Colorado House Buyer

Buying and selling real estate is a difficult job. It’s a fast paced industry with many rewards if you know what you’re doing. A good case scenario is when a house is sold in minutes, hours, days or weeks. The worst case scenario is when it sits on the market for months or even years. This is why having up to date information is vital to “win” in this industry. I will offer some helpful tips to make the house buying and selling process in Colorado Springs a little more manageable.

Tips on buying Colorado Springs Houses

1. Acquire as much background information as possible before you decide to work with a bank, mortgage banker, credit union or any kind of institutional lender. In addition, make sure that you know beforehand all of the fees associated with a loan.

2. Do not put yourself in a position where you are over-obligated where certain things are concerned. Some areas are best to be left up to the seller to take care of. This is where good negotiating skills come into play.

3. Never make a purchase that is far beyond your financial reach or just about there. Even though Colorado Springs houses make great investments, you want to take into account the fact that anything can happen in this economy pertaining to your financial status. Therefore, the ideal house should be 25% to 30% lower than your present income so you can still afford it.

4. Whether or not you have decided to use a real estate agent, you should make a list beforehand of what you are looking for. You should determine what areas are crucial like a good school district or being close to work and what you are willing to sacrifice such as granite countertops or a whirlpool tub.

Tips on Selling Colorado Springs Houses

1. They always say spring is the best time to put houses on the market. But besides the season, the best time to make sales is when interest rates are at their lowest. Low interest rates are beneficial to buyers and sellers and if you are both then there is no better time than the present.

2. When selling a house, you should ensure it is showcased in its best light. Basic home improvements can make a big difference in the real estate world. The exterior of the house should have curb appeal. Potential buyers should see your house from the outside and be excited to see what’s inside. Also, if the inside needs painting then take the opportunity to choose a paint color that will appeal to most buyers. Even simple things like fixing cracks, and giving the house a really good cleaning so it smells and looks good can have a great impact on house hunters.

3. If you want to sell your house on your own as opposed to hiring an agent, it may take longer. This is especially true in a buyer’s market where there are more sellers than buyers. In this case a real estate agent will have the upper hand because they have more contacts in the real estate community.

4. It’s best to sell your house at market value. Going higher can discourage a lot of potential buyers. Also, it’s better to appeal to a wider market than take the chance of hoping that one person will want to pay it. In addition, you may end up getting more money anyway if you have a hot property as there may be competition with multiple bids.

So, you’re looking for the perfect house for sale Colorado Springs? If so, you’ve come to the right place! Choosing the right house is a huge deal. For many years to come, this house will become your home. We all wish we could search through homes, find our dream home, and call it a day. But sometimes purchasing a home isn’t quite so simple. Just because a home has your ideal design doesn’t mean it is the home for you. There are many other things that you must consider first. Let’s take a look at the four C’s of home buying to help you find the right house in Colorado Springs.

The first C of home buying is cost. This is a biggie. Just because you have found your dream home doesn’t mean you can afford it. Buying a home includes many considerations. Not only will you need to pay for the home, but you will also have property taxes, utility bills, water bills, and other bills that come along with purchasing a house. It is important to take each of these things into consideration when determining how much you can afford. Once you have decided how much you can afford, search only within your price range. Searching above your means may lead you to find your perfect home, only to be crushed that you can’t actually have it. Searching within your financial means will ensure that you find a house you can love and can afford in Colorado Springs.

When looking for a house for sale in Colorado Springs, the second thing you must consider is capacity. Does the house have enough room to fit all of your belongings and your family? When searching for a home in Colorado Springs, be sure to let your realtor know exactly what you are looking for in terms of capacity. Are you looking for 1,2,3, or 4 bedrooms? Do you need a garage? What about a backyard? Is it necessary to have more than one bathroom? Sharing your needs with your realtor will help them to narrow down your search, ensuring that you only explore houses that meet those needs.

The third “C” of house shopping in Colorado Springs is convenience. When purchasing a home, you will want it to be in a convenient location. Perhaps you will want to look for a home that is close to your work. Or, if you have children, you may want to search for a home that is close to a good school. Once again, letting your real estate agent know exactly what you are looking for will help to narrow down your search, making you one step closer to buying your ideal home.

