Colorado is a non-judicial foreclosure state and the El Paso County Public Trustee plays a vital role in the foreclosure process for properties in default that are located in Colorado Springs. In Colorado, the lender can begin foreclosure proceedings once a homeowner defaults on their mortgage. It can take approximately 120 days after the Notice […]
HUD-owned properties can be a good deal but buyers need to be aware of a few differences if they plan on purchasing a HUD Home in Colorado Springs. 1. Online Auction – All offers are submitted online and investors cannot place a bid on a HUD property until it has been on the market for […]
Buyers who intend to occupy a home as their principal residence, have an advantage over investors when it comes to purchasing a Fannie Mae or Freddie Mac foreclosure property. Investors still have to wait 15 days before submitting an offer, but these types of foreclosures may be a good option for investors if the property […]
Major banks including Bank of America, GMAC, and JP Morgan Chase are halting foreclosures to investigate if homes were properly foreclosed upon since issues have arisen from incorrect paperwork being filed and from concern regarding the entity actually foreclosing on many properties (MERS (Mortgage Electronic Registration Systems)). Bank of America is temporarily freezing foreclosures in 23 states. Investors who […]
There are many types of foreclosures available in Colorado Springs and one type of foreclosure is a VA Repo. These types of properties are sold by the Veterans Administration (VA). There are a few important things buyers should be aware of when looking to purchase a VA Repo in Colorado Springs. 1. Inspection – Normally, […]
When out looking at homes, buyers can save themselves a lot of wasted time by paying attention to possible problems with the home before submitting an offer. Many first time home buyers in Colorado Springs are seeking bank owned properties but if the buyer is obtaining FHA or VA financing, FHA or VA guidelines may make […]
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 […]
Many buyers think they have to pay a fee in order to obtain access to foreclosed homes in Colorado Springs but there are actually alternative ways to find foreclosures and it’s FREE. If you are looking to purchase a foreclosure, take a look at the resources available to you below. 1. The U.S. Department of […]