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Looking to buy or sell in Colorado Springs or Denver? Give Rob a call at 719-440-6626!
Monthly Archives: November 2014
From the inbox: why do I need an agent?
A picture is worth a thousand words. If you’re looking to buy, sell or rent a home in Colorado Springs, give Rob a call at 719-440-6626! Elsewhere? Let me know and I will connect you with a great agent!
Winter temperatures this week: are you ready?
Lifehacker: Top 10 home improvement tips
Looking for some home improvement tips? Check out Lifehacker’s Top 10 Home Improvement tips (in particular, I like the “have a plan!” one): Lifehacker home improvement tips!
Looking to buy or sell in Colorado Springs, call Rob at 719-440-6626!
From the inbox: what’s a “zombie” title?
That’s a VERY good question and detailed. The short answer is that it’s a title to a home that has not been foreclosed on.
The longer answer is that it’s a result of a bank not foreclosing on a property that a homeowner lost to foreclosure (and likely believes they are clear of).
If a person “walks away” from a home, the bank typically moves to foreclose. The homeowner vacates the property and believes the foreclosure has often occurred. This isn’t always the case; sometimes, banks don’t take back the home.
This results in “zombie title,” where a homeowner thinks they are clear but they aren’t. These titles are starting to pop up with increased frequency as this wave of the housing crisis settles down.
This is NOT legal advice. Always consult a CPA or attorney when making these decisions (foreclosure, etc.).
If you’re in trouble, foreclosure isn’t the best answer. There are other options.
Call me at 719-440-6626 and we can talk about those options!
Clipart: http://www.clipartlord.com/wp-content/uploads/2013/10/zombie3.png
From the inbox: what does it mean to be underwater?
Good question! Short answer: underwater is an industry term meaning you owe more on a home than it will sell for.
Interesting sidenote: I cleaned foreclosures in Las Vegas on the side and saw two homes where the homeowners turned on the water taps and walked away from the home. In both cases, it was days before someone gained access to the property to shut it off. They wanted to make the home literally “under water.”
DON’T DO THIS. If only for the guy that comes in later, please don’t do this.
Longer answer: in an underwater situation, one may feel there is not “out.” This is not the case; walking away from a home is not the nuclear option people think it is. In some cases, the bank may be able to pursue you for a deficiency judgement for years afterwards.
The better answer is often a short sale, where you sale the home for less than the amount owed but the lender consents to the sale and forgives the remaining debt.
In other cases, we may be able to work within your existing equity to make a sale happen.
Questions? Give me a ring at 719-440-6626!
From the inbox: what’s the catch with “no money down” on a VA loan?
Good question! Short answer: there is no ‘catch’ but there are two expenses associated with a home purchase on a VA loan.
Longer answer: No money down specifically means nothing down against the loan on your home. There are two expenses you should be aware of, though.
First, with a signed contract, you will have to provide earnest money to the title company or designated earnest money holder. This IS money you usually get back at closing and ranges from $500-1500 (I’ve had great success negotiating $500 here in Colorado). The other expense is the home inspection; this is a “sunk cost” and runs about $250-280.
Summative answer: you CAN buy a home with a VA loan for $780-1780, most of which is usually returned to you at closing.
Questions? Looking to buy or sell in Colorado Springs? I’d be honored to earn your business!
Rob – 719-440-6626