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Rents Are Shooting Up & Why Rent-to-Own is Trending

April 19, 2016 By Charles Vinson Leave a Comment

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Everyone has been talking about how rent prices have been surging across the nation.  

Colorado Springs has been on the front line of these increases. Realtor.com quotes,

Rents in the fast-growing city, about an hour away from Denver, surged 11.4%, according to the report. That brought the median rent for a one-bedroom to $790 and a two-bedroom to $1,010.

Many predict these changes will remain constant and even continue to rise over the next few years, and as you can expect many long-time renters are seeking alternatives to the cash-in cash-out cycle of renting.

Ideally the money you pay to keep a roof over your head should be an investment in you and your family’s future, not an accepted sunk cost.  That is why so many people are looking into rent-to-own lately as it is one of the only ways to break the renting cycle outside the conventional home buying process.

Everyone is looking really hard at Rent-to-Own options, and that’s what we specialize in.

If Rent-to-Own is something you’ve been thinking about and would like more information on, we’d love to answer any questions you might have.

First step:

Fill out our Buyers Profile and we can get you the information you need.

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We would love to hear from you! Please fill out this form and we will get in touch with you shortly.

Filed Under: Business, Featured, Lease Option, Real Estate, Rent to Own Tagged With: Colorado Springs Real Estate, Real Estate News, rent to own, Rising Rents

Real Estate News: Colorado real estate industry prepared for new disclosure rules

October 21, 2015 By Charles Vinson Leave a Comment

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New disclosure forms will make it easier for consumers to shop for mortgages and help avoid surprises at closing.

The Denver Post reported on October 2nd about the upcoming policy changes regarding private mortgages that we felt is very important to pass along to our existing and future customers.

In layman’s terms these new changes will make the mortgage process much more transparent and ensure the borrower is 100% aware of all costs throughout the entire process at the very start. This is exciting news, and a great step to continuing to protect buyers.

Though this will be a new policy for some, this has been something that Colorado Home Trust has made part of our core business practice since the very beginning.  Our highest priority is our customers’ future security and safety, and it’s great to know that now it will not just be expected but enforced.

For the rest of the article you can read it below or view it at the Denver Post’s website: 

Starting Saturday, purchasing a home with a mortgage will come with a whole new set of disclosures and different procedures for closing a sale.

Bid farewell to the good faith estimate, two truth-in-lending forms and the complicated HUD-1. Replacing them are a simpler loan estimate and closing disclosure under the ” Know Before You Owe” program developed by the federal Consumer Financial Protection Bureau.

“It will be better for borrowers overall and for the industry in the long run,” said Jerra Ryan, who has dedicated 4,000 hours to the changes as vice president of compliance at Cherry Creek Mortgage in Denver.

For starters, the information on the loan estimate now lines up with the closing disclosure, making it easier for consumers to track costs from start to finish.

Standardization means consumers can directly compare different loan offers, which should help lower costs over time.

“If you get those loan offers side by side, it is probably going to be pretty clear which is the best loan offer for you,” said Holden Lewis, a mortgage analyst with Bankrate.com.

With interest rates and loan terms fairly competitive, variations usually come in the added fees and closing costs, Lewis said. Padding, while not eliminated, will be easier to spot.

Another rule change requires the final disclosure be in a consumer’s hand three days before closing, allowing ample time for a review.

“There is less of a chance that closing will get delayed because of a change,” Ryan said.

Among the downsides, at least initially, are longer closing times as everyone gets accustomed to the new system and higher costs.

“You should be writing 45-day contracts,” Colorado Division of Real Estate spokesman Eric Turner said.

Consumers also need to avoid resetting the three-day disclosure window, especially if a closing is “stacked,” or tied to another one, which is the case about half the time in Colorado.

An example would be a borrower buying a bunch of furniture on a new store credit card before completing a home purchase, Lewis said.

Lenders pull a fresh credit report right before the closing, and any moves that lower a borrower’s credit score could push up the interest rate. An increase above 0.125 percent would require a new three-day disclosure period.

Ryan called those fears overblown. Only a few clearly defined situations reset the disclosure clock, he said.

Those don’t include a seller providing additional money to fix problems found on a walk-through.

The changes have taken years to craft, and implementation — including new software systems and training — will cost title companies, lenders and real estate brokers billions of dollars that could be passed to consumers, Ryan said.

