Start by meeting with an excellent local agent. Focusing strictly on foreclosures will blind you to other deals which may be just as good and less risky. A great local agent will listen to your goals and tell you the truth about what is really out there. Late night infomercials and flip this house type of shows are interesting to watch and contain a grain of truth, but are mostly entertainment and commercials to sell you something.
Foreclosures could be a good deal or not.
Each particular property needs to be evaluated price-wise and inspected properly.
In addition to that, sometimes, there are liens that are not disclosed, or other title issues that need to be addressed (like title exeptions)...
Find a good realtor who is knowledgable about all types of sales - short sales, foreclosures and normal sales - so that your interests are protected.
Good luck finding a wonderful home,
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.
There are a number of well-priced condos out there. Some are foreclosures. Others are short sales and still others are conventional sales where the seller simply wants to get out from under the property. I would look at all possibilities, get a thorough inspection and go from there. However, as Ray mentions below, there are a number of issues unique to condos and other "attached dwellings." Some condos are excluded from low down payment FHA loans. Others that are not currently excluded, may later drop from eligibility, making it hard for you to sell at a fair price when the time comes. Such issues make it very important that you receive good advice before you buy.
Prudential Real Estate of the Rockies
Metro Brokers - The Realty Werks
Things to look out for include but are not limited to, FHA approval on the building (depending on price point), # of homeowners delinquent on HOA, pending litigation, investor concentration in ownership (especially downtown).... These are just a few things. If you have any lending questions feel free to call at no obligation.
Summit Home Mortgage
Happy hunting please call if you have more questions
Verde Denver Real Estate & Property Management
What is your price range? I'd be happy to look into some options for you. I have helped several sellers find renters in this market so I have a pretty good handle on what's out there!
Give me a call to discuss more!
Dwell Denver Real Estate
Your Castle Real Estate
There is a great market for condos in the Denver area. Foreclosures don't have a lot of downside to them other than the fact that many need work and the condo development may have a weak HOA. Also condo financing can be tough if the condo development is not certified and approved by FHA. We do that kind of research for you so you don't get caught up with high HOA fees and assessments. Short Sales are another option depending on your current lease situation and time frame for moving. There also may be good deals on condos that are not foreclosures that could work for you depending on your price point and areas of town that you are interested in.
I am currently looking for condos from $50,000 up to $200,000 for a client relocating to Denver. Let me know if I can help you as well to narrow down the search and find the 'right'' condo or townhome that will work for you. This is a great time to purchase a condo in Denver. We are here to assist you with your real estate needs.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246
RE/MAX Alliance Central
Thank you for your great question. The answer is that it depends on the price range that you are looking in and what you are looking to buy. I am a specialist in Foreclosures and Short Sales and have several properties available. I can get you a GREAT deal on the perfect property.
Call me at 303-856-8980 so we can discuss the specifics of what you are wanting to do.
Ethan Besser, CDPE, CNE, IMSD
Certified Distressed Property Expert
Keller Williams - DTC
The Besser Choice in Real Estate!
I bought my 1st home as a single female during a bad economic time, and because I bought in the city core, the value of my home increased. Then I sold that and bought the home I live in now--again during a stressed economy--and have over $200,000 equity in the house. The people under water are largely those who a) bought more than they could afford and b) bought a cookie cutter house in the suburbs that looks exactly like 1000s of other houses. Those types of homes are not good investments in any economy.
Here's my website: http://www.kwsue.com. Give me a call if you're ready to start looking! 303-895-7775 As you can probably see, I'm passionate about city living.
As you've already heard, look at everything and evaluate which home present the best opportunity. However, it has been my experience that there is great competition for any REO properties under $200K. I have worked with many buyers who have lost out on homes because the bank would rather sell the property for less to a cash investor than worry about an owner occupant getting final loan approval.
Depending on your time frame and mindset, this process could be very discouraging.
Another thing I would caution you against is paying for foreclosure lists. Many are inaccurate and often times they are geared toward those interested in purchasing a home at auction. I would suggest finding a nice website that will allow you to search the MLS and alert you to properties that meet your search criteria as they come on the market.
Then just keep your eye out for something that interests you.
Best of luck,
Denver IS in good shape! Properties are selling quickly when priced right.
Check SPIRE Condos, across from the theatre pavillion and the convention center.
Excellent amenities and condos in all price ranges.
Close to light rail, theatre, shopping, work.
Also, ballpark area is HOT! Close to lightrail and Union Station, which is being transformed.
720-205-6857 text for more info
It's area by area, complex by complex. You are correct some parts of our market are not all that bad and one of the reasons is inventory went down, alot, this past year. That means fewer to choose from. You can find great deals if you have patience and a I'd like to say a good real estate agent to help you focus and watch the new listings among other things. I just posted another reply that also answers one of your questions and here it is:
"Good Deals" can be all of the above or none of the above...it actually just depends. Depends on how much time you have to wait, as some times good deals will take a while to unfold, or be approved (i.e. short sales and bank owned). Sometimes you have to ready to move very quickly as you can't steal in slow motion. All foreclosures are not necessarily good deals as banks price them all over the place, high, low and at market value. Good deals also depends on what you're willing to put up with, i.e.condition of the home, location, and especially for condos, what shape is the Home Owner's Association in/ --- some have been decimated by several years of prior/current owners not paying the monthly HOA fee, and therefore the HOA lacks the proper resources. Also too many renters in the complex may mean that the unit is NOT financial by either FHA or a conventional loan
Hope this help and would love to discuss further on what your needs are and then find the best deal for YOU!
It is certainly a great time to buy v renting. Interest rates are so low, and rentals are in demand pushing rents up. I have worked with a lot of Buyers that buy foreclosures. I have not encountered horror tales, you just have to understand what to expect. Foreclosures are typically sold 'as is' meaning the Seller (most of the time) will not do repairs if an inspection finds them. The biggest thing to be aware of is HOA's. If a complex has a lot, then the monthly fees may be higher. You may also have out of pocket costs of having to pay for the financials .. this can be quite high depending on the complex. As long as you are aware, you can still pick up a deal. Check out the link below. Its a great time to become a home owner
720 226 4168
Foreclosures are typically priced lower than those homes/condos listed by an individual owner. Buying a bank owned condo can however come with additional expenses. For example often times the properties are winterized and to do a proper inspection you would have to spend some money to de-winterize and then winterize the property. Another thing to keep in mind, is that often times banks won't fix any items found during the inspection, which could affect your ability to obtain FHA financing. Having said all that some bank deal are worth the hassle! If you are in a position to rent on a month-to-month basis, you also might consider looking at some Short Sales. In fact even a regular sale can turn out to be a great deal if you have a pro active agent who is a great negotiator.
Let me know if I can help you with your home search or if you have any neighborhood specific questions, I'd be glad to help!
303 908 9117