Colorado Springs Realty Patricia Beck

There are many great Mexican restaurants in Colorado Springs and Fiesta Jalisco is one of them! The first time I noticed Fiesta Jalisco I thought it was a take-out place; it looked small from the outside like the other shops so I didn't try it out for a while. I'm glad I finally did, because it is conveniently located and has great food! Off of Stetson Hills and Powers in the area of the King Soopers shopping center you will find it (a few shops down from the Starbucks). The restaurant is very spacious and can seat large parties. Take-out is also available if you prefer. The menu has plenty of variety including vegetarian dishes to choose from. Prices are reasonable and the portions are generous; you will probably have leftovers to take home! The Picadillo (shredded beef) is very good and is an option for most menu items (other options include: chicken, ground beef, pork, or cheese). The service is great and everyone is very friendly. If you enjoy Mexican Food like I do, stop by Fiesta Jalisco in Colorado Springs...you won't be disapponted!

The CLUE (Comprehensive Loss Underwriting Exchange) database holds information about insurance claims on personal property (i.e. home or automobile) and is managed by a company called Choice Point.  Insurance companies have access to and have the ability to add information about property loss claims into the CLUE database.  Insurance companies also utilize the central database to obtain more information about the individual or property being insured when they underwrite or rate an insurance policy. 

Whenever you are under contract to purchase a home, obtain a CLUE report from the seller.  As a buyer, you will be able to review any insurance claims on the property over the past five years that may have not been disclosed by the seller (i.e. fire damage).  You may have to pay more for your homeowner's policy due to the home being a risk to insure as a result of the number of claims or the seriousness of claims made previously on the property; information contained in the CLUE report may change your mind about purchasing the property.

Information contained in the CLUE database combined with your personal insurance score (based on credit reports) may affect your homeowner's policy even if the property is not seen as a risk to insure.  The insurance carrier may see you as a risk after viewing your claim history which in turn, may result in higher insurance rates or even worse, being rejected by the insurance carrier due to being such a high risk individual for filing claims.  That's right, the insurance company can find out how many claims you filed, type of claims, and amounts paid out by the insurance company through the CLUE database.

Property Owners are entitled to one free CLUE report each year and may order a report online through Choice Trust; a sample report is also available on their website.  If you have any questions, you may contact Choice Trust at 866-312-8076.

Home flipping has become really popular in recent years especially, with the high rate of foreclosures.  Colorado leads the nation in foreclosures and the Colorado Springs area has many as well.  Unfortunately many of people facing foreclosure often hand over their homes to investors without consoling with a professional first.  If you are interested in purchasing an investment property there are a variety of options.  One way to locate an investment property is by contacting a Colorado Springs Realtor to assist you in finding a property that meets your criteria; there are many realtors that specialize in this area and they can locate pre-foreclosures that are for sale.  Not only can you find homes in the Multiple Listing Service (MLS) with the assistance of your Realtor, but you can also take a look at www.hud.gov for information about foreclosures in Colorado Springs as well.  HUD not only offers useful information for buyers and sellers but also explains the process of purchasing a HUD home.  If you are going to use a HUD home as your primary residence while you remodel it, then you get to bid first on the available homes online.  On the other hand, f you are an investor and will not reside in the home, you must wait 10 calendar days until you can place a bid on the home which in turn, may give you less of a selection of homes to choose from since they have been picked through.  Banks also own foreclosure properties and have their own process for purchasing the home.  Regardless where you look for an investment property, look for a home that you can purchase below market value in comparison to other homes in the neighborhood. One determining factor in making a profit is by saving money spent on the purchase of the home. 

Before you buy an investment property there are some important points to consider.  What kind of financing is going to work best for your situation?  For example, you may want to obtain an interest only loan for the property instead of a 30-yr fixed mortgage since you plan on selling the home within a few months.  What kind of return are you looking at getting from the investment property?  When you decide on a home to purchase find out approximately how much you can sell the home for by having your Colorado Springs Realtor complete a CMA (Comparative Market Analysis) on the area.  Then subtract the total costs from the price you would like to sell the home for including:

1. Total estimated costs to remodel the home
2. Realtor and closing fees
3. Capital Gains tax (if you sell the home in less then 2 years)
4. Costs for staging and marketing your home in order to sell it

Once you add up all of your expenses and subtract it from the price you are hoping to sell the home, you can get a fairly good idea of what your profits be.  You may want to get an appraisal once you are finished remodeling the home to find out how much it is worth.  If you do not have experience in flipping homes, be cautious not to get in over your head.  Take the time to research and educate yourself before taking on this venture because it is a lot of work!!  If you have any questions or would like more information, feel free to contact Patricia Beck, she has years of experience in this area and can assist you!   

