Colorado House Buyer

If you are looking for a house to buy or rent in Colorado Springs, then you will definitely have a lot to choose from.  Colorado Spring houses are very diverse and are available in many different neighborhoods.  There are residential homes, condos, townhomes, foreclosures, new homes, and multi-family homes.  Many of the homes are moderately priced; however, there are luxury homes available in most areas.  Of course what really matters is the type of house you are looking for, and the amount you have to spend.

If you would like a house on a large expanse of land, not too close to your neighbor, then an area like Black Forest might be most suited for you.  The houses here are situated on large lots, and there are many trees dotting the landscape.  The prices run the gamut of the price range.  It is possible to find large 7 bedroom homes that sell for over 2mil, as well as smaller 2 and 3 bedroom homes that sell for $200,000 and less, it all depends.

If you are looking for a house that is really far away from it all, then a good area to consider would be Woodland Park.  Woodland Park is located at the foot of Pikes Peak, which is probably the most visited mountain in North America; it is an out-and-out tourist attraction.  The houses here are very affordable, and house prices have been deflated and continue to fall due, because of the weak US economy.   Because of this, now is as good a time as any to buy a house.

If you prefer a house in a planned community, then consider getting a house in an area like Northgate.  This is one of the areas in Colorado Springs that has some newer homes available.  It is a popular choice because it is very close to the city center, as well as to the city of Denver.  The houses here are affordable, and the lot sizes are generally quite large.  In addition, there are some nice shopping and recreational areas.

Selling Colorado Spring houses will be a little more complex than buying, as the market is really a buyer’s one.  Nonetheless, it is possible to get a good selling price in the soft market that exists in Colorado Springs.  It would be advisable to seek the assistance of a professional realtor to assist in this regard, as there are some challenges in being able to get top dollar in this type of market.

The market for Colorado Springs houses is relatively buoyant.  So far in 2011 most regions have had an average of 150 homes on the market, and some have stayed on the market for only a short time.  The average sales price for houses in most areas teetered in the region of $200,000 to $300,000.  However, this is an average value, so there will always be variances depending on the region of Colorado Springs the house is located.  Houses in the downtown and central regions are somewhat more expensive due to their proximity to the city center.

If you have decided to purchase real estate Colorado Springs, then congratulations, you have made a very wise choice.  Colorado Springs is a wonderful place to live.  It has pleasant weather all year round, (not too hot and not too cold), growing businesses, scenic views, modern amenities, and very good school districts.

Perhaps one of the most important decisions you can make when buying property, is to retain the services of a reputable real estate agent.  They can take all the hassle out of buying a home.  They carefully examine the features you are looking for in a home, in order to obtain a comprehensive listing of homes from the MLS Colorado Springs.  Based on this report you can get a very good idea of the types of homes that are available in your budget.

Colorado Springs has homes to suit just about every budget, so you don’t have to worry about finding your ideal home. It depends on what you are looking for.  You can get homes from as low as $100,000 and others for as much as $6 mil; it all depends on your preference.

If you only have a very small amount for the down payment on a home, then you can take advantage of some deals on foreclosures.  There are foreclosures in some nice areas like Briargate and Broadmoor.    It is possible to get some foreclosures for as little as $1,000 down. Be sure to do a thorough research of what is available, or ask your real estate agent to do it for you.

If you prefer to move into a new home, then you can find a good variety of new homes in Colorado Springs. There are growing areas such as Northgate, where you can choose from a wide selection of newer homes. Northgate includes areas such as Trail Ridge, Falcons Nest, Northgate Highlands, and Stone Crossing.  Home options include modest starter homes as well as semi-custom style homes.  The price of homes in this region ranges from $200,000 to $480,000.

Southeast Colorado Springs is home to a growing community known as Soaring Eagles.  This development was completed in 2005 and has some well-built modest homes, some of which are 3500 sq. ft. in size. There are also some smaller homes which are 1200 sq. ft.  The homes are very reasonably priced.  In fact most are priced for less than $250,000.

Older style Victorian homes are also available in the older parts of the city.  Many of these homes can be found in the Old Colorado city area.  Prices for these older style homes often range from $150,000 to $420,000.

If you are looking to buy real estate Colorado Springs you won’t be disappointed as there is so much to choose from.  However, be sure you know exactly what you are looking for, and make sure to get a real estate agent to guide you.  Whether you an existing home buyer or a new one you can benefit from their expertise.

Today’s economy has caused many people financial hardship. Whether your hardship is the result of a loss of employment, illness or injury, death of a spouse, divorce, or bankruptcy, hardships can result in derogatory information ending up on your credit report. Unfortunately, derogatory information leads to further hardship as needed credit is denied, future employment is affected and interest rates and insurance premiums go up leaving you in a ‘debtor’s prison’ that seems to have an endless sentence with no right to appeal. While solving credit report and credit repair issues may seem to be a mystery, there are myths and truths you should know and this article addresses them and think before you get Colorado Springs Foreclosures

Myth # 1: I can pay off my past-due charge-offs and collection accounts and my credit report will show ‘paid’ and will no longer be a negative strike against my credit score.

