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Old 01-20-2007, 06:27 PM
 
Location: Larkspur, Colorado
226 posts, read 1,247,614 times
Reputation: 77

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Quote:
Originally Posted by CAtoCO View Post
Thank you for that ......I am sure that it would take a lot of patience and time....we will have cash... and can make the time if need be! I would of course love to find a house on the re-sale market that was a great deal....not sure how likely that will be. I think the key will be finding the right agent!
Do you live in Colorado now? If not this may be difficult as the best resale deals sell very quickly and you will not have the time to take a trip out here to see them. You may want to consider moving into a month to month rental while you look for a house.

I will agree that finding the right agent is the key. You should interview several agents who specialize in the area you are interested in. You should also consider using the agent who is not as busy and is hungry as they will take the time to preview listings as soon as they come on the market.
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Old 01-21-2007, 11:49 AM
Status: "October is the eighth month" (set 24 days ago)
 
Location: Just south of Denver since 1989
10,681 posts, read 28,509,039 times
Reputation: 6842
As with any house you buy you must have it inspected. In the case of a foreclosure - there will be hidden defects - most common are plumbing defects. So, hire a plumber to inspect the plumbing including un-winterizing & re-winterize.

The house down the street from me was abandonded once the Notice of Election & Demand (NOD) was filed in October, the electricity was turned off shortly thereafter...we have had below freezing temps for the last 6 weeks...so the chances of frozen pipes are pretty good. Oh, and with this house there is also a pool in the backyard....somebody is in for a hefty repair bill. And it won't be the lender.
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Old 02-03-2007, 09:34 AM
 
Location: Staring at Mt. Meeker
220 posts, read 701,288 times
Reputation: 248
Default Opportunities

Are any of the realtors posting on this board in the distressed properties arena? Please advise.
(Moderator adds: Good question. No problem. Realtors please contact this poster via the PM method.)
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Old 03-07-2007, 09:53 PM
Status: "October is the eighth month" (set 24 days ago)
 
Location: Just south of Denver since 1989
10,681 posts, read 28,509,039 times
Reputation: 6842
Foreclosures not as bad as reported, according to a Rocky Mountain News article, while there were a record in total foreclosures, the filings were 48 percent lower than the 54,747 foreclosures reported by RealtyTrac, a California company that tracks foreclosure nationally. RealtyTrac, based in Irvine, Calif., said that Colorado had the nationís highest foreclosure rate for most of 2006. However, Kathi Williams, director of the stateís housing division, has long thought that RealtyTrac in some cases is triple counting foreclosures. Colorado is the only state in the country that uses the Public Trustee system for tracking foreclosures, she said. Not every home that enters the foreclosure process completes it. "It is not unusual that 20 percent to 40 percent of foreclosure filings will not proceed all the way to foreclosure sale," according to the report. "This means that, depending on the county, only 60 percent to 80 percent of foreclosures opened actually proceed to final foreclosure." Statewide, there were approximately 1 in 58 households in foreclosure compared to 1 in 75 in 2005. Throughout the Front Range, the foreclosure rate per household has worsened since 2003, the first year statewide Public Trustee data is available.
http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_5398381,00.html (broken link)
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Old 06-14-2007, 08:55 AM
 
20,314 posts, read 37,815,914 times
Reputation: 18105
Default Info...and a link to the HUD listings

Article in today's Denver Post about this. Seems the quality of foreclosed homes is much better than it was. The old stereotype of HUD foreclosures was that of a house that was thoroughly trashed and located in a bad area.

The Denver Post - Is one person's foreclosure another's dream home?

Article has a link to the website of the contractor who handles foreclosures in CO for HUD.
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Old 06-15-2007, 11:59 AM
Status: "October is the eighth month" (set 24 days ago)
 
Location: Just south of Denver since 1989
10,681 posts, read 28,509,039 times
Reputation: 6842
Yes, banks (REO's) and Freddie Mac (Home Steps) and VA repo's are all stepping up to the plate in realizing the nicer the home looks the quicker the sale, for more money.

Most buyers have higher expectations in the "fit & finish" part of the property - I call it the Model Home Syndrome.

You still need to get a home you choose to buy inspected.
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Old 06-17-2007, 10:36 AM
 
20,314 posts, read 37,815,914 times
Reputation: 18105
Default Great Info Available Today in the Paper

Local paper has a lot of info available today on Foreclosures in COL SPGS.