**If you are facing foreclosure you may contact a HUD-approved housing counseling agency by calling (800) 569-4287 or TDD (800) 877-8339 to locate a housing counseling agency nearest you.

With so many homes available to buyers it can be difficult to make a decision as to what type of home to purchase.  Not only are there many different types of existing homes for sale, but there are many different builders and models in the Colorado Springs area.  Many of the newer homes in Colorado Springs are being built on the east and south side of the city where there is room for growth. 

There are many advantages and disadvantages with both types of homes, so it is a personal decision for you to make when it comes to buying your home.  Making a decision may be easier once you highlight some of the differences between a new build and an existing home.  For example, in an older neighborhood, you are going to have more mature trees and landscaping than homes built in newer subdivisions.  In fact, once you purchase a new home, you often have the responsibility to pay for the expense of landscaping, laying sod, and installing a sprinkler system in the back yard.  Often times, builders will offer incentives when you buy their homes such as a sod allowance, money for closing costs, televisions, furniture, or gift cards to department stores.

Living in an older home means you have to deal with the problems that occur more often with an older home such as a purchasing a new furnace, water heater, or roof.  Some people prefer a new home because they do not want to live in a home that was previously occupied by someone else, each person has their preferences.  If you purchase a new build, you may have to wait for months for it to be built but you do have the freedom to pick what types of materials you would like in the home during its construction such as tile, carpet, and light fixtures; whereas with an existing home, you would have to take out existing materials and remodel the home if you do not like the way it looks.  Many older subdivisions may have covenant communities but do not require homeowners to pay HOA (Home Owner's Association) dues.  On the other hand, newer subdivisions are more likely to have an HOA community where there are monthly or quarterly dues.    Often times, new homes are on smaller lots then existing homes and if you do not like yard work this may be a good option for you, but if you have large pets or a big family, a small backyard may not work. 

When you consider resale value of a new home vs. an existing home, new homes often appreciate more rapidly due to new growth in the area such as new schools, shopping centers, and hospitals.   There are many factors to consider when you decide what type of home to buy, make a list of what you must have in your home and give some thought to what your personal likes or dislikes are in order to reach your decision.

There are many steps in the buying process and the inspection is a very important one.  If you are not sure inspections are necessary when buying a home hopefully, you will change your mind after reading this.  It is the buyer's decision whether or not to choose to have an inspection completed.  Although you may save a couple hundred dollars by bypassing the inspection, you may be in over your head if there are repairs that need to be taken care of that you did not find after you purchase the home.  Unless you have knowledge in the area of inspecting homes, I strongly suggest you hire a certified inspector to inspect the home you are going to by.  The inspection takes approximately one hour and the inspector looks at various areas of the home which includes operation major appliances and the garage door, water leaks, window seals, the condition of the roof, furnace and air conditioning, water heater, sprinkler system, foundation walls or damage to the structure of the home, the home exterior, skylights, switches and outlets, signs of mold, and gas leaks. 

After the inspection takes place, the inspector will fill out a report and give you and your realtor a copy.  Once you review the inspection report, you can decide what repair items are necessary for the seller to fix in order for you to continue on with the purchase of the home.  Your real estate agent will then give a form titled an "inspection notice" to the seller's real estate agent with all of the items in the home you the buyer would like to be repaired or serviced.  One common inspection item is for the furnace to be cleaned and serviced by an HVAC certified professional.  The seller has the option to repair all of the items requested by the buyer or the seller may choose to repair some items and not others.  Another alternative is the seller pays the buyer at closing for the costs of the repairs after a professional estimate for the repairs has been completed.  There are instances where the buyer and seller cannot compromise and the buyer may then choose to get out of the contract and begin their home search again.  The buyer does receive their earnest money back as long as they meet the inspection resolution deadline.  The inspection process is one of the many areas that a real estate agent assists their buyer and therefore, it is pertinent to have a Realtor represent you in this type of real estate transaction.