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This cute bi-level home is ready for quick closing and move in. Owner has added a few custom paint touches to the already beautiful decor. Good sized eat-in kitchen. Formal living room plus a cozy family room with fireplace in the lower level. Total of three bedrooms and two baths. Large deck for outdoor entertaining. Over 1300 square feet of living space.

Located in the Sundown area, this property is close to everything! Schools, parks, shopping. Easy commute to Peterson AFB or USAFA. Perfect for first time buyer who wants to just move in and enjoy! Contact me for more details on this property or financing options. This one will sell quickly so don’t wait!

Discontinued Shingles Can Be A Problem!

Do you have a roof with T-Lock shingles? If so, there may be issues when you try to sell your home. Hail or wind damage that has not been addressed will show up when the buyer does their inspection.  T-Lock shingles have been discontinued. They are no longer being made so a small repair is not possible. This means that the roof must be totally replaced. Insurance may not cover the replacement and the balance will have to be paid by the home seller. Even if the roof has no damage, some insurance companies are not writing new policies for buyers on homes with the old T-Lock roofs.

This does not mean that you automatically need to go out and replace your roof by any means! I recommend a visual inspection by the homeowner for starters. If any damages are suspected, call out the insurance company to inspect and possibly file a claim. It is much easier to take care of this prior to listing the property for sale than to wait and be under the pressure of losing a sale because it can’t be done quickly. ork to the property befo

All insurance policies carry a certain deductible cost as part of the coverage. Even if you have to pay this in order to get a new roof or have repairs done, it is better to know this prior to pricing the home for sale and then finding out later that there is a claim to be made. If the home has to have a whole new roof, it will be a great feature to talk about in the marketing that we do for the property. The words “new roof” are music to a buyer’s ears! They’ll give you a better offer in the first place when you have done the work to the property before putting it on the market. Major repair items like roofs and furnaces are the things that keep first time buyers up all night. Take away their anxiety by taking care of these issues before you sell! It will mean less heartache for you as the seller as well! For a list of reputable roofing contractors, contact me.

Once you have an accepted contract, the fun begins! All REO assets are sold in “as-is” condition. This means that you can do your inspection for informational purposes only. When the seller negotiates the sales price with you, they do so and make you agree that you will not try to come back with a reduction in sales price to compensate for things that are wrong with the house. The only exception for this is when the buyer is an owner occupant using FHA or VA financing. If the lender require repairs then it is possible that the seller may agree to doing them. It all depends on the requirements.

Appraisal

Sometimes people confuse the appraisal with the inspection. The appraisal is ordered by the lender for the buyer. The appraiser will visit the property to take measurements and photos inside and out. Then they will review the comparable recent sales and current listings to come up with a value for the property. The comps used must be within the last six months. If the loan is FHA or VA, they will do a surface inspection to look for peeling paint, roof problems etc. The appraiser will also require that the utilities be functioning so they can make sure that there is heat and no broken pipes or water lines. Plan to pay for the property to be de-winterized and then re-winterized again if you are buying the property between October and April. The bank considers it to be the responsibility of the buyer to take care of the cost of doing this. Most plumbing companies will do this for a cost of around $150.

Closing

Most banks use contracted title companies. What does this mean to you as the buyer? These companies won the bid to work for the bank by being the lowest bidder.  Most real estate agents have a preferred title company that they like to use. Unfortunately, unless you as the buyer want to incur a lot of extra expense, you will want to use the bank’s title company for closing services. Since we are in Colorado Springs and most of these title companies are in Denver, you have the option of closing in Denver (think traffic) or closing at a location of your choice using a mobile closing service. This works just fine 99.99% of the time so no worries. Plan to have your closing funds wired to the title company at least a day prior to the actual signing.  Allowing enough time to send funds prior to the signing will allow you to get the keys at time of signing if the seller has signed off on all of their paperwork. All banks have a clause in their addendums allowing them to charge you a per diem or daily penalty for each day that you close late. This will usually happen if the lender doesn’t perform their duties in a timely manner. It is critical to stay on top of the lender and the file to make sure the deadlines are met.

Buying a REO property can be stressful without the right real estate agent. I talk with agents all the time that do not understand the ins and outs of these types of transactions. It can be critical especially when first submitting the offer to have a knowledgable professional working for you! Contact me for more details on how you can buy foreclosures in Colorado Springs. I do this all day every day. I know what the bank is looking for. Submitting a full price offer many times is no guarantee that you will get the property. It takes much more than that. Do not rely on your mother’s friend’s neighbor to help you! The end result may just be that you don’t win the bid. I see this all of the time. My insider knowledge is an edge for you. Call me and let’s get started!

The term REO means “Real Estate Owned.” This term applies to properties that have already completed the foreclosure process and have moved into the bank’s real estate inventory. Banks are in the business of lending money and not owning property. Because of this they like to sell the foreclosed assets quickly to a new buyer. Purchasing one of these properties is not difficult but it does require some patience and a bit of skill on the part of your real estate agent.

