Jamie Mades

On my main website, I have a list of homes near Peterson AFB and homes near Schriever AFB.  As a potential buyer, I thought it would be nice to have a little more detail on each of these areas.  What follows is the first part of a series about neighborhoods and homes near Peterson AFB and Schriever AFB. 

Claremont Ranch is about as close as you can get to Peterson AFB without living in Base Housing.  It's off Markshuffel, just north of Hwy 24.  It's a new neighborhood geared to Lower-Middle income families.  Here's a quick "At a Glance" on the neighborhood:

Price Range:  $130k - $270k

Bedrooms:     2-5

Bathrooms:    1-4

Square Feet:  900-2900 SF

Most of the homes were built by Richmond American and D.R. Horton.  In fact there are still a few new homes available (check the builder's website.)

Here's where Claremont Ranch sits in relation to Peterson and Schriever AFB:

Here's a map that you can scroll in/out to see more details or where Claremont Ranch sits in in relation to the rest of Colorado Springs:

View Larger Map

Finally, here's a quick look at some of the homes in Claremont Ranch.

If you've got an upcoming PCS, checkout our Colorado Springs Military Relocation FAQ.

Contact me if you'd like to know more about Claremont Ranch or want to sign up for our Colorado Springs Military Relocation VIP Buyer's Service.

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 322-4645

*******************************************************************************************

Jamie specializes in Colorado Springs homes for sale and Colorado Springs Military Relocation, providing buyer and seller services for homes near Peterson AFB, homes near Fort Carson, homes near Schriever AFB and homes near the Air Force Academy.

"Get an Expert You Know & Trust"

If you bought a home in the Colorado Springs area from 2004-2006 & are behind on your payments, you need to read this series!

Part 2 of the Short Sale Series covered the requirements for a short sale. Now it's time to look at the pros and cons of a short sale in Colorado Springs and El Paso County. By the time you finish reading this article, you'll have a good idea if Short Sale Services will be right for your situation.

Pros

• Avoid Foreclosure
  
  Foreclosure will be a very long and painful process. It will take 6-12 months to take your home to auction, then another 6-18 months for the bank to sell your home. The bank will likely then try to collect their losses from you (following you until it's paid off or satisfied.) I'm not trying to paint a dark picture to scare anyone. I just want to educate you on the entire foreclosure cycle.
  
  
• Proactive Solution = More Control
  
  If you let the bank do everything, they'll certainly stack the deck in their favor. Facing the problem head on gives you a little control of the process. With a short sale you can be proactive and have a say in your financial situation, like finding a buyer for your home and negotiating for better terms with the bank. This can mean the difference between a $40,000 bill after foreclosure and no bill at all.
  
  
• Start Your New Life Faster
  
  By getting started early, you can minimize the damage to your finances and your family. Not only that, but you get resolution on the entire process 12-18 months faster. Translation: You'll be eligible to buy another home 12-18 months faster (at the very least), not to mention getting on solid ground sooner with fewer long term debts.
  
  
• Potentially Owe Nothing After the Sale
  
  Perhaps the best reason to pursue a short sale is the chance of sharing your losses with the bank. It's possible to sell the home for less than you owe and negotiate with the bank to forgive the difference. Say you owe $250,000 and sell your home for $200,000. Since the bank loaned you that money, you're still on the hook for $50,000. During the process of a short sale you can ask the bank to cancel that debt altogether. Does this happen often? More so than you might think. This is where professional help can really pay off.
  

The bottom line on benefits is that a short sale can be the fastest way to get out of a bad situation and potentially owe nothing when it's all said and done.

Cons

• Still Damages Your Credit
  
  When you take a short sale on your home, it will be documented on your credit. While it won't have the same impact as a foreclosure for most creditors, Mortgage Lenders currently view a short sale in nearly the same light as a foreclosure. That means the chances of getting a home loan after doing a short sale are pretty slim (at least in the near future.)
  
  
• Possible Tax Consequences
  
  If the bank forgives your debt (meaing you don't owe them anything after the short sale), they will issue you a 1099 for the amount forgiven. They send this form to the IRS, allowing the bank to write off the loss. The IRS treats forgiven debt as taxable income. That means you have to pay taxes on that amount (i.e. You owe $250,000 on your home, sell it for $200,000, the bank then issues a 1099 for $50,000 and now you have to pay taxes for $50,000 of "income.")
  
