Foreclosures in Denver

by Doug Jones on May 7, 2009

Are Foreclosed or Bank Owned Homes the Best Deal in the Denver Real Estate Market?

 

I get asked by clients who are looking to invest in Real Estate in the Denver Co  Metro area, what are the best deals out there. It varies for each buyer.  Some people believe that homes that have gone through foreclosure, sometimes call  REO, Real Estate Owned by a bank, the best opportunity.

 

These foreclosed homes are usually sold at a bargain price, but keep in mind that you are getting a home in as-is condition.  Lenders who own these home just want them gone.  They will not fix up, or do any repairs-they just want the house sold.  So for an experienced investor, these can be quite attractive.

 

What if you are a first time home buyer looking to take advantage of this market, and take advantage of the $8000 Tax Credit for first time buyers?  These bank owned homes may be interesting, but keep in mind that there are lots of other homes on the market, that may be priced almost as competitively as the foreclosed homes.  Job transfers, divorce, and many other factors contribute to sellers who just need to get their home sold.  This presents you with an opportunity to get the history and maintenance on a home and to check out your new purchase thoroughly.

 Foreclosure in Denver Metro area

Here is typical, well priced home located close to the new Anschutz Childrens Hospital.  A solid brick ranch with a large detached two car garage,  Recently remodeled with fresh paint and new carpet offered for only $150,000.  Over 1000 square feet plus a partially finished basement for over 1500 square feet of living space.  This home is just minutes from Downtown Denver, or from the Denver Tech Center.  Future extensions of RTD light rail will put you just blocks away from proposed light rail stations.

For more information on this home or any other foreclosure in the Denver Metro area, give me a call, or you can go to the search page and find almost every home for sale in the Denver MLS.

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