Colorado Springs Vintage Homes Blog
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Homework required
If you want to buy a Colorado Springs foreclosure, you’ll need to do your homework.
Make sure and avoid these 6 mistakes:
Search for Colorado Springs foreclosures
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(1) Bidding War: Don’t get caught up in a bidding war. Some banks are under pricing their foreclosed homes; which can result in
multiple bids. Buyers can get excited and pay too much. Research ahead of time and know how much you want to pay.
(2) Repair Costs: Don’t underestimate repair costs. Do a home inspection. Take along a professional who can help give you an estimate of how much repairs costs will come to.
(3) More research required: Look at recent building permits on the Pikes Peak Regional Building web site, and make sure you know what’s been permitted and what hasn’t. Also, check out the information on the El Paso Assessor’s office, make sure the square footage is the same as the property listing. A buyer may think they are buying at 1500 square property, but the Assessor may have it listed at 1200 square feet.
(3) Neighborhood Home work: Know what comparable homes cost in the same area. In some areas with multiple foreclosure, prices can be depreciating. Get information on current sold properties as well as current active homes for sale in the area.
(4) Neighborhoods are important: Don’t buy in a neighborhood flooded with foreclosures: A neighborhood saturated with REOs and foreclosures may have declining prices.
(5) Financing: Do have your financing in place. If you don’t already have pre-approval from a lender, you won’t be able to put an offer on a property, as sellers want to know that you are financially qualified. You must be able to move quickly.
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Kathy (719-287-1049) KTorline@msn.com
Why should I get an ILC?
Why should I get an ILC? Or why not?
Related post: ILC versus a Survey, what’s the difference?
Here’s some of the top reasons why you should get an ILC (Improvement Location Certificate)
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You could identify property line violations
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You may find out the fence is not the property line
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You could find out that all or a portion of the driveway is on some one else’s property
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It will also tell you where the easement are located
I used to think that ILC’s and surveys were only for rural properties. Wrong. Even lots in the middle of a subdivision are not immune to “hidden problems” ; including :
- Encroachments
- Easements
- Other adverse conditions
Why should I get an ILC before completing a purchase of a house?
Encroachments and infringements can especially cause Read the rest of this entry »
