Current Colorado Springs FORECLOSURE LISTS:
Homes on these archived lists below will start appearing on the market as REO (Bank Owned) properties for sale between 1 week to 5 months after the date of foreclosure. Please contact us for more information on specific areas or type of home you are looking for. We see hundreds of properties a week. We can narrow the foreclosures down to your specific criteria. Once these foreclosures hit the market, you will be able to purchase them with a loan if they are habitable. You will see below a link to “bank Owned” homes that we can help you purchase with a mortgage. However, not all homes are listed as foreclosures in order to hide them from copper thieves. We will help you find the good deals out there.
Read below about the archived Colorado Springs foreclosure lists and how to use them. Below is the link with bank owned homes for sale. This is where the homes on the foreclosure lists end up until they are sold. Not all foreclosures will be seen on the “Bank Owned” list because banks have been hiding them from the public in order to protect their assets from copper thieves. Call us, and we can surely help you find what you are looking for.
Each property on the foreclosure list has been in default for at least 5-12 months and was advertised 5 consecutive weeks in 4 public newspapers before foreclosure. The foreclosure sale is every Wednesday at 10:00 am located at the public trustee’s office. All bidders must have cash at the table in order to bid on properties. Note: All properties on the list may not be the 1st Lien holders bid. A second mortgage or other lien holder can foreclose as well.
Do not attempt to bid on properties without expert advice. Every week we help investors and other homeowners bid on properties or make offers direct to the bank. We have seen inexperienced buyers bid on 2nd mortgages and lose $125,000 in minutes. We are giving you these lists for reference only. There are many facets to the foreclosure process. We will give you some of the basics to help you find a deal. Then, please contact us for help.
We are licensed Realtors in the State of Colorado. Many of the deals we locate either do not have a realtor who has listed them, are listed by the bank appointed Realtor or are listed on the general market with a Realtor and appear to be a desperate seller needing to unload their home. We are paid by the bank, listing realtor, seller or the buyers themselves depending on the arrangements. Typically, cash buyers pay us direct when we are bidding at the foreclosure auction.
In order to help you find the best deals that come available, we have had to watch the Colorado Springs foreclosure market for homes before they hit the market as REO/bank owned listings. The lists provided are the lists we get after the foreclosure sale down at the El Paso County Public Trustee’s office. All properties that are foreclosed will be sold either at the auction, through the bank or as an REO. You will see that there are about 30-60 homes a week foreclosed. This is your opportunity to comb through the lists and search for zip codes in which you would like to purchase. These homes will start appearing on the market within weeks of the sale. If you are wanting to make a cash purchase from the foreclosure list before they hit the market. Please contact us. Again, do not bid down at the sale unless you are a professional at doing so and know what you are doing. Millions of dollars have been made and millions of dollars have been lost by people who thought they knew what they were doing.
Reading the list is quite simple. The “Certificate of Purchase to:” is the lender, investor or lien holder foreclosing and is now the rightful owner of the property. Then the most important line “The Lender’s Bid”. The lender’s bid is what the amount the home was foreclosed for. It was either sold back to the bank/lender or to an investor at the sale. The deficiency is the dollar amount in which the lender was willing to lose.
Note: It does not necessarily mean that it is a bad deal if there is no deficiency. Likewise, it does not mean that it is a good deal if there is a deficiency.
The best way to locate a good deal is to search the list based on zip codes in which you would like to purchase. You can then sign in to our “all homes for sale” search to see if the home is currently listed. If the home is not listed in our search, it is not an “active” listing. If it is not active, go to zillow.com and search there for a prior listing with pictures. Many times zillow will still show old listings that are not for sale. It is a great source to see what a property looks like. If there is nothing on zillow, go to the public records at: “El Paso County Records”
There you can see the square footage, type of property, assessed value, lot size etc. Note: The assessed value is not always the true and accurate value. It can give you a general idea, but it should be used for tax purposes only. Finally, if the property seems like a good candidate, drive by to see if it is vacant or occupied. If you are lucky…it is unoccupied you can look into the windows. You can sometimes see the property before anyone else.
If you find a property you are interested in, call us to help you determine if the home is a good deal or not. If so, we will prepare your offer and advise you as to value and help you all along the way to ownership.
We will help you find a good deal no matter what stage of the purchasing windows you are interested in.
Maybe, you would rather give us your criteria and only alert you to what we determine are good deals meetingyour criteria. We can do that as well.