Jason Roshek

Get That Colorado Home Loan—Even with Poor Credit

You’ve found the Pikes Peak home of your dreams, but you think your credit isn’t good enough to qualify for a mortgage. Not to worry, says the AOL Real Estate website. Even buyers who’ve had foreclosures, bankruptcies, or previous loan rejections can still become loan eligible—by knowing some valuable tips.

It will take work, but you can increase your chances by highlighting your “compensating factors,” i.e. those things that don’t show up as part of your bad credit score. Here are seven things that will put you in the best possible financial light with lenders and improve your chances for that loan.

Other Assets – This includes things like a large 401(k) account or other retirement accounts which tell lenders that you have some financial resources if you get into trouble with your mortgage.

Job Stability – Being at a job five years or more can offset a bad credit history. Let the lender know how your income has increased over the years through regular pay raises as well as cost-of-living or annual merit increases. Lenders want to know you can cover any unexpected costs that come along.

Discipline, Consistency, Stability – Show lenders your current savings account or 401(K) balance to prove you’ve kicked your bad credit habits.

Put Down Roots – If you’ve lived in your current Colorado Springs home for three years or more, this shows that you’re connected to the community and will probably stay put for several years. Lenders like permanence.

Big Down Payment – The bigger this is, the faster you’ll be approved. If you don’t have at least ten percent, check into state and local assistance programs for help. Show the lender you can be trusted to figure out your financial problems.

Documentation – Provide lenders with canceled checks for payments made as well as bank statements that prove you’re saving regularly. These offer solid proof that you pay your bills and are being truthful about your credit history.

No one’s credit is perfect. But if yours is of the “really less than perfect” variety, presenting these positive aspects of your financial life can set a lender’s mind at ease and ultimately get you the loan for that great property in Colorado.

No matter what your financial situation, we can help find a home for your budget. When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group! We are ready to help you with all of your real estate needs.

The “Don’ts” of Great Colorado Credit Scores

You know your credit score is important. The closer your score is to 800 the better your chances of securing a loan for that beautiful Colorado Springs home. A high score also means better rates and terms for the loan. However, many people don’t realize that certain negative actions can bring down your credit score—and keep it there for seven years or more. 

From RealtyTimes, here are seven things that can wreck your credit score and your subsequent eligibility for financing.

1. Frequent Late Payments (aka Deadbeat Behavior) – Consistently making payments 30, 60, or 90 days late should be avoided. Know that paying even 30 days late can stay on your report for many years.
2. Collections – If your lender contacts a collection agency to obtain your payment, it’s reported to the credit bureaus and this negative information stays put on your report for seven years.
3. Charge Offs – Another seven years of damage result if your lender charges off your debt because they know you’re never going to pay.
4. Public Proceedings – Examples include bankruptcy, tax liens, or other financial judgments assessed to you. Even if you pay them off, they’ll show for seven years on your report. Bankruptcies can hang on for ten years and you never get rid of an unpaid tax lien.
5. Settlements – This means paying part of your debt in a settlement such as a mortgage short sale. Whether for mortgage, credit cards, or other debts, a settlement notice means (you guessed it) seven years of an undesirable credit score.
6. Foreclosures – Whether your lender forecloses on your Pikes Peak home or you give it to the lender in a deed-in-lieu of foreclosure, it’s another seven year stain on your report.
7. Vehicle Repossessions – Not paying the car loan means the repo man takes the car and your credit score takes another nasty hit.

For those who’ve managed to avoid the things on this list, keep up the good work! If you’ve made one or more of these errors, there is still hope for buying a home in Colorado. With a lot of patience and hard work, you can get your credit score back in line. And now you know what not to do to keep it there.

No matter what your financial situation, we can help find a home for your budget. When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group! We are ready to help you with all of your real estate needs.

Colorado Renters: Get Off the Fence and Buy!

For those still on the fence about renting versus owning in Colorado, it’s time to jump. If continued historically low interest rates and decreased home prices don’t push you, here are five other good reasons to buy.

So Long, Landlords – Even if you’ve had a great landlord, the money you pay every month goes into his pocket, not yours. You can love where you rent, but if the landlord is selling, you may suddenly find yourself seeking a new place to live.

