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Colorado Foreclosure Article
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Purchase a Bank Foreclosure for your Next Investment Opportunity
from:A bank foreclosure is also known as a real estate foreclosure and it occurs when a borrower is unable to repay their outstanding debt to the bank. The real estate property was put up for collateral for securing the loan and a lien was put upon the property giving the bank legal right to seize that property should there be a default in payment.
The bank foreclosure takes a while and a wise investor will be aware that there is a period in between the time the bank will actually taken possession of the property. This period is known as the pre foreclosure period. During this time the property owner can attempt to sell the home in order to preserve his good credit standing. For the investor wishing to buy the property it becomes a very lucrative deal as many homeowners need to sell the property so quickly that they will give great deals on the sale of the home.
If the property was not successfully sold during the pre foreclosure period, the bank will take over the title of the property and repossess the home or other real estate property in question.
When a bank foreclosure has occurred the bank will not wish to keep the property that it now owns for several reasons:
• Banks are moneylenders; they are not real estate owners.
• Having possession of property on their books shows bad decision making on their part resulting from lending money to consumers who are unable repay the loan.
• Banks lose money on the ownership of repossessed homes. They must maintain the buildings, pay taxes and insurance fees. The longer they own the property the more loss they incur.
• The bank will also want to recover the money lost on their bank foreclosure.
Since banks want to rid themselves of the foreclosed property as soon as possible, they too will sell the property thus, opening up a wise investment opportunity for an investor as well. The investor can obtain property at between 20 – 60 percent below the market value from purchase of a bank foreclosure.
A wise investor can search for bank foreclosures and choose the property that is right for his/her current needs and budget. There are several online sites that offer bank foreclosure listings. Not all provide current listings. Bankforclosuresales.com will provide the most update bank foreclosure listings on foreclosure homes, commercial foreclosures, and government foreclosures. They charge a nominal fee but provide an excellent service.
Investing in a bank foreclosure home or other property is risk free, the deals are well below market value, and all liens on the property have been lifted. The investor is only responsible for the cost of the sale price of the property.
Colorado Foreclosure News
Colorado foreclosure auction sales down 25% in first quarter
Foreclosure auction sales were down 25 percent in Colorado during the first quarter of 2012, compared to the first quarter of 2011, according to a report released Thursday by the Colorado Division of Housing.
Read more...Comment on Loan deal could help 20,000 families in Colorado
Is the line that quotes Domovan as saying "It may be that Colorado doesn't get the benefits intended for it," intended to be just a tease, or a cliff-hanger ending, or what? There is nothing else in the article explaining what was meant by that statement, to me, the crux of the entire statement by Donovan. Did you have a word limit on your article, or did an editor cut out the meat?
Read more...Colorado foreclosure auction sales down 25 percent in 2012
New foreclosure auction sales were down 25 percent in Colorado during the first quarter of 2012, compared to the first quarter of 2011, according to a report released today by the Colorado
Read more...Loan deal could help 20,000 families in Colorado
Colorado mortgage borrowers have a $200 million slice of the $25 billion settlement that state and federal regulators reached in March with the five largest mortgage lenders over their foreclosure practices.
Read more...Foreclosure Filings Down in Colorado
The number of foreclosure filings and auction sales in Colorado's 12 largest counties has dropped over the past four months.
Read more...Foreclosures fall again in Colorado and all its metro areas
Both new foreclosure filings and foreclosure auctions sales were down during the first four months of the year when compared to the same period last year, the Colorado Division of Housing said Wednesday.
Read more...Effort advances to require proof of foreclosure rights in Colorado
Proponents of a ballot initiative that would force lenders to prove they have the right to foreclose on property scored a minor victory today over associations representing Colorado's banks.
Read more...U.S. foreclosure rate dropped to five-year low in April
The nation's foreclosure filings fell to a five-year low last month as lenders sought to avoid seizing property and a housing recovery showed signs of taking hold.
Read more...