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Increased foreclosure activity can be a bad sign for the economy. Still, it also presents some great opportunities for Denver homebuyers to purchase quality homes at relatively low prices through foreclosure sales. There are several ways to find and buy foreclosed properties in the Denver area:
Pre-Foreclosure Sales i.e., Denver Short Sales
Some homeowners in danger of foreclosure will put their houses on the market advertised as "short-sale" or "requiring third-party approval." This means they hope the lender will accept less money than is owed. Pre-foreclosure sales are one way to secure a good deal on a Denver-area home before it is even foreclosed upon.
Public Trustees Auction
In Colorado, foreclosed homes are auctioned off by the county Public Trustee's office. Buying a property at one of these auctions is possible, but lenders often place the highest bid and are awarded the property.
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Denver Lender-Owned Homes
Bank-owned homes–lender-owned homes–are listed on the MLS listings just like other homes. Just specify in your search that you are looking for foreclosure sales and lender-owned properties–also called bank-owned properties and natural estate-owned properties (REOs).
Denver HUD-Owned Homes
HUD-owned homes are another type of foreclosed property. These homes are owned by the Department of Housing and Urban Development (HUD) and can also be found via MLS search. Prospective buyers must bid via a HUD-registered broker or agent and prove they have adequate funds or financing to honor their bid.
If you find a great deal on a pre-foreclosure, lender-owned, or HUD-owned property, act quickly, as bidding can be very competitive. You can expect several bids to have been placed on such properties within one or two days.
Please contact us if you have any questions or to request a free consultation.