Having Your Own Style – While you can do basic modifications in a rental, you can do much more in your own Pikes Peak home. And you need no one’s permission but your own.

Cost Factors – There are ways to compare the costs of renting versus buying. See GinnieMae.gov for a price chart that helps you analyze things like the tax savings and equity you’ll get as a homeowner as well as how much rent may increase. You can compare real numbers and make your best decision.

Long-Term Gains – Housing has not been this affordable for decades. Homes in Colorado and many other areas are undervalued and selling for less, while rent in those same areas is rising. Homeownership is a great long-term investment.

All Good Things Must Come to an End – Many people think that interest rates will stay low indefinitely and that there will always be plenty of home choices, but things can change. It’s expected that in 2013, distressed sales will begin to drop. Conversely, the number of new households is rising each year, which means that eventually fewer houses will be available. So it may be best to buy your Colorado Springs home now rather than put it off.

Whether to rent or buy is a very individual and personal choice, and fear of the unknown is not a good basis for any decision. Crunch the numbers, consider all your options, and talk to a qualified real estate agent. You might just decide that owning a home really is better than renting, and you can finally get off of that uncomfortable fence.

Whether you’re buying or selling, a qualified real estate agent will help you make the best deal. When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group! We are ready to help you with all of your real estate needs.

Contingency Clauses: A Must for Colorado Home Buyers | Colorado Relocation Group

Contingencies are the conditions that a seller must meet before a buyer will honor an offer to purchase the home. For a seller, these clauses are sometimes obstacles; for a buyer, they’re protection. If you’re buying a home in Pikes Peak, Woodland Park or any other area in Colorado, the following three contingency clauses should always be a part of your contract.

Contingency 1: You Must Sell Your Home Before Buying Another – This is especially true if you need money from your existing home to purchase your next one. If your home doesn’t sell, you can’t buy. The seller might not like this contingency, but it’s a better alternative than your taking on loans for both the old house and the new one as there’s no telling how long your old home will take to sell, or how much the final selling price will be.

Another approach is to set up a 21-day contingency for selling your current Colorado Springs home. In this scenario, the seller of the home you want can still keep the property on the market while you hopefully get some buy offers on your home. After 21 days you can either buy the new house or let the offer run out.

In this market, buyers are still somewhat in control. If the seller walks away because of your contingency, move on, or come back to the seller in a few months. Most likely the house will still be for sale.

Contingency 2: You Must Qualify for an Affordable Loan Rate – Even though interest rates are low, lenders don’t always qualify buyers for the lowest available rate. Figure out the highest rate and least-attractive loan terms that you can afford, and write those into your contingency clause. If the purchase price jumps too high, you’ll know you need to back out based on your stated cap.

Contingency 3: No Home Inspection Means No Deal – Your offer should absolutely stipulate that the house be inspected for all possible issues, including termites. If the inspector finds big issues, you can renegotiate the sale price or ask the seller to make the necessary repairs before you buy. Sellers will usually put a ceiling on how much they’ll pay for repairs, but you must then state your own cap as well. If a very expensive problem is uncovered, you’ll have a way out of the offer.

Some real estate agents privately refer to buyer contingency clauses as “weasel clauses,” insinuating that it allows buyers to “weasel out” of an offer penalty-free and with a refund of their earnest money deposit. In reality, contingency clauses are just common sense precautions for Colorado buyers as well as sellers. Planning ahead for contingencies helps everyone to know where they stand, and can often help a deal close with little or no angst.

Whether you’re buying or selling, a qualified real estate agent will help you make the best deal. When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group! We are ready to help you with all of your real estate needs.

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Colorado Living ...Where Dreams Come True

The Roshek Group

719-687-1531

PikesPeakRegion.com

via coloradorelocationgroup.com

Pull Out that Smartphone to Buy or Sell in Colorado | Colorado Relocation Group

Real estate is making a huge jump into the technical world. According to the MSN Real Estate site, the technology explosion of the past three years has totally changed how people buy and sell their Colorado homes.

