by Brian Burke
on Monday, November 30th, -0001 at 12:00am.
Increased foreclosure activity can be a bad sign for the economy, but it also presents some great opportunities for Denver homebuyers to purchase quality homes at relatively low prices through foreclosure sales. There are several ways to find and purchase foreclosed properties in the Denver area:
Pre-Foreclosure Sales ie: Denver Short Sales Some homeowners, in danger of foreclosure, will put their houses on the market advertised as "short-sale" or "requiring third-party approval." This means that they are hoping the lender will except less money than is owed. Pre-foreclosure sales are one way to secure a good deal on a Denver-area home, before it is even foreclosed upon.
Public Trustees Auction In Colorado, foreclosed homes are auctioned off by the county Public Trustee's office. It is possible to buy a property at one of these auctions, but lenders most often place the highest bid and are awarded the property.
Denver Lender-Owned Homes Bank-owned homes–also called lender-owned homes–are listed on the MLS listings just like other homes. Just specify in your search that you are looking for foreclosure sales and lender-owned properties–also called bank-owned properties and real estate owned properties (REOs).
Denver HUD-Owned Homes HUD-owned homes are another type of foreclosed property. These homes are owned by the Department of Housing and Urban Development (HUD) and can also be found via MLS search. Prospective buyers must bid via a HUD-registered broker or agent and prove they have adequate funds or financing to honor their bid.
If you find a great deal on a pre-foreclosure, lender-owned, or HUD-owned property, act quickly, as bidding can be very competitive. You can expect several bids to have been placed on such properties within one or two days.
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Brian Burke | Broker | ePRO | Expert | 303.955.4220 Office | 303.710.2609 Direct | Brian@kennarealestate.com