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Old 08-09-2007, 05:51 PM
 
Location: Colorado Springs, CO
103 posts, read 430,209 times
Reputation: 27

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Welll........ after another long wait... looks like we won't get to CO until July 08 due to dh's job....and another baby coming! We are still hoping that we can aquire a property or two..or ten to invest in. Maybe another year will have the market more in our favor??! I love reading these forums... they keep me excited about moving! Regardless of the real estate market... we just plain love CO! Thanks everyone for all the data, we appreciate it!

Amy
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Old 12-31-2007, 06:28 PM
 
Location: Ken Caryl
49 posts, read 177,567 times
Reputation: 44
Default How do I tap into the foreclosure home market?

I am moving to the southern Denver area, do I need a special realtor or are there websites that post foreclosures?
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Old 12-31-2007, 06:57 PM
 
8,317 posts, read 25,095,377 times
Reputation: 9065
See my earlier posts on the subject. Foreclosures are of public record in Colorado.
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Old 12-31-2007, 10:51 PM
Status: "October is the eighth month" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,676 posts, read 28,491,129 times
Reputation: 6842
Quote:
Originally Posted by socalover View Post
I am moving to the southern Denver area, do I need a special Realtor or are there websites that post foreclosures?
You do not need a special Realtor, you may need a boatload of patience.

There are two parts to a foreclosure - pre foreclosure, means before the sale and even during the seller's redemption period. Then the highest bidder (usually the lender) takes possession. {warning tomorrow 1/1/08 the foreclosure process changes in CO}

Then the property is called an REO or bank owned. All are listed in MLS. If the lender exercises the mortgage insurance, then it is still called bank owned, but the mortgage insurance company owns it - ie HUD, VA, or FreddieMac. In addition, Freddie Mac has a weekly email of there on the market properties and the coming up ones.

If you are going after foreclosures, you must be approved for your loan (If you are getting one.) Banks will not consider an offer unless there is an approval, or proof of funds. Some lender owned will not consider your offer unless you prequalify with a local loan officer.
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Old 02-11-2008, 10:08 AM
 
Location: Twin Cities, Minnesota
3,940 posts, read 13,065,751 times
Reputation: 2200
Default Buy A Foreclosure?

With all the foreclosures in Colorado is it better to buy a foreclosed house or just a regular house. I plan on Colorado in the future and I will be a first time homebuyer so I'm kind of uneducated to all of this.

What's the best thing to do right now if you want a home? Rent?

-Stupid in South Dakota
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Old 02-11-2008, 12:53 PM
 
Location: Denver, CO
739 posts, read 2,675,691 times
Reputation: 203
it really depends on where you are in CO... If you are looking at Denver proper, we haven't seen huge declines in values and there is only so much land. If you are looking at far flung suburbs you can probably get a deal on resales and there are more foreclosures out there, too.
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Old 02-11-2008, 12:55 PM
Status: "October is the eighth month" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,676 posts, read 28,491,129 times
Reputation: 6842
Default Should you buy a foreclosed home?

Some people can, and do. Others should not attempt it.

1. There are many other bidders, looking for a deal. (As a buyer you want less competition)

2. Some of the work needed is unknown. Are you handy?

3. Are you okay with being patient?

4. Are you going to partner with a local Broker with experience doing foreclosures and REO's, and short sales?

5. Do you have good credit? Many bank owned properties want you to also qualify with them.

Go into buying a property with your eyes wide open.
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Old 02-11-2008, 01:15 PM
 
Location: Foot of the Rockies
84,960 posts, read 98,795,031 times
Reputation: 31371
Quote:
Originally Posted by DannyBanany View Post
With all the foreclosures in Colorado is it better to buy a foreclosed house or just a regular house. I plan on Colorado in the future and I will be a first time homebuyer so I'm kind of uneducated to all of this.

What's the best thing to do right now if you want a home? Rent?

-Stupid in South Dakota
At your age, I would say rent a while and save your money. The rent on a 1 BR apt will not be nearly as much as a mortgage on a house, or even on a 1 BR condo, b/c with ownership comes other costs, such as maintenance, etc.
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Old 02-11-2008, 01:16 PM
 
5,748 posts, read 10,502,858 times
Reputation: 4494
Quote:
Originally Posted by socalover View Post
I am moving to the southern Denver area, do I need a special realtor or are there websites that post foreclosures?
If you want to bid on a repo'd HUD home, you must do so through a HUD registered agent. Here's a link where you can see what's available in Colorado.
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Old 03-27-2008, 11:54 PM
 
Location: Denver
3,139 posts, read 6,903,098 times
Reputation: 2907
Question Learning about Foreclosures in the area

I know I can find this on a website somewhere on how to learn about them. However, I know it is going to be a pay website. So, I wanted to learn how you guys found your home this way? Do you have to secure financing through the company that owns the foreclosure?

I guess the whole reason I am thinking foreclosure because it might let me afford a little bit more house.

I'm a single guy that is looking for a 170k or less, over sized two car garage with a nice house attached And want to live near 70/Arvada/WR/Golden. I know that is a tall order in that price range. Foreclosures might bring me a little bit closer to my goal.

Thanks for any help!

Last edited by suzco; 03-28-2008 at 07:59 AM.. Reason: Post moved to existing thread.
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