There are many types of foreclosures available in Colorado Springs and one type of foreclosure is a VA Repo. These types of properties are sold by the Veterans Administration (VA). There are a few important things buyers should be aware of when looking to purchase a VA Repo in Colorado Springs. 1. Inspection – Normally, […]
There were a total of 8,745 single family home sales in El Paso County in 2009 compared to 8,339 in 2008. Take a look below to view the total sales for major areas in Colorado Springs and surrounding areas. The Powers area of Colorado Springs had more home sales than any other area in Colorado Springs for […]
Fannie Mae and Freddie Mac have recently changed guidelines regarding seller contributions. If you are purchasing a second home that is not your primary residence, the seller can not contribute more than 2% of the purchase price toward buyer closing costs. In other words, if an investor purchases a home for $150,000, the seller cannot […]
Homes sales decreased by 21.5% in El Paso County for the month of December when compared to November 2009. There were 128 additional single family home sales in December 2009 when compared to December 2008. There were also an additional 1,000 single family homes for sale in December 2008. The average sale price ($223,143) and the […]
Home inventory has decreased by 23% for the month of December 2009 when compared to six months ago (July 2009). Compared to the previous month of November, there was a 8% decrease in single family homes for sale. Single Family Home Inventory has been steadily dropping over the past six months. It is good that […]
The Mortgage Forgiveness Debt Relief Act was passed in 2007 to protect distressed homeowners from being taxed by the IRS on the debt that was canceled by the lender on the short sale of their home.Prior to the bill being passed, the IRS viewed the deficiency amount as income and the homeowner was taxed. Some […]
Some home owners who are in distress may choose the option of a Deed in Lieu instead of a short sale. The home owner gives the deed for the house back to the bank and can walk away from the house without having to worry about having to do a short sale. A Deed in […]
Directions for the Chirstmas Light Extravaganza 2009 Provided by Autumn Rivera From Fillmore and I-25 1. EAST onto W FILLMORE ST. 0.9 mi 2. Turn RIGHT onto N NEVADA AVE 1.3 mi 3. Turn LEFT onto E CARAMILLO ST. 0.1 mi 4. Turn RIGHT onto N WEBER ST. 0.0 mi 5. E CARAMILLO ST & […]
Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings. Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days. Within the first 15 days, only bids from buyers who will occupy the home as their primary residence […]
Many home buyers in Colorado Springs obtain FHA financing for their home purchase and may be affected by the upcoming changes with FHA guidelines. FHA offers a low down payment requirement making it easier for many buyers to purchase a home; currently, home buyers can get into a home with 3.5% down. Although, the amount of the increase […]