A foreclosure of a property occurs when the borrower/homeowner can't make their loan payments and defaults on the loan/mortgage. The lender, or bank, then files a public default notice. The lender will try to recover the amount owed by selling the foreclosed property. With recent economic shifts and ongoing challenges in the local real estate market, the market for foreclosed real estate property in and around Denver is an ever changing landscape. Denver always offers various bank owned and REO properties and luxury homes at virtually any price point. These properties represent an opportunity to savvy homebuyers, sellers and real estate investors that understand the market for foreclosed homes in Denver.
Denver Real Estate is Alive and Well for those in the Know!
Kenna Real Estate has a wealth of knowledge in the Denver foreclosure market and can help guide you to the best decision and the best bargains available. Many foreclosed properties have been poorly maintained with overgrown yards, missing appliances, or a general state of disrepair. The homes themselves are often in fine structural shape but they require some tender love and care to be restored to their original condition. Where a foreclosed home may have been neglected, a caring and discerning buyer can locate a diamond in the rough, rehabilitating or renovating a foreclosed property and creating a polished and lustrous jewel.
Kenna Real Estate has a keen understanding of the available inventory in bank owned, HUD, REO and short sale opportunities. These are homes and properties that may be priced at 30% below market value for similar homes that are not in foreclosure. They may only need some simple repairs, new carpets or paint, or someone to pull weeds, mow the lawns and prune the trees and shrubs. With a small investment of time, money and care, foreclosures in the Denver Metro Area can often provide a handsome return, even in a slow real estate market. This may not be your dream home but it can definitely come at a dream price!
One Man's Foreclosure is Another Man's Opportunity.
The banks and lenders that have repossessed these homes are not typically in the business of property management. These unoccupied properties are simply non-performing assets on their balance sheets, and they may be highly motivated to sell them, whether at auction or through more traditional real estate sales organizations. REO by definition is not their core business. These foreclosed homes are simply assets whose value and performance has been undermined by difficult economic conditions, bankruptcies, divorce or other human tragedies. When one door closes, another door opens. Kenna Real Estate is expert in these types of opportunities and can open doors you never thought existed.
Generally, the real estate market in Denver is healthy and stable, with home prices continuing to rebound and strengthen. Now is the time to enjoy the benefits of purchasing a foreclosed, HUD, bank-owned or REO property. Denver is still growing rapidly, with many people choosing to relocate from other states. The many days of sun and increasingly mild winters make Denver an attractive place to retire, raise a family or just generally put down roots for a rich and rewarding life.
Denver sits at the base of the majestic Rocky Mountains and features several world-class hospitals, universities, public schools, museums, galleries, cultural centers, convention facilities, shopping malls, and restaurants. Denver's light rail train and system of freeways and toll roads ties the entire Front Range together. The city of Denver has grown from a mining outpost at the beginning of the gold rush, to a cultural and economic hub known throughout the world. With the right foreclosure opportunity, you can enjoy this growth as well.
To get more information about foreclosed homes in Denver or the current foreclosure properties on the market, simply scroll down.
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Denver foreclosures present excellent opportunities for investors as well as first-time homebuyers. There are three ways to buy foreclosed homes in Denver:
Pre-Foreclosures: Also known as short sales. You may see homes advertised as "short sale" or requiring a third party approval. These sales happen when owners request that the lender accept less than the loan amount that is owed. If successful, the house may be saved from foreclosure auction.
Buy the foreclosed property at auction. This is a rare opportunity for private buyers, as banks/lenders usually win these auctions.
Search for and buy foreclosures currently on the market by indicating to your Denver real estate agent that you are interested only in Denver foreclosures or lender-owned homes.
Questions? As experts on Denver foreclosures, we can provide you with the knowledge you need to make an informed decision. Contact Kenna Real Estate today.
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Listing information last updated on July 24th, 2014 at 12:27pm MDT.