A Tale of Two Homes

by Doug Jones on January 5, 2010

With apologies to Charles Dickens, here is the tale of two similar homes for sale in Sheridan, Colorado.

These two lovely brick homes are located one block from each other and are very similar in size.  As of the date of this post, they are both on the market and available for purchase.  Each one is bank owned, meaning they have gone through the foreclosure process.

The first home is at 4163 S Decatur St. Sheridan Co.  80110.  Priced at $130,000 this home features a newer updated kitchen, hardwood floors and is in move in condition.

The second home is at 4186 S Dale Ct. Sheridan Co 80110.  This home is priced at $84,900 and features…..well, not much.  It needs a lot of work.  It could be a lovely home, but without a furnace and a few other finishing touches, it is a project waiting to happen.

So what gives?  Why is there a $45,000 difference between these two homes?  In both cases, the banks have sent real estate agents and appraisers out to see what the current value of these homes might be.  And if you look at the cost to fix up the second home, add the value of your time, add a little profit, you will see that they are priced very close indeed.

My point is, don’t be fooled into thinking that bank owned homes are not a good deal, or that every foreclosure house is trashed.  These are two examples of why now is a great time to be buying property in the Denver, CO  area.  Contact me for more information on these homes or any Denver area real estate.

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