Purchasing Foreclosures in Denver – Work With an Expert

 

Foreclosures can potentially be a great deal if the price is right, but navigating the process can be difficult and extremely frustrating.  Finding a Denver Realtor that understands the process, and the risks vs. rewards, is very important.  Getting a great price is a small portion on the overall foreclosure process.  Don’t lose your cool when it comes to purchasing a Denver foreclosure. Below are tips for how you can stay on top of the process and get a great deal:

Find a foreclosure expert. While many realtors can probably help you navigate these tricky waters, it’s best to find an expert who specializes in distressed properties. Look for the SFR (Short Sale and Foreclosure Resource) behind the agent’s name or ask how many foreclosures they have successfully helped others buy. A foreclosure expert will be able to quickly move you through this complicated process.

  • Be prepared to face competition. Denver foreclosures are often snatched up quickly, which means you might only get one shot at a bid. You’ll want a seasoned professional in your corner to help you make a smart offer the first time.
  • Evaluate the home for repairs. An agent who is knowledgeable about foreclosures can give you a good evaluation on a distressed property. They’ll also have a list of home inspectors to give you a professional inspection and contractors to give you an estimate on repairs. You’ll want all of this information before you present an offer.
  • Attain a loan from your bank. Not only will you need repair estimates for your offer, but you also need them when you apply for a loan. Banks are sometimes wary to provide loans on foreclosed homes, so be prepared to back up your figures with facts.
  • Special financing – There are specific loans to help you with renovations associated with foreclosures.  Make sure your realtor understands how they work.

Be prepared to make quick decisions when it comes to making an offer on a foreclosure. You can do this when you have an experienced real estate agent on your side.

If you’d like additional advice on purchasing foreclosed properties, give me a call today at 303-525-8721 or email me at mhuffman@cherrycreekpropertiesllc.com .  I am a Denver Realtor specializing in listing Denver real estate for sellers and assisting Denver metro area buyers in your search for a home.  You can search all Denver MLS listings including short sales, Hud Homes, and Foreclosures in all Denver neighborhoods at YourDenverHouse.com.

Foreclosures in Denver, Denver Short Sale