Colorado House Buyer

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.

Colorado Springs is an amazing place to live so if you’ve decided to live there then congratulations. However, that doesn’t make the moving process any easier. Here then are some tips to help make your relocation to Colorado Springs a lot smoother and the transition process faster.

Use the Internet

The internet is an amazing tool that you can use to make your life a lot simpler. You can conduct searches online whether you plan on renting or purchasing a home. There are a lot of real estate websites where you can do MLS searches. You can even do virtual tours to really get the idea of where you’ll be moving to. No longer are the days when you would have to drive around in search of the ideal place to live as you can do a complete search online or at least narrow down the search.

Altitude

Colorado Springs has an altitude of 6035 feet. Sure the air is purer but for some it’s hard to breathe. For this reason, I would suggest hiring a moving company to help you unpack. Altitude sickness is a problem for some people who aren’t used to this kind of altitude. Add to that the stress of moving and you may end up gasping for air. Drink lots of water and take it easy and you should be fine. In addition, keep an eye on your pets as this change in altitude could affect them as well. Altitude even has an affect on the cooking process. So, you will have to make water boil longer and keep things in the oven longer too.

Pets

Moving is not only stressful on you but your pets too. They may get discombobulated for a couple of days as they are in a new environment. It is your responsibility to watch them carefully and make sure they are kept inside or find a way to keep them from running away. They are most likely to do this as they are getting used to the new situation. Not to mention that the wild life in Colorado Springs such as foxes, mountain lions, large birds and bears would love to spot your pet alone. On the lighter side of things, Colorado Springs is not only a top rated place to live for humans but for pets as well. It was rated the number 1 Pet Friendly City in the country. You’ll find there are many parks and trails for your pet’s exercise needs and lots of vets as well for their health needs.

There Are Others Like You

A lot of people living in Colorado Springs are “newbies”. Whether it’s because they moved there because of the positive ratings or they are expatriates working for some of the large companies situated there or because they have been assigned at one of the military posts there, a lot of them aren’t natives. This is a great way to meet people and acquire friends. And yes, relocation to Colorado Springs is full of “friendlies”.