Posts Tagged ‘Amount Of Money’

Colorado Springs Foreclosures Make a Great Investment

Tuesday, August 23rd, 2011

Homeowners whose homes have been put up for foreclosure are unfortunate but investors are somewhat lucky to find these deals on the market. Even with a “run-down” property, an investor can flip it and make a decent amount of money on its resale. The process of colorado springs foreclosures is somewhat simpler than other areas of the country as there is no need for a court appearance by neither the lender nor the borrower.

How does a foreclosure work?

When a borrower has defaulted on a loan, the lending institution issues a notice to the borrower and trustee. The lender requires a 3-moth reinstatement period to give the borrower the chance to pay the debt. When this time period elapses, a trustee’s sale is publicized, typically in the form of an auction. All costs related to the foreclosure and the principal amount is deducted from the winning bid. The balance is then given to the borrower.

Why foreclosures are good news for investors

A foreclosure is a good opportunity for an investor to snag real estate. This is especially true about Colorado Springs foreclosures. Though the market has experienced a dip in prices, the housing values in Colorado Springs are at a steady rise ranging from 2% to 6%. In addition, defaulted banks are willing to sell foreclosures at lower than normal prices in order to recoup what they have lost. They aren’t interested in real estate, they are more interested with lending money to new buyers.

There is actually an even better situation for investors as it relates to foreclosures. There is the instance when a property is sold in pre-foreclosure which means less cost and time. The buyer has more power to negotiate as the seller is willing to forego equity on the property to evade the tarnish to their credit report.

What are the steps that a buyer should take?

As a buyer, you should do a lot of research to find the right property. If you are planning on using the property as a primary residence, then factors such as the school district, the crime rate, local amenities, long-term plans for the area and comparable properties in the area should all be considered. When a property is decided upon, the next step is to approach a bank to get pre-qualified for a loan.

During this time, it’s recommended that you avoid making huge purchases. Lenders use your debt-to-income ration to establish what you can afford. It will include monthly housing costs, car payments, credit cards, student loans, etc. Additional debt will negatively impact the amount the lender will finance.

The next step is to either contact the seller or go to the auction to submit an offer. The ideal price will take into account the fact that banks hardly want less than 90% of the loan balance. Also, you should get the property professionally inspected. It makes no sense getting a “money pit” that has a lot of shortcomings which will end up costing a lot of money to fix. Keep this in mind when negotiating a price.

Selling Your Colorado Springs House Quick Even Without A Realtor

Friday, April 3rd, 2009

We know for a fact that real estate investing is one of the biggest if not the most challenging investments you can ever make. On the other hand selling your house is one of the most difficult decisions you will ever make as there are a lot of things to be considered. These includes the pricing, the methods on how to sell fast, the right people to deal with, finding motivated buyers, finding a trusted real estate agent and a lot more. It is especially crucial with the latter factor in cases where you as a motivated seller is much eager to sell your house fast. But do you know that you can still quickly sell your house even without having to look for a realtor to assist you? And how is it possible when you are selling your Colorado Springs house?

Knowing the fundamentals in selling houses quickly will aid you in finding all the significant information you need so that you will successfully sell your Colorado house. For instance, you’ll need to recognize and learn all but the market price of houses you may own in the area in this case

Colorado Springs areas to be specific. If you want to do it profitably, take note that it would require a significant amount of time and effort on your part so that if you prefer not to ask some assistance from a realtor, you will still be able to do the deal without any hassles. Some of the tasks entails between addressing prospect queries, viewings, follow-ups, and marketing, you must anticipate and be prepared to put more or less twenty to forty or more hours weekly and likely even a lot more. This is quite true especially if you are still starting as you set up your marketing campaign in addition to your sales tools.

One of the advantages in selling your house without the help of a real estate agent is that you can save a quite amount of money in realtor commissions. If you decide to do so make sure that you can handle all the dealings on your own and you will not end up in the losing end. Although this idea is not an easy one, it is becoming a popular resort in the current housing market and an available resort among sellers. Without a knowledgeable and honest Realtor to direct you through the whole process, you will have to hone your know how on the housing market in your area, the lending practices, the loan availability as well as the prerequisites for a house sale. You will also need to polish your negotiation and people skills and most of all pull in time in your schedule for you to be available to show your house for sale to the prospective buyers. Read on for some tips on how to sell your house even without a Realtor.

Louis Batides is not a Realtor - he makes it clear on that one - but he buys houses and he can help you on how to sell your Colorado house fast. Since he does not ask for fees or commissions, he assures whoever he helps that they will get a fair deal in selling houses. As an expert in selling and buying houses in Colorado, he can help you out on how to sell your house in Colorado and he can also work in all types of mortgages.