Foreclosures in Colorado Springs (houses, water heater, buyer)

[justausername]

There seems to be a good selection of these in COS online.


Even places like Flying Horse Ranch has one. So do a few other nice places.


Without getting into the reasons why there are foreclosures, it seems like as a
potential buyer that I "should" go this route.


Any one ever do this, or hear horror stories about it ?


I've heard it can be a longer process.


Anyone have any thoughts going the foreclosure route (on 400-500K homes) as opposed
to going through a realtor for a non-foreclosed home ?


thanks

[LHS79]

Sometimes you do not save anything on the house if it has been gutted by the previous owners.

You may need a new furnace, water heater, plumbing, a/c unit etc.. if they were stripped from the house.

Yes, even "high-end" houses will suffer this fate.

Make sure you INSPECT the property!

[TCHP]

I wouldn't say you should go this route as a source for a primary residence. There are simply too many things that have been neglected, ruined, or outright removed. Inspections are mandatory and should be done by a trained professional to catch all possible issues.

Now, if you are looking to upgrade from your current home, have the cash to invest, and the time to do all the remedial work, then yes, they can be a good value sometimes. Other times, you run the risk of taking over a unit that not only was neglected, but abused by someone who may have had a disagreement with their finance company, never performed insurnace work and allowed minor damage to create major issues, and since they were failing financially, potentially imposed deliberate damage, or removed materials for profit.