While it is difficult to fully repair your credit if you have outstanding past-due accounts, paying off old accounts that will automatically be removed shortly in the future, can harm your credit for a longer period of time. Past due accounts, collections, charge-offs and judgments can stay on your credit report for a maximum of 7 years. Bankruptcies and foreclosures can stay on your credit report for a maximum of 10 years. This length of time is determined from the last date of activity posted on your account. If you have an old collection that was placed on your credit report in 2000, it would automatically be deleted in 2007. However, if you pay off the ‘bad’ debt in full in 2005, the account will show ‘paid’, however the account is still reflected as an account that was past due, or a collection and that negative mark will now remain on your credit report until 2012. Therefore, if you have funds to pay off any delinquent accounts or collections, it makes more sense to pay off the recent derogatory accounts as the old accounts will drop off on their own within 7 years of the last posted activity.

Myth # 2: If a negative item is deleted from my credit report, it will just come right back on my report.

In truth, credit bureaus will temporarily delete a negative listing if they have not heard from the creditor within 30 days of an item being disputed. If the creditor submits verification of the account, even after 30 days, the credit bureau can re-insert the negative account back onto your credit report. However, many times the creditor fails to respond and the negative item is deleted permanently. If the creditor does verify the account and it gets put back onto your credit report, it is oftentimes deleted again because the challenge process to fully verify the account is intensified and the creditor no longer pursues the account.

Myth # 3: Items such as bankruptcies, foreclosures, judgments and tax liens are impossible to remove from a credit report.

While it can sometimes be a difficult and time-consuming process to remove these types of accounts, every type of negative listing has been removed from a credit report.

Myth # 4: Disputing a credit report is easy. Any consumer can do it themselves.

While it is easy to dispute accounts on a credit report, getting results can be difficult. Credit reporting agencies are publically traded, profit seeking entities and their time spent investigating consumer disputes cuts into their profits. Therefore, they work harder to hinder your progress to repair your credit than they do to help your progress. There are companies that tell you getting disputes resolved yourself are complex, time-consuming, and frustrating and many of these companies charge high, upfront fees and make false promises about getting all your negative information removed from your credit report. Beware of these companies and their scams. You can get more information about how to repair your credit yourself and credit repair scams that you should be aware of by going to the FTC (Federal Trade Commission) website at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm or you can simply call us at Pink Realty at 719-393-7465 (Pink) and ask to speak to our lender. She will be happy to help you get your credit score up.

Myth # 5: The credit bureau allows me to submit a 100-word explanation to tell my side of the story. Creditors read my statement and take it into consideration.

While the credit bureaus do allow you to submit an on-line explanation to dispute an account, the creditor does not necessarily take it into consideration. While credit reporting agencies are supposed to forward the information to the creditor, there is a good chance the creditor will never see your explanation! To file a dispute, send a letter to the credit reporting agency with attached copies of any documentation you have to support your dispute. Be sure to send this letter by certified mail - return receipt requested, so you can document that your information was received by the agency. Additionally, send a letter to the creditor and again, sent the letter by certified mail - return receipt requested so you can document it was received by the creditor. The consumer reporting agency must investigate your dispute within 30 days. They are required to forward your information to the creditor. The creditor must respond and if the investigation proves the information reported to the credit bureau is inaccurate, the creditor must notify the credit reporting agency and they must correct your file.

Myth # 6: The credit bureaus are a government agency and therefore infallible.

Credit reporting agencies, such as Equifax, Experian and TransUnion are publicly and privately traded companies that are in business to earn a profit for their stockholders. They are not government agencies and are very heavily regulated as a result of public abuse and mistakes. The consumer protection legislation and laws allows consumers to challenge these agencies and can force the removal of inaccurate, outdated, unverified or unverifiable information.

Myth # 7: I can create a totally new credit file by getting a Federal Tax ID number or changing a few numbers on my social security number.

There are credit repair companies out there that let you believe you can obtain a completely new credit file by doing this. Beware! This is a fraudulent scheme! It is a criminal offense to lie on a credit application. If you are caught doing this, you will suffer the consequences.

Myth # 8: If I build enough good credit, it will offset my bad credit and make me creditworthy.

Today, computers compile a point score to determine your creditworthiness. There is no longer a human element that can determine your creditworthiness by your character or current situation. Therefore, any negative credit information can hinder your ability to get future credit. However there are things you can do to help improve your score. First and most importantly, review your credit report for accuracy and dispute any inaccuracies! You are entitled to a free credit report each year. AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that’s yours by law. Based on a study done by PIRG (Public Interest Research Groups), 70% of consumer credit reports contain incorrect information, so there is a good chance you may find errors on your report that can be removed. Secondly, strive to bring recent past due accounts current. Remember from Myth 1, the old accounts will be removed automatically after a maximum of 7 years from the date of last activity. Also work to reduce the balances owed on revolving credit accounts to 50% or less of your approved credit limit. Approximately 35% of your credit score is determined by past delinquencies and 30% is determined by your revolving debt ratio (balance due / credit limit). Because past due accounts and Revolving Credit Debt Ratio equal 65% of your total credit score, these are the accounts that you should address first to make the biggest impact on raising your credit score.

