Colorado Springs Real Estate Blog - Kathy Torline - Nordstrom

What makes Colorado real estate different?

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

I recently took some accreditation classes in another state. It was eye-opening for me to understand how much the laws vary from state to state. Since a major portion of my business is from Internet leads and from people moving to Colorado Springs from other parts of the country, these classes were very helpful.

Some other articles that could be of interest:

• News Flash - Colorado Springs ranked Fittest City
• Moving to Colorado Springs, check out Zip Skinny
• El Paso County taxes are some of the lowest in the nation!
• Colorado Springs in ratings for Best Places to Start Over

Did you know ?

1. Colorado is an "actual knowledge" state, which means as Colorado Realtors we only need to disclose facts that we know and we must disclosure material facts. Some states are "imputed knowledge states", which means Realtors are expected to know certain things.
2. Most Realtors in Colorado list properties for sale in their local MLS and ask for 1% for Earnest Money. Some areas in the U.S. ask closer to 10% for Earnest Money.
3. The majority of Colorado Springs homes get listed in some type of MLS database; and many homes get listed in multiple MLS's. There are some major cities in the U.S. that don't have an MLS.
4. Colorado doesn't have dual agency. Many states still have dual agency. In Colorado you can only be an agent for either the Buyer or the Seller, you can not be an agent for both.
5. In Colorado, real estate contracts are in writing. In some states, real estate contracts can be oral and are enforceable in a court of law.
6. In Colorado, the homes listed in the MLS include basement (below ground) square footage. In some states, the MLS will only allow Realtors to list above ground square footage. This can cause some challenges for national databases and consumer sites, including Zillow.
7. In Colorado, every listing must include a Square Footage Disclosure which shows were the broker obtained the square footage information. Many states don't use this type of disclosure.
8. In Colorado, lawyers are often times not involved in real estate contracts. In many states, lawyers are almost always part of the transaction. Colorado Realtors are allowed to use approved Colorado Real Estate Forms; but any new forms should be done by a lawyer.
9. A sales representative working for a builder is NOT required to be a Realtor in Colorado. In fact, most sales reps aren't licensed Colorado Realtors.
10. Every Real Estate broker in Colorado carries their own Errors and Omissions Insurance. There are states that don't require Realtors to carry this insurance.
11. Colorado's Contract to Buy Sell is currently 16 pages. Some states only have a 3 page buy sell contract.

Do you have anything I should add to my list?

Original Article was posted at: 10 things to know about Colorado real estate

A Colorado Springs Real Estate Agent You Can Trust

Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com and www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by Kathy Torline - Nordstrom

Is your Colorado Mortgage Broker Licensed?

Does the Colorado Realtor you are working have an active License?

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

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• It's against the law
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I got an email this week from DORA (Colorado Department of Regulatory Agencies) about the number of Mortgage professionals who just had their licenses inactivated; and realized it was a great idea for a blog post.

According to an article in 5280, The Colorado Division of Real Estate inactivated 4,560 mortgage-broker licenses-more than half the licenses in the state-because brokers didn't keep up with their licensing paperwork. It's unclear how many of those brokers remain active, but some may have simply left the business as the economy struggles.

Also, according to an article in the Denver Post " More than half of Colorado's mortgage brokers have had their licenses inactivated because they failed to comply with new education and testing requirements that took effect early last month. The Colorado Division of Real Estate on Monday inactivated 4,560 licenses of brokers who have failed to comply with the law. About a third of those were held by out-of-state brokers.

Real Estate License Requirements

As a Realtor, there are many things I have to do to keep my license in good standing, including paying lots of money for dues, having current Errors and Omissions Insurance; and completing a certain amount of continuous education on a yearly basis. When I originally got my license, I had to complete a specified amount of coursework, pass a comprehensive test, as well as go through a background check by the Colorado Bureau of Investigation. Yes, I did get fingerprinted.

New Mortgage Professional License Requirements

Mortgage brokers in Colorado until recently didn't have licensing requirements. But they are now required to also go through a background check, have a surety bond, secure Errors and Omission Insurance, as well as complete coursework and pass a test.

