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Denver Luxury Foreclosures
Finding and Getting your Diamond in the rough
Denver Luxury Homes and Real Estate market is doing very well. Luxury Homes in Denver are selling, some very quickly and many for 97%-100% of the listing price. Only a minimal number of Denver Luxury Homes end up in foreclosure. Currently, only 11 Denver Luxury Foreclosures, now called lender-owned homes, are on the market. (homes one million dollars and over)
When you find a bank-owned luxury home in Denver, you have (in most cases) come across a great deal. Often, the county assesses the homes several hundred thousand dollars more than the house's listing price. You may become the lucky owner of one of these gems with good credit or cash and a clean contract (meaning - no contingencies). Your agent can negotiate an agreeable price of up to $15% lower than the listing price (depending on the bank and a few other things).
Are you going to be a lucky owner of a Denver Luxury Foreclosure? It will depend on the bank, how firm your offer is (have you heard cash is king!), if there are other competing offers, and how badly you want the house!
Ready to explore the luxury foreclosure market in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
One of the things you will notice if you are proceeding with an offer on one of the Denver Luxury Foreclosures is that you will often be in a multiple-offer situation, especially if the listing price is reasonable. A luxury foreclosure (or any foreclosure) can have multiple offers within the first few days or even hours.
What happens when a foreclosure you have placed an offer on has multiple offers?
The listing agent will, 99.9% of the time, ask your agent for your final and best offer. It is your decision to either increase the price of your offer or stay where you are. Usually, you sign a document indicating your choice. Your agent will submit this Final and Best offer document to the listing agent.
After receiving all final and best offers, the listing agent will submit all the offers to the bank/lender, often online. The lender will pick an offer of their choice. It may not be the highest-priced offer. Lenders like offers that are either cash, solid credit, large or good-sized down payment, clean dates and terms, reasonable closing date (around 30 days), or a combination of the above.
Whether there are multiple offers or just your offer, the lender may take several days before responding to an offer. Depending on the lender, you may get a response within 24 hours or sometimes in 5 or 7 days. The lender's response may be accepting your offer (yay!), a counteroffer, or a rejection.
If you are the one with an accepted offer, you will receive a bank addendum to sign. The bank addendum can be several pages long and spell out various items. One of them is that you are buying the home AS-IS.
Your agent will deliver the Ernest Money to the Title Company, and once the seller/lender signs the contract and the addendum, which can be a few more days ~ you are officially under contract.
Once you are under contract, a few more things happen, such as an inspection and an appraisal (if needed). But if all goes well, you will be sitting at the closing in about 30 days and become the lucky owner of your precious diamond.
If you have questions, would like to view any of the Denver Luxury Homes, or would like to receive updates on new Denver Luxury Foreclosures as they come on the market, contact [email protected] or by phone at 303-710-2609.
SEE DENVER LUXURY FORECLOSURES CURRENTLY ON THE MARKET
| Contact Kenna Real Estate Group Broker Brian Burke Denver CO Luxury Real Estate, via e-mail or by phone to inquire about selling or buying luxury real estate in Denver. Direct 303.710.2609. [email protected] |
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Disclaimer: Kenna Real Estate Group. Blog does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied. Blog posts on the Kenna Real Estate Group. Blog represent the opinions and ideas of the author(s). Kenna Real Estate Group. Blog does not express the views of Kenna Real Estate Group. or those of the broker.
Denver CO Luxury Foreclosures - Opportunities by Brian Burke is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License."Denver Luxury Foreclosures - Opportunities" By Brian Burke.