Many real estate sites like Zillow, Trulia, and Realtor.com now offer applications for smartphones and tablets to make a buyer’s life almost care-free. Drive to a neighborhood you might like, run a search on your phone to get a map with homes for sale in that area, and then use your GPS function to start checking them out.

If you spot a house you like in Pike’s Peak, the Zillow app tells how long that house has been on the market and how often the price has been reduced. You might also learn that another house nearby recently sold for $50,000 less, so your house of interest might be overpriced. This instant, accurate data means you can then walk away and check out the next property on your list with no time wasted.

On the Realtor.com app, you can draw a line with your finger around a particular section of a map and see any homes that are for sale in that area. You’ll “search” only the Colorado Springs neighborhoods that fit your criteria and skip places with, say, more retirees than young families.

Sellers can benefit from these new electronic tools by ditching newspaper ads in favor of the newer web-based or mobile-based technologies. Tech-savvy sellers know that the Gen X and Y buyers will use their phone or iPad when house hunting, not the classifieds.

Realtors® are also catching onto this trend and are letting technology help their bottom line. Because many buyers search by school district, one agency now uses a Twitter feed to alert buyers of home listings in each school district. There are also apps to let homebuyers rate and review their Realtor®.

The arrival of mobile apps, social media, and GPS are having a large but very positive impact on real estate, and the change is sure to continue with the development of new technologies.

Whether you’re a self-proclaimed geek or technologically challenged, I will walk with you through every step of the buying or selling process. When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group! We are ready to help you with all of your real estate needs.

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Colorado Living ...Where Dreams Come True

The Roshek Group

719-687-1531

via coloradorelocationgroup.com

The “Ins and Outs” of Colorado Home Inspections | Colorado Relocation Group

Whether you’re buying a lovely old “fixer-upper” in Colorado Springs or brand-new construction in Pike’s Peak, you’ll want to have the property inspected inside and out before you sign a contract.

Once you know what repairs the home requires, you may be able to work them into your offer or negotiate with the sellers to have them pay for some of the fixes. Or you can decide there’s too much repair work and just keep house hunting. But it’s the home inspection that helps you make these important decisions.

A home inspection will vary with the kind of Colorado property you are buying. According to the American Society of Home Inspectors (ASHI), a standard inspection will cover the following areas:

• Heating and central air systems
• Interior plumbing
• Electrical systems
• Roof, attic and visible insulation
• Walls, floors, ceilings
• Doors and windows
• Foundation and basement
• Structural components

However, inspectors are not required to move yard debris, plants or snow to look for hidden problems and are not liable for missing them. Nor are inspectors required to identify latent defects or check home systems not readily accessible (i.e. inside walls). It’s also worth knowing that inspectors do not have to note potentially harmful plants or animals such as termites and molds. Talk with your home inspector about these areas prior to the inspection.

Remember that you don’t have to reject your potential Colorado dream home just because it needs repairs. Every house needs something. Your job is to get the facts and then decide what you can spend and/or how much work you want to do if you buy that home.

The bottom line is to find an inspector you trust and who is ASHI licensed so that every potential issue can be identified. A good home inspection will provide some peace of mind as you make one very large investment.

A good real estate agent will help you negotiate all aspects of your home purchase, including the inspection. When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group! We are ready to help you with all of your real estate needs.

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Colorado Living ...Where Dreams Come True

The Roshek Group

719-687-1531

via coloradorelocationgroup.com

Mistletoe and Moving Boxes | Colorado Relocation Group

Moving is stressful.  From boxing up all of your possessions to starting service for utilities in your new Colorado home, there are tons of details to contend with.  For some, these challenges are multiplied when the move happens during the holiday season.

