Welcome to the March 2013 issue of Kim Klapac...Locals Know Newsletter. Thank you for taking the time to read through this month's edition and I hope you find it informative and interesting! For more information within each topic please feel free to click the underlined links. |
|
Local Market Update by Area Link - February 2013
|
Quick Stats:
- Home sales were up 28.9% from the same month 2012 - February 2013 totaled 664 home sales.
- The median price of homes that were sold saw a 12.2% increase from the same month 2012 - February increased to $199,000.
- Inventory: There was a 5.7% decline of homes listed for sale in February (3,025), down from the same month 2012.
Based on information from PPAR ("RSC"), for the period 02/2012 -02/2013. Data maintained by RSC may not reflect all real estate activity in the market. |
New Buyer Assistance Program!
|
No Money Down?
El Paso County's TurnKey Mortgage Origination Program has already helped buyers purchase a new home. El Paso County is offering GRANT money equal to 4% of the loan amount for approved buyers. This program can be used with VA, FHA and USDA-RD loans for a TRUE $0 down homebuying opportunity!
Qualifications
Income for 1-2 person household cannot exceed $88,900
Income for 3+ person household cannot exceed $103,700
Purchase price cannot exceed $283,000
*FICO mid score requirement of 640 and a max DTI ratio of 45%
This program is offered through El Paso County Housing Authority, and the assistance is a grant that never needs to be repaid. Contact me for questions about the program and about qualified lenders!
El Paso County Housing Authority Turnkey Program |
|
Be An Informed Buyer and Seller
What is Contract Contingency? Right to Terminate?
A purchase contract contingency is a clause inserted into a purchase contract stating that you will purchase the house contingent, or conditional, upon a specific factor or factors. A purchase contract contingency allows you to jump in and make the offer, but still protects you by offering you a legal "out" with all your earnest money returned if any of your concerns turn out to be problematic.
Every state is different regarding what contingencies are incorporated into their contract. Colorado Real Estate Commission (CREC) contains certain contract contingencies identified and outlined within the contract.
The contingency I will identify this month is: Right to Terminate - Title Objection. Pursuant to Paragraph 8.3.2: Buyer has the Right to Terminate under Paragraph 25.1, on or before the applicable deadline, based on any unsatisfactory title matter, in Buyer's sole Subjective discretion.
Section 25.1 Right to Terminate: If a party has a right to terminate, as provided in this Contract (Right to Terminate), the termination shall be effective upon the other party's receipt of a written notice to terminate (Notice to Terminate), provided such written notice was received on or before the applicable deadline specified in this Contract. The applicable deadline for Title Objection is set forth under Dates and Deadlines and is normally executed at the beginning of the 'under contract' timeline. |
|
|
|
 | |
Click! New Listing! |
|
Family Fun Day! FREE! To The Moon: Snoopy Soars with NASA. Where: Colorado Springs Pioneer Museum. When: Saturday March 16th, 10AM-2PM. Snoppy Fun Day Information
Spring begins on March 20!
|
As of April 1st, loans submitted to FHA will have an increase in the annual mortgage insurance premium from 1.25% to 1.35%. This is not a significant change and will make a difference of about $16 a month on a $200,000 loan and an average difference of around $3,000 in the amount a buyer will qualify for. To beat the cut-off, buyers will have a little over 2 weeks to get under contract.
|
|
