Currently, when a home owner falls at least 30 days behind on a payment, the bank will start their action plan. The first thing they might do is to order a BPO or broker price opinion. The homeowner will not even know about this but a qualified professional (someone like myself) will drive by the home, take a few photos and then assess the current value of the home. By this time the home owner has been fielding annoying phone calls for about two weeks from the mortgage company. They want to know when they can expect a payment to be made. This is the time to call or contact me about ways to solve the problem.

If you act early in the process it may be possible to modify the loan with the mortgage company. To do this, the home owner must prove that they have good reason to be behind in their payments. Financial statements, pay stubs and all bank statements from the past 3-6 months are then provided to the lender. No lender will approve a loan mod if the borrower has any liquid assets that could be used to pay the payment. This means if you have stocks, bonds or cash not in an IRA or 401K, you need to just go ahead and keep paying. Using the excuse of “my neighbors are not paying so why should I” is not an excuse.

The next and really best option is to put the home on the market for sale and attempt to get an approved short sale done. Most banks are getting better at approving short sales for home owners in distress. Be sure to contact an experienced short sale Realtor that knows how to get the transaction completed. There is much more to a short sale then just getting it under contract with a low price. Having an agent that understands the process is half the battle!

The final thing to do if the above two options have failed or are not possible, is to wait for the foreclosure to occur. As soon as hte sale has happened, the home owner or tenant will have a visit from the listing agent that will be handling the REO listing for the bank. This agent will make an offer of CASH or the occupants to vacate the property. We REO agents call this Cash For Keys or Financial Relocation Assistance. The home owner or tenant must sign a form stating that they agree to move out on a specific date (usually fairly quickly), leave the property in broom-clean condition and then a check will be presented as compensation to the tenant or former owner. Tenants may have the right to stay for up to 90 days if they can provide a copy of their current lease. No rent is paid and the cash offer still applies.

The best thing to do when having trouble with house payments is to make an action plan and contact me for assistance. I specialize in helping distressed home owners solve their mortgage problems. I have seen many different situation and problems get solved but it takes the initial contact to get things started. I have found that the home owners stress level is greatly decreased when I can offer my assistance. Contact me now if you are facing this problem. I am here to help!

A good home inspector will look at the quality and safety of the home including the basement. He may or may not check to see if the basement was finished with a building permit. Guess what–this info is available to the public online.

The Pikes Peak Regional Building Department web site has a feature that allows for an address search of any area property. The search will yield info on all of the building permits that have been pulled for that property. If there are no basement finish permits, this could indicate a future problem with the home. If no permit was pulled for the work then more questions need to be asked. The basement may look fine but the issue could be with what we cannot see.

The building department does periodic inspections during the construction process. The insures that the framing, electrical, plumbing etc. all were done according to the local building codes. If these inspections were not done, the new homeowner may be required to prove that the code has been followed to bring the permit current. This might require cutting into walls to show how the work was done.

Many buyers do see this as a major inspection issue. This is because when they get ready to sell in a few years, their new buyer might want the inspections to be completed. If not done, resale value can be affected. Safety can be greatly impacted if wiring or plumbing wa not done correctly. Just because your cousin Billy used to work in construction does not mean he is qualified to wire a basement properly!

Bottom line here is that all work done on a home needs to be properly inspected if it impacts the structure or safety of that home. A new deck require a permit. New kitchen cabinet installation does not. For more info on local building permit issues, contact me or leave a comment below.

What does this mean? Can I now unlock my doors at night? Probably not but it does confirm what I have always believed about our city. This is a great place to live all around! I feel safe going downtown to a restaurant with friends. Of course I don’t stay out that late and don’t frequent the downtown nightclubs that seem to have weekly incidents involving police. The places that I go, day or night seem to be safe and well lit.

The key here is to look at all of the factors that made up this safety study. Our air quality is excellent. We get the best water in the whole world cold and tasty right out of the tap. As for life expectancy, my grandfather was a Colorado Springs native (b.1900) and he lived to be nearly 99! Our clean living and penchant for fitness makes it easy to live a long time here.

The large military presence in this city gives financial stability to the region. Job losses are less than other cities due to our guaranteed military payroll every two weeks. We never boomed as much as other cities during the past ten years so our job losses have been much less than other areas similar to Colorado Springs.

Housing areas can be safe in most area of the city. Even in lower price ranges, a good safe home can be found. It all depends on who is assisting you in your search. I am a lifetime native of Colorado Springs. I know the areas that are most popular with buyers based on typical needs such as safety, convenience, schools etc. If you are considering a move to the area, feel free to contact me. I would love to assist you!

3110 E Bijou #5B  $29,900

Yes, that price is correct! This is a perfect opportunity for an investor, first time buyer or downsizer! The unit is in pretty good condition–just needs a coat of paint and maybe new carpet. The total size is 881 square feet with 2 bedrooms and one bath. The kitchen is nice sized with a separate dining space. Front balcony is great for outdoor relaxing. I don’t expect this one to last so call or contact me now if you have an interest!