The final “C” of purchasing a house in Colorado Springs is condition. Just because you have found a house that looks great on the outside, doesn’t mean that it is in good condition. Before you make your final buy, always be sure to have a home inspector come in to check for anything that you may not be able to spot on your own. The majority of houses you come across will be in great condition, but it is important to double check before you buy.

So, there you have it – the four C’s of purchasing a home. Use these to help you find the perfect homes for sale Colorado Springs for you and your family in!

Are you looking for Colorado Springs houses? If so, you have come to the right place. Colorado Springs is a great place to set up home and start a life. If you are planning to look at houses in the area, however, it is important that you know exactly what you are looking for. Having a checklist handy when you search through houses will help you keep track of the advantages and drawbacks of each home. Let’s take a look at some things that you may want to include in your checklist.

When looking at houses in Colorado Springs, one of the first places you will want to look is in the exterior of the house. Preferences will vary when it comes to the outside of a home. Families with children or dogs, for example, may require a large, fenced in yard. Others, on the other hand, may not worry so much about the size of the yard. Regardless of your preferences, it is important to note what each house has to offer. When recording information about your houses, be sure to note the size of the lot, the condition of the landscaping, and whether or not the yard is fenced in.

When looking at the outside of a house in Colorado Springs it is also important to note the condition of the siding, as well as the condition and age of the roof. Roofs can cost a lot of money to fix, so you want to ensure that you will not have to replace one when you purchase your new home. Also, be sure to check if there are any cracks or holes in the foundation of the home. Finally, record whether the home has a garage, as well as how many cars the garage will hold.

When it comes to the inside of the home, be sure to take note of the size of each room. Check all windows and doors to ensure that they open and close without any hassle. When you get to the kitchen, be sure to ask if any of the appliances are included and, if they are, note what condition they are in. When it comes to the bedrooms, check how much closet space is available and note which type of flooring is used. In the bathrooms, be sure to check that everything is working well. Run the facets and flush the toilets to make sure that they are working properly and that there is good water pressure.

If there is a basement, be sure to make note of whether it is a partial or full basement and whether it is finished or unfinished. Always be sure to ask about different utilities of the home such as water service, plumbing, heating, insulation, and electrical.

The above are just a general guideline to help you take notes when looking at homes. Other things you may want to record include the price of the home, the location of the home, the property taxes, the terms of the mortgage, and, of course, whether or not you could picture yourself living there.

Making checklists as you search through homes may not seem necessary, but they will definitely help you when it comes down to picking between several great homes. Begin searching for Colorado Springs houses area today and find a house that you can make a home.

Are you looking for the perfect place to reside? If so, Colorado Springs may be the place for you! Colorado Springs, located in the South Central part of the U.S. State of Colorado, is absolutely perfect for singles and families alike. On top of having hundreds of beautiful homes to choose from, Colorado Springs, U.S.A. also offers beautiful weather, gorgeous scenery, and many fun and exciting outdoor activities for you and your family. Voted one of the best places to live in America by CNN money, Colorado Springs is one place that you will definitely want to check out for potential homes.

When it comes to weather, Colorado Springs offers beautiful weather year round. With an average of 249 days of sunshine, it is hard to make any weather based complaints! Here in Colorado Springs, the summers are beautiful, the winters are cool, and the precipitation is rare. In summer, temperatures generally range between 80 and 90 degrees, making it hot, but not unbearably so. Winters are cool, but once again the weather is mild, rarely seeing temperatures below 28 degrees. As for precipitation, Colorado Springs receives an average of 16.2 inches each year, making it highly unlikely that you will ever get stuck inside due to bad weather!

If the weather in Colorado Springs isn’t enough to make you search for homes here, perhaps the scenery will be. Here in Colorado Springs you will find over a dozen different parks, hiking trails, and biking trails. Whether you want to hike through the mountains, explore the beautiful and unique rock formations, or just enjoy a picnic in the park with your family, you can do so here in Colorado Springs. The Garden of the Gods, Pikes Peak, Palmer Park, and Seven Falls are just a few of the many nature based parks that you will be able to explore if you decide to purchase Colorado Springs homes.

