Colorado is a state famous for firsts: it was the home of the world's first rodeo; its voters were the he first state to elect women to the state legislature; it was the first to offer a delicacy known as Rocky Mountain Oysters; and it is currently the US leader for the number of its homes in foreclosure. In 2006, in fact, the foreclosure rate in Colorado was estimated to be triple that of the US' national rate.
Greeley, Colorado, a community about an hour north of Denver, had a 2006 foreclosure rate of more than one-half of one percent, or double that of the rest of the state. While the high Colorado foreclosure rate has taken its sad toll on those families forced into foreclosure, it has opened the doorway to profit for those who have been able to take advantage of those Colorado foreclosures.
Colorado Foreclosures: A Seller's Market
As matters stand, the Colorado foreclosures market favors the sellers; there are more people wanting to buy Colorado foreclosures than there are foreclosures for sale. And the Colorado foreclosures market is not regulated by the legal system, so neither party involved in a foreclosure transaction is required to make a court appearance.
Because home values Colorado are rising steadily, Colorado foreclosures present home buyers with an opportunity to get real estate bargains from banks which have many homes in foreclosure and are not interested in maintaining them. Colorado banks are more interested in acting as lenders to home buyers than in being real estate owners themselves.
Educate Yourself
Do not get involved in purchasing a Colorado foreclosure without having first researched the available property. Find out as much as you can about physical condition of the home, the desirability both of its neighborhood and its school district, and the chances of its value appreciating during your ownership.
When you're satisfied that you've found a property with which you'll be happy, go to the bank which holds the note and apply to pre-qualify for a loan. You'll need to have proof both of your creditworthiness and of your ability to make the monthly payments.
Or, if the property is in pre-foreclosure, you may risk approaching the owner to set up direct negotiations. If the property is to be auctioned off, again make sure you have done your homework ahead of time so that there are no surprises, should your bid be accepted.
With the high rate of Colorado foreclosures, you should not find yourself in rented accommodations for very long!
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