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Old 03-29-2008, 08:53 AM
Status: "Planning for the future." (set 6 days ago)
Location: Just south of Denver since 1989
10,689 posts, read 28,565,620 times
Reputation: 6860


Originally Posted by wankel7 View Post

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!
Most REO & HUD/VA's are listed with local Realtors and on our MLS. I can't tell you how many contracts I have written for buyers that did not close in the last 18 months.

There is a lot of competition, from other people like you *and* from investors who smell profit. The good ones last a weekend. The OPT's (over priced turkey's) sit on the market for ,,,well until someone with a clue adjusts the price.

You first need to line up your finanacing, and have a great Buyer's Agent at your side. Get the full loan approval, pending title and appraisal. Don't sell yourself short, there are hungry buyers, investors and agents, out there in the real estate jungle.
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Old 03-29-2008, 10:22 AM
Location: Avondale, AZ
1,207 posts, read 4,147,372 times
Reputation: 913
We bought a home that was owned by a bank because of foreclosure in '04. I found it listed on Realtor.com, and contacted the listing agent. Everything went pretty much like any other home we've bought, except we had to see thru the mess that the home was left in. All I did was put certain requirements, like 3-car garage, and a zip code, and listed the ones that looked interesting that we could afford. I did drive-by's before actually calling. We never really worked with an agent trying to find us a home. Having a specific location in mind makes it a lot easier. Good Luck
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Old 03-30-2008, 09:20 AM
Location: CO
2,534 posts, read 5,831,147 times
Reputation: 3295
An article in today's Denver Post about buying foreclosures.

Real-estate broker Sarah Hays' phone started ringing off the hook when the for-sale sign went up in front of a foreclosed home she represents in old Lafayette.
"The property was one of the worst I have ever seen. I thought this was something that was going to be very difficult to sell," she said.
What Hays, who works for Metro Brokers Colorado Investors Real Estate Services in Denver, didn't appreciate was the appeal that a 100-year-old home in Boulder County has for renovators.
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Old 03-30-2008, 10:43 AM
Status: "Planning for the future." (set 6 days ago)
Location: Just south of Denver since 1989
10,689 posts, read 28,565,620 times
Reputation: 6860
Buying short sales or foreclosures can be the best deal you can make - or a complete money pit (did you see the movie?)

Often what lacks is patience. I think the process should be more transparent, efficient, and timely. But no one asked me.

When I first started in 1989 average time on market for the metro Denver area was 9 months! I was a newly minted licensee and took a boatload of listings - Rookie of the Year honors...why did I do so well in a horrible market? I called the sellers lender on the phone, fed-ex'd a BPO and a seller's net sheet. (fax machines were expensive and not everyone had one) and got the bank to okay the deal.

In the Rocky every other Wednesday was the HUD listings, 18 pages of HUD owned homes.

Interest rates were 10-12%, If you were a first time HUD buyer you could buy on for $500 down - VA, if you were a vet was $0.

I bought my first condo for $18,000, and my first house for $130,000 in 1989. I paid cash for the condo and had a 10% down 9% ARM for the house.

Are things bad now? It depends on your perspective. Worse than 2000, yes, but not nearly as bad as 1990.
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