  Is there a way around it? Possibly. If you can prove insolvency at the time of the sale to the IRS, then you are exempt from paying taxes. Another alternative is the Mortgage Forgiveness Debt Relief Act of 2007. If you used your mortgage(s) to buy, build or improve your home, then file a form 982 with your taxes & 1099. No taxes are owed on the forgiven debt. If you used your mortgage or Home Equity Line of Credit to buy a boat, take a vacation or pay off credit cards, then you're out of luck. Most home owners, however, will benefit from the Act and pay no taxes.
  
  
• Bank Could Demand Payment for Their Loss
  
  The bank doesn't have to forgive your debt. They can ask you to pay them back for the difference in the sale and what you still owe. There's a catch to this, however. You have to agree to it. If the bank approves the short sale, but says you still owe them the remaining balance, you don't have to take the offer.
  
  You have 2 options here. Negotiate that provision out of the short sale (tell them "No, approve the short sale and forgive my debt completely.") Or if they insist on that repayment, you can let it go to foreclosure (where they still might come after you for the balance.) Once again, this is where it pays to have professional help.
  

Selling your home as a short sale in Colorado Springs and El Paso County is no free lunch. There will be consequences. It's important to know what they are before pursing a short sale.

Finally, there are no guarantees in a short sale. No guarantee that your home will sell before it goes to foreclosure. No guarantee that the bank will approve a short sale if you have a willing buyer. No guarantee that the bank will forgive your debt.

That being said, if you want to have a little more control of your situation and minimize the downsides when facing foreclosure, then a short sale is one of your best options.

In the next part of the Short Sale Series, we'll look at the entire Short Sale Process, from start to finish, so you'll know exactly what to expect. Read: Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 4 - The Short Sale Process

Contact me if you'd like to know more about the Colorado Springs short sale process or want to list your home as a short sale.

Read also:

Short Sales in Colorado Springs and El Paso County Part 1 - What is a Short Sale?

Short Sales in Colorado Springs and El Paso County Part 2 - Do You Qualify?

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 322-4645

*******************************************************************************************

Jamie specializes in Colorado Springs homes for sale, Colorado Springs Military Relocation, and Colorado Springs Short Sale Services.

"Get an Expert You Know & Trust"

If you're PCSing to Colorado Springs ("moving" for the non-military folks) then you should add Central Colorado Springs to your list of neighborhoods. It's very conveniently located between Peterson AFB and the Downtown Area. It has a great selection of older homes (ranging from 1895-1960.) Having been around for a while, the trees are simply spectacular and provides a nice alternative to the new development on the east side of the city.

The Central Colorado Springs area also provides the best opportunity for instant "sweat equity." Updating in this neighborhood has become very popular with both homeowners and investors, transforming the area and creating value for surrounding homes.

Some other great places to check out for a Colorado Springs military PCS relocation include the Powers Corridor, Briargate, Falcon and of course Security/Widefield.

If you'd like more information drop me a line at mades@kw.com or simply call at (719) 322-4645.

Cheers and Happy House Hunting!

Jamie

* I specialize in working with residential buyers, sellers and relocations looking for real estate and homes for sale in the Colorado Springs Area *

If you're a hiker, there's an area of Colorado Springs you really need to checkout: Mountain Shadows.

It has an abundance of great trails outside your front door. You've got Ute Valley Park, which is simply enormous and offers hiking, mountain biking and trail running. The Air Force Academy is just north with hikes a plenty and Garden of the Gods directly south. Even Manitou is a quick trip down 30th St which has the Barr Trail and Pikes Peak.

My favorite part about Mountain Shadows is quiet, feel good atmosphere of a neighborhood nestled in the foothills of the Rocky Mountains.

Whatever the reason, if you like the outdoors and are looking for a home, you gotta checkout Mountain Shadows.


Search for Mountain Shadows Homes in Colorado Springs

The Federal Housing Administration just raised their limits across the nation. El Paso County's limit is now $325,000. What does this mean for you?

The FHA provides mortgage insurance for investors. Since the government backs these loans, they're less risky. This means lower rates for buyers. Raising the limit allows buyers to get better rates in bigger homes...i.e. more home for the same monthly payment.

Good news for the housing market in Colorado Springs.