U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Colorado
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
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

Advertisements

Quote:
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.
Reply With Quote Quick reply to this message

 
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
Reply With Quote Quick reply to this message
 
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.

Quote:
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.
Reply With Quote Quick reply to this message
 
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Colorado
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top