View interior photos here

[View with PicLens]

New on the market in Walden!

This gorgeous stucco rancher offers main level living with additional living/entertaining space in the walkout basement.  Total of 3230 square feet. Enter and enjoy the wood floors, formal dining room plus casual dining off the kitchen. All chefs will appreciate the kitchen that features convection oven, built in microwave and flat cook top. Granite counters accent the upgraded cabinetry. Family room walks out to covered redwood deck.

Master suite offers it’s own walkout to deck. Perfect for drinking your morning coffee! Relax in the attached bath! His and hers vanity areas. Large jetted soaking tub will help you unwind after a long day. Two walk-in closets offer lots of storage.

Lower level has large family room with the second gas fireplace. Those who entertain will appreciate the wet bar. basement is set up perfectly for guests or teen quarters. Three bedrooms are on the lower level. One has an ensuite bath. One more full bath is also available.  There is also a walk-out to a patio. Perfect spot for a hot tub in the future!

The lot is all treed and a very private .68 acres. Low maintenance landscaping has been used for this property.

View the interior photos here.

[View with PicLens]

This home is priced at $439,900. For more information or a private showing, contact me or leave a comment below.

Keep Colorado Springs Green!

I heard about this recipe about 6 months ago and had to try it for myself. I was reading an article about the Duggar family. You know, the ones with 18 bazillion kids? I figured if they said it worked, it must be good. I have one son still at home. He brings home lots of dirty sports clothes so I thought it would be a good test.

I am happy to report that this soap, no matter how crazy people think I am, works! I had to get past the initial creepy feeling that the Tide people put in my head but then I was fine. For many years their slick marketing convinced me that they were the only way. The ingredients in regular detergent are surprising! The reason the cost has gone up so much is that products like Tide are made with petroleum products. Yuk! I don’t want that stuff on my skin! Even if you don’t care about your skin do you care about your water supply? Colorado Springs has the best tasting water in the world. I don’t want that to change!

The recipe or this laundry soap is so simple. The first thing to do is to save back a couple of old liquid detergent bottles. I can fit a batch of soap into two or three old Tide bottles. The follow the recipe below.

Hot water
1/2 cup Washing Soda
1/2 cup Borax
1/4 bar Soap (grated)

• In a large pot, heat 3 pints of water. Add the grated bar soap and stir until melted. Then add the washing soda and borax. Stir until powder is dissolved, then remove from heat.
• In a 2 gallon clean pail, pour 1 quart of hot water and add the heated soap mixture. Top pail with cold water and stir well.
• Use 1/2 cup per load, stirring soap before each use (will gel).

The soap will gel overnight and look like a thickened version of egg-drop soup from your local Chinese restaurant. You can store it in a covered bucket or just use the old bottles that I mentioned above.

The best thing about making and using this soap is the cost! With all of the ingredients, I will spend less than $10 per year to wash clothes! I was spending so much more on Tide at the commissary!  I plan to use the savings on fun things like manicures and pedicures. This new found cash will be put to very good use!

Keeping our city green is very important to me. Don’t get me wrong, I am a very conservative person who strongly dislikes Al Gore and his claims about Global Warming, I mean Climate Change. Remember, he said he invented the internet and that was false. I have no desire to follow him. I do have a desire to keep my drinking water clean and safe. I do have a big desire to save money. This little recipe fills those squares for me. Laugh if you want to but it has been working great for me and my family. Try it!

I hate when people scream in all caps but I have to make a point here! Financial experts are predicting a huge new wave of foreclosures coming on the market in 2010. We need to get ready to ride this wave!

How will this affect the average homeowner? We can expect more decrease in home values in areas where many REO sales will exist. Homes that end up in foreclosure sell for less than a normal owner-occupied home. Many times they are damaged or in need of updating. So far this year, many banks have limited the REO inventory to increase demand and prices. This just can’t continue forever. Banks must wipe these non-performing assets from their books. If you do not need to move, I suggest making plans to stay in your home and just enjoy it for the next few years. Think of your home like a stock that has potential future value. Selling it now will just cause a loss to your investment portfolio.

If you are an investor, this is a great time to be putting money into real estate. You might want to re-allocate money towards some of these REO properties. I am on the inside track to future REO listings and can help you find great deals. All cash deals are best right now but if you need temporary non-traditional financing, I have some great resources to help you.

If you are a first time buyer, you are in luck! We can find you a great foreclosure property in a wide range of conditions. If you plan on using a VA or FHA loan to buy a home, we need to search for a property that does not need major repairs. A home that needs new paint and carpet is best for these loan types. Buying prior to April 30 2010 will also give you the tax credit of up to $8000.

For home owners that might be headed toward foreclosure, there is hope. I can assist you with the sale of your home prior to losing it. Many times people never seek help thinking the situation is hopeless. It is not! Contact me right away so I can help you make a plan to help save your sanity and your credit.

