Colorado Springs Foreclosures You Must Know
Monday, December 12th, 2011
Colorado Springs is the most populous city in the county of El Paso, Colorado, so understandably the city initially faced a relatively high percentage of foreclosures at the outset of the mortgage crisis. However, in 2011 the rate of foreclosures continued to decline in line with the national trend. In the month of September 2011, one in every 447 housing units in Colorado Springs received a foreclosure filing.
If you need a deal on a home, then a foreclosed property might well be a good option. Foreclosed homes are discounted, and therefore they are sold at a much lower price than the market value. Some houses are discounted by as much as 50%. Whether you are a homebuyer or an investor, a foreclosed property provides an excellent opportunity to own property in this very desirable area of Colorado.
Foreclosures are a great option for persons that have very little money for down payment on a house. Foreclosed properties usually require a much smaller down payment. In Colorado Springs, there is an assistance program for persons with little money for a down payment. This allows persons to make a minimum of $1000 down; in addition grants are available to assist persons who need them.
Also, persons looking to buy Colorado Springs foreclosures can benefit from the US Department of Housing and Urban Development, (HUD) $100 down program, which was recently brought back. Under this program, individuals can buy a Colorado Springs HUD Foreclosure for only $100 down.
However, it is important to be aware before putting a bid on a foreclosed home. You want to make sure that you are getting a good deal, so it is wise to seek representation from an experienced real estate agent. Ensure that the agent you select has the necessary understanding of Colorado Springs foreclosures, and will therefore be able to skillfully negotiate on your behalf.
Colorado Springs foreclosures may include Bank owned homes, HUD foreclosures, and VA repos. The types and styles of foreclosed homes are very diverse, and are available in several neighborhoods including downtown Colorado Springs, Briargate, and Broadmoor.
You can view listings of Colorado Springs foreclosures online at dedicated sites, or on sites that show foreclosures nationwide. When you view the listings you will get a good idea of what the market for these properties is like. Many of the sites allow you a free trial period before you have to sign up as a member. You can make the most of that free time, by viewing as much as you can, after that you may sign up if you wish. However, it is never a good idea to dive into the foreclosure market without the help of the experts, so consult with an experienced real estate agent before making a bid.
For those facing foreclosure, it is never a good place to be. It can prove very difficult in the future when you have to approach another lender for a mortgage. Having a foreclosed home on your record will also lower your credit score.