How Easy Is It to Buy a Foreclosure?

One of the many options you have when looking for a home is a foreclosure. These bank-owned properties can be had at a bargain, and may hold the key to your financial future.

Interested in buying a home? GO HERE to perform a Full Home Search, or if you're considering selling, CLICK HERE to receive a Free Home Value Report. For any other questions, please reach out to me at (719) 299-5778, or email me at Donny@IntegrityTeam.net.

As a real estate professional, I’ve worked with hundreds of foreclosure properties in the buying, selling, and flipping processes. Whether you should buy a foreclosure is a personal decision.

In my opinion, buying the right foreclosure can make the difference in your financial future. We are looking for deals in the foreclosure market that the bank is selling at a reduced amount. This gives you instant equity when you move in.

Buying a foreclosure is a pretty simple process.

Buying a foreclosure is a pretty simple process. It’s a matter of acquiring the home, knowing the repairs you need to make, and walking into a home that will give you tons of equity in the long term. You should consider a foreclosure when buying, but it's important that you work with a professional like myself who has done a lot of them and can help you avoid some of the pitfalls that are out there.

The process of buying a foreclosure is not that different than buying a normal home. Most loan programs can purchase foreclosures, even VA and FHA loans in some cases. However, it’s important to note that the home will need to be up to the standards of FHA and VA depending on the type of loan you are using. I can determine for you whether the home you are looking for is going to qualify for FHA or VA, allowing you to avoid putting in an offer on a home that you can’t qualify for.

Another option you may consider is using a conventional loan to avoid these pitfalls, although this requires a much larger down payment. It may allow you to purchase a home that is in disrepair enough, has a ton of equity, and will allow you to benefit greatly.

If you have any questions, give me a call or send me an email. I look forward to hearing from you soon.

The Challenge of Buying and Selling Simultaneously

When you move, you're faced with the challenge of buying a home and selling a home at the same time. Luckily you have options for navigating this situation in our market.

Interested in buying a home? GO HERE to perform a Full Home Search, or if you're considering selling, CLICK HERE to receive a Free Home Value Report. For any other questions, please reach out to me at (719) 299-5778, or email me at Donny@IntegrityTeam.net.

When you sell your home, you're faced with the question of where you're going to move to. This means many people are faced with the problem of buying a home and selling a home at the same time.

There are multiple ways to make that transition as smooth as possible. The first step is to get your home on the market. In some places, contingent markets are the norm, so you'll be able to put an offer in on a new property while your current house is up for sale as long as the market conditions allow for a relatively quick sale on your old home.

You have multiple solutions available to buy and sell at the same time.

I'd encourage you to find your new property, or at least have a general idea of what area you intend to live in, at the same time you have your current property listed. We've seen people leasing back their property from buyers, meaning they can close on the property and have 30 to 45 days to move. Leasebacks make your situation a lot easier and a lot more fluid.

I'd love to help you in this transition if you're considering a move in the Colorado Springs area. Give me a call or send me an email soon - I look forward to working with you.

Is It Smarter to Rent or Buy a Home in Colorado Springs?

Interested in buying a home? GO HERE to perform a Full Home Search, or if you're considering selling, CLICK HERE to receive a Free Home Value Report. For any other questions, please reach out to me at (719) 299-5778, or email me at Donny@IntegrityTeam.net.

As a real estate agent, people always ask me if they should buy or rent their home. You'd think as an agent, my obvious answer would be to buy a home, but that's just not the case. A lot of it is personal preference, as well as market conditions.

As we've seen the market rise here in Colorado Springs, the cost to rent today is 20% more than it was just two years ago. So today, buying a home with really low interest rates and high rentals makes the most sense. As the market shifts though, that might not be the case. In markets like Denver, for example, the prices have gotten so high that you're better off renting, and not paying the top of the market prices.

"Luckily, the Colorado Springs market has not peaked yet."

Luckily, the Colorado Springs market has not peaked yet. I would say today, your best bet is to buy a home, but you really have to determine what your long-term goals for homeownership are. Treat your home like an investment, not just a place to live. Buying the right home will protect your financial investment for years and years. Whether you're buying a new home or a resale home, you want to think not about what it's worth today, but what it will be worth in the long run.

Most homeowners live in a house for three to five years, so you want to try to guess what your home is going to be worth three to five years from your move. By looking at your house this way as an investment rather than just a place to live, you can avoid what's happened in previous markets, where collapse has left people upside down on their mortgages.

If you have any questions about buying versus renting, let's talk soon. I can help you find the right investment for years to come.