Colorado Springs Real Estate Market

Finding the best foreclosure deal!

Darren Bryce (Morning Star Real Estate) — Mon, 21 Jun 2010 14:57:31 -0400

Well, you want to find the best deal in the market? That one property that you can tell all your friends you got for a steal. Wow, do I have a deal for you. In fact, I have tons of deals for you. Why? Because in the 18 years I've selling real estate, this market today, is one of the best for a buyer. Come on now, interest rates are increadible. Short-sales, foreclosures and a super depressed maket make this time one of the best times to buy that I've seen in a long time. Just be very careful of what you get yourself into. Why do I say that? Read on:

I've had many a buyer look at the current prices and try to purchase a foreclosure only to be stopped by an inspection or appraisal half way through. I make sure and run comparible sales and really look at the homes condition and see if there is a way to make it happen for the loan program the buyer is using. I use 203k loans for some of them but BE CAREFUL. If you are trying to buy a HUD home, it probably already has an appraisal on it and that appraisal will be used (if under 6 months old) and even if you want to add the cost for the improvements to the loan you can't go over the appraisal.

I see so many problems in the market that could be avoided if the agent knew what to look out for. Use an agent that knows what they are doing.

Enjoy and reap the rewards. They should be great!

Foreclosures in Colorado Springs

Darren Bryce (Morning Star Real Estate) — Fri, 18 Sep 2009 09:14:07 -0400

Foreclosures in Colorado Springs- things to do, NO MATTER WHAT.

I have worked with buyers for many years who consider that buying a foreclosure is the always the best way to save money. Well, unfortunately many factors have to be considered. I have sold foreclosures in Colorado Springs for the last five years and find that many of them have had unforseen expenses associated with the purchase. There are some very important things you should have done:

Do have a home inspection from a reputable company. Choose an inspector that has experience in the trades in his background. It can be very complicated to get all the utilities turned on for the inspection, but make sure and get them on. The problems I have had have all been related to a buyer not opting to have the utilities on because of the difficulty.
Understand the restrictions on property condition that the lender imposes. Even though you might be ok with a certain property condition issue, the lender may not be ok. FHA, VA have there own requirements. Most of the time the agency who owns the property won't do any work to it for closing. Of course, an experiened agent can help with this one. Some investors (banks) require there own conditions above and beyond the requirements of the loan program.
Prepare an accurate cost analysis to bring the property up to the condition you want. Even if it looks like a great deal, you need to accurately figure all of the costs to bring it up to satisfactory condition---than add another 25% for unseen issues.
Look at an accurate market analysis prepared by a professional Realtor that is an expert in values in the area you are purchasing. This is critical so that once that you add all the costs up you can really determine if it is a good deal or not.
If there is a concern on something structual-- DON'T buy it. Don't say "I'm sure it's OK"-- just walk away. Too many buyers think it's easy to fix structual issues but they always end up costing way more than you think.
Owner Occupied- buy neighborhood. You can change the house but not the location. Real Estate ABC. I just see way too many buyer's buy the "best deal in town" just to discover they hate the area once that they move in.

This is just a partial list. Take a look at my web site for additional info at www.dbcolorado.com/foreclosures.htm.

I look forward to answering any questions about purchasing forclosure properties- just drop me a note!

Darren Bryce- Broker Associate/ Realtor

WWW.dbcolorado.com dbryce@dbcolorado.com 719-659-4000

Colorado Springs short sales

Darren Bryce (Morning Star Real Estate) — Thu, 20 Aug 2009 11:28:02 -0400

Buying a short sale property in Colorado Springs

I just wanted to take a quick "blog" moment to help buyers understand some of the pros and cons to buying a short sale home. Please visit my web site directly at www.dbcolorado.com and click on the short sale links for specific, detailed information about short sales in Colorado Springs and around the nation.

I have been a buyer's agent in many short sale transactions that have closed, and many that haven't. First - what a short sale isn't:

A quick process
Easy and not complicated
A transaction that has a very cooperative seller willing and able to complete work requests
A transaction that closes on schedule
A transaction that requires very little expertise

Of course you can take the opposite to be true:

The process usually takes a considerable amount of time to complete and can require a high level of patience.
Is complicated for the seller, and the contract has to be prepared very carefully to protect the buyer with date issues, closing timing, etc. A short sale buyer agent has many details to consider when writing the offer- make sure to use an experienced agent.
The seller usually doesn't have the funds or motivation to complete any work requests a buyer makes after an inspection. The seller only has a small motivation to complete the process and isn't really happy his property is selling for less than he owes.
The bank sets the closing once that they approve the sale. Might not meet the buyers wants.
Use and experienced agent. I have helped many inexperienced listing agents get though the process so that my buyer gets the home he wants.

As a buyer, education is the key. The great deals are out there. Be patient. Use an experienced short-sale buyer agent. Contact me right away to get a list of short sale properties in Colorado Springs.

Darren W. Bryce 719-659-4000 www.dbcolorado.com dbryce@dbcolorado.com