Locating Bank Owned Homes In Colorado Springs

Summary

We are now ending our 5th year after the real estate crash. It is increasingly becoming more difficult to find and locate “Bank Owned” homes in Colorado Springs. There are several reasons for this:

1) The amount of foreclosures have dropped.
2) Shadow inventory is being sold.
3) Banks are not disclosing “Bank Owned” homes anymore due to copper thieves.
4) Banks are completing more modifications or short sales with sellers.
5) Banks are over pricing homes to the extent that they blend in with all the normal listings.

Since the crash in 2008 the foreclosure rate has dropped from 90-100 properties foreclosed each week to 30-40 foreclosed each week in 2012. This is great for the Colorado Springs economy, however buyers who are waiting for the bottom deal may have had it pass them by.
Since the banks have been working with owners to “short sell” or “modify” their homes before foreclosure, it has helped the banks sell some of their shadow inventory. There are also many buyers in the market specifically looking for bank owned homes. Whenever a property hits the market that is identified as a “Bank Owned” home, there may be multiple offers, thus driving up the prices with the demand. This has educated the bank asset managers in how strong the Colorado Springs real estate market seems to be. Now, instead of a bank underpricing a property to unload it on the market, they seem to be reaching pretty high and then lowering the price every 30 days or so. Essentially, they are fishing for an uneducated buyer who may snap it up at the highest possible price just because it is “bank owned”.

There are still ways to get deals, but one must have patience and be in a position to jump when that deal falls through the cracks. Luckily we provide you with the foreclosure lists each week so that you can view what will be coming in the future as a “bank owned” home for sale in Colorado Springs or El Paso County. There are other ways we can help you find a good deal that is not neccessarily a bank owned home. The bottom line is that not every home for sale in Colorado Springs is a good deal, but you only need one gem. That becomes the thrill of the hunt. Not only do we want to help you find a good deal, we also want to find the quality of life you seek.

Related Posts
5 Things to Consider After Moving into Your New Home

5 Things to Consider After Moving into Your New Home 

Buying and moving into a new home is an exciting time! Whether you’re moving into your new home by yourself, with a partner, or with family there’s plenty to get done during this transitional period. Having some guidance along the way will help you as you get comfortable in your new home. Follow these tips to help you get situated in your new home as quickly as possible and appreciate the benefits of homeownership. 

Read More »
Home Inspection

10 Surprising Facts About Home Inspections That You Need to Know

The home inspection is crucial to both purchasing and selling a property. It can aid in your ability to grasp the property’s state and also in the detection of potential issues. In addition, you can use your home inspection report to determine firsthand the condition of your property and to see if there are any hidden issues. This is particularly important since you will be paying a lot more for a house that isn’t in great shape. If you are not knowledgeable about these inspections, then you may be missing out on great deals and bad deals. This blog post will discuss 10 surprising facts about home inspections that you should be aware of!

Read More »