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Phil Belonger Real Estate Video BlogLearn all the tips, tricks and more for buyers and sellers in Denver Real Estate Market Author: Phil Belonger Language: en-us Genres: Education Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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How to Purchase a Foreclosure in Denver
Thursday, 27 October, 2016
Buying a foreclosure in Colorado is a little different. Instead of being handled by a judicial system, these sales are handled by public trustees. Want to sell your home? Get a FREE home value report. Want to buy a home? Search all homes for sale. A lot of buyers in the marketplace want to purchase properties with equity. Today we are going to discuss how to do that in Denver, specifically when it comes to purchasing public trustee homes. Colorado is a public trustee sale state. Unlike states like California and New York, where foreclosures are handled by the judicial system, ours are handled by a public trustee. That means the timeline is much faster. Here’s what that process looks like in Arapahoe County. The lender will set the opening bid for the properties on Monday and make that public record around noon on the same day. On Wednesday morning, these properties will go into auction at 9 am. “ This is just one option you have. ” This leaves a very short window for you to do your due diligence. Sometimes these properties will be occupied, sometimes they will be vacant. Each scenario poses different challenges, so you want to make sure you’re making a good investment. One of the biggest pitfalls I see people making is not doing their due diligence in regard to the home’s title. If you purchase a lien that you think is in first position, but it’s actually in second, you may have to pay off that first position lien in order to get that property. You can end up losing a lot of money this way. You should be somewhat versed in title details, or at least have a title rep who is. This is just one option you have when you’re considering buying a home with equity. If you have any questions for me, don’t hesitate to reach out. I would love to set up a one-on-one strategy session with you to give you some more details. I hope to hear from you soon.