The first thing to do if you think you want to buy foreclosures or REO’s is to contact an expert in that market segment. I happen to be one! I list and sell properties for several large national banks. This means that I usually have homes coming available in the near future that have not even hit the market yet. Naturally my buyers have an edge when buying my listings. Many properties end up having multiple offers on them so knowing what to offer is the key to winning the bid.

The first this to do when thinking about entering the REO market is to get pre-qualified. I have several great local lenders that I work with and all of them are skilled in REO mortgages. The pre-qual letter given to your by your lender is like a pass to home buying. It shows that you have the ability to obtain financing for your new property. You can also get a full blown pre-approval from the lender. I recommend this if you have time to do so. The lender will do a more thorough investigation into your qualifications as far as credit, debt and employment are concerned. This step will also allow you to get approved for specific loan programs. That can be a key thing when buying a REO property (more on this later).

Once your lender has given the all clear sign, you and I can begin looking at properties. I have several ways of searching for these properties through banks, the MLS and other sources. Many times people think they can just search the MLS on their own but are you aware that some banks will not allow the listing agent to state that the property is bank-owned in the MLS? This means that your search will come up showing only some of the REO assets but not all of them. I know where to look and have access to lists that civilians may not have. you can browse the MLS on your own but to really find the good deals you will have to get in touch with me. The good deals go fast. Blink and you will miss them!

Make an Offer!

After you have found a property that meets your criteria you will want to make an offer. Keep in mind that these homes do not stay on the market long. Lots of other people are doing the same thing you are doing–looking for bargains! This means that you don’t have time to waste “sleeping on it” or thinking it over for a few days. After you have looked at a number of properties you will know a good deal when you see it. I can run the numbers (comp sales) for you to help you with your decision and then we need to get down to business and write a contract. When we submit the offer to the bank you are required to sign the written contract, submit an earnest money check (won’t be cashed until acceptance) and the pre-qual letter or statement from the bank showing funds to close. This happens when buyers are paying cash for the property. The bank has to be sure that you have the money available to close on the property.

Banks usually take anywhere from one to 7 days to respond to an offer. If you hear something quickly it might mean that they want to counter your offer but if the offer was in the acceptable range for the seller it will be accepted. Once they accept the bank’s addendums and contract forms will be sent for the buyer to sign. These addendums usually are documents that restate the fact that the bank is selling the property in as-is condition, can charge you a per diem fee if you close late and other special requirements. These terms are not negotiable. The bank does not make allowances. The buyers either accepts or declines. Period.

Next…Inspection, Appraisal & Closing

All new and ready for quick closing! This beautiful Pinon Valley tri-level has been updated for you! All new interior paint and carpet. New lighting and hardware in kitchen. Formal living room plus the added bonus of a lower level family room with fireplace. Three bedrooms and two baths. You’ll love the deck just off the master suite. Perfect for enjoying your morning cup of coffee!

The Pinon Valley area is known for its parks. Ute Valley Park is within walking distance. This park features hiking and biking trails for avid outdoor enthusiasts. The grassy Pinon Valley Park is the perfect place to take the kids and dog for a walk or to throw a frisbee. Schools for this home are among the highest rated in the city. Chipeta Elementary is very close and Holmes Middle School and Coronado High School are within a short drive.

This home offers the peace and quiet of the area while still being an easy drive to everything you need to get to. Contact me today for your private viewing.

Lots of people in financial trouble just have the urge to give up. If you are in this position you know just what I am talking about. The phone rings off the hook with calls from natsy collectors trying to make you pay money that you don’t have. They call at all times of the day and night. Inspectors from the bank may be stalking the property with clipboards and digital cameras to report to the bank if you are still in the property or not.

Give Up or Give In

If you have already missed a few mortgage payments and have no way to make them up, trouble is lurking. The key is to not stick your head in the sand and ignore the problem. Just letting the house go will not be a good solution.

First of all a foreclosure will put a big downgrade on your credit score for up to 10 years. If you take action through a short sale or deed in lieu of foreclosure, the damage to your credit can be mitigated. They key to deciding which route to take will depend on how close you are to foreclosure, where you want to move to and what the costs will be. During the short sale process, you will not be making any monthly payments. Moving to a rental after a deed in lieu (happens fast) will cost you money. The short sale can prolong the foreclosure for up to nine months. Do the math–do you want to pay rent somewhere or stay in your home for free? I would suggest the latter. 

Do nothing and you lose

Choosing to ignore the problem and letting the house go may cost you more in the long run. Again, the foreclose will happen much faster without the short sale to stop the process. If the bank forecloses, you have to move right away which again costs money you can’t afford to waste! If you have been considering letting the house go, DON”T! Please fill out the form below to contact me. I have buyers for distressed properties. The buyers don’t care if your home is a mess or needs updating. All you have to do is get in touch with me and I can help eliminate the bulk of your stress with just one meeting. What have you got to lose?

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You Have Options

The first and probably best way to avoid foreclosure is to do a short sale. This is a process where we list the property at the current market value. It does not matter at this point how much is owed on the home, the lender requires that we show them that the house is not worth that much anymore. A short sale requires a bit of paperwork to be filled out and returned to the lender. I can give you a packet to preview if you contact me here. We list the house and market it to potential buyers. Once the property is under contract with the buyer we then proceed to get the mortgage company’s approval to take less than they are owed on the property.

