Boulder-Area Foreclosures and Short-Sale Listings
Boulder foreclosures and short-sale listings are available, and we have created a custom MLS search to enable you to research these listings separately. These types of distressed homes for sale are unique and really represent a distinct sub-market, and they require some special attention. We discussed some of these details in a previous blog post.
What is a foreclosure and what is a short sale? A foreclosed home is one where the previous owner failed to make their payments, and the lender has gone through the formal legal process of taking title to and possession of the property. The lender now owns the home, which is where the acronym "REO" came from; this is another term for a foreclosed home in a lender's portfolio, and stands for "real estate owned". These homes are typically vacant and can be in disrepair.
By contrast, a short sale is a property where the homeowner still owns the home, but has (typically) experienced some kind of hardship and can no longer make their payments. In addition, the home is found to be worth less than the amount of the outstanding debt (also known as being "upside down"), and the parties are attempting to sell the home "short" of what's owed. The lender(s) all have to approve the sale, so the process is much different that a regular sale or even a foreclosure. This process can be very frustrating, can take more time and can involve some uncertainty, so not all buyers are good candidates for short sales. Read more about short sales using this link.
Here's how our new MLS search works: You can still search Boulder MLS listings just like before, but we've added the ability to search the MLS for only "Foreclosures" or "Short Sales". The following is an illustration of your new choices:
Simply use the home-search function, input your home-search criteria, then select either Foreclosures or Short Sales and the search results will be limited to only the selected property type. Again, these types of properties require some special attention and we'll be glad to review your situation and help you through the process.
If you have questions about Boulder real estate or about the process involved in buying distressed properties, please feel free to call us at 303-441-5647 or contact us online.
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