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Free List of REO and Foreclosure Homes in Parker, CO
Jan 24th 12
Free Daily or Weekly List of All REO and Foreclosure Properties in Parker, Colorado.
You don’t have to be a real estate investor with magical inside connections to gain access to REO and Foreclosure Property. All you have to do its ask.
What is this list? It is a daily or weekly email of every new REO, Foreclosure or HUD home that is listed for sale in your desired area. I have the search setup so that it shows you homes that have been on the market less than 7 days. So New listings to the market.
There are two ways to see this list.
- Follow this link to the “feed” and see them there.
- Email Steven Beam with your request or fillout this contact form and I will setup a custom search and have the homes emailed to you daily, weekly or however you wish.
- Call Steven @ 303-941-4663
Here is a sample of what a typical email might look like. Click the photo to see a full size version.
Parker Colorado REO, Foreclosure Homes email
Tips on Getting a Deal on a Parker REO or Foreclosure
Nov 9th 11
Getting a deal on a Parker Foreclosure or REO is easy.
The calls keep coming with the same request.
“I want a deal on a foreclosure or REO property in Parker, Colorado.”
It isn’t hard to find the deal the problem is getting the deal complete before another buyer steps in and gets the house. Here are a few recommendations and tips for being prepared to capitalize on the next “Hot REO Deal.”
Buy a REO or Foreclosure
They are deals for a reason. REO or Foreclosure properties are generally listed below full real market value. That attracts a lot of attention and offers from perspective home buyers.
- Go see the REO or Foreclosure the day it hits the market. Early bird gets the worm hold true for real estate too.
- Have your money ready to go. By this I mean be FULLY approved. Not just qualified but approved for your loan.
- If you are paying cash have verification of finds readily available. You will need to show proof of funds on all cash transactions so move the money into the appropriate accounts and be ready to go.
- Banks love an offer where the buyer can close super fast.
- When a new REO or Foreclosure hits the market be ready that day to go see the house and make a buying decision or eliminate if from the list of potential homes.
- Some foreclosure such as HUD homes have a 5-15 day offering for owner occupants only. Meaning you must live in the house to make and offer during the first 5-15 days. Don’t waste you time looking at homes that you cannot even offer on unless you want to write and offer and hold it until the owner occupant period expires.
- Have your earnest money or deposit check handy. Also be prepared for the bank to request a certified check or money order for the Earnest Money or Deposit. Many times they want to know you have god funds.
- Don’t hesitate on making an offer. If it fits your budget, needs and return on investment numbers write the offer immediately.
- Chances are that if you like the home then someone else likes it too. You have to be quick to beat them out and get your offer in first.
- Schedule all of your inspections for a day or two after your offer is accepted. generally banks only aloow you 10 days to get all of your inspections completed. Plus if the property is a dud you need to be proactive and kill the deal and move on to find another foreclosure deal.
- Also be prepared to pay a small fee in the winter time to have the house dewinterized so you can do the inspection. Generally there is a fee of about $200.00 to have the home de-winterized and re-winterized. This is sometimes charged to the perspective home buyer. All they are doing is turning on the water, power and gas for the inspector.
Good luck.
I have a link that shows all of my investor clients and home buyers every new Parker, CO REO and Foreclosure as it hits the market. All they do is check the link daily to see what is new on the market and call me to set a showing.
Foreclosure Deal in The Timbers Neighborhood
Nov 8th 11
Here is a super deal on a foreclosure in Parker Colorado.
This foreclosure is in The Timbers Neighborhood.
This is a custom home. Over 7,000 SQFT.
This is a hot foreclosure deal currently for sale in the Prestiegious Timbers neighborhood. I’ve personally seen the inside of this home and it is in excellent condition. The large open floor plan, half finished basement and positioning on a high lot make this a one shot deal at the current asking price. 
Click Here for a PDF file of this unique listing.
All new Parker, CO Foreclosures
The current asking price is $735,000 and this is a million dollar home in just about any market. The previous owner paid right at $1 Million in 2004.
The street this house is located on is a very desirable street in The Timbers. The lot as mentioned before is ideal. The lot is high and on a cul-de-sac with mountain views.
Another feature this home offers that is really extraordinary is the large front porch. There is plenty of room to setup two sitting areas to view kids playing in the cul-de-sac or just shill and look at the mountains.
This home will not sit on the market for long. It;s surrounded by million dollar homes and any smart buyer in this market will certainly snap up a huge bargain with this home.
One last note. The half of the basement that is unfinished has plenty of room for a full media room extra bedroom and a full workout room. The basement has what I believe to be at least 9 foot ceilings? I didn’t measure them but the basement is deep.