But the new rules have fostered unprecedented cooperation among the three groups, which should make for smoother closings, Ryan said.

HUD, as far back as 1996, tried to simplify disclosures, and the bureau started focus groups on the forms in 2011.

Lewis said the new disclosures are a case where a government agency actually managed to clarify rather than complicate.

“I always hated the HUD-1 and thought it was a horrible document,” Lewis said.

Borrowers who started a loan under the old system will close under the previous disclosures. But starting Saturday new disclosures will accompany new loan offers.

Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com   or @aldosvaldi

 

 

We hope you found this as insightful as we did, feel free to comment below or contact us with any questions!

Filed Under: Business, Featured, Lease Option, Owner Finance, Real Estate Tagged With: Buyer Protection, Colorado Real Estate, Mortgage, Real Estate Policy

Spring Has Sprung: Colorado Springs home sales and prices rise again in March

April 8, 2015 By Charles Vinson Leave a Comment

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Colorado Springs home sales and prices rise again in March, quoting the Colorado Springs Gazette:

The single-family home resale market enjoyed another strong showing last month.

Home sales in March totaled 1,009, which was 21.3 percent higher than the same month last year, according to a report this week by the Pikes Peak Association of Realtors. It was the eighth straight monthly increase in sales.

A Fast Start for Housing
Single-family home sales for the first three months of 2015 were at their highest level in nearly a decade. Here’s how first-quarter sales compare:
  • 2006: 2,463
  • 2007: 2,235
  • 2008: 1,811
  • 2009: 1,483
  • 2010: 1,759
  • 2011: 1,686
  • 2012: 1,711
  • 2013: 2,189
  • 2014: 2,000
  • 2015: 2,362

Source: Pikes Peak Association of Realtors; Gazette research

 

Sales totaled 2,362 from January through March, which was the best first quarter for any year since 2006, the report showed.

The median price – or midpoint – of homes that sold in March rose to $225,000, a 7.1 percent increase when compared with the same month last year. Prices have increased in 10 out of the last 11 months.

“It was a very good month,” said Cherri Fischer, a real estate agent with ERA Shields Real Estate and board chairwoman of the Realtors Association.

A pent-up demand on the part of buyers, low mortgage rates and stronger consumer confidence are helping to propel the resale market, Fischer said. “Around Colorado Springs, there’s a little bit more of a positive feeling within the community, which starts at the national level,” she said. “Sometimes it takes awhile for it trickle down to the El Paso County area.”

Even with the demand for existing homes, the supply remains tight. The inventory of homes listed for sale totaled 2,538 in March, down by nearly one-third from the same month last year. The supply of homes for sale is in sharp contrast to the recession years, when inventories often ranged from about 5,000 to 7,000 a month.

Expect the resale side to remain strong for the next few months; the number of pending sales and homes under contract is at a 10-year high, she said.

“It’s looking like it for the next month and the following month, as well,” Fischer said of the continued upswing in the market.

The association’s home sales report includes transactions that were handled by its members and doesn’t include homes sold by individual owners. Most of the transactions in the report take place in El Paso and Teller counties.

–

Contact Rich Laden: 636-0228

Twitter: @richladen

Facebook: Rich Laden

Read more at http://gazette.com/home-sales-and-prices-rise-again-in-march/article/1549067#diytzVPZvX7jlMGd.99

 

 

Filed Under: Featured, Lease Option, Real Estate, Rent to Own Tagged With: Co Springs Real Estate, Colorado Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, Real Estate

16 Reasons Why We Love Buying Houses in Colorado Springs

February 16, 2015 By Charles Vinson Leave a Comment

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Why We Love Buying Houses in Colorado Springs - Colorado Home Trust
Why We Love Buying Houses in Colorado Springs – Colorado Home Trust

We love buying houses in Colorado Springs and we’d love to share with you why we have and always will.

1. We love Colorado Springs!

From all of our years in the Colorado Springs “We Buy Houses” business, we’ve met some of the best PEOPLE on earth from all over the earth! Every family has a great story and we are blessed to have been invited into so many homes to honor and often restore the homes that have been such an important part of their lives.

2. We love the people we’ve been blessed to work with here.

We love having the opportunity of working with and care for the needs of families. We buy houses in any situation and any condition. We have purchased homes that need little or no work to others that need to be renovated right down to the studs! With our licensed network of contractors and specialty tradesmen, there is no property that is beyond our ability to fully renovate and return to market, a better home.

