by Brian Burke
on Sunday, December 30th, 2012 at 12:15pm.
Denver Luxury Foreclosures Finding and Getting your Diamond in the rough
Denver Luxury Homes and Real Estate market is doing very well. Luxury Homes in Denver are selling, some very quickly and many for 97%-100% of the listing price. Only a very small number of Denver Luxury Homes end up in foreclosure. Currently there are only 11 Denver Luxury Foreclosures, now called lender owned homes, on the market. (homes one million dollars and over)
When you do find a bank owned luxury home in Denver, you have (in most cases) come across a great deal. Often the homes are assessed several hundred thousand dollars more by the county than the listing price of the house is. With good credit or cash and with a clean contract (meaning - no contingencies) you may become the lucky owner of one of these gems. Your agent may even be able to negotiate an agreeable price that is up to $15% lower than the listing price (depends on the bank and a few other things).
Are you going to be a lucky owner of a Denver Luxury Foreclosure? It will depend on the bank, on how strong your offer is (have you heard - cash is king!), if there are other competing offers on the table, and how badly you want the house!
One of the things you will notice, if you are proceeding with an offer on one of the Denver Luxury Foreclosures is that often you will be in a multiple offer situation. Especially is the listing price is good. Within the first few days or even hours, a luxury foreclosure (or any foreclosure) can have multiple offers.
What happens when a foreclosure you have placed an offer on has multiple offers? The listing agent will 99.9% of the time ask your agent, for your final and best offer. It is your decision to either increase the price of your offer or stay where you are at. Usually you sign a document indicating your choice. Your agent will submit this Final and Best offer document to the listing agent.
After receiving all final and best offers, the listing agent will submit all the offers to the bank/lender, often online. The lender will pick an offer of their choice. It may not be the highest priced offer. We see that lenders like offers that are either cash, very strong credit, large or good size down payment, clean dates and terms, reasonable closing date (around 30 days), and/or combination of the above.
Whether there are multiple offers or just your offer, the lender may take several days before responsing to an offer. Depending on the lender you may get a response within 24hrs or sometimes in 5 or 7 days. The lender's response may be an acceptance of your offer (yeay!), a counter offer or a rejection.
If you are the one with an accepted offer you will receive a bank addendum to sign. The bank addendum can be several pages long and spell out various items. One of the them is that you are buying the home AS-IS.
Your agent will deliver the Ernest Money to the Title Company, and once the seller/lender signs the contract and the addendum, which can be a few more days ~ you are officially under contract.
A few more things happen once you are under contract, such as an inspection, an appraisal (if needed) etc. But is all goes well, you will be sitting at the closing in about 30 days and become the lucky owner of your precious diamond.
If you have questions, would like to view any of the Denver Luxury Homes or would like to receive updates of new Denver Luxury Foreclosures as they come on the market, contact as via e-mail Brian@kennarealestate.com or by phone 303-710-2609.
SEE DENVER LUXURY FORECLOSURES CURRENTLY ON THE MARKET
Contact Kenna Real Estate Broker Brian Burke Denver CO Luxury Real Estate, via e-mail or by phone to inquire about selling or buying luxury real estate in Denver. Direct 303.710.2609. Brian@KennaRealEstate.com
Information is deemed reliable but not guaranteed.
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Denver CO Luxury Foreclosures - Opportunities by Brian Burke is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License."Denver Luxury Foreclosures - Opportunities" By Brian Burke.
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Brian Burke | Broker | ePRO | Expert | 303.955.4220 Office | 303.710.2609 Direct | Brian@kennarealestate.com