On top of gorgeous scenery and beautiful weather, if you decide to live here in Colorado Springs, you and your family will never go bored. When searching homes for sale in Colorado Springs, do not hesitate to check out all of the surrounding activities. If you decide to live here, you will have easy access to plenty of fun and exciting attractions and activities including Royal Gorge Bridge, Cheyenne Mountain Zoo, Cave of the Winds, and Miramont Castle.

Regardless of what you are looking for in a real estate property, Colorado Springs has it all. Gorgeous year round weather, beautiful scenery, and a variety of fun and recreational activities are just a few of the many things that make Colorado Springs one of the best places to live in America. On top of all these things, Colorado Springs has a wide variety of beautiful homes to choose from. Whether you are looking for an apartment, a one story home, or a mansion, you will find what you are looking for in this wonderful city. Contact a Colorado Springs real estate agent today and check out all of the beautiful homes for sale Colorado Springs.

With Colorado Springs houses County, Colorado being home to Fort Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain, the Colorado Springs Air Force Academy, and countless military contractors who heavily recruit retired military personnel, VA Mortgage Loans are not only a common loan type, but local market driver. Because of the demand for these types of mortgages in Colorado Springs, we at Pink Realty want to answer the Top 10 questions that military and retired military home buyers have about VA mortgages.

Question 1: What is the VA Mortgage Lending Limit?

According to our in-house lending specialist, Tammy, the VA mortgage lending limit is $417,000 in Colorado Springs. While this limit is set for most areas of the country, the VA lending limit can be as high as $1M for other parts of the country that have higher average home prices, such as Washington DC, California and Hawaii. Additionally, while the VA sets their limit, this does NOT limit the veteran to a house priced at $417K or less. For example, let’s say you want to purchase a home priced at $500K. That’s $83K higher than the VA guarantee limit of $417K. If your VA eligibility is $417K and you qualify for the higher loan amount from your lender, you can purchase the $500K home with a down payment of 25% of the $83K difference ($20,750) and your lender will lend you the other 75% of the difference or $62,250. Therefore, your loan amount would be $417K, plus $62,250 or $479,250.00. As long as you qualify for the higher loan amount and have the cash for the down payment, you can buy that $500K house.

Question 2: What is the VA Funding Fee?

The VA charges a VA Funding fee of 2.15% of the mortgage amount to first-time users who do not put pay a down payment on the home. This fee covers the cost to operate the VA loan program. After the first VA loan, the funding fee is increased to 3.3% of the mortgage amount if the veteran does not pay a down payment. This fee does not have to be paid by the veteran out of pocket. It can be financed into the loan along with other closing costs, so there is no down payment required and no out of pocket expenses to the veteran.

Question 3: Can the VA Funding Fee be waived?

Did you know if you are discharged from service with at least a 10% disabled status you can get the VA funding fee waived? That’s right! Nearly 70% of the veterans today are discharged with at least a 10% disabled status. This not only gets the veteran a tax free check every month, but also allows them to purchase a home without having to pay the standard VA funding fee!

Question 4: Is my eligibility lost if I file Bankruptcy?

Filing Bankruptcy does affect your VA eligibility, but depending on what type of Bankruptcy you file, your VA eligibility is affected differently. If the veteran files Chapter 7 Bankruptcy, which is a total liquidation of their debts, the veteran must wait 2 years before they can qualify for another VA loan. If, however, the applicant files Chapter 13, which is a re-organization of their debts, the VA will consider lending to the applicant for another home purchase in as little as 12 months into the bankruptcy if the applicant receives permission from the bankruptcy court and can show they have paid 12 months of payments on the bankruptcy in a timely manner.

Question 5: Is my eligibility lost if I lose my house in foreclosure or sell my home as a short sale?

