Colorado Springs Real Estate: Housing Availability
Most of the architectural styles for homes in Colorado Springs include Bungalow/Craftsman Homes, and Victorian, Mid-Century Modern/Ranch Homes. However, Mountain Rustic/Chalet style homes have become more common in the past 20 years. They can be more commonly found in the citys outskirts in neighborhoods like Black Forest, Palmer Lake, Woodland Park, and Cheyenne Mountain Canyon.
Houses have an average value of $355,000, which is a 12.7% increase since 2019. About 59% of the populous own the home they live in, leaving the remaining 41% as renters.
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Lauras Military Appreciation Cash Back Rebate
As the wife of a former military officer, I have profound respect and admiration for the members of our Armed Forces. I fully understand the details, stresses, complications, and the process involved in military moves. To express my appreciation to our military members I offer a military cash back program for our military members who use me to help them sell their Colorado Springs home. If you are active duty or retired military purchasing or selling a home in the Colorado Springs area you qualify for my military cash back program and can receive up to $6,200 cash back. If you end up purchasing and selling a home with me you will receive up to a total of $12,400 cash back. I work with a lot of military members during their PCS with their home purchase or sale, and my military appreciation rebate has given over $500,000 back to our military families.
*The military appreciation program is not available for individuals who are participating in a corporate relocation program or as part of a Realtor referral. Please contact Laura for more details regarding eligibility.
Who Should Not Buy A Foreclosed Home
Shopping for a foreclosed home is time-consuming and frustrating. Finalizing a deal is worse.
If you need a home right away, or you aren’t emotionally prepared to handle repeated disappointments, you probably shouldn’t take this on.
It’s also a bad idea if you’re shopping at the top of your budget. You may well need some extra cash to cover unexpected costs.
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Advanced Tips For Buying A Bank
Not all REO homes sold by a bank are good deals. Protect yourself and your investment by following these five advanced tips for buying a bank-owned home:
REO property is sold as-is: This means the bank wont make any repairs, so be sure to accurately estimate the cost of your repair work.
Be patient when buying a bank owned home: It may be several weeks before you hear back from the banks REO department.
Always get a home inspection: Banks put very little effort into fixing up their REOs and overlooking a needed repair issue such as a bad sewer connection or major electrical issue can be a costly mistake.
Explore your financing options: Some banks may be willing to lend you the full asking price of an REO home, even including the cost of repairs, while other banks wont make a mortgage loan at all on homes coming off of their balance sheets.
Do your research and math: Have your real estate agent run comps to make sure your offer price is in line with recent sales in your area, and be sure to factor in the costs of renovations.
Property Styles In Colorado Springs Foreclosure Listings
Through our updated Colorado Springs REO property listings you will find many different styles of repossessed homes in Colorado Springs, CO. Find Colorado Springs condo foreclosures, single & multifamily homes, residential & commercial foreclosures, farms, mobiles, duplex & triplex, and apartment foreclosures for sale in Colorado Springs, CO. Find the ideal bank foreclosure in Colorado Springs that fit your needs!
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What Are Bank Properties
If youre new to the concept of bank properties for sale, then here is a look at exactly what this means. Essentially a bank property sale is when properties are sold by owners who need to quickly address a depleted financial situation. The bank property sale gives buyers the opportunity to buy homes at realistic prices, while also giving sellers the chance to reclaim much-needed funds in a short space of time.
How Does Buying Bank
When it comes to actually buying a bank-owned property with cash, the process isnt all that different from its traditional counterparts. The basics remain the same: the buyer acquires a loan to pay for the new real estate asset. That said, the process of buying a bank-owned home tends to depart from traditional home sales when prospective buyers are searching and negotiating with banks.
For instance, those intent on buying bank-owned homes dont need to scour listings on the Multiple Listings Service or collaborate with investors they simply need to talk to their local banks. It is possible to find bank-owned homes on sites like RealtyTrac and RedFin, but going straight to the source is typically the best method. Once there, buyers will need to locate and talk with the individual responsible for dealing with REO sales.
Prospective buyers may obtain a list of the homes for sale and proceed to make offers on the ones that meet their needs. It is worth noting, however, that its not enough to simply make an offer that undercuts the banks valuation of the home. Lowballing the lender is a fast way to get your offer thrown out. Instead, buyers will want to convince the lender that selling to them at a certain price is worth their while.