Call Realtor Steven Beam (303-941-4663) for a showing of this home today but don’t wait too long as I guarantee you it will be sold quickly.
Should I Short Sale My Parker, CO Home Before Foreclosure?
Oct 13th 10
Parker Colorado Home Values
“Will a short sale help me sell
my Parker Colorado home?”
In today’s changing and declining real estate market it is becoming increasingly more difficult for many homeowners to sell their homes and fully satisfy the mortgages on the property as well as pay all the closing cost related to the sale.
Email Lou for quick answers to your short sale questions.
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
- How do I Price My Colorado Short Sale ?
- Short Sale Scams in Parker Colorado
More and more Parker, Colorado homeowners are looking to short sales to enable them to sell their properties. Not everyone can qualify for a short sale on their property. The lender typically is not willing to provide a discount on a performing mortgage with a strong borrower. Certain conditions must be met before a lender will qualify a borrower for a short sale.
Here are the general conditions for a short sale qualification:
• You must provide proof that you are experiencing a hardship through such things as unemployment, marital problems or medical issues.
• You must show that the value of your property has fallen so the lender can justify the sale of the property at the present market value.
• You must provide evidence that you are behind or about to fall behind in your mortgage payments.
• You must not have substantial assets that the lender can view as a resource to pay your ongoing mortgage obligation.
• You must have a qualified buyer to purchase the property. Your Realtor can provide a buyer from their listing and marketing of the property. This typically is not a problem.
• The lender must agree to the short sale.
By pricing the property in relation to a negotiated short sale discount the homeowner is able to attract qualified buyers who are looking for a competitive price on their new home or investment. With the multitude of short sale and bank owned properties currently listed for sale a short sale discount may be the best avenue for a homeowner to market and sell their home.
Short sales are a specialized form of real estate transaction. A homeowner should work with an experienced and qualified Realtor who specializes in this type of transaction. Your Realtor and their staff will insure that all of the elements of this transaction will take place properly.
Common Foreclosure and Short Sale Terms-Parker Colorado
Oct 12th 10
Parker Colorado Short Sales and Foreclosures
Understanding the terms used in foreclosure.
Every Parker, Colorado homeowner facing a possible short sale or foreclosure needs to know this information about options and possibilities that can help you take control of your situation.
Too often in Parker and Douglas County Colorado I see homeowners to ashamed or embarrassed to seek out help before it’s too late. Don’t let your home go to foreclosure when there may be another option to get you out in one piece. Short Sale.
When homeowners are facing hard times and need to consider a work out with their mortgage lender there are a number of directions that can be taken. Understanding the terms associated with those options is critical if you are going to begin discussions with your lender.
There are two roads you can take when doing a work out with your lender.
Options when you can keep your home.
Reinstatement or Cure:
Your lender may allow you to make a lump sum payment to bring your mortgage current if you can show that funds from a tax return, bonus, or other source may be available in the near future. Many homeowners facing a family hardship typically do not have this option available to them.
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
- How do I Price My Colorado Short Sale ?
- Short Sale Scams in Parker Colorado
Forbearance:
When a hardship has been overcome and the borrower’s income has returned, a forbearance may be available from their lender. This forbearance provides for the borrower to restart making the original payments on the existing note. An additional fee is added to the base payment in an effort to repay the delinquent principal and interest to the lender. This added payment can be added for a period of a few months to a few years depending on the amount of the deficiency and the ability of the borrower to repay.
Partial Claim:
This remedy is only available for an FHA insured loan. HUD/FHA has a provision which provides a onetime relief for the borrower to agree to an interest free loan for the deficiency amount. This loan is a second position note and does not have to be repaid until the property sells and the original FHA loan is paid.
Loan Modification:
The primary loan modification program in place today is the Making Homes Affordable program. This program is administered by HUD and provides incentives to the lender to modify federally insured & guaranteed loans (FHA & VA). The arm of this program associated with moan modification is called Home Affordable Modification Program or HAMP. Typically a HAMP modification will require the borrower to enter into a temporary arrangement with the bank to modify the mortgage for a period of typically 9 months. If the borrower is able to comply with the temporary program thy may be permitted to enter a permanent modification on their original loan. The borrower must be employed and able to show a verifiable income and the ability to pay to be accepted into this program.
Options when you cannot keep your home.
Foreclosure:
A foreclosure is the end result of the process the lender takes to recover the property after a loan default and all the legal remedies have been exhausted. The foreclosure will result in the most negative impact on the borrower’s credit and remains on his credit report for a period of up to seven years. The foreclosure also does not restrict the lender from perusing a deficiency judgment against the borrower for any deficiency left on the loan after they resell the property and all the fees and expenses have been paid. The only relief the borrower would have from this judgment would be bankruptcy.
