on the Internet with the intent of gathering your contact information. An example of such a web site is bailout.hud-gov.us/, although this web site now seems to have been taken down. If this site pops back up, please note that this is not a HUD site, even though it has official looking photos and an official ’government looking’ seal.
When I originally paged through this site, it had a consumer alert tab that warns of fraudulent websites. There is absolutely no connection to HUD. Their disclosure page reveals that they are, “….a for profit business…..” Consumers beware.
The official HUD web site is http://www.hud.gov/, and the site of the company that handles HUD properties in Colorado is www.mcbreo.com
HUD properties continue to provide some great deals for Colorado Springs Home Buyers. Here’s a couple of my favorite HUD properties currently for sale:
3602 Ian Point Colorado Springs, CO 80920 $120,000 Read the rest of this entry »
HUD homes available for $100.00 downpayment
Attention Buyers! Excellent Foreclosure Opportunity!
Are you Interested in buying a foreclosed home in Colorado Springs?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
There is new limited time program for purchasing HUD foreclosures for only $100.00 down. There are currently over 50 homes listed on the site for the upcoming bid period ending on 2-15-09.
Here are some of the requirements
- FHA Loan
- Primary Home
- Buyer must make full price offer Read the rest of this entry »
Colorado Springs HUD Homes — Part III in FAQ’s
Are you Interested in buying a foreclosed home in Colorado Springs?
4 MORE things to know about HUD homes
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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This is Part III in my series about HUD homes. There are currently some great deals available on HUD homes. They are located all over the U.S; including many in El Paso County, and the list of homes available for sale varies in each bid period. Here’s a partial list of the current HUD homes for sale in El Paso County. There are currently over 50 homes listed on the site for the upcoming bid period ending on 1-12-09. If you would like a complete list, contact Kathy or Nancy and we’ll send the FREE list to you.
| 534 Lynn Ave1925 Chamberlin S1107 Neptune | $81,000$210,000 | 3/1.003/1.003/2.00 |
(10) What type of financing 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
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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 »
Colorado Springs HUD Homes, Part II
Are you Interested in buying a foreclosed home in Colorado Springs?
5 MORE things to know about HUD homes
Search for Foreclosed Homes in Colorado Springs
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(6) Does HUD inspect homes before they sell them?
When you view the Property Detail on the the Mcbreo web site, the link takes you to a comprehensive detail page on the property. On this page, you can link to the Property Condition Report. This report contains information on the major components of the house including the roof, structure, exterior, plumbing, Electrical, HVAC, Interior and Appliances. If deficiencies have been found; it is explained in the Work Required area of the report and it is assigned a dollar amount to correct the issue. It’s a wonderful, very comprehensive report; very informative for potential buyers.
(7) Should I get a home inspection on a HUD home?
All HUD homes are sold “as-is”, without warranty. HUD will not make any repairs nor pay to correct any problems. Read the rest of this entry »
Colorado Springs HUD Homes, Part I
Are you Interested in buying a foreclosed home in Colorado Springs?
5 things to know about HUD homes
Search for Foreclosed Homes in Colorado Springs
Related Posts
(1) What is a HUD Home?
When someone with a FHA Insured mortgage defaults on the loan, the lender forecloses on the home. FHA then pays the lender what is owed; and HUD takes ownership of the home.
(2) Who can buy a HUD homes?
If a buyer has cash, or can qualify for a loan, they can buy a HUD home. They are typically offered FIRST to buyers who want the home for their primary residence. Read the rest of this entry »
