How to Purchase a Foreclosure in Denver

Buying a foreclosure in Colorado is a little different. Instead of being handled by a judicial system, these sales are handled by public trustees.

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A lot of buyers in the marketplace want to purchase properties with equity. Today we are going to discuss how to do that in Denver, specifically when it comes to purchasing public trustee homes.

Colorado is a public trustee sale state. Unlike states like California and New York, where foreclosures are handled by the judicial system, ours are handled by a public trustee. That means the timeline is much faster.

Here’s what that process looks like in Arapahoe County. The lender will set the opening bid for the properties on Monday and make that public record around noon on the same day. On Wednesday morning, these properties will go into auction at 9 am.

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This is just one option you have.

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This leaves a very short window for you to do your due diligence. Sometimes these properties will be occupied, sometimes they will be vacant. Each scenario poses different challenges, so you want to make sure you’re making a good investment.

One of the biggest pitfalls I see people making is not doing their due diligence in regard to the home’s title. If you purchase a lien that you think is in first position, but it’s actually in second, you may have to pay off that first position lien in order to get that property. You can end up losing a lot of money this way. You should be somewhat versed in title details, or at least have a title rep who is.

This is just one option you have when you’re considering buying a home with equity. If you have any questions for me, don’t hesitate to reach out. I would love to set up a one-on-one strategy session with you to give you some more details. I hope to hear from you soon.

3 Ways to Find a Fix and Flip Property in Denver

When looking for a potential fix and flip property in Denver, you’ve got to be creative. This is a tough market, so you’ve got to explore every opportunity in looking for a deal.

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We’ve got three different strategies to share with you today about how you can find a property out there with instant equity. In today’s market, it can be tough to find a home with equity that is listed. Here are three ways you can find a home to fix, flip, and make some money off of.

1. Purchasing a property at a Public Trustee sale. If you’re purchasing a property at one of these sales, you have an opportunity to bid on the property directly. The opening bid will be set, then you have two days to do your due diligence and place your bid on the property at the Public Trustee's office. This can be a risky scenario, so you should look out to make sure you are buying a home that has a clean title.

2. Purchasing a property at a pre-foreclosure. Pre-foreclosures happen when a lender is made aware that a home is going to likely be forced into foreclosure. You can prospect for these properties by either door knocking or cold calling. We have some other great tips for doing this as well.

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Find homes that meet your parameters by searching online.

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3. Cold call a neighborhood. Find homes that meet your parameters by searching online for homes in a certain area that owe a certain amount in mortgage payments. You can get pretty detailed with the demographics and parameters you want to target in our system.

If you’re seriously interested in fixing and flipping a property, the most important thing to do is find a property with equity. If you’re willing to put in the work and hustle that most people won’t, you are going to succeed.

If you have any questions for us, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you.

What’s Happening in the Fall Real Estate Market?

The fall real estate market is here and it is a great time for Denver home buyers. Interest rates are low and market conditions are fantastic, partially thanks to Brexit.

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Why is now a great time to buy a home in Denver?

One reason is that interest rates are still incredibly low. When interest rates are low, homes are more affordable. Right now, interest rates are floating around 3.3%.

Interest rates are phenomenal and so are current market conditions. It is not always nice to take advantage of a neighbor’s mishaps, but in this case, everything that is happening with Brexit and the European Union has positively affected the economy here in the U.S.  Brexit has created an excellent opportunity for you to purchase real estate here in Denver.

Also, market trends show that the exact same thing has happened in the Denver market over the past three years: inventory slightly increases at this time of the year, but home prices go down. Sellers tend to take less than what they were asking for, which is completely opposite of the trends we saw in the market two or three months ago.

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In the fall, inventory goes up but home prices go down.

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If you got burned by the market a couple of months ago, now may be the perfect time for you to jump back in there and take another shot. You won’t be competing against as many other buyers; herd mentality causes more people to buy homes in the spring and summer. Go against the herd and jump into the market in the fall so you can take advantage of these phenomenal rates and find the perfect home for you.

If you have any other questions about the fall real estate market or about buying a home, give me a call or send me an email. I look forward to hearing from you!