Foreclosures
If you’re looking for a deal in real estate, then you are undoubtedly interested in foreclosures. Click on any of the links below to get a complete list of all MLS foreclosure listings in Montrose County, Ouray County, and Delta County, Colorado.
Buying a bank-owned home or property is really not too much different than buying a home from a private individual, except that the bank’s specific forms, terms and conditions of the sale will in many cases supersede the standard Colorado contract, disclosures, and closing/escrow procedures. Basically, what the bank wants, the bank gets if you want to buy one of its property.
While foreclosures can be great deals, the timing in the purchase of a foreclosure is significant. This is because when a bank seller initially lists one of its foreclosed properties, it will set the asking price close to what it considers market value, based on perhaps a current appraisal or one or more BPO’s (Broker Price Opinions). Unlike many individual sellers, however, if the home does not sell right away, the bank will reduce the price, maybe 5%-10%, and keep doing so in regular intervals (usually monthly), until it hits the “sweet spot” and sells. So, bookmark these links and visit them often to see what’s changing.
Banks seem to be getting more motivated as the inventory of foreclosures continues to grow and be overwhelming. Therefore, a newly listed bank-owned property may, indeed, be priced well below market value. If you want more information about any foreclosure you find, including how long it’s been on the market, how many times the price has been reduced, and how the current asking price compares to the rest of the comparable market, call or email me.
By the way, once you click on any of the above links, you will be able to search for all types of properties, not just foreclosures, all around Montrose and the Colorado Western Slope. If you register, you can save your searches, favorite listings, and sign up for automatic email notifications of new listings and price reductions of those properties matching your search criteria.
Happy deal hunting!
Ninah Hunter, REALTOR®
Keller Williams Colorado West Realty, LLC
(970) 318-0064
Ninah@NinahHunter.com
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Cape coral foreclosures
