Sellers often want to put their home on the market for sale as soon as possible even if the home is not quite in showing condition. Painting, decluttering, or cleaning the carpets may be a few things that still need to be done. Sellers may wonder: Is it a good idea to put my home up […]
The competition for home sellers is pretty fierce in Colorado Springs. Sellers have to compete against bank owned and short sale properties in the same neighborhood that are selling for much less. Homes that are overpriced in Colorado Springs are not selling, especially if they are outdated. Many sellers receive feedback from showing agents stating […]
It is not uncommon for home owners that are facing a short sale situation to have more than one lien on their property. The second lien holder may approve the short sale of a property but may not necessarily forgive or cancel the debt still owed and require the home owner sign a promissory note at […]
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 […]
Approximately 40% of buyers in Colorado Springs are comprised of first time home buyers who are looking to purchase a home before the $8,000 home buyer tax credit expires November 30, 2009. If you are thinking about moving up into a larger home, now is a good time to do it. Homes $200,000 and below […]
Many homes in Colorado Springs built in the mid 70’s through the late 90’s had Polybutylene plumbing installed since it was more economical than copper. It was later discovered the Polybutylene pipes had problems with deterioration in addition to problems with the aluminum fittings. As you can imagine, this would cause flooding and major water problems for homeowners. Homeowners who have Polybutylene plumbing […]
As of July 1, 2009 all home sellers in Colorado Springs who have an appliance that operates from natural gas (i.e. furnace, water heater), are now required to have Carbon Monoxide Alarms installed within 15 feet of all bedrooms in the home. If all of the bedrooms in a home are on the same level, […]
It can be tricky timing everything correctly when selling one home and buying another at the same time. Closing on two homes in the same day is not uncommon but can pose problems if there are any delays with the transaction being funded on time. Per section 4.3 of the Contract to Buy and Sell […]
Clutter – Removing clutter will make rooms appear more spacious and clean. Cluttered rooms make it difficult for buyers to clearly visualize their own belongings in the home. Cleanliness– Keeping your home clean for showings takes work but a messy home is not appealing to a prospective buyer in Colorado Springs. Make your home stand […]