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The Types Of Foreclosure Sale
Finding a foreclosed home depends on where exactly it is in the foreclosure process. Properties in the early stages of foreclosure or offered in a short sale may still be owned by the original homeowner or held by a bank or government.
Here are five types of foreclosure and the approaches to buying:
Bank Foreclosures Sale Offers Colorado Springs Government Foreclosures Too
We have an extensive number of options for bank owned homes in Colorado Springs, but besides the name Bank Foreclosures Sale, a huge part of our listings belong to government institutions. You will find Colorado Springs HUD homes for sale, Freddie Mac foreclosures, Fannie Mae foreclosures, FHA properties, VA foreclosures and other kinds of government repo homes in Colorado Springs, CO.
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Purchasing A Foreclosed Home
If buying from a bank, youll need to sharpen your bargaining skills and start with a lowball offer on the property you want.
Banks that have accumulated sizable inventories of foreclosed properties will be more inclined to negotiate on price. The longer the bank has held the property, the greater the odds that it will seriously consider low offers.
You could make an initial bid at a price thats at least 20% below the current market price, or even more if the property is located in an area with a high incidence of foreclosures.
If you can pay for the property and any necessary renovations in cash, youre in an enviable position. Thats why some buyers decide to team up with outside investors who can help them out on the front end and share any profits when the home goes on the selling block once again.
In fact, cash deals represent a sizable portion of REO sales.
Bringing You The Best Bank Properties
Private Property features an extensive list of bank properties for sale, working in partnership with some of South Africas most established financial institutions. These include Standard Bank, Absa, Nedbank and SA Home Loans, all of which feature the latest bank properties from around the country.
The bank properties for sale on our user-friendly site are conveniently categorised according to price range, and property type houses, apartments and flats, or townhouses and clusters. Alongside the comprehensive property listing, Private Property also offers potential property owners usable advice related to bank properties.
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Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
Pros Of Reo Properties
- Lenders are motivated to sell: Banks donât want a bunch of properties sitting on their books. That means holders of REO properties are eager to sell and will work to offload a property quickly. That can mean a leg up on negotiations and potentially better terms for you.
- The price will likely be competitive: Because lenders are so motivated to sell, properties are usually priced lower than other homes on the market. That doesnât necessarily mean youâll get an REO property for cheap. Lenders still need to recoup their losses, after all. But it does mean that you probably donât have to worry about inflated prices in a hot housing market.
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Where To Find Bank
There are several ways to find bank-owned properties:
- MLS: Most lenders list their REO properties on a Multiple Listing Service , so any real estate agent can help you identify REO offerings in your area.
- Bank websites: Some banks have an entire department set up to sell REOs, and sections of their websites are dedicated to their listings.
- Online specialists: Zillow has foreclosure listings for free. You can find foreclosure properties by using search filters on Zillows search and maps page. Most other online foreclosure listing services charge a fee.
Colorado Springs Real Estate Facts And Amenities
High above sea level, Colorado Springs has about 1,070 foreclosed properties. Home sales have remained fairly stable in this city. Foreclosed homes are usually sold for $145,000 and non-foreclosed homes for $205,500. Sales for foreclosed homes are 29% lower than those for non-distressed homes.Colorado Springs resides at the base of Pikes Peak, which is one of the most famous mountains in the country. It has a fairly sizeable population of 464,474. Money magazine named it as the number one place to live among big cities during 2006.
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What Are Reo Properties
Real estate-owned propertyâalso called bank-owned propertyâis when a lender or government entity, such as Fannie Mae or Freddie Mac, owns the property rather than an individual or business. There are a handful of situations where this can happen.
Often, a bank or other institution becomes the owner of property when the original mortgage holder severely defaults on their loan. If this occurs, the homeowner may have the option to go through a short sale in order to unload the property and pay off their remaining loan.
If the borrower is unable to sell the home and/or pay back the mortgage, the lender will foreclose on the property and attempt to sell it at auction. However, itâs common for foreclosed properties to go unsold. At this point, the lender becomes the owner of the property, and so it will sit on the bankâs books until theyâre able to sell it other ways.
A mortgage holder in default may also opt for a deed in lieu of foreclosure, which means they transfer interest of the property directly to the lender in order to avoid foreclosure proceedings.
