Buying a foreclosed home in Colorado

Buying a foreclosed home in Colorado: Foreclosure filings were reported on more than 424,000 U.S. properties during the first half of 2017, which means there are plenty of opportunities for those who want to invest in the foreclosure market. Be aware, though, that purchasing a foreclosure can be complicated. Would-be buyers who haven’t done their homework can make costly mistakes. We polled some real estate agents to learn about the most common mistakes they see when it comes to buying foreclosure properties. Here are their tips to help you avoid costly blunders.

Finding the right price to offer is as much an art as it is a science. Your agent can run a comparative market analysis (CMA), which helps you understand recent sale prices of comparable properties, or “comps.” Soffee says he runs a CMA from the last 180 days and evaluates several factors, including the pace of home sales, tax assessment history and a deeper analysis of similar properties nearby that have recently sold.

What is a short sale? The concept of a short sale home is fairly simple. It happens when a homeowner owes more on their home than it’s worth. The home’s market value falls short of the balance owed on the mortgage. This is also called being “underwater” or in “negative equity.” In a short sale, the homeowner needs to sell their underwater home – and the mortgage lender gives permission for the property to be sold for less than the outstanding balance. The lender calculates that it will make a smaller loss that way than after a foreclosure. So in a way, a short sale can help both the lender and the homeowner. Discover even more details at Buying a foreclosed home in Colorado.

My background includes a bachelor’s degree in marketing, a master’s degree in business administration, and completing other courses — such as the accredited buyer representative program — to deepen my knowledge. I regularly tour listings to stay up to date on the housing inventory and marketing strategies to ensure your real estate journey is fully informed. I love being a real estate agent. And I look forward to working with you to find the home of your dreams!

Hi, I’m Jenn. I am passionate about real estate and enjoy sharing my knowledge with clients to help them make good decisions. I’ve had my real estate license since 2001; and am an experienced agent, representing both buyers and sellers. Currently, I serve all of Denver Metro and the surrounding areas. Thanks to my growing up in Colorado, I give my clients an inside look into neighborhoods, communities and amenities nearby. When I first started out, I focused on helping first time home buyers, becoming very familiar with financing, foreclosures and HUDs, and other details related to successfully closed transactions. Shortly after, I decided to start working with both buyers and sellers. Over the years, I have helped hundreds of sellers and buyers successfully navigate the stressful world of real estate. Read even more details on Denver realtor.