No doubt you’ve heard that there’s a foreclosure crisis going on. Bank-owned properties are flooding the market, and the (over) supply of houses on the market is keeping the price of real estate down. We’ve talked before about what a great time it is to buy your home now.
For someone who’s never owned real estate before, however, the prospect of buying a home can be daunting. Add the fact that “everyone” knows that foreclosed properties are a money-sucking fix-up nightmare, and you can begin to see why buyers are often hesitant to turn a foreclosed property into a new home — especially if you’re a first-time buyer.
If you’ve been hesitating, help is on the way. I’m starting a series of no-obligation, semi-regular tours of foreclosed properties so that you can see what you might be getting into before you really commit to the process. On each tour, we’ll look at five to eight properties in the Littleton/Highlands Ranch/Englewood/Centennial area. I’ll have to limit the number of participants on any given tour, so we might end up doing them fairly often to accommodate everyone. You can check the calendar to see when they are scheduled.
To help you understand how financing these properties might work, I’ll invite along a lender who specializes in rehab financing. If we can find a contractor who is willing to join us, we can get insight into the necessary or possible repairs that could be made to each property. Each tour should take about three to five hours, and will usually be held on a Saturday. I have tentatively scheduled the first tour for August 13. Will you be able to join us?
UPDATE 8/1/11: I’ve added a permanent page to the website for foreclosure tours. You can find it on the menu under Buyers > Foreclosure Tours.