What advice can you give me regarding buying a prefroeclosure property in Parker CO?

Asked by Kelleu, Castle Rock, CO Sun Feb 17, 2008

Is it common for them to be at a HUGE discount?

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16
Sarah Solomon, Agent, Greenwood Village, CO
Thu Jun 11, 2009
Hi Kelleu,

Jeff Kroll had some good points! REO or Bank Owned Property is the easiest hands down to deal with. There is no emotionality with the banks, it's just numbers and business. The best deals I have seen happen are buyers purchasing Foreclosed Homes! 50-350k off Value. Good stuff out there- you just need to watch the inventory and be ready to jump on something quickly.

If you want REO go to my website below and click Parker REO- you will nothing but foreclosures!

Best of luck to you!!!

Sarah Solomon
Coldwell Banker REO
sarah.solomon@coloradohomes.com
0 votes
Under The Bus…, , 80202
Sat Mar 14, 2009
I don't know about pre-foreclosure homes in Parker, but Jay Cutler's and his parents' homes in Parker were just put up for sale!
0 votes
Voices Member, , Benton County, OR
Fri Mar 13, 2009
Maybe you can find some information here....
http://www.douglas.co.us/treasurer/Tax_Lien_Sale_Information.html

This might help you look in other counties for information in public records.
http://publicrecords.onlinesearches.com/CO_Douglas.htm

You can also keep an eye on sites like these....http://www.naarealestateauctions.com/consumer/index/mls
http://www.bid4assets.com/

Good luck, Dunes
0 votes
Mark Sawyer, Agent, Littleton, CO
Fri Mar 13, 2009
Buying any preforeclosure or short sale property takes a huge amount of patience. I completed my first short sale transaction in 1985 and a significant number since then. Each lender is different, I've completed short sale transactions in as little as 35 days and had one take nearly 8 months.

For sellers, it is important to have an agent experienced in executing short sales and best represent the sellers interests. In the foreclosure process, unless the owner has engaged a lawyer, the owner has no professional representation and is at the mercy of the lender.

For buyers, a short sale may be one of the best deals to be had. The owners typically are still in the home, maintaining the property and marketing the home. As a rule, short sale properties are in better condition than foreclosed properties.

Regardless of how good a "deal" a property may seem to be, a buyer should stop and consider if a particular property is one that the buyer will want to own for the long term. If not, then what is the exit strategy and time line for exit and finally the cost benefit analysis. Are you commiting to this transaction for fun or profit?

Visit http://www.MarkSawyerRealEstate.com for more information or call Mark Sawyer at 720 922 9266 for a free analysis of your property.
0 votes
Steven Beam, Agent, Parker, CO
Tue Jul 29, 2008
Run don't walk from a short sale. Two years ago they were great deals and I would have told you to go for it. Over the past 19 months banks have all but stopped processing short sales. I had two different clients that were in it for the long haul and both ended up waiting 4 and 6 months before they finally pulled their offers for a lack of response from the bank. We offer $295,000 on one house and the bank declined the offer and sold it at auction two weeks later for $250,000 and the investor turned it weeks later and sold it for $325,000.

Bank owned REO properties are OK but usually trashed or a least need a lot of work.

Some of the best deals believe it or not are just normal sales that are not bank owned and especially not short sales. The house is generally in good condition and they can close on time. The sellers already know the market is down so they are pricing their homes accordingly.

Steven Beam
303-941-4663
0 votes
Jeff Kroll, Agent, Parker, CO
Fri Jun 13, 2008
Its all about having the right expectations. You won't get a home for .50 on the dollar like everyone thinks. I list bank owned properties and have seen some incredible deals get done though. I've had a 7000 SF home with a pool originally listed for 810K go for 630K. I have a bank owned property right now were we started out at 999K and are now at 769K. And it was the builder that got foreclosed on so its never even been lived in! So anyway, its a house by house thing.

Jeff Kroll
CLHMS, ABR, GRI, e-PRO, Broker/Owner
Colorado Dream Properties Inc.
303-268-8140 Direct
303-717-1492 Cell
303-339-4287 fax
jeff@coloradodreamhomes.net
http://www.ColoradoDreamHomes.net
http://www.ColoradoDreamHomes.info
http://www.ColoradoDreamProperties.com
0 votes
Lillian Live…, Agent, Lakewood, CO
Tue Jun 10, 2008
"Huge" is a fairly subjective term. Pre-foreclosures or short sales can actually be overpriced for the current market, especially when they first start marketing. That is because the seller is attempting to pay off a loan or two from several years ago, when homes were appraising higher than they are now.

My advice is to ask your Realtor (if you aren't working with one - get one) to provide a Comparative Market Analysis (CMA) on the particular property. Further, have him/her look in County records to determine the loan amount due on the house.

Then, armed with that information you and your Realtor can decide whether an offer that is a HUGE discount is worth your while. The really good deals will be snapped up pretty fast.