Myth # 9: It is illegal for creditors to remove negative accounts on my credit report. The law requires these items stay on the credit report for at least seven (7) years and in the case of bankruptcies, 10 years.

The law states that negative information can appear on your credit report for a maximum of 7 years, 10 years in the case of bankruptcies. Creditors and credit bureaus may choose to delete negative items anytime they see fit, however they cannot let them say on longer than the maximum amount of time.

Myth # 10: Nonprofit organizations like Consumer Credit Counseling Service (CCCS) can help me restore my credit.

While these agencies may be non-profit, they still charge for their services. Oftentimes, seeking help from these agencies can prove to be a red flag for creditors and your credit can be treated similarly to a Chapter 13 bankruptcy. Again, if you seed credit help, beware of the many credit repair scams that are out there. The Credit Repair Organizations Act requires credit repair organizations to give you a copy of the “Consumer Credit File Rights under State and Federal Law” before you sign a contract. They must also give you a written contract that spells out your rights and obligations. Read these documents before you sign anything!! And before signing, know that a credit repair companies cannot do the following:

• make false claims about their services

• charge you until they have completed the promised services

• perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.

Before you sign a contract, be sure it specifies:

• the payment terms for services, including the total cost

• a detailed description of the services the company will perform

• how long it will take to achieve the result

• any guarantees the company offer

• the company’s name and business address

Today, nearly 70% of Americans are denied credit because of their credit scores. At Pink Realty we see this all the time, so we understand the credit help that’s needed. Our Colorado Springs realtor work with many people that are trying to buy homes, but just don’t qualify because of their credit score. This is why our agents work with several reputable lenders that work with these buyers at NO charge. They help you understand your credit report and your credit score. They will work with you to help you improve your score. So, before you spend your hard earned money on what might be a fraudulent scam, call us at 719-393-7465 (Pink). We can put you in touch with a lender who will work with you to get your credit where it needs to be so you can buy that home you want to buy! You can reach Pink Realty at 719-393-7465.

When it comes to purchasing homes, buying a foreclosure is one of the best ways to create equity. Many times, you will find foreclosed houses for sale listed as half of what they are actually worth. After purchasing one of these homes, you can rent them out to generate positive cash flow, or flip and sell to generate an immediate profit. Yes, foreclosures can be a great way to create equity (or just get a create deal on a home), but many of us do not know a lot about foreclosures. Let’s take a look at what foreclosures are and how you can go about finding a great deals of Colorado Springs Foreclosures.

Before we talk about how you can find a foreclosed house, let’s first discuss what a foreclosure actually is. A foreclosure occurs when an owner cannot make payments on their home. If payments become severely overdue, the property is seized and sold. Many times, when foreclosures are resold, they are resold much below their actual value, making them the perfect find for home buyers.

Typically, there are four stages to a foreclosure. If a home owner goes 60 days without making a loan payment, they will enter into the first stage of foreclosure known as the ‘notice to accelerate’. During this stage, the owner will receive a notice from their lender letting them know that their payments are past due and must be brought up to date. If the owner fails to respond to this notice they will enter into the second stage of foreclosure – the ‘demand letter’. This letter will be delivered to the owner by a lawyer, letting the owner know that the foreclosure process will begin if they do not soon bring their payments up to date.

If the owner still does not respond, the lender will receive a notice of default, letting them know that the lender has filed for a formal foreclosure from the court. Once again, the owner is given an additional 20 to 30 days respond. If there is still no response after the given time, a final notice of sale will be delivered, letting the owner know when they must move out and when the house will be auctioned off.

If you are looking for a great deal in the Colorado Springs area, you may want to consider looking at these foreclosed houses. Begin by asking your real estate agent about foreclosures in the area. If there are any available, your agent will take you around to look at each. It is generally recommended that, before you look at homes, you ensure that you have a secure financial backing. Foreclosed houses are hot sellers, so if you are interested in a home, there is no time to waste.

Once you find a home you are interested in, you can submit your bid. Generally, the lender who repossessed the home will create a starting bid of which you cannot bid lower. Once you have made your bid, it will be considered against other bidders. You will be noticed once a decision has been made.

If you win the bid for your home in Colorado Springs, your next move is to perform an inspection. Do not skip this step. While some foreclosed homes are in excellent condition, many need repairs. And when it comes to buying a home, it is best to know what to expect beforehand!

If you are looking for homes for sale in Colorado springs area, you may want to start by looking at foreclosures. Foreclosures can get you a great deal on your home and can also be a great way to earn equity. Speak to your realtor about foreclosed houses and see what homes are available in the Colorado Springs area.

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.