Foreclosures in Colorado Springs: Know What You're Getting Into

Many people are asking me about buying Colorado Springs homes in foreclosure. Certainly, this can be a way to save money when buying a home but it may not be worth the headaches for the average buyer.

1) Prepare yourself for a long process
If you're on a "time deadline" of when you need to be in your next home, a foreclosed or bank-owned property may not be your best option. Often time, the loss mitigation officer at the bank will have to approve your offer. This could take anywhere from a few weeks to months...I've seen it take as long as 6 months. Plus, they may actually come back and ask for MORE money than you offered to cover their costs.

2) Prepare yourself that the property will probably need work done before you can move in.
Whether you do it yourself or have someone else do it, you're probably looking at some significant work that needs to be done after taking possession. Certainly, there are some foreclosed homes in El Paso County that are move-in ready, but chances are real estate agents have already bought those up, sometimes before they even go on the market.

3) Don't expect the "seller" to take care of any problems you find during the inspection period.
Although you still have the right to hire an inspector and access the house for inspection, in this case, the seller is the bank and most often they are selling the property "as-is" and refuse to correct any problems found during the inspection period.

With the Colorado real estate market the way it is here and pretty much nationwide (a buyer's market), you can find some great deals on homes and you don't necessarily have to look at foreclosed properties to find a bargain.

For more information on foreclosures in El Paso County, please visit:
http://elpasopublictrustee.com/Types.aspx

This site will help you better understand the foreclosure law, the 3 types of foreclosure in Colorado (Public Trustee, Judicial, and tax sale), and finally you can view the status of all properties currently in foreclosure in El Paso County.

Keep in mind that each State's laws are different as well as the foreclosure process. Contact me to talk through the things you'll need to keep in mind by Colorado State law.

If you'd like a list of Colorado Springs properties in foreclosure (including pictures) please email me your request: Colorado Springs Area Foreclosure