“We were saddled with a property that was in an un-sellable or un-rentable condition. Colorado Home Trust just helped extricate us from a bad financial situation.” – Pat O’Conor

And above all, here’s 16 reasons why we love what we do:

  1. Meeting new families assisting their process into becoming homeowners.
  2. Improving neighborhoods.
  3. Creating jobs, supporting local business.
  4. Restoring historical properties to their former days.
  5. Creative solutions to real estate problems.
  6. Modernizing kitchens and baths to environmental standards.
  7. Helping families sell their house fast for any reason!
  8. Helping landlords turn their rentals into truly passive income.
  9. Buying houses and not just listing them!
  10. Employing local tradesmen.
  11. Helping families avoid costly repairs.
  12. Avoiding foreclosure through thoughtful options.
  13. Filling vacant homes with families.
  14. Making the inherited property process a breeze.
  15. Assisting families in relocations, we make things happen fast!
  16. We love buying houses quickly in any condition.

Our family has been in the residential real estate business since 1970. From Georgia to Texas to Colorado, we have been involved in hundreds of transactions, houses both new and old, as investors, agents and builders.

If there is one thing that stands out about the business, it is the people. We believe PEOPLE are the real business and we take great pride in our long term relationships with all our customers. Homes are often one of the most important decisions a family will make. We have the unique experience to see how to best serve our clients through our comprehensive knowledge of homes, renovations, financing and most importantly families. Trust us with your real estate needs. We will love to give you our attention. You will be impressed with the results!

With love,

The Colorado Home Trust Team

Filed Under: Business, Featured, Lease Option, Real Estate, Rent to Own Tagged With: Co Springs Real Estate, Colorado Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, Real Estate, ren

What Is My House Worth? Let’s Crunch Numbers

July 24, 2013 By Charles Vinson 1 Comment

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Let us help you out.

So you’ve decided to sell, or maybe just considering selling your Colorado Springs house. Do you have an inherited property that is a vacant house or a rental property? Is it free and clear or is there a mortgage still attached? At Colorado Home Trust, LLC we have seen them all.

You want to know how much you can sell your property for or are asking yourself, “how much is my house worth?” It depends!

If you would like to sell now or sell fast, that generally means you want to cut through the red tape and just sell quickly for cash. Maybe you are the executor or personal representative for an estate and are looking at your options, maybe you are an estate attorney looking for an expedient solution to liquidate an estate property to pay for necessary legal and administrative expenses. For a fast sale, ideally you will be able to sacrifice a bit of equity for the speed and convenience of the sale of the home, but if you want to sell quickly and still get top dollar there are additional strategies that we can discuss that will give your more net dollars, but require additional time and effort on your part.

But first, let’s discuss a cash offer for your home.

When you are considering a quick sale or want to sell your Colorado home fast, you must realize that you will probably be asking a professional home buyer to evaluate your property in order to make a cash offer on your home. The “We Buy Houses” or “We Buy Ugly Houses” crowd will probably be your first choice. Most of these professionals are experienced home buyers and are very familiar with evaluating a house with an eye to purchasing correctly for cash in order to rehabilitate or “rehab” the property and bringing the property back to market as a renovated property.

They are part of a network of real estate professionals which include investors, private lenders, as well as reputable contractors who will eventually help them renovate the property to retail standards. If your property needs extensive repairs because of it’s current condition, the cash buyer will have to take precautions to allow enough room in the “deal” to make a modest profit.

As a rule of thumb, even the most experienced investors will have to account for 10% resale costs, 10% funding costs, as well 20-30% for all repairs needed for getting the property “Ready for Prime Time” or introduction to the retail market place again.

Considering all the variables, it’s easy to understand why a cash offer must include these risks and costs from the beginning. Once the numbers have been crunched, a typical investor can close very quickly, often on a date of your choice. They can do this because of their relationship with a group of professional local private lenders who specialize in originating secured real estate backed loans to investors.

On the other hand, you may want to contact a Realtor to find out how much your home is worth.

Realtors are in the business of representing or listing your property for a fee. Many are quite experienced at evaluating your home from the perspective of a listing agent. They do this by researching the Multiple Listing Service (MLS) in order to evaluate comparable sales to your property. Generally speaking they do not invest anything other than their experience and time in order to sell your home. Many of their clients are first time home buyers who may or may not be qualified to purchase the house even after placing an offer. The most experienced Realtors have been around long enough to have their clients qualified before shopping, but still are NOT the buyer for your property. They must wait for the RIGHT client at the RIGHT time with the RIGHT credentials to purchase your property.

