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Short Sale, Foreclosure, Refinance

by The Colorado Springs Group™

We've seen these three words in the same section describing options people have. When you are in a position of looking at foreclosure or short sale, it's hard to imagine your credit score is going to still allow you to refinance if you've missed payments. Qualifying for a loan modification is more of a probability than qualifying for a refi.

To do a short sale you don't necessarily have to be behind on payments. If a Realtor is advising you to miss payments keep in mind they are not financial advisors, or attorneys. We've been successful in helping people do short sales without missing any payments.

Most people don't see foreclosure as an "option" unless they are planning on it as part of a strategy... which can have legal ramifications. Foreclosure is more of a result that comes from unsuccessfully trying to keep and/or afford your home.

Short sales often leave you in a better position for the future, but that's not true for everyone. It depends on how the short sale went, including missing payments and any agreements as to what happens with the deficiency. We've seen short sales reported in different ways on credit reports which also makes it harder to determine.

If you're in a tough position and aren't sure what to do, you can call us to see if we're able to help.

2010 Third Quarter Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results from the third quarter. Single Family & Patio Homes

Black Forest: 43 Sales for a total dollar volume of $15,495,600

Briargate: 137 Sales for a total dollar volume of $42,256,217

Central: 113 Sales for a total dollar volume of $19,063,177

East: 122 Sales for a total dollar volume of $20,889,629

Fountain Valley: 246 Sales for a total dollar volume of $41,942,614

Falcon - Peyton: 106 Sales for a total dollar volume of $24,136,921

Marksheffel: 26 Sales for a total dollar volume of $5,569,944

Northeast: 158 Sales for a total dollar volume of $36,157,072

Northwest: 76 Sales for a total dollar volume of $25,550,812

Northgate: 71 Sales for a total dollar volume of $30,637,869

Old Colorado City: 53 Sales for a total dollar volume of $9,378,458

Powers: 211 Sales for a total dollar volume of $41,661,693

Southeast: 106 Sales for a total dollar volume of $13,763,015

Southwest: 114 Sales for a total dollar volume of $41,477,945

Tri-Lakes: 115 Sales for a total dollar volume of $41,578,786

West: 41 Sales for a total dollar volume of $12,732,925

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 7/1/2010 through 9/30/2010.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

2010 September Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results from September. Single Family & Patio Homes

Black Forest: 12 Sales for a total dollar volume of $3,900,400

Briargate: 32 Sales for a total dollar volume of $10,417,852

Central: 34 Sales for a total dollar volume of $5,634,055

East: 34 Sales for a total dollar volume of $5,546,330

Fountain Valley: 80 Sales for a total dollar volume of $13,315,377

Falcon - Peyton: 28 Sales for a total dollar volume of $6,002,070

Marksheffel: 5 Sales for a total dollar volume of $982,600

Northeast: 61 Sales for a total dollar volume of $14,312,450

Northwest: 22 Sales for a total dollar volume of $6,860,300

Northgate: 13 Sales for a total dollar volume of $6,788,908

Old Colorado City: 20 Sales for a total dollar volume of $3,345,758

Powers: 62 Sales for a total dollar volume of $12,247,983

Southeast: 29 Sales for a total dollar volume of $3,720,750

Southwest: 34 Sales for a total dollar volume of $12,122,450

Tri-Lakes: 31 Sales for a total dollar volume of $10,425,714

West: 15 Sales for a total dollar volume of $5,222,100

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 9/1/2010 through 9/30/2010.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

One Page Inspection Reports

by The Colorado Springs Group™

We are professionals here at The Colorado Springs Group™, and we offer professional opinions. I want to make it clear that this post is only an opinion, although we feel a majority of people are in agreement with us. Some people get very upset with us on this topic but the public has a right to know.

There are inspectors in the Colorado Springs area that perform inspections, and the end result is a sheet of paper, sometimes legal sized, with a summary of limitations of liability on their part, followed by a bunch of blank lines for space to fill out issues they found.

Some of these inspectors are newer, and some have been able to pull this off over the years. This isn't to say they don't actually check out the home, but how do you know what they did and/or didn't actually do unless you watch them the entire time? 

Do you know that for roughly the same fees these people charge you can get an inspection done by someone very qualified that consists of at least 35 pages? These pages include everything that was checked out with notes and detailed photos. There is a summary, and with any problems they make it more than clear so that it betters your position in negotiation with a seller when negotiating.

What do you think works better in a negotiation, a 1 page essay on what was found wrong with the home or a 35-50 page full scope report with photos/explanations? Remember that 1/2 of that 1 page essay is a sort of release of liability on the inspector.

There's a lot of speculation as to whether or not it's a good idea to listen to a Realtor on who to use for an inspection. I'm not stating to use a specific inspector here, but I am asking what logic you are using when you hire the inspector that gives you a 1 page list of items he thinks may need addressing? I agree, it's better than nothing... but you did overpay for that piece of paper.

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686