For many buyers, a winter move means a better deal on their new home.  Prices often drop this time of year, with many sellers eager to move on, leaving great deals for homebuyers.  However, it also means uprooting kids and adjusting to a new home and neighborhood in less than ideal conditions.  So, how can you make this move a little less stressful?  Here are some tips:

1. Set the tone:  If you have children, they will base much of their attitudes and behavior on you.  If you are upbeat about the move, they are more likely to reflect that attitude.  Make sure your comments about the new home are positive and help build excitement for your family.
2. Focus on the positives:  Does the new home have a larger yard?  A pool?  Bigger bedrooms for the kids?  A playroom?  By emphasizing the great new aspects of your Colorado Springs home, you can minimize the amount of time you and your family are focused on what you leave behind.
3. Give the kids a reason to move:  Of course, the kids don’t have a choice in moving, but moving will be less stressful if you have the support of the kids.  Remember, you are uprooting their life as well as yours.  Give them something to look forward to such as letting them pick new décor for the bedroom, plan a pizza and movie party or get them a special new toy that shows you understand their feelings.
4. Take time for yourself:  You are not immune to stress, so don’t let yourself become so overwhelmed by everyone else that you forget to take care of yourself.  Even a 30 minute walk or long shower can help you recharge your batteries.
5. Don’t forget your holiday traditions:  If getting a big Christmas tree and decorating it while sipping hot chocolate is an annual event, then do it!  Take a break, go find the biggest tree around and cover it with lights!  Let moving into your Colorado Springs home be a celebration! The rest of the boxes won’t wander off while you’re spending time with your family, I promise!

Moving is always stressful, and it can seem overwhelming if you add the stress of the holiday season to the process.  However, if you move forward with a positive outlook, a little more understanding for your family and a plan that includes your holiday traditions, you can survive both the move and the holidays.  Even if it takes a little more time to unpack those boxes, you will be relaxing in your new Colorado dream home soon enough!  When you’re ready to buy or sell a home in the Pike’s Peak Area, call The Roshek Group!  We are ready to help you with all of your real estate needs.

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Colorado Living ...Where Dreams Come True

The Roshek Group

719-687-1531

PikesPeakRegion.com

via coloradorelocationgroup.com

Getting Started as a First Time Homebuyer | Colorado Relocation Group

Buying your first Colorado home can be overwhelming. There are many decisions to make, including which lender to use, what type of loan to apply for, what neighborhood to buy in, and how big of a home you really need. It is easy to get confused with all of the information that is available. While a knowledgeable realtor can make the process less stressful, here are a few tips to get you started in searching for your first home:

1. Set a realistic budget and stick to it! Many homeowners get pulled into the idea that just because the bank qualifies them for a loan, they can afford it. Affording the mortgage payment is only one part of affording a house. You also need to consider paying for insurance, home maintenance and repairs, and utilities. In addition, don’t forget to include the costs for your car, entertainment, childcare, groceries, and other expenses in your budget.
2. Get pre-approved. Many agents and sellers will only work with individuals who are pre-approved for a loan. This will require you to do your research – you not only need to choose a lender, but you need to decide if you want a fixed-rate loan, VA loan, FHA loan, variable-rate, etc.   Shop around! You will probably view more than 6 – 10 Colorado homes before choosing one; take the same amount of time in choosing the loan for that home.
3. Decide what type of home you need. Consider your lifestyle, hobbies, activities, and size of your family in determining how big your home needs to be and generally where you want to live. Are you comfortable with stairs? Do you entertain often? Is the view from your bedroom important? How long is the commute to work? Is there room for your growing family? Make a prioritized list of the features and amenities that are most important to you and use this to guide your search. Homes are a long-term investment, so be sure the house you choose meets your needs.
4. Start on-line. Many real estate sites offer search engines that will allow you to see what is for sale in your area. This can give you an idea of price ranges and what types of homes are available.
5. Find a knowledgeable, licensed realtor. While there is a lot of information available on buying a home, one of the best resources is a realtor. Their knowledge of the local market, education on real estate laws, and experience in asking the right questions to help you find your home is a huge asset to any new home buyer. They can find homes that meet your needs, schedule showings, and will help you through every step of the home buying process.

Buying for first home can be stressful, but it is a dream come true for many people. Although the process of buying a home can seem overwhelming, it can be done with minimal stress if you have the right resources. When you’re ready to buy or sell a home in the Pike’s Peak Area, call the Sharon Roshek Team! We are ready to help you with all of your real estate needs.

