Many first time home buyers in Colorado Springs who cannot afford to purchase a single family residence opt for a townhome or condominium instead. So what is the difference between a condominium and a townhome? An owner of a condominium only owns the unit not the land it sits on. A condo may also have units above, […]
Finding a home is an exciting process; although you may want to start looking at homes right away, it is very important to get prequalified first. The last thing you want to do is find a home you like only to find out that you do not qualify to buy it! Looking at homes you cannot afford is a waste of your time. […]
Many home buyers in Colorado Springs that would like to buy a home but cannot afford the down payment choose to obtain down payment assistance from the Colorado Housing and Finance Authority (CHFA). Formerly, borrowers were not required to make any payments on the money received for the down payment (Silent 2nd Mortgage) until they sold or refinanced their home. Now, […]
Many buyers have been asking me questions recently related to Earnest Money so I thought I would provide a quick FAQ below. Q: What is Earnest Money? A: Earnest Money is provided to a home seller as a sign of good faith by a home buyer. It provides the seller with a guarantee that the […]
If you are interested in purchasing a home but haven’t used credit in 6 months or more, you may not have a FICO score. This may be an issue for those in the military who have been overseas for some time and plan on relocating. Lenders look at your credit score during the prequalification process. Until […]
If you are looking to purchase a bank owned property and want a bargain, take a look at how many days the home has been for sale before submitting your offer. If the home has been on the market for 30 days or less, the bank is probably not going to negotiate much on the […]
A property becomes a short sale listing when the homeowner owes more on the mortgage than what the property can be sold for in the current market. Many homebuyers are interested in purchasing pre-foreclosures since they are often listed below market value but if you expect for everything to be smooth sailing throughout the transaction you had […]
Buyers in Colorado Springs have probably noticed some of the short sale properties they have seen are double close transactions. An investor usually negotiates the short sale with the bank in advance for the seller and then finds a buyer for the property. The investor closes on the buying and selling side of the transaction in […]
Many home buyers in Colorado Springs that would like to buy a home but cannot afford the down payment can receive down payment assistance from the Colorado Housing and Finance Authority (CHFA). CHFA now has a new home loan program available not only to first time home buyers but also to those who have purchased a home previously. Qualified home buyers […]
If you are looking to purchase a short sale or a bank owned property, ensure the plumbing is inspected. Colorado Springs experienced a few cold months this past winter and if a home is improperly winterized or not winterized at all, there may be water leaks in the home. Bank owned properties are usually winterized […]