Fortunately, Colorado Springs has not been as hard hit in the mortage crisis as other cities in the nation. Our market stays fairly stable. We will see more foreclosures as this next wave of loan interest rates re-set. I predict that the higher end properties will be leading the pack of the 2010 REO sales. This could be a good time to buy a larger, nicer home. Many options are out there but you will need expert advice on this ever-changing market. Contact, me today so we can make a plan to maximize your profit from the coming mortgage defaults in 2010.

New on the market!

This Richmond Spruce model is priced to sell quickly. Perfect for an owner occupant who wants to find a deal! This home just needs a new coat of interior paint, appliance and a good cleaning and it will shine just like it did when new!

This floor plan has been very popular and for good reason. The main level features a see-through fireplace in the living room and family room. Large kitchen has dining area. Upstairs has large master suite plus two other bedrooms. Loft area looks over living room and can be used for a tv area or office/library.

Soaring Eagles subdivision is a great location for people who work at Peterson AFB, Schriever AFB or Fort Carson. This home has quick access to Powers for all commuters.

This home is a great deal! Don’t miss your chance for easy equity! Contact me today for a showing or for info on other bank owned listings in Colorado Springs!

I made my monthly trip to the commissary this weekend and yes, it was worth it! For you who are civilians and reading this, you might want to just skip to the next post. This will not mean anything to you but for military people who are moving to Colorado Springs, this could have some meaning.

I do admit that I split my shopping between the King Soopers in my neighborhood and the USAFA commissary. I think that most people do that unless they happen to live on base. I don’t have time to drive up to the Academy if I am out of milk but definitely use the store for my big shopping.

As commissaries go this one at USAFA rates a 6 on a scale of 1-10. My dream store would have a much bigger selection and of course be just like my neighborhood grocery store. The store at Peterson AFB is much larger and nearly new but still has that “commissary” feel to it.

Things I like about the USAFA commissary:

Close to my house (I live in Flying Horse Ranch near the North Gate of USAFA).

Small and usually not crowded

Good selection of the basics that I like to stock up on

Things that I hate about the USAFA commissary:

The produce department is terrible! I just skip it other than maybe buying potatoes.

Holiday displays make this small store too crowded.

Not enough selection of certain items. This is typical of all commissaries so it’s not that big of a deal.

All in all, this store is a good one. When I was an active duty spouse, my first thing to locate when we made a PCS move was the commissary. Having a decent place to shop has always been important to me.  The store at USAFA certainly does meet my needs. If you plan to live in the northern part of Colorado Springs, this is the closest facility. The store at Peterson AFB is new and mega big but it is located on the far east part of the base and is about 40 minutes from my home. Just not worth it for me but for you it could very well be great.

If you have done any online searching at all you know how hard it is to find the right neighborhood in Colorado Springs. Searching the MLS for  homes is not just about a price range and square footage. So many other factors should go into your home search.

Price of course will dictate the beginning of your search. After you have narrowed down how much you want to spend on a home, you need to get serious. Many people just say they want a certain price range and size of home. What about the needs of your family members?

Schools should be a critical part of any home search. Again, online research will not tell the whole story. If your child plays high school soccer, you will want to make sure the high school in your search area offers that sport. If your child plays club sports, you will want to think about where the practice facility is located at. I drive hundreds, maybe thousands  (no, that is not an error) of miles per month taking my son to school and sports activities. I chose a private school for my son and we live in an area in the far north part of the city. For my family, the drive is worth it. I have two sons who have attended both public and private schools in Colorado Springs. I can assist you with details about individual schools and districts. Test scores alone will not tell you the whole story about schools in Colorado Springs.

For many people, a short commute is a key part of the home search. Traffic in Colorado Springs is not very bad but the city is very spread out. Someone who will be working at Fort Carson might not want to live in the Monument (TRI for MLS purposes) since the commute can be nearly an hour one way. Lots of people assisgned to Fort Carson choose to live in the Fountain Valley (F/V) area since it is so close to the post.

I get many requests for information on mountain properties. There are great areas to live just to the west of Colorado Springs. The key will be to find one that is near amenities that are important to the person who will be living there. Woodland Park is a small town up Ute Pass and has everything you might need but on a small scale. I personally would not want to live in the area full time but used to have a cabin in Florissant, a 40 minute drive from Colorado Springs, The road is a bit winding and the winter conditions can be difficult. The upside is that you get to live in the mountains. if you have always dreamed of living up there, then lets get searching for your dream home!

If you want to begin your Colorado Springs home search, please contact me first. I will let you tell me about all of the needs of your family. Then we can define the areas that will work for you. Then I will set up a private search for you that can be easily modified or expanded to fit your criteria.

Finding a home in Colorado Springs. If you have done your homework in advance, we can narrow down the perfect property for you in just a matter of a few days. The key is to tell me about yourself and your family so I can assist you in defining the perfect neighborhood!