10.11.07
Buying a Colorado Springs Foreclosure Property
It’s on the news (or in the paper) every day now. The Colorado Springs housing market is a Buyers’ Market! For you, this provides ample opportunity. It might be a really good time to consider investing in real estate. There is plenty of inventory from which to choose …and quite a few motivated Sellers out there. Whether a property is considered a short sale, pre-foreclosure, or bank-owned…there are deals to be had for the qualified, persistent investor.
How do you get started? There are several things to consider when buying a distress-sale or foreclosure home. First, learn about the local real estate market before making any buying decisions. Just like any product, the law of supply and demand is applicable. It’s quite crucial to grab the hottest properties as soon as they are placed on the market. This means reliable foreclosure listings are vitally important. These listings contain important information like pictures, asking price, required repairs, complete address, number of bedrooms and bathrooms, etc. You can get more information on these available homes in Colorado Springs by looking at Search Colorado Springs Foreclosures For Sale
Second, make sure you inspect the foreclosure home thoroughly and take into consideration the cost of repairs needed. This will help you to determine if the bank foreclosure home is really a bargain…or just a money pit. Consult a professional home inspector to go over every nook and cranny of the property to ensure you have the proper budget for all foreseeable repairs. Contact me at (719) 494-2777 and I can recommend a reputable, licensed home inspector.
Third, negotiate the asking price. Finding bargain homes should not be too difficult with the recent influx of foreclosure homes on the market. Whenever you place an offer, make sure it is reasonable or else you risk losing to another bidder. I always try to “feel out” the activity when first talking to the listing agent. Once a purchase price is negotiated, it may still be possible to negotiate some repair costs…even on an “as is” sale. I’ve done it. It could be a win-win situation if you manage to negotiate these successfully.
Finally, when buying a foreclosure property, make sure you have taken the time to explore multiple financing/loan options (if needed). Do some research to familiarize yourself with the different possibilities, or contact us so we can put you in touch with a local lender who has experience in helping obtain financing for investment or rehab properties.
If you would like to be notified daily of new properties priced under market, please give me a call. We have a special program that helps us identify the best deals out there.
