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Foreclosure in Boulder : Real Estate Advice

  • All152
  • Local Info16
  • Home Buying49
  • Home Selling10
  • Market Conditions10

Activity 12
Thu Feb 16, 2017
Bernard G. answered:
Hello,

I have emailed you regarding this concern.

Regards,

Bernard
Consumer Care Advocate
0 votes 3 answers Share Flag
Wed Dec 7, 2016
Catherinecchildsc3 asked:
Wed Aug 15, 2012
Suz A answered:
Hello Mapoodie,
Have you taken action? What did you decide was the best course for you? And please let us know how things turn out for you.

Suz
0 votes 7 answers Share Flag
Thu Mar 29, 2012
Suz A answered:
Foreclosures have almost vanished in the city of Boulder. Longmont has more than 400 right now, but little other inventory. You don't need to be a rocket scientist to see what is happening in the area markets this spring. Prices are moving up. ... more
0 votes 11 answers Share Flag
Thu Mar 15, 2012
Suz A answered:
This question calls for legal advice. I'm sorry, but real estate agents cannot assist you in this subject area.

You should contact a lawyer.
0 votes 1 answer Share Flag
Mon Dec 26, 2011
Ron Rovtar answered:
Hi BoulderSuZ (and everyone else):

I'm glad you posted these articles because I have been thinking a lot about the effects of foreclosures specifically Boulder County. I'm not so sure that foreclosures will have a major influence on more regular existing home sale in places like Boulder County where many people are reasonably well off even though the degree of "well offness" may vary by area. It seems to me that buyers have simply split into two distinct groups locally. The first group is the traditional buyer who has the financial ability to purchase a home priced at current market rates. We are seeing a lot of these folks. And, if one thing stands out about them, it is that they want a move-in-ready dwelling –– one that is well maintained, gleaming wood floors, no need for new carpeting, slab granite counters, bathrooms that could have been updated last week. In general, this rules out foreclosures, which are typically in need of at least some updating and often a considerable amount of work. On the other hand we have first-time buyers and investors who are looking for bargains and willing to do some work to get into a first home or to make some money from an investment. These folks are grabbing the foreclosures pretty quickly. The point is that we probably will not see one group influencing pricing of homes being bought by the other group until we see more crossover. And, unless we go through another recession soon, I don't expect more crossover to develop. All of which means that traditional home sales probably will not suffer from an increase in distressed listings unless the increase really gets out of hand.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
... more
0 votes 16 answers Share Flag
Tue Dec 6, 2011
Suz A answered:
Call it price creep. Call it anticipation of a better market next years. Call it what you want. Listing prices were higher last month.
0 votes 11 answers Share Flag
Sun Oct 2, 2011
Ron Rovtar answered:
Hi Cristina:

There are a number of places where you can look for foreclosures in Boulder County. However, I would caution you about paying a website for this information. In general my clients have not found these sites useful since the information is available elsewhere for free. Additionally, some of the worst sites list properties that were foreclosed and sold a long time ago. For the best information, I would suggest you check the Boulder County Trustee's website. This is about as thorough and official as you can get. But it does have old information and filings that may not go all the way to the end of the process. Scroll down on the landing page to learn all the different ways you can search. And make sure you look through the glossary (use link at the top of the landing page) to learn more about foreclosure in Colorado and to understand which properties are likely to end up on the market. http://www.bouldercountypt.org/

I also would suggest you look at available HUD properties at: HUDHomestore.com

And at Fannie Mae properties at: http://www.homepath.com/

This can all be a little confusing. If you feel you need some additional help, please call me.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
... more
0 votes 10 answers Share Flag
Mon Sep 26, 2011
Suz A answered:
|||||||||UPDATE||||||||||||

From article in Bloomberg:
The policy over the past 30 years of giving the big banks pretty much what their executives want has proved to be an unmitigated disaster. It’s time to change that in a fair and reasonable manner. Let every disputed mortgage case be examined separately, using the full process of the law. If that prospect is too daunting for the banks accused of serious misconduct, then they should reach a settlement that’s big enough to make a difference.

|||||||||Simon Johnson, who served as chief economist at the International Monetary Fund in 2007 and 2008, and is now a professor at the Massachusetts Institute of Technology and a senior fellow at the Peterson Institute for International Economics, is a Bloomberg View columnist. The opinions expressed are his own.

http://www.bloomberg.com/news/2011-09-26/u-s-needs-a-meaningful-mortgage-settlement-commentary-by-simon-johnson.html
... more
0 votes 9 answers Share Flag
Fri Jun 3, 2011
Suz A answered:
It was tough choosing a best answer for this question because everyone offered ideas. Some cities have actually condemned blighted areas and bulldozed the homes that were beyond saving. It may come to this for some cities, but appears unlikely here in Boulder County.

Kennytanlaw, that is unfortunate that California's legislators overreached on that law. It seems cities could fine or set up a mandatory system of payment that could mimic snow removal ordinances. Forcing modifications is something the attorneys general for the states seem intent on doing. All we want is for lenders to act like responsible neighbors.

California is a good state to watch. Some of the hard hit areas, like Stockton and Brentwood, have problems stemming from empty houses.

Nature took over in Idaho. Snakes have so infested a home, Chase has hired a service to catch and release the critters that are more nuisance than threat. Check out the story: http://finance.yahoo.com/loans/article/112850/idaho-foreclosure-snake-home

Realtytrac reports that 28 percent of sales in the first quarter were foreclosure sales. Estimates of how many foreclosures are still to come have been consistently reported at 2 million. And the lenders may be sitting on as many as 1 million homes. Meanwhile, legal problems mount for the banks. For instance, class action lawsuits are pending in at least three states, including Arizona. Even though banks can move forward in Florida, the system is so thoroughly log-jammed, it might be years for pending foreclosures to move through the system. And no one is successfully promoting the idea of revving the foreclosure mill there again.

That is tremendous pressure on the banks. And the cost are mounting, too. It seems the banks are trying to move a mountain. All we want is some maintenance. How about getting into the rental business as HUD is contemplating? There are plenty of property management companies in the country that can serve this need.

Thanks everyone. I hope by this time next year, some of those lawns are in bette shape.

Best,
SuZ
PML of Longmont, CO
720 810 0683
... more
0 votes 11 answers Share Flag
Tue Jun 22, 2010
Edite Lawrence answered:
Fri Apr 17, 2009
Jim Schutz answered:
Just to clarify previous responses. If first mortgage holder bids at the auction, and wins the auction, they get a "Certificate of Purchase". Junior liens are given redemption rights, provided they have filed a notice with the Public Trustee. Second lien gets 10 days; third and subsequent liens get 5 days each, for redemption. To redeem, they must pay off any lien holders senior to them, and they obtain 'certificate of purchase'. After all redemption periods have expired, whoever holds the CP gets deed to the property.
The foreclosure process severs the debt FROM the real estate collateral. However, IT DOES NOT ABSOLVE THE BORROWER OF THEIR DEBT! The Lienholder may secure a Judgment against the borrower personally for the deficiency, fees, etc. If the Lienholder opts to 'write off' the deficiency, the borrower may receive a 1099 for the amount of the deficiency, as 'debt relief' is a taxable event.
When dealing with a property in foreclosure, either as buyer or seller, it is vital to work with an Agent knowledgeable and experienced with the laws, regulations, and procedures which govern these transactions.
... more
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