Purchasing a house listed as a foreclosure can be risky. If you are looking to move quickly, foreclosures are not the way to go. If, however, you have time to wait and don’t mind fixer uppers, you may want to look over the Denver Foreclosure Market. As seen in the information below, there are opportunities.
Denver Housing Market
Though it may seem like the real estate market is hurting, it has slowly been crawling back up. This means that there are fewer foreclosures due to more people buying. In April of 2013, only 0.90 percent of homes for sale in Denver were listed as foreclosures. Housing prices have increased, which means that sellers are breaking even or making a profit from their homes again. This city was also one of the first that was hit by massive foreclosures and those who went through the process are finding they have credit to make large purchases again.
Denver Foreclosure Costs
There are currently foreclosed homes available in almost every neighborhood in the Denver area. The homes range in price from over $1M to as low as $56,000. Last year, Colorado had the tenth highest rate in the country for amount of foreclosures. If you are willing to search, your real estate agent can help you successfully find a foreclosure that suits your needs. You may, though, need to be flexible with location or preferred number of bedrooms, etc. As of April, Denver was ranked 14th in cities for the amount of foreclosures it had with 6,877. It is currently reported that there are over 11,000 properties of different types listed for sale under a foreclosure. Neighborhoods with current foreclosures include:
- Indian Creek
- Downtown Denver
- Sherman Square
- Hunters Run
If you want a really great deal, check out a Denver Foreclosure Auction. When a house just isn’t selling, the bank will put it out for auction with an extremely low starting price. This, however, means that you need the money upfront and will be bidding on the house without viewing it. You cannot get an inspection or ask for any changes to be made. You may want to bring your real estate agent with you to a bidding to ensure you know what is happening if this is your first time. With the Denver foreclosure marketing dragging, many houses are now being put up for auction.
There are classes and seminars offered through Denver that can help you learn more about foreclosures in the area. When you are buying a home, you can attend a class that helps you prepare for the mortgage payment. The goal here is to help you avoid foreclosure. Likewise, if you want to purchase a foreclosure, you can attend a free seminar that goes over the jargon and expectations you should have.
You don’t want to go through the foreclosure process without a solid real estate agent. It takes time, energy, and the ability to handle stress. Choose the right realtor that has experience with foreclosures to make the buying process as easy as possible.