Property Investment Opportunities

If you are considering buying a foreclosure (bank owned) house, you are on the right track for a smart investment, a possible lucrative project or even just your family's home. Purchasing a foreclosure home is usually a slightly different process than your usual home purchase and it is important to understand the process before beginning your home search.

Below are some tips for purchasing a foreclosure home.

Pre-Qualification: Knowing and securing your financing should be the first step in purchasing a foreclosure. This will allow you to have more barginning power when you find the home that you would like to purchase. Make sure that you find a lender that has had experience with foreclosures.

Understanding the Process:  There are several different ways to purchase a foreclosed home. Homes can be purchased by auction, or using a realtor to assist you with bidding on properties. It is important to know what you want-Are you looking for a fixer upper? Do you have the resources to fix up a home after you purchase? Do you need a home that is move in ready? With the selection available on the market, you have the power to find the home that you
really want.

WG Associates of Prudential Colorado Real Estate Realtors have access to all foreclosed homes on the market. WG Associates has agents that have gone to auctions on behalf of or with their clients to assist with this aspect as well.

Researching the Areas:  Learn about the different areas and make a list of the areas in which you would like to live or own an investment. Important things to consider are: school district information, average property values in the area, rate of property value growth, and availability for career or recreational activities. 

WG Associates of Prudential Colorado Real Estate can provide you with information about all of the things listed in any area in Colorado. Let us help you find the home you want.

Viewing Homes: Once you have figured out the area that you would like to focus on, it is now time to start looking at the homes. Wyatt Group Realty not only sells foreclosures, but has the knowledge and experience to assit you in finding homes that fit your needs while understanding the process of placing an offer on a foreclosed home and guiding it to the closing day! Compile a list of homes that you would like to see, and a WG Associates of Prudential Colorado Realtor will set up all of the appointments for you. It's that simple!

How much do I offer?  Now that you have viewed the properties, you need to consider the price, the condition of the property, and the surrounding neighborhood. Don't make your purchasing decision based on price alone. A very low price can mean that the property was abandoned for many years or is in bad condition. It may need extensive renovations that can be expensive and time-consuming. Buying a more expensive home that is in good condition rather than a bargain-basement home that has extensive damage will save you money in the long run. If you are looking for a fixer-upper, you want to make sure that you have the resources that you need to be able to get the home back into good condition. WG Associates of Prudential Colorado Realtors can answer any questions that you have along the way.

Placing the Offer: Once you've finished all of your research and decided on a property, it will be time to for your Realtor to negotiate with the seller(the bank) or make a bid on the property.

Occassionally there are several bids placed on the same property. If this situation occurs, the banks will come back and ask for your final and best offer. When purchasing a bank owned property it may take a couple weeks to hear a response as the whether you offer has been accepted, which is much different than purchasing a non-bank owned home where you can usually here a response within a day or two. Once the offer has been accepted you are on the path to owning the home you love!