About Montrose County, CO

News for you from Unifirst Mortgage provided by the Zappa Team Feb. 15, 2012

Here are some great news articles brought to you by The Zappa Team, Montrose Colorado's Real Estate Experts.

For Relocation information and REO and Foreclosures contat the Zappa Team nick@zappateam.com

Here is the last 7 Days of Real Estate Activity for the Montrose Area. Feb 5th thru Feb 12th 2012 This information comes from the Montrose area Realtors Information Network.

If you have any questions at any time Be sure to contact me Alan Brown 970-209-8436 AlanBrownRealtor@gmail.com

SOLD

512 N 7th $27,500 A foreclosed hm 908 sq ft 3 bd 2 ba

tbd Cirque Way $27,500 Residential building lot in town

401 S San Juan $56,900 A foreclosed hm 1116 sq ft 3 bd 2 ba older hm

1386 Pitchfork $95,000 A foreclosed manufactured hm 2090 sq ft 4 bd 3 ba

62787 Hwy 90 $120,000 10 irrigated acres on Sp Creek

59925 Joe Pye Dr $126,000 A foreclosed hm 1963 sq ft on 2.3 acres

UNDER CONTRACT The prices here are the asking prices and do not reflect what the property maybe under contract for.

tbd Virginia ln $11,900 Residential building lot in town

14598 6355 Rd $34,900 A foreclosed single mobile on a lot 832 sq ft

18 N 9th $37,050 A foreclosed old hm 1459 sq ft needs work

tbd 6300 Rd $50,000 1.5 acre lot zoned B3

820 S 10th $98,000 A foreclosed hm 1682 sq ft 3 bd 2 ba

219 Indiangrassloop $124,500 Nice 1400 sq ft hm just a couple of years old

2729 Country Club $129,900 A foreclosed hm 1304 sq ft in good condition

2681 Maya $144,900 Short Sale in good condition 1472 sq ft

12059 6300 Rd $150,000 A foreclosed commercial condo unit 5300 sq ft

555 Spring Ck $150,000 Commercial brick building was A1 Liqour store 1800 sq ft

12773 6600Rd $168,300 A foreclosed 2608 sq ft on 1 acre nice condition 1 acre

3911 Lone Tree $169,900 A foreclosed hm 1910 sq ft in Cobble Creek

63749 Spring Ck $249,900 2000 sq ft older hm on 20 acres

14335 5950 Rd $339,900 Nice 3152 sq ft hm on Sp Ck 3 acres

68884 Vicuna $369,900 3524 sq ft hm on 10 acres 4 car garage good condition

1571 Ogden Rd $599,00 A foreclosed commercial building formerly Smugglers

How to buy a home with a Renovation Loan. Montrose Colorado

We have all seen the ad in the newspaper or the Real Estate magazine "Needs TLC" "Lots of Potential" that's the nice way of saying this place is a "fixer upper"

How are you going to fix it up ? when you don't have $10,000 or $20,000 or more in cash to fix the house up after you buy it. The simple answer is to borrow it from the mortgage company.

FHA has a loan program called 203 K which is exactly that. In simple terms this is how it works. You find a house to buy that you can buy for $40,000 you estimate the renovations that you will have to do the home is around $30,000. For a total of $70,000. The home will have to appraise for at least $70,000 based on all the improvements being done. You have to put down 3.5% for an FHA loan so it would be 3.5% of the $70,000.

It doesn't matter the amount of renovations that need to be done, you can even add sq ft or add a garage the key is the home must appraise for the total amount. FHA 203 k loans are only available to Owner Occupant buyers it does not apply to Investors. There is a conventional loan program for renovations for investors, multi family.

You cannot do the work yourself, the work has to be done by approved contractors. You have to obtain detailed written bid for all the renovations before you close and all bids are submitted to the lender for approval. The work is done after you close and has to be completed within 4 months for a streamline 203 k loan which are improvements under $35,000. For improvements over $35,000 the time frame is 6 months. FHA will do multi family renovation loans as long a s the borrower lives in one of the units.

Construction draws are handled by the lender once the work commences not by you the borrower.

Not all lenders are created equal when it comes to orginating renovation loans, many lenders can only do the FHA 203k streamline loan under $35,000. The lender in the Montrose Area that specializes in Renovaton loans FHA, Conventional and is Tracy Frank at Wells Fargo Mortgage 970-240-1006

Wells Fargo also do Renovation loans on Manufactured homes which no other lender does.

If you are looking to buy a home and you want to fix it up contact me Alan Brown 970-209-8436 or AlanBrownRealtor.com I can help you find the home and assist you in the loan process.

Here is the last 7 Days Real Estate Activity in the Montorse Area. This is week 5 of the year. This information comes from the Montrose Area Realtors Information Network.

SOLD

tbd 72.50 Rd $30,000 a 3 acre lot, juniper and pinion trees south of town, 2 lots sold 30k each

1001 S 5th St $45,000 A foreclosed hm lots of work needed 1402 sq ft 3 Bd 1.5 Ba

tbd Fellows Dr $90,000 Very nice lot in the Bridges across from the 13th green

1816 Freedom $142,000 1578 sq ft hm 3 bd 2 ba

67029 Sunnyside $150,000 A foreclosed hm 1000 sq ft on 20 acres.

67585 Liberty Rd $164,900 A foreclosed 3345 sq ft hm 4 bd includes basement

67877 Tailspin $217,000 A foreclosed hm 2124 sq ft 3 bd 2 ba

67574 Trout Rd $284,900 A foreclosed log hm on the river, 1900 sq ft 4 car garage

14114 Matterhorn $388,500 2389 sq ft hm on 1 acre 5 car garage.

UNDER CONTRACT. The prices you see in this list are the asking price and do not reflect the price at which the property may be under contract for.

3600 Chestnut $39,000 A lot in the Brown Ranch sub

tbd Bellhaven $45,000 A residential lot in the city

63900 Jacaranda $62,000 A manufactured hm 1603 sq ft on 3 acres

18000 Rattler $84,500 A manufactured hm on 40 acres 2016 sq ft

1306 Bighorn $86,800 A foreclosed townhome 1065 sq ft

1964 Natalia $94,900 A foreclosed hm 1608 sq ft needs some work

64225 S Ramona $96,800 A foreclosed 1842 sq ft hm 2 bd 2 ba

14 Brown $99,950 972 sq ft hm 2 bd 1 ba

tbd Merchant Dr $108,000 A commercial lot by the Ford dealership.

813 Barnwood $112,100 A foreclosed hm 1141 sq ft 3 bd 2 ba

1629 Dover $117,300 A foreclosed hm bi level 2204 sq ft 4 bd 3 ba

6 Columbia $121,990 1434 sq ft older hm 3 bd 2.5 ba

441 Silver $125,000 A foreclosed manufactured hm 2248 sq ft

1560 American $199,900 1542 sq ft hm 3 bd 2 ba

Here are some great news articles brought to you by The Zappa Team, Montrose Colorado's Real Estate Experts.

For Relocation information and REO and Foreclosures contat the Zappa Team nick@zappateam.com