According to the DORA web site, "On and after August 5, 2009, all mortgage loan originators conducting business in this state must be licensed with the Division of Real Estate pursuant to House Bill 1085 . Only those mortgage loan Originators who are licensed or exempt from licensee by law may originate a mortgage, offer to originate a mortgage, act as a mortgage loan originator, or offer to act as a mortgage loan originator." Also, if I understand the law correctly, mortgage loan originators who work for a bank are not required to be licensed. If you want more info, go to the DORA web site; and it gives specifics.

Do your research

If you ever want to double check and make sure the person you are working with has an active license, DORA has a great search page. As an example, when I went to the search page, I put in Kathy as a first name, and 12 pages of Realtors and Appraisers came up.

Also, if someone is involved in a disciplinary action, this information will also show up in this web search, see right hand column in the screen shot picture.

As a licensed Colorado Real Estate Broker, I take my license very seriously. I also feel I have a responsibility to the general public to help inform and educate them.

Make sure you know who you are doing business with.

Original article was posted at: Research who you are working with

A Colorado Springs Real Estate Agent You Can Trust

Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com and www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by Kathy Torline - Nordstrom

Colorado Spring Real Estate

Market Report for Northeast Colorado Springs, Single Family Homes

Neighborhoods Include: Homes in Vista Grande Terrace, Vista Grande

Search for homes in Northeast Colorado Springs

The Northeast area of Colorado Springs housing market continues to be a NEUTRAL,BUYERS Market, as there is currently a 5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Sales were only 15% from 2008 to 2007, but average pricing was only down 3.5% from 2008 to 2007. 450 Single family homes have been sold in 2009 vs. 525 for the same period in 2008; a decline of 15%. Sales have increased in Northeast Colorado for 2009, but pricing has continued to decline.

Recap of 2009, 2008, 2007, 2006, 2005, and 2004

Current Report as of 11-17-09

• Active listings: 302
• Under Contract and Pending : 111
• Absorption Rate: 65.8 homes per month, a 4.5 monthly supply of houses currently on the market

This Colorado Springs Real Estate report contains information on Single Family dwellings in Northeast area of Colorado Springs

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

A Colorado Springs Real Estate Agent You Can Trust

Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com and www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by Kathy Torline - Nordstrom

Colorado Spring Real Estate

Market Report for East Colorado Springs, Single Family Homes

Neighborhoods Include: Homes in Village Seven, Rustic Hills

Search for Homes in East Colorado Springs

The East area of Colorado Springs housing market continues to be a BUYERS Market, as there is currently a 6 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Pricing continues to go down in 2009 but number of sales is increasing.

Recap of 2009, 2008, 2007, 2006, 2005, and 2004

Current Report as of 11-17-09

• Active listings: 360
• Under Contract and Pending : 112
• Absorption Rate: 60.5 homes per month, a 6 monthly supply of houses currently on the market

This Colorado Springs Real Estate report contains information on Single Family dwellings in East area of Colorado Springs

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

A Colorado Springs Real Estate Agent You Can Trust

Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com & www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by KAT

Colorado Spring Real Estate

Market Report for Fountain Valley and Fort Carson

Single Family Homes

Search for Homes in Fort Carson

The Fountain Valley housing market continues to be a BUYERS Market, as there is currently a 4.1. month of supply of homes on the market. A 6 month supply of houses on the market is typically considered a "NEUTRAL MARKET". Sales units were down 17% from 2008 to 2007, but pricing was only down 5% from 2008 to 2007. Number of homes continue in increase in 2009 but pricing has continued to decline.

Recap of 2009, 2008, 2007, 2006, 2005, and 2004

Current Report as of in Fountain Valley

• Active listings: 473
• Under Contract and Pending: 223
• Absorption Rate: 114.4 homes per month, a 4.13 monthly supply of houses currently on the market

The Fountain Valley is in the District 3 School District

• Fountain Valley:
• Great views of Pikes Peak
• Minutes from Fountain Valley School
• 20 Minutes from the Colorado Springs Airport
• Close to Fort Carson
• Close to Pikes Peak Community College
• 15 - 20 Minutes from Citadel Shopping Mall
• 15 - 20 Minutes from Downtown Colorado Springs

For more information contact the Fountain Valley Chamber of Commerce

This Colorado Springs Real Estate report contains information on Single Family homes in Fountain Valley.

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

A Colorado Springs Real Estate Agent You Can Trust

Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com & www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by KAT