Foreclosure vs. Bidding Wars

ALL CASH? WHY NOT BUY A FORECLOSURE?

WELCOME TO COLORADO HOME INSIDER WHERE MY GOAL IS TO BRING YOU THE LATEST INSIGHTS INTO TODAY’S REAL ESTATE MARKET.

TODAY’S ENVIRONMENT WHERE BUYERS ARE WAIVING MOST IF NOT ALL OF THEIR PURCHASING RIGHTS FROM INSPECTIONS TO DUE DILIGENCE, AND OTHER KEY ELEMENTS, IS NOW THE NEW NORMAL IN A BUYER GETTING A LEG UP ON THEIR OFFER BEING ACCEPTED.

THE FACTS ARE THAT ALL-CASH OFFERS IN TODAY’S REAL ESTATE MARKET SEEM TO BE THE RULE, NOT THE EXCEPTION. I WANT TO CHALLENGE YOU THAT IF YOU HAVE THE CASH, WHY NOT LEVERAGE YOUR MONEY TO GET THE BEST DEAL YOU CAN WITHOUT COMPETING WITH THE DOZEN OR MORE ON THE LIMITED SUPPLY OF HOMES ON THE MARKET. OPENING YOURSELF UP TO PURCHASING A FORECLOSURE MAY FIT YOUR LONG-TERM GOALS.WHY NOT LEVERAGE YOUR MONEY TO GET THE BEST DEAL YOU CAN WITHOUT COMPETING WITH THE DOZEN OR MORE ON THE LIMITED SUPPLY OF HOMES ON THE MARKET. OPENING YOURSELF UP TO PURCHASING A FORECLOSURE MAY FIT YOUR LONG-TERM GOALS.

HERE’S HOW IT WORKS. WHEN A PROPERTY OWNER IS DELINQUENT ON THEIR MORTGAGE PAYMENTS, THE BANK STARTS FORECLOSURE PROCEEDINGS TO RECOOP THE LOAN AMOUNT. A FORECLOSED PROPERTY IS LISTED “FOR SALE” FOR ANYONE TO PURCHASE “AS IS” WITH THE FULL AMOUNT DUE IN CASH AT CLOSING.

IF YOU HAVE THE TIME, MONEY AND NOT IN A RUSH, A FORECLOSURE MAY BE A GREAT OPTION.