It’s true. Foreclosed homes do come with a bit of baggage. You have to buy the house as-is, condition issues arise when a house is left vacant for too long, and you have to watch out for liens placed on the property. That all being said. With a little more due diligence and the willingness to take on repairs, a foreclosed house can be a great investment for your future.
Ian Jouett (NMLS #320263), President of Louvier Mortgage Group, LLC (NMLS #1013945), notes, “If you are able to calculate and assume the risks of a home foreclosure, there are excellent opportunities in the Denver area to obtain a house on a tight budget.” Here are some first steps Jouett suggests:
Tip #1: Obtain a weekly Notice of Election and Demand records for foreclosure (NED) from a title company
Tip #2: The NED will have great information about the most recent foreclosed homes:
Original loan amount
The current principal amount that the lender foreclosed on
All important dates of the loan.
Tip #3: Search for older loan dates because, typically, there is an increase in equity and an appreciation of the home.
Tip #4: Look for a significant differentiation between the origination amount and the payout amount
For information on loans and mortgages, please contact:
Ian Jouett (NMLS #320263)
Louviers Mortgage Group, LLC
Phone: (720) 851-1007
If you have any questions about selling or buying a home, don’t hesitate to contact Chadwick V.R. Williams at Denver Real Estate Professionals. We are happy to be a free resource for all your Colorado real estate needs.
Chadwick V. R. Williams, SRES, CRS, GRI, SRS, Luxury Certified
Broker | REALTOR® | Property Manager