Article: Foreclosures on the rise in El Paso County, 2002-2006 - Gazette.com

Interactive Map: use SHIFT - Double Click or use pulldown menu: County foreclosure rates by neighborhood (http://www2.gazette.com/foreclosures/map.php - broken link)

Areas with highest-lowest foreclosure rates: Most foreclosure filings in El Paso County (http://www2.gazette.com/foreclosures/fc_list.html - broken link)

Banks with most foreclosues, 2002-06: Most foreclosure filings in El Paso County (http://www2.gazette.com/foreclosures/foreclosure_filings.html - broken link)

Interactive Map of neighborhood values: Colorado Springs Gazette

Briargate (which I'm fond of, zip 80920) has a very low foreclosure rate. Data show it declined since 2004, not increased.

s/Mike
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Old 08-02-2007, 04:18 PM
 
Location: california
423 posts, read 983,216 times
Reputation: 601
Default foreclosures and purchases

The number of foreclosures is very high all across the country. Homes have been overpriced, loans that were given on them were too high, creating a huge real estate bubble that's now crashing. So far only the tip of the iceburg can be seen. It's probably going to get a lot worse.

Of course this is just my humble opinion and you are welcome to ignore it. All the comments on this thread have been good. However if this is true and the dollar is in big trouble, as many people believe, not just me, than it's not really all that good of a time to pick up a foreclosure and consider flipping it a few months down the line.

Foreclosures are up in California and the prices here have dropped dramatically. California ranks 4th in the country as to the number of forecloses for the homes. The first 3 are Nevada, Colorado, and Connecticut respectively.

Ironically, I'm planning to sell my house in California and move to... Colorado. As I'm expecting the bubble to flat out burst, I'm planning to sell, then rent for awhile till the prices go a lot lower, and then buy.

As a long time California real estate broker this goes against the philosophy I've long practiced, of not selling a house until another is lined up to close at the same time in escrow. This philosophy has delayed the sale of my house for 2 years, as I wanted to find what I wanted in the meantime. Doing so has cost me at least 100k, as the prices in this town have dipped that much in this time! In retrospect I should have sold then and traveled around, rented until I was sure that I'd found what I wanted. I missed in being able to do that. I was concerned the prices would go higher in the meantime, but they dropped.

Now I am convinced they are going to keep dropping much more. And I am willing to sell my home to gamble on this, but I don't see it as a gamble. I am feeling so insecure here now that I can't wait to sell and get out, though my house is not yet on the market. I have lived here almost 20 years and it's not so easy to just get up and move, though this is what I must do. If I lived in CO I would probably feel the same way.

Anyway these are my sincere feelings about what is going to happen, and what I am planning to do.

By the way, it is somewhat ironic that when I changed my title to liberty lover the house disappeared.
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Old 08-03-2007, 09:30 AM
 
Location: california
423 posts, read 983,216 times
Reputation: 601
Default foreclosure rankings by state

August 03, 2007: "In a news release issued last night, American Home Mortgage said that that it would lay off all but 750 of its 7,000 employees “in light of liquidity issues resulting from disruptions” in the secondary mortgage market ... A.H.M. is the latest home lender to fall this year and comes as other companies in the mortgage business are sounding alarms."
American Home Mortgage Says It Will Close - New York Times

Top 10 U.S. Foreclosure Rankings by State - April 2007
State ........Total .. per homes ... change
Nevada ......... 3,737 ... 232 ... 224.39
Colorado ........ 5,826 ... 314 ... 57.20
Connecticut .... 4,207 ... 329 ... 198.79*
California ...... 30,505 ... 400 ... 245.12
Ohio ............. 11,431 ... 418 ... 135.21
Georgia .......... 7,151 ... 433 ... 38.85
Florida .......... 14,318 ... 510 ... 71.47
Arizona ........... 4,129 ... 530 ... 142.74
Illinois ............. 8,298 ... 589 ... 28.63
Michigan .......... 6,876 ... 614 ... 30.50

Top 10 U.S. Foreclosure Rankings by Metro Area - April 2007
Ranking Metro Area
1 Stockton, CA
2 Vallejo-Fairfield, CA
3 Greeley, CO
4 Riverside-San Bernardino, CA
5 Las Vegas, NV
6 Modesto, CA
7 Sacramento, CA
8 Merced, CA
9 Akron, OH
10 Denver, CO

congress wooed to ignore
http://efinancedirectory.com/article..._Congress.html

home price depreciation
The Big Picture | Countrywide: "Home price depreciation at levels not seen since the Great Depression"

foreclosures by zip code
Foreclosures: Hardest hit ZIP codes - Jun. 19, 2007

credit crunch > bank failures > could cause global crash
Big Bank Failure Could Turn Credit Crunch Into Global Crash

Last edited by jlvs2run; 08-03-2007 at 09:40 AM..
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Old 08-09-2007, 05:09 AM
 
Location: Colorado
156 posts, read 875,238 times
Reputation: 37
From what Ive heard, many foreclosures are because of adjustable rate loans and there is usually little or no equity. If there is a decent amount of equity, then the owner would probably not have trouble refinancing. Some foreclosed homes get stripped of appliances and possibly damaged because of upset former owners. Your best is to go after the homeowner that is in foreclosure and offer to buy the house out from them. And like what was said, you might have to go after a hundred of them. Or just just let your realtor find some bank owned properties that are willing to accept lower (75%?) offers.

Did I hear correctly?
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