Deed in Lieu of Foreclosure:
A remedy offered from the lender to the borrower in a situation where the lender is perusing a foreclosure on the borrower’s property. The Deed in Lieu of foreclosure gives immediate title and possession to the property to the lender so they can begin marketing it for sale. The benefit to the borrower is that, if they leave the property in good condition, the lender can pay them for some or all of their moving expenses and agree not to file a deficiency judgment against them personally.
Short Sale:
A very commonly used vehicle to provide for the sale of the property to a new buyer before the lender takes back the property through the foreclosure process. Most lenders have become very receptive to working with the borrower and their Realtor to facilitate the short sales so they are not additionally burdened by an increase to the number of properties they now own and are trying to sell in this market. The short sale will cancel any foreclosure action by the bank and typically provide for a quicker credit recovery for the borrower.
Short sales are a specialized form of real estate transaction. A homeowner should work with an experienced and qualified Realtor who specializes in this type of transaction. Your Realtor and their staff will insure that all of the elements of this transaction will take place properly.
Tax consequences of a short sale
Oct 6th 10
short sale tax issues
Tax consequences of a short sale
As strange as it may seem the IRS code requires that a borrower defaulting on a loan and having all or part of their debt relieved is subject to a capital gains tax liability on the amount forgiven by their lender.
Taxpayers who are defaulting or negotiating reduced settlements on their mortgages are precisely the folks who are not able to pay the capital gains taxes due per the tax code.
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
- How do I Price My Colorado Short Sale ?
- Common Short Sale and Foreclosure Terms
Congress did act on this issue on December 20, 2007. They enacted the Mortgage Forgiveness Relief Act of 2007.
The act currently provides for the following provisions.
Debt that is now canceled or forgiven by the lender is now excluded from the capital gains tax liability if it meets the following conditions:
- The debt is forgiven in calendar years 2007 through 2012
- The amount of forgiven debt does not exceed $2,000,000.00 for taxpayers who are filing jointly or $1,000,000.00 in the case of taxpayers who are married and file separately in calendar years 2009 to 2012.
- The qualified property must be the primary residence of the borrower.
- The debt must be forgiven as a direct result of the decline of the value of the property.
The lender is still required to issue a 1099-C for the amount of forgiven debt to the borrower. It is the borrower’s responsibility to attach and file an IRS form 982 along with their federal tax return for that year. The tax credit will not be allowed without the Form 982 provided at the time of the filing of the tax return.
The borrower should contact their accountant or tax preparer or go to WWW.IRS.Gov to learn more about this relief from the capital gains tax on the foreclosure, refinance or short sale of their principal residence.
How do I price my short sale home in Colorado?
Oct 5th 10
Foreclosure and short sale help.
Price it right with a short sale
There are many challenges facing the Colorado homeowner or investor who needs to sell their personal residence or income property in today’s market.
We are presently experiencing one of the greatest reductions in market value in recent history. It no longer matters what you paid or what you currently owe on your property. The present value is only dictated by what a buyer is willing to pay for that property in today’s market.
In an ideal world a seller would enjoy an offer on their property which would fulfill the payoff requirements of the lien holders as well as pay all the typical seller’s closing costs and hopefully put a few dollars into their pocket. Unless there is substantial equity in the property, in the real world today that is not the typical situation sellers are facing.
- Get Help With your Colorado Foreclosure.
- Colorado Foreclosure time line.
- I can’t make my mortgage payments so what now?
- Find out the market value of your property now.
Because of the flood of foreclosures and bank owned (REO) properties on the Colorado housing market today’s buyers are looking for a “deal”. Don’t be disheartened, there are many buyers in the market today and the savvy buyer knows that it is not necessary to pay a full retail value for a property.
A short pay or short sale may be available to a seller if a hardship can be established limiting the seller’s ability to continue to make their mortgage payments. Depending on the type of loan and federal requirements on certain types of loans short sales are available to most borrowers in today’s market.
The value of a property involved in a short sale is not determined by the price the borrower originally paid or the outstanding balance on the current loan. The present market value, determined by a current appraisal or BPO ordered by the lender, is how the value of the property is determined. This Present Market Value is generally below the loan balance owed to the lender and hence the lender will accept a short pay or short sale on their loan balance.
If you are facing a financial hardship, brought on by a job loss, illness or other family hardship, consider a short sale with your lender to provide relief from your high, unaffordable mortgage payments.
Want to Buy REO Foreclosure Homes? – Parker Colorado Real Estate
Oct 22nd 09
This is terribly funny and so true it hurts. Any real estate broker and buyer that has ever tried to buy REO bank owned foreclosures knows this is right on.
Also read-Frozen Pipes Bring Headaches and Lots of Water.
ENJOY!
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