There have been a lot of foreclosures in Colorado Springs in the past couple so Pink Realty agents get this question quite a bit. Whether a veteran looses their home in a foreclosure or sells their home as a short sale, if the VA suffers a loss, they do not forgive or forget the loss. However, this does not mean the veteran loses their eligibility. The amount the VA loses on your home, whether via a foreclosure or short sale, gets subtracted from your total eligibility. What this means is if you were elegible for a VA guarantee of $200K and the VA lost $100K on your loan, your VA eligibility is reduced by the amount of the loss and is now $100K. If the deficiency is repaid to the VA, the veteran’s eligibility is fully restored.

Question 6: Can I use my VA eligibility more than once?

Yes! Veterans can use their VA eligibility as many times as they want but only on one house at a time. To use the eligibility again, the veteran must pay off the previous loan and provide proof to the VA, and your Pink Realty agent can help you with this. When a veteran has a VA loan on their home and they sell it, they must notify the VA that the home has sold and the mortgage has been paid in full. This restores the veteran’s VA eligibility so that it can be used again to buy their next home. If the veteran allows his VA mortgage to be assumed by another eligible veteran (and this is never a good idea) and the assuming veteran is not willing to substitute his own VA eligibility to the original veteran, the original veteran’s eligibility is reduced by the amount of the loan that was assumed. Once the assuming veteran pays the loan in full, the original veteran’s VA eligibility is restored.

Question 7: What kind of properties can I buy?

The VA does not lend on any property that is not intended to be used as the applicant’s primary residence. Should an applicant want to purchase a duplex, tri-plex or any 2 - 4 unit building as an investment, the VA will grant a VA mortgage loan as long as the applicant intends to occupy one of the units as their primary residence. The VA also requires that the home be in move-in and livable condition at the time the loan is made. The VA does not lend on uninhabitable properties, raw land, commercial property or any other property that will not be considered the applicants primary residence.

Question 8: Can I buy more than one property at a time?

The VA only issues mortgages on the veteran’s primary residence. This does not keep the veteran from being able to purchase other properties, though. If the veteran wants to purchase another property, such as an investment property, and they qualify for both mortgages, the veteran can secure other, non-VA financing to purchase other property. If you would like to discuss the other loan types that may be available to you, our in-house Pink Realty lender would be happy to help you. Just call our office at 719-393-7465 (Pink) and ask to speak to the lender.

Question 9: Who can apply for a VA loan?

VA loans are for military personnel and veterans. If a military applicant wants to include another person on their VA mortgage, the only acceptable co-applicants are the applicant’s spouse or another VA eligible applicant. Family members, friends, relatives and/or ’significant others’ can’t be on a VA Loan with the applicant. If there are
credit issues with an applicant’s spouse, the applicant does not have to include the spouse on the application.
However, the debts of the spouse must be included so the VA has knowledge of the total liability at stake. Sometimes, the spouse’s total debt causes the debt to asset ratio to be too high to qualify for the loan. In this case, if the spouse works and has been at their job at least 2 years, the spouse’s income, up to the total monthly debt liability, can be included on the application to offset the spouse’s debt. This generally allows the debt to asset ratio to fall back in line for approval of the loan.

Question 10: What does my Credit Score have to be?

At time this article was written, the VA looks for scores of 620 or higher. (Please feel free to call Pink Realty at any to check to see if loan guidelines have changed. We are always here to help.) If the applicant’s score is a little lower than this, Pink Realty lender will work closely with the applicant to see what can be done to raise their score, and many times we can help a borderline applicant buy a new Colorado Springs homee. The first item addressed is whether or not the credit report is accurate. More than 80% of the credit reports run today contain errors. Just removing the errors alone may raise the applicants score. Improving their credit score may also mean paying down a credit card balance so the outstanding balance is 50% less than the credit limit on the account or it may be as simple as paying a few low balance accounts off. Sometimes this is all that’s needed to bring the credit score up to the approval score limit. Remember that your credit score is very specific to you, and we would be happy to evaluate your situation for free any time. Just call our office at 719-393-7465 (Pink).

We hope this article answered some of your questions about VA mortgage loans so when you are in the market for a VA loan, you are ready. For more information on VA home loans, you can call a Pink Realty agent or lender at any time.Please stay tuned for more informative articles. Stop by the website regularly for new and updated information.