Buying a Foreclosure


The struggling economy and lax lending standards have combined to create some great deals in the Denver market both on HUD and foreclosure properties. It makes it a great time to pick up investment properties. If you are interested in looking at foreclosure properties just bear in mind that they are often not properties for the faint of heart. They often require significant work before they are in move-in condition. However, there are also an increasing number of foreclosure properties in very good move in condition. We recently represented a buyer who purchased a model home that had been foreclosed on. The inspector commented that it was one of the best properties that he had inspected that year period, let alone a foreclosure property.

 They also require patience. You may not get a response on your offer for a week or even a month or more. The nextrequirement for getting a good deal on a foreclosure is preparation. Be sure you know what you can qualify for and how much you want to put as a down payment. When a good deal comes up you have to be ready to submit your offer or someone else most likely will. Since there are often multiple offers on foreclosure properties, you are often bidding against other buyers. You may need to be persistent to find that perfect deal. After working in real estate we have come to conclude that people end up in the right property and when it is the right property for you, the deal will go through.Let us know if you would like more information on purchasing a foreclosure as a residence or as an investment. We have the experience to create a smooth transaction.

Here is what one client had to say about working with Perfect properties to purchase a bank owned property.

 Buying a Bank Owned Home


"Korin was all that we could have hoped for - and more! She was very professional, prompt about answering our questions, and funny - which is a real bonus when you are stuck in a car with someone driving all over town. Korin helped us find our first home after about 5 months of hunting, which turned out to be a foreclosure. Chris and I were initially nervous about buying a bank-owned property for many reasons; Korin helped to explain the process and expectations thoroughly. We really lucked out with a beautiful home in good condition located in a neighborhood that otherwise would have been out of our price range. Chris and I would certainly do it all over again with Korin's help!"

Hilary Lewis