If a homeowner passes away, or they have a reverse mortgage that comes to an end, the property may be returned to the bank if the heirs canât or donât want to provide the money to keep it.
Get An Appraisal And Inspection
Be aware that REO properties are not automatically bargains. Banks are in business to make money, so they price their homes competitively. Some REOs are discounted because of severe damage or location, while others may not sell for much of a discount at all. Get an independent appraisal to determine a homes true market value.
Additionally, understand that REOs some of which have been vacant for months or even years generally are sold as-is with no warranties of any sort. Hire a professional to inspect the home before committing to purchase.
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Veterans Administration Loan Program
The federal Veterans Administration has a mortgage guarantee program that is open to current service members, veterans, and surviving spouses. According to Military.com, the loans can be used to buy repossessed properties, although a bit of advance preparation is needed.
Benefits include zero down-payment loans, reduced closing costs, and a waiver of the mortgage insurance requirement.
What Is An Reo Property
Bank-owned or REO properties are foreclosed homes that were repossessed by lenders. Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase mortgages from lenders, also have REO properties. The term “real-estate owned” comes from an accounting term “other real estate owned” used on bank financial statements. Nonbank mortgage companies sell all the mortgages they originate and don’t own REO properties.
Here’s how a home becomes an REO property:
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After a borrower fails to make mortgage payments for a certain period, a lender can begin the foreclosure process.
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The lender issues a notice of default, then later, if the borrower still hasn’t made payment, a notice of sale.
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Unless the borrower comes up with the money, the home is offered for sale at a public auction.
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If the house doesn’t sell at auction, the bank takes possession of the property and sells it to traditional home buyers or real estate investors.
A home can also become bank-owned if the lender accepts a deed in lieu of foreclosure.
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Foreclosure Homes In Colorado Springs Co
Find the best foreclosure homes listings for sale bank-owned, government and others in and near the Colorado Springs, CO area atForeclosure.com.Get information on foreclosure homes for rent, how to buy foreclosures in Colorado Springs,CO and much more.Save thousands at closing with home foreclosure listings in Colorado Springs,CO up to 75% off market value!
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Pros And Cons Of Buying A Bank
Not all bank-owned homes are created equal. Banks are in business to make money, even when they sell their REO property. Some of the pros and cons to consider when buying a bank owned home are:
Pros
- Compared to buying a foreclosure property at auction, bank owned homes are easier to access and inspect, and are usually vacant
- You may be able to negotiate concessions such as a home warranty, points, or other buyer benefits
- Your sweat equity can quickly add value to an REO property as they are frequently discounted due to deferred maintenance and/or other shortcomings
Cons
- The extra cost of needed renovations may be greater than what even the best homes is the neighborhood sell for
- REO bank departments may not be willing to negotiate on the asking price and/or it may be hard to get a hold of someone with the authority to make a deal
- Bank-owned homes do not provide seller disclosures, so getting accurate information on the current status of the property might be difficult
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How To Buy Bank
Buying bank-owned property has become synonymous with several benefits. However, there is one significant caveat: the buying bank-owned property process isnt the same as buying a home from a traditional owner. That said, those who can get comfortable with the following system may find the benefits well worthwhile:
Why Foreclosed Homes Are Cheaper
The biggest selling point of a foreclosed home is, of course, its marked-down priceoften significantly lower than similar properties in the same area .
Most foreclosures are sold at a sizable discount from , with the exact amount varying from region to region. The seller may offer additional incentives such as a reduced down payment, lower interest rate, or the elimination of appraisal fees and some closing costs.
What makes these properties such a deal? If the residence is in the pre-foreclosure or short-sale stage, its owners are in a financial bind, and time is not on their side. They have to unload the property and get what they can while they can before they lose possession of it.
In short, these sellers arent negotiating from a position of strength and, while it may seem cruel to take advantage of their misfortune, a buyer can benefit.
The buyer can benefit even more if the property has been seized. The sheriffs office isnt interested in hanging onto a house, and banks dont want to be in the landlord business. Financial institutions typically want to rid themselves of foreclosed properties promptly. They need to get a reasonable priceThey have to answer to their investors and auditors. Still, buyers have an edge.
You should know that foreclosed homes are usually sold as is. If theres damage, repairs by the owner arent part of the equationbut, as used-car and vintage furniture aficionados know, as is translates into a discount.
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