Homes for under 180k? (Denver, Aurora: bank owned, for sale, foreclosure)

[DMan87]

Hello all,

It's been awhile since I've posted on the boards, things have been getting better and better out in the Mile High City so I began my house hunting.

Im curious though, is there anywhere in the metro vicinity that you can purchase a decent home in a decent neighborhood for under 180k?

Just some bareback information on myself and well as income:

-I work in the downtown area, in the Courthouse vicinity.
-Income (as of today) is just a tad over 42k. I am also waiting on my supervisor to do my yearly evaluation which should boost my pay between 44-48k.
-I work for the city of Denver, thus there are some perks when it comes to transportation. We are issued free passes for any type of RTD transportation, so all the questions about commuting really do not effect me (I can drive, I have free parking, and also free RTD transportation)
-My job is one of those with the city where if you stay for 5-7yrs, you receive the "golden handcuffs" which boasts a salary of 70k+
-26yo, no kids at the time, not big on going out to bars as much anymore, like having my own space but also enjoy being somewhat close to amenities in case I do want to do something.

I'm looking for a traditional ranch style of house, furnished/unfurnished basement (I absolutely love having basements and being able to turn them into your very own "man cave", a decent back yard and then the inside amenities is too much to go into detail.

To sum it up, Id love to have a ranch style home, 1500+sq feet, basement, 3 bedroom and a backyard.

I have had a realtor for about 5 months now and there really hasnt been much that I have seen that I really enjoy in the price range I am looking at. I have looked in Arvada, Lakewood, East Denver (80220 zip code region), Westminster, and Wheat Ridge.

I have been told by some co-workers that home prices are so heavily inflated out here that my best bet is to continue renting and put money aside into savings until I can increase my max purchase price.

I guess some other relevant info is, I definitely do not have enough for the 20% down payment. The city also is issuing a type of assistance for first time home buyers where they will eat 3.5% of the down payment/closing costs (this assistance terminates this year in December). I am trying to purchase before the end of the year primarily because of that assistance program.

My question is, is there any decent areas that anyone can recommend (zip codes, dif suburbs, etc) that I should keep an eye open for that may have something in my price range? I'm also big on equity since if I decide to pursue a better paying job in 5-10yrs I can turn around and at least make my money back on the home.

Out of all the areas I have checked out, I think Arvada, Westminster and East Denver are more so my favs with Lakewood not too far behind

Thanks for any input!

PS Go BRONCOS!

[2bindenver]

Tough price range. Look into metro mortgage assistance, CHFA, CHAC... You may have to look for less square feet and plan to upgrade in 5-7 years.

[DMan87]

Thanks, the assistance program I was referring to through the city is the MMA program. I could probably do with 1200 square feet to start if it came down to it

[2bindenver]

Bank owned full basement harvey park

2401 S Quitman Street, Denver CO, 80219 (NEW LISTING)
$174,900
3 beds, 1 Full baths, 1,255 fin. sqft
MLS# 6973468

1508 Douglas Drive, Denver CO, 80221 (NEW LISTING)
$168,000
4 beds, 2 Full baths, 925 fin. sqft
MLS# 1915371

5310 W 1st Avenue, Lakewood CO, 80226 (NEW LISTING)
$161,000
4 beds, 1 Full baths, 2,294 fin. sqft
MLS# 7782155
...

[davebarnes]

1. Drop the ranch requirement. Say ranch desired/preferred.
2. Fire your buyer's agent. Hire one for each area. Hire someone who really is on top of things in that area.
3. Consider something that needs work. Think foreclosure or dead people. Buy low, add sweat equity.

I looked on Zillow in Wheat Ridge (which I have come to appreciate after 2.7 years living in the Berkeley neighborhood) and found some.

For example
4040 Reed St, Wheat Ridge, CO 80033 - Zillow
Look at the price history. Bought low in 2011 and flipped. You should be one does the remodel. Learn about Rehab a Home W/Hud's 203k Rehab Program

[2bindenver]

you can only fire a buyer's broker for cause. getting internet advice is not just cause.

Brokers specializing in sub $200,000 communities for buyers would starve. Better to choose a buyer's broker who specializes in first time buyers. Select a broker who has the knack for teaching, patience, and good communication.

[mic111]

Some of the paired homes (duplexes in Thornton) may have what you want at the price you want. You have to sit tight and watch for a ranch.

If I were you I'd jump on something like this. Just $10K more than your target price.

11249 Madison St, Thornton, CO 80233 is For Sale - Zillow

[Claire S.]

Have you checked out areas in North Aurora? A decent area to check out are New England/Boston Heights (80010), which borders the Stapleton development and is near the Westerly Creek Village area that seems to be drawing a lot of interest from investors. I've also had a few clients purchase in the Jewell/Hoffman Heights (80011) area directly south of the Anschutz Medical Campus - nice neighborhood with tons of potential with all of the new development around the campus.

[DMan87]

I have not looked in the North Aurora area, primarily because I was advised that the equity would not accrue by purchasing in Aurora. Ill take a look into it though.

[davebarnes]

Originally Posted by Claire S.

decent area to check out are New England/Boston Heights

I have NEVER seen the words decent and Boston Heights in the same sentence prior to today.