This could take a while. 

Colorado Home Trust can quickly evaluate your property and purchase your property for cash usually on a date of your choice. After a quick inspection and market analysis, we will know how much your home is worth to a professional home buyer.  Consider the value of receiving a guaranteed cash offer for your property and close on a date of your choice. It doesn’t get any easier than that!

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Filed Under: Business, Featured, Lease Option, Owner Finance, Real Estate, Rent to Own Tagged With: Co Springs Real Estate, Colorado Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, rent to own, What is my house worth?

Rent to Own Buyer Checklist (Part 1)

July 23, 2013 By Charles Vinson Leave a Comment

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Colorado Springs Lease Option / Rent to Own 719-203-9500
Colorado Springs Lease Option / Rent to Own 719-203-9500

 

 

 

 

 

 

 

 

 

 

 

Contemplating making the plunge to a Rent to Own Home ?

Don’t be afraid to GET WET !

If you have decided that landlords, lost wages, and neighbors just 6 inches away has got you bugged, we don’t blame you! Rent to Own has it’s benefits,

but Rent to Own is NOT a get out of jail free card.

With a few basic but not so obvious tips, you should soon be having a great time at the beach without getting sand in your swimsuit.

In a series of articles, Colorado Home Trust would like to explore the insider secrets of the Rent to Own/Lease Option Colorado Springs landscape so you can feel at home with your decision and have the tools to absolutely dominate the process.

Let’s talk about buyers expectations.

GET ORGANIZED !

All Rent to Own programs are essentially short term owner financing.

By that I mean, that the Tenant buyer is given the opportunity to lease the property they intend to buy while possessing an exclusive option to purchase the property at a pre-arranged price.

In the typical situation, the tenant buyer needs to work on some credit issues that are keeping them from obtaining their financing today. Is this you ?

Buying a great home is NOT LUCK, it’s proper preparation.

You may realize by now that there is NO “Get Out of Jail Free” card when it comes to managing your finances in preparation for buying a home. Everyone has had bad luck at one time or another, but the serious buyer knows that’s no excuse.

Get with the program! Let your rent to own specialist know that you are willing to jump through hoops for the opportunity of buying a new home.

It is imperative that you treat the process of repairing your credit as seriously as death! Without a successful program to follow, many buyers simply are not able to purchase within a reasonable time, because they neglected to do what it takes.

Listen to your counselor and make the changes they recommend. You will benefit.

Read more at (Part 2) !

Filed Under: Featured, Lease Option, Real Estate, Rent to Own Tagged With: Co Springs Real Estate, Colorado Springs Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, Lease Option, rent to own

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Testimonials
Very enjoyable experience. Very knowledgeable and helpful from start to finish. Especially good since this was done long distance.
Genia ArmstrongSeller
Colorado Home Trust can be summoned up in with these words: Honest - Super Smart - Responsive - Effective and Caring. Charles Vinson, owner, represented myself during a traumatic time in my life. I was in a car accident that was pretty severe. My house needed some TLC but I ...
Seller
Had a great experience working with Colorado Home Trust. Was a smooth process with minimal work or stress on the part of the seller. Answers were always given promptly and accurately, couldn't ask for anything else.
JoshuaSeller

To whom it may concern;

My experience with Colorado Home Trust has been primarily through Charles Vinson.  I had inherited my Parents home after my Dads passing & was in a quandary as to what to do with it.  I responded to Charles after receiving a letter ...

Kenneth AmantSeller

We were saddled with a property that was in an "un-sellable" or un-rentable condition.  Colorado Home Trust, LLC. was honest and forthcoming during the whole transaction. I give them 5 stars, 10 outta 10, 2 thumbs up or any other way of saying their performance was exemplary.

Pat O'ConnorSeller
"Your company made the process of selling my duplex a breeze. It only took 3 weeks from start to finish! The price was fair, the exchange was painless. It really was a pleasure doing business with you."
Jenny RobinsSeller
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Charles Vinson is a Colorado Springs Real Estate Investor, Entreprenuer, father of three knuckleheads, and husband and business partner with his wife, Renee. Read More…

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