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Real Estate Auction Facts and Observations
Are Real Estate Auctions the wave of the future?
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As I’ve continued to learn more and more about real estate auctions, here’s some more of my observations: 
- As far as I can tell, you can’t find the bid statistics on properties that sold at recent auctions. I would love to see exactly what some of the properties from last Tuesday’s auction in Golden, Colorado actually went for. I tried to write down the final bids while I was at the auction, but the next property came up for bid so fast, it was hard to keep up. The statistics would be very valuable, as it would be helpful to see the actual sold price vs. the valuation price.
- Some auctions are online only. As an example, right now there is online auction for Colorado Springs homes on www.auction.com. All of these properties seem to be properties that went for sale last week at the auction I attended. Some of these properties didn’t get bid on it, or they got bid on and the financing must not have went through and they are now back on the market.
- Most of the auctions seem to have a Buyer’s Premium. Read the rest of this entry »
Real Estate Agent or Realtor?
What is the difference between a Colorado Springs Realtor and a Colorado Springs Real Estate agent?
Must read articles:
Most Home buyers and home sellers the Colorado Springs area use the terms REALTOR® and Real Estate Agent interchangeably, but that is not correct. There are many differences between REALTORS® and real estate agents. They are not the same……………..
What is a Realtor®?
- Realtors® subscribe to a strict Code of Ethics set forth by the National Association of Realtors, which contains 17 Articles and various underlying Standards of Practice.
- Realtors® must complete mandatory quadrennial Code of Ethics training.
- Realtors® belong to the local Realtor® boards, which contribute listings to the MLS (Multiple Listing Service®).
- Realtor® agree to arbitration procedures used to settle any complaints, whether from consumers or other Realtor® members.
- Realtors® belong to the professional organization, National Association of Realtors®. 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 »
Scary times for new homes buyers in Colorado Springs
Buying a new Home in Colorado Springs?
In 2008, single family home construction in Colorado Springs continued to be extremely slow, and 
several regional and national home builders cut operations or closed up shop in the Springs. The latest to exit the market is John Laing Homes.
According to several Associated Press articles, John Laing Homes, has suspended home construction in Colorado Springs while it reviews its finances. They are currently owned by a Dubai developer, Emaar Properties, who bought them for $1.05 billion in 2006. Emaar is Dubai’s largest publicly listed developer. It is nearing completion on what is already the world’s tallest building in the Persian Gulf boomtown and is developing projects throughout the Arab world.
Last week, John Laing issued a statement saying Read the rest of this entry »