Lil Lively
Your Castle Real Estate
950 Wadsworth Blvd, Suite 120
Lakewood, CO 80214
Cell: 303-746-8827 Fax:303-265-9318
Email: Lil@TopProducer.com
http://www.LilLively.com
0 votes
Harry Postle…, , Littleton, CO
Thu Jun 5, 2008
Buyers are always looking for "deals." A Seller in pre-forclosure, having received notice of intent from the lender, is looking to get out without too hard a hit on credit, but will, in most cases, have to sell "short" of what is owed to the lender and will receive nothing from the sale. But, the lender must agree to take less than is owed on the mortgaged loan and, in addition, must pay legal costs, etc. thereby exacerbating their loss. As others have pointed out, it may take weeks for the lender to respond. If we push, the lender will often put the offer on the bottom of the pile and start over. Is it worth buying a bank owned or short sale property? Sometimes yes, sometimes no. Be patient, know your time and money limits, and be ready to walk away if things don't go well. Buy logically, rather then emotionally. Best of luck to you!
0 votes
Fontella Pap…, Agent, Parker, CO
Tue May 27, 2008
I have actually had good experience with preforeclosure property. My experience is the bank is not in the business of owning property. the foreclosure process is painful and expenseive for the banks. The properties I have dealt with had both a first and second mortgage, and in most cases the the first gets paid off and the second walks away with a couple of thousand dollars as oppose to nothing if the property gets foreclosed on. Hope this helps.
0 votes
Sheila DiNar…, Agent, Aurora, CO
Mon May 19, 2008
I don't believe that Pre-Foreclosures are worth looking at, most often. All you are doing is bailing out the Seller, who forwhatever reason got himself into trouble, often by over-encumbering the property and taking out and spending equity that may not have really existed but lenders were anxious to make loans!

Also, most realtors who are oftering Pre-Foreclosure and Short Sale Properties haven't even bothered tp attempt to contact the lenders and if they HAVE the lenders are too stubborn to offer help. They just say, "Bring and offer and we will have a look at it!" This mean that the Buyer is could be writing an offer on a listing which in reality is "unsaleable!" Why would a ready, willing and able Buyer want to wait around for weeks and months for a lender's answer that may never come about! There are too many bargains in this marketplace for a Buyer to mess around with uncooperative lenders!
Call me and we will look at great buys and forclosures which are on the market for real!
0 votes
Kathryn L Ca…, Agent, Conifer, CO
Fri Apr 11, 2008
We can represent you for free- when purchasing pre-foreclosures/ and bank owned properties.
For free bank owned lists: DenverAreaFixUp.com.

Kathryn Carlson, Licensed Real Estate Broker Owner ,
Bachelor of Science, Realtor, Accredited. Luxury Home Specialist, e-Pro Certified
Memberships: National Association of Realtors,
Colorado Association of Realtors, Denver Board of Realtors, Council of Residential Specialists,
Council of Luxury Home Specialists, Colorado Mortgage Holding Company, Licensed HUD Broker, Denver Metrolist
Homes and Lifestyles of Colorado
_____________________________________________
Finding Your Place Called Home
Cell (720) 226-8199 - Direct (303) 816-9199 - Fax (303) 845-9938
Email: Kathryn@DenverHomeLiving.com
Special Offers, Daily Home Lists, and
Market Conditions: http://www.DenverHomeLiving.com
____________________________________________________
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0 votes
Kelleu, Home Buyer, Castle Rock, CO
Thu Feb 21, 2008
Thanks for the concern Cyrus...! Don't worry, I have an agent, I'm not an idiot, I was just curious what other professionals had to say.
0 votes
Cyrus Green, Agent, Fort Collins, CO
Thu Feb 21, 2008
I would move on to a bank owned REO or HUD, short sales are a huge waste of time. Find yourself an agent, for the love of GOD don't be a hero. This is a complicated process and you need a LOCAL professional and not the random advice of an internet messageboard. I could type FIFTEEN pages of important details about contract negotiations and how banks work when they sell property, you need a experienced agent not a transaction broker.
0 votes
Sarah Solomon, Agent, Greenwood Village, CO
Wed Feb 20, 2008
No- the bank like you wants every last penny. I agree with Brian- if it isn't approved to sell at a short sale status. Nothing will happen and it will take weeks for you to get the answer you weren't waiting for "NO". This is because they bank thinks the owner/seller doesn't need to sell and so they won't except it. Seller has to be in a very very very bad place with NO resources and prove it in order for the bank to say yes to a short sale. Go with a foreclosure- they are cheeper. In fact, there is one in Antelope Heights in Parker that is awesome! HUGE and Gorgeous. Newer home- just needs appliances and carpet and you are good to go! Cheap too- under 260k and you could talk them down. Email me if you are interested.
0 votes
Brian Burke, Agent, Highlands Ranch, CO
Mon Feb 18, 2008
I think you may be talking about a "short Sale" . Be patient is the best advice. Is is approved by the lender?
If not the Sales price of the home and the listing price can be different. The listing agent will set the price of the home at a discount. Saying it is a short sale that requires the lender's approval of taking less that what is owed on the loan. Sometimes it may take weeks and weeks for an answer. Sometimes the short sale is not approved by the lender and you wasted your time. Sometimes the lender comes back at more than the agent listed it for, and sometime you hear nothing at all.
The key is making sure the short sale is approved before the offer and that both agents( buyer's and Seller's) know what they are doing. The huge discount may be there. Be patient.
I am free to discuss this if you need more info. Contact me through my website.
Web Reference:  http://www.kennaandco.com
0 votes
Tom Martin, , Davie, FL
Sun Feb 17, 2008
Sometimes you can get foreclloses homes at a deep discount by dealing directly with the homeowner prior to the foreclosure sale. Make sure you use a title to trasfer the title free and clear. Other wise you may not be getting the bargan you thought.
0 votes
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