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Colorado Living ...Where Dreams Come True

The Roshek Group

719-687-1531

PikesPeakRegion.com

via coloradorelocationgroup.com

Still Renting? It may be cheaper to buy that Colorado Springs Home! | Colorado Relocation Group

Still Renting? It may be cheaper to buy that Colorado Springs Home! | Colorado Relocation Group

Traditionally, we think of buying a Colorado Springs home as an expensive dream and we don’t often consider this as a viable housing option if our finances are tight.  Instead, we stick to renting a home and dream of the day we can buy our own piece of paradise.  In today’s market, however, that time may be now.  In fact, buying a home is less expensive than renting one in many areas of the country.  According to Trulia’s quarterly rent vs. buy index, the cost of buying was lower in 74 percent of the country’s most populous cities.  With the continuing decline in home prices, low interest rates and tax benefits, many people may actually save money by buying a home.  However, is buying a home the right choice for you?
If you’re unsure, whether it is more cost effective for you to rent or buy, you should ask yourself several questions.  The answers to these questions will help you decide which option is best for you:

1. How long do you plan to stay in the home-  It is still true that it will take some time to reap the benefits of buying a Colorado Springs home.  If you plan to stay in the home for just a few years, closing costs such as mortgage points, surveys and commissions, may wipe out any savings you would gain from buying a home.  However, if you plan to stay in the home for a longer period, chances are good that purchasing is a better option.
2. Do you have cash for closing-  While home prices and interest rates have dropped, so have banks’ willingness to lend money.  In today’s economy, many banks want at least 20% down before they will consider underwriting a loan.  In addition, closing costs can add up to a few thousand dollars in additional up-front expenses.  Yes, there are some first-time homeowner programs and some types of loans for less money down such as VHA Loans and VA Loans, but there will be costs associated with them (mortgage insurance, service fees, and higher interest rates).
3. Additional costs of homeownership- While your budget may allow for the mortgage on your Colorado home, don’t forget all the other costs of owning a home.  Unlike a rental, you are responsible for paying for repairs to a broken air conditioner, replacing appliances that don’t work, and maintaining your property.  In addition, you will need homeowner’s insurance, utilities, and of course, you will need to pay property taxes.  As you look at purchasing your home, be sure to create a realistic budget for all of the costs associated with owning a home—and when in doubt, budget high!
4. Can you claim the tax advantages-  In order to claim the interest and property taxes paid on your home, you will need to itemize your deductions on your tax return.  If you are considering purchasing a home, you should take a look at your taxes and see if this is a better deal than taking standard deductions.

While the housing market continues to change, the process of buying a home has remained the same.  In order to find the best home for you and your family, you still need to do your research.  When you are ready to find your dream Colorado Springs or Woodland Park home, contact us and we will help you through the home buying process.

Buying Land for Your Colorado Dream Home

If you’ve dreamed of buying your own land in the Pikes Peak region and building a home, there’s no better time than the present. When buying land on which to build your home, begin by choosing the area where you want to live. Location, location, location is the main determining factor in land value and cost - as well as in future quality of life for you once you’ve moved into your newly built home.

If you have lived in the Pikes Peak region for a while, you probably know where you want to build. However, if you haven't been looking around, or if you are new to the area, The Roshek Group’s expertise with the local area can help you find the ideal location for you. We will know the amenities of each neighborhood (including schools), HOA requirements (if any) and the pricing of lots in different areas. If acreage is what you are after, we also specialize in outlying areas.

There are many things to consider when looking for land to buy and build a home on, such as:

• Whether water and sewer are currently provided
• The cost of getting water and sewer to your property line, if it isn’t already there, including tap fees or privilege fees
• If water & sewer are not available, the expense of installing and maintaining a well or septic system
• Costs and availability for gas, electrical, phone & cable services
• Deed restrictions with regard to structures allowed and minimum setbacks.

It’s also important to also look at a land survey (map) of the lot and determine the boundaries of your property. And, when building, you should always find the land to build on first, and then find home plans to fit it.

When you have decided you are ready to buy that parcel of land for your dream home to be built upon, contact The Roshek Team. Whether you decide to settle in Colorado Springs, Monument/Tri-Lakes, or Woodland Park, we have the experience in the Pikes Peak Region to help you find that perfect location.