Other Factors

Lenders do have the right to approve or disapprove a short sale. They are now beginning to understand that short sales need to be approved or the properties will just revert to the bank through foreclosure.  They do also have the right to persue a deficiency judgement for the balance that was not paid on the mortgage. This is not often done but can happen. If it does, then the next path of action might be to file for bankruptcy protection. Really though, think about it–if home owners had the money to pay the dificiency, they would not be in trouble in the first place.

Stop the Foreclosure!

Many people are now beginning to understand that if you miss a mortgage payment, the bank does not come to your house to make you move right away. I do think that some people actually worry about this. Most banks do not even begin the foreclosure filing process until you have missed at least three payments or so. They will try to phone you and send letters asking if they can assist you. They will offer loan modifications that rarely end up with the terms that are first offered. Then eventually they will file the foreclosure with the El Paso County Trustee and send you what is called the Notification of Election and Demand. This is a legally recorded document that says essentially that the bank is gearing up to take the property back unless you pay the mortgage and bring it current. Again, if you could do this you would not have gotten to this point. Doing a short sale will halt the sale of the property by the County Public Trustee for an extended time period.  It does buy yousome very valuable time. How much time will depend on the lender who holds your loan and if you have a contract to sell the property or not.

Immediate Relief

We do have several buyers with cash who are waiting to buy your short sale. This might mean that you never have to hassle with showings and staging and you may not even need to have a real estate sign in your yard. I have lots of clients who have had success with this method and enjoy the quiet way that the sale actually takes place. No need for anyone to know your business!  Our specially trained short sale team is available to answer all of your questions in a dignified and discrete way.

If you are in trouble and need help, please contact us now! Don’t wait until it is too late. Getting in touch now will at least help put your mind at ease. We can tell you what to expect at every step. Financial stress is a killer and our job is to at least take care of your mortgage stress. Fill out the form below and we will be in touch or you can call us at 719-264-7777.

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 Buyers need to be aware that these homes sold for an average list to sale ratio of 96%. Take this into consideration when making your initial offer. This market area does not support super low offers. That will only serve to make the seller angry. View all of the comparable sales for the property and area that your subject property is in so you can make the best offer.

Sellers must take not however that we currently have a 5.32 month supply of homes on the market. This does not necessarily mena that it will take that long to sell your property but it does mean that you have to take note of the possibility. Homes sell based on price, condition and location., To position your home so that it will sell instead of just being listed, call me at 264-777 or click here to contact me.

The newest location of Rosies Diner just opened a few weeks ago. I have to admit that we’ve already been there twice already. It’s so nice to have new places to eat in the Northgate area. In the past we’ve gone up the road a few minutes to the Monument location but now we drive south on Voyager Drive to the newest location.

Actually, the Monument store feels a bit more “diner-ish” but the new place is biggers and the food is great! I was there a few weeks ago during the grand opening and while we waited they offered everyone free little milkshakes. What a nice treat.

They actually have juke box music playing and the atmosphere is definitely that of a classic 1950′s diner. The first location was in New Jersey and opened in 1946. Remember the old TV commercials with Rosie and the paper towels? That diner was the inspiration for those TV spots. From that first location the chain has grown quite bit with now two locations in the Colorado Springs area.

Take a look at the menu and see what they offer. I’ve had the burgers, the prime rib and I love the meatloaf. All good old-fashuoned American diner food! We like to find out of the way diners to eat when we are on road trips. The last one we found was Mom’s in Salina, Utah. What a treat that was. The coconut cream pie was so good and the waitress knew to bring it out before the meal. Too funny! The Rosie’s Diners in the Colorado Springs and Monument areas are equally charming and serve yummy food. Give it a try.

Colorado Springs Location: 11550 Ridgeline Drive, Colorado Springs, CO 80921 MAP

Monument Location: 411 Hwy 105, Monument, CO 80132  MAP

Read below for a list of loan scenarios. It is definitely better to do a short sale than to just let your home go into foreclosure. Even if you have already been notified that the bank is going to foreclose there still may be time to sell your home and avoid the ramifications of a foreclosure on your credit report.

Conventional Fannie Mae: After only 2 years with an 80% LTV ratio (Loan to Home Value), 4 years with 90% LTV ratio and 7 years-LTV per eligibility chart. Foreclosure is a full 7 years from completion.

Conventional Freddie Mac: 4 years from completion of short sale. Again, if you foreclose you will be waiting 7 years!

FHA Loan: 3 years from completion date; however, FHA ML 09-52 states that FHA financing can be obtained in less than 3 years…if you’re lucky! Foreclosure on your credit means you have to wait 3 years!

VA Loan: 2 years from completion date, but if you weren’t late on your mortgage 12 months prior to your short sale you could be eligible sooner.

Jumbo Loans: 2-7 years following a short sale, but 5-7 years with a foreclosure!

If you are unsure of what type of loan you have, please contact me. I can help analyze your loan type and see if a short sale will help you.