Houses under $99K?

Asked by alessie04, Denver, CO Fri May 10, 2013

I have $100k in cash to buy a house. I can't qualify for a mortgage because I am a full time student with technically "no income". I have a family of contractors who can fix pretty much anything, so I am not too worried about condition. I would like to be in these areas : Littleton, Morrison (my fav but least likely to happen), Lakewood, Arvada, Wheat Ridge, and Englewood. My minimum requirement would be a 2 bedroom townhouse, but a single family would be my ideal property. I am also 100% on board with a short sale/foreclosure.
Am I completely naive to think I can acquire a property with these circumstances?? I keep searching Zillow, Trulia, and Realtor and there is nada! Where do I need to be looking for short sales? Am I just stuck until I can qualify for a mortgage (another 2 years down the road)?

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6
Robert McGui…, Agent, Denver, CO
Sat May 11, 2013
Alessie04,

You are asking the question that literally thousands of owner occupant as well as investor buyers are asking. But for a home it is next to impossible in any Denver area community. Even for a major fix up home. You may have a better shot at a townhome, but it still will be difficult in most of the areas that I have seen. There some areas where you could get a pretty decent condo for under $100,000. You will need a very diligent and proactive Buyer's Agent to find what you are looking for. And you may want to be a little more flexible in terms areas you are willing to consider.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes
Michael Turn…, , Denver, CO
Fri May 10, 2013
Hello,

The market for properties up to $100k is very hot right now and as such is competitive. As you have discovered, trying to find that property with your own resources may be challenging, but if you team up with a good broker it is still very achievable. There are plenty of government owned homes in this price range and some town homes may also be available. A short sale would also be a potential option although it would be necessary to understand the process there. However we do manage a large number of short sale properties and can see if any would be a suitable fit for you.

Give me a call or send me an email and I can then send you details of some current properties that match your criteria.

Regards,

Michael Turner
Lead Properties
720 300 0889
mturner@relogic.com
0 votes
Kayla Okafor, Agent, Denver, CO
Fri May 10, 2013
Hi! Please do not despair! You have a lot of options! Having the amount of cash which you state will allow you to buy, most likely, a townhome rather than a single-family home. If you really want a single-family home, however, I still know "hard money" lenders who would lend to you for around 5 years until you are able to establish "mortgage worthiness." There are still several short sales & foreclosures which are great deals. What you do need is a real estate broker whom you trust who will daily look for properties which meet your parameters. I would be very happy to talk to you and discuss your wants/needs. I have been in real estate in Denver for 22 years and have very good references from my sellers/buyers. I look forward to hearing from you!
Kayla Okafor, MBA
Denver Real Estate Connection
Owner/Employing Broker
Ofc: 303-455-0244, Cell: 720-296-2949
0 votes
JOHN A ZAMBR…, Agent, Arvada, CO
Fri May 10, 2013
YOU ARE NOT NIAVE TO THINK YOU CAN BUYUNDER 100K , AS LONG AS YOU HAVE A REALISTIC VISIONON OF WHAT A 100K HOUSE IS .... CASH IS KING ! I CAN SET YOU UP WITH A SEARCH STRAIGHT OFF THE MLS YOU WILL RECEIVE THE LISTINGS IN REAL TIME , AS THEY ARE POSTED AND SINCE YOU HAVE CASH I CAN GET YOUR OFFER TO THE FRONT OF THE LINE WHERE IT WILK BE MORE APPEALING THAN THE USUAL FHA OR CONVENTIONAL LOAN GIVE ME A CALL OR SHOOT ME AN EMAIL AND WE WILL GET YOU THAT HOUSE ....CASH IS KING !
JOHNZAMBRANO INSPIRED REAL ESTATE. 720 318 7053
0 votes
Bob Gordon, Agent, Boulder, CO
Fri May 10, 2013
Why not partner with someone? You have cash and qualified family members to make improvements. You need a partner that can qualify for a mortgage and sees your vision. As for your search if you are truly looking to stay under $100K ...keep in mind, the lower the price, the greater the competition. If you want a fair shot at a place find an agent you trust and start a real search. Websites are a great way to miss homes before you can bid.
0 votes
Chris Eisenh…, Agent, Broomfield, CO
Fri May 10, 2013
2 bedroom townhouse would be a lot easier to find than a single family right now in that price range. Give me a call and I can shoot you over what is currently available. Thank you.

Chris Eisenhard
303-349-5035
0 votes
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