Foreclosure listings are bursting at the seams, and properties found in Colorado are no exception. Foreclosures occur due to many reasons including job loss, medical issues, death of a spouse, and divorce just to name a few. Newer reasons for the sudden rise in foreclosures have to do with lending practices. Many persons not able to qualify for traditional loans were offered loans that gave them lower payments now, worry about the future later. Now that these payments have drastically increased, individuals have found that not only can they not afford the new payment amounts, they cannot afford to refinance and the housing market is in a downward spiral. Homes are sitting on the market for longer periods of time, and simply are not selling. Hence, the foreclosure listings are growing.
Now, if you are in the market for new housing, you are in luck. The opportunities of foreclosure homes comes in all sizes from condominiums to McMansions. You can find a first home, a move up home, a vacation home or an investment home which you can rent out to others. Or, another popular trend is "flipping" a home. Regardless of the reason for seeking new property, a foreclosure listing is the perfect source for properties at below market value. Real Estate is still considered the safest place to put your money, and the properties found on foreclosure listings are no exception and possibly bring an added bonus of built in equity.
A good foreclosure listing will give you a comprehensive detailed listo of the properties attributes. Here's a list to look for when reading foreclosure listings: A.) The date of the listing -- if the listing is old, it may not still be active. B.) The complete address of the property. C.) Details such as square footage, number of rooms, taxes, school district and any amenities pertaining to the house. D.) The homeowner, realtor or lenders contact information. The next step is to research the market value of the house and compare it to the asking price. Negotiation is always an option, but your research needs to not only back up your offer price, but satisfy your investment needs.
Colorado foreclosure listings contain condo's, single family homes, duplexes, and that special ski chalet. The opportunities are endless, be sure to explore and discover them all before your next real estate investment.
Now, if you are in the market for new housing, you are in luck. The opportunities of foreclosure homes comes in all sizes from condominiums to McMansions. You can find a first home, a move up home, a vacation home or an investment home which you can rent out to others. Or, another popular trend is "flipping" a home. Regardless of the reason for seeking new property, a foreclosure listing is the perfect source for properties at below market value. Real Estate is still considered the safest place to put your money, and the properties found on foreclosure listings are no exception and possibly bring an added bonus of built in equity.
A good foreclosure listing will give you a comprehensive detailed listo of the properties attributes. Here's a list to look for when reading foreclosure listings: A.) The date of the listing -- if the listing is old, it may not still be active. B.) The complete address of the property. C.) Details such as square footage, number of rooms, taxes, school district and any amenities pertaining to the house. D.) The homeowner, realtor or lenders contact information. The next step is to research the market value of the house and compare it to the asking price. Negotiation is always an option, but your research needs to not only back up your offer price, but satisfy your investment needs.
Colorado foreclosure listings contain condo's, single family homes, duplexes, and that special ski chalet. The opportunities are endless, be sure to explore and discover them all before your next real estate investment.