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Foreclosure Information |
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How many radio or TV advertisments have you seen or heard promising you that you can make a pile of money by buying Foreclosure properties? I bet quite a few. I have to laugh when I hear them. They say you can buy them with no money down and for pennies on the dollar. I've heard ads saying you can buy homes for $300. I wouldn't want to see the type of home $300 can get you. In Colorado that won't even get you any land. The no money down might be partially true, but I guarantee you that if you need to get a loan to buy a foreclosure you will have to pay at least 3% down in addition to closing costs depending on the type of loan you can get. Just like any other house. I especially laugh when I see the ads promising that you can make money in real estate in the first 30 days. You most likely wouldn't even be able to purchase a property within 30 days. Nevermind sell it.
Banks and lenders don't give homes away. They are all priced for the current market. You will not hardly ever be able to buy a foreclosure property for half the listing price as some of these ads suggest. At least not here in Northern Colorado. I've sold 4 foreclosure properties this year that have sold for over the list price. If it is a fairly good property it will sell for what the market is. The banks get several valuations from Realtors and sometimes appraisers before setting the price.
There are many websites also that you can sign up to have new foreclosure listings sent to you. These sometimes cost money. It is a waste of money. Quite often these sites are inaccurate or the data is months old. I had a call from someone interested in one of my foreclosures that had sold 2 months before. The guy said that he just had it sent to him. The best way to find Foreclosures as they go on the market is to contact your favorite Realtor and have them search the MLS everyday for you. That's where foreclosures for the most part are sold. If they don't sell after a few months they sometimes go to auction. If they didn't sell while they were listed there probably is a good reason they didn't sell when they were listed. Such as condition.
If you are wanting to buy a foreclosure property either to live in or invest in you need to be prepared to make an offer before you look The good deals are usually under contract within 5 days of listing. There might be multiple offers on one property and you be asked to make your highest and best offer. All foreclosures require that you provide a prequalification letter. Sometimes from a specific lender. They will not accept contingencies on selling any other property first. If you want to pay cash you need to provide proof of funds such as a bank statement. Nearly all foreclosure listings are sold as is. You are allowed to have an inspection, but don't ask the bank to fix anything. You can usually recind your offer after the inspection if the property isn't in the condition you thought it was.
If you want a good list of the newest foreclosures go to your local county trustee's website. Most counties publish reports of the properties that the foreclosure process has just started on, and which properties have just sold.
However that list doesn't mean they are on the market yet. If you want to see what's on the market I can get those for you as most are listed on the MLS. Just let me know what you are looking for.
I serve mostly the Weld County, Colorado area. Here is the link to the Weld County Trustee office. http://www.wcpto.com/. Here you will find reports on the latest foreclosure sales. Mostly the banks get them back at the weekly foreclosure sale. From my own experience from the date of the foreclosure sale for a particular property to the time the property gets listed to sell is about 2-3 weeks.
To download a weekly updated list of newly listed foreclosures click here.
If you would like me send you the weekly foreclosure sale, presale, or elections and demand list I can. Just send me an e-mail from the contact page. If you have any questions about the foreclosure process please call or just fill out the form at the bottom of the page.
Below is an updated daily search for Greeley and Evans Foreclosures.
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Last Updated ( Wednesday, 11 November 2009 )
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Service areasInformation on this website for real estate in Fort Collins, Frederick, Greeley, Evans, Johnstown, Milliken, Longmont, Loveland, and Windsor Colorado is deemed to be reliable but not guaranteed. Listings for real estate and properties in Fort Collins, Frederick, Greeley, Evans, Johnstown, Milliken, Longmont, Loveland, and Windsor Colorado provided by Y & M Real Estate LLC. Listings data may be useful for many Northern Colorado areas including Fort Collins, Frederick, Greeley, Evans, Johnstown, Milliken, Longmont, Loveland, and Windsor Colorado.
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