Foreclosure filings are on the rise throughout the nation, and Broomfield, Colorado is no exception. This year, there has been a nearly 50% increase in the number of foreclosure listings in Broomfield County. The current median price for Broomfield foreclosures is $215,000 which is about $100,000 less than what resale homes are listing for.
If you are interested in the financial savings that can be had with the purchase of a foreclosure home, consider looking into buying an REO or a shortsale as well. These types of purchases can get you a great deal if you have an experienced REALTOR who can help you with the purchasing procedure. Keep in mind that due to the nature of these types of purchases, buying a home that is a foreclosure, REO, or shortsale can take longer than the average real estate transaction.
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How to Buy a Broomfield Foreclosure Property
If you're looking to invest in foreclosure properties, pay attention to the Legal Notices section of the classifieds. That's where you'll find advertisements for upcoming public trustee sales. These notices are published for five weeks prior to the auction date. Auctions are held every Wednesday morning at the City and County Building.
If you go to foreclosure auctions, be sure to go prepared. You'll be required to pay with a cashier's check for the full amount of your bid, or the property will go to the next highest bidder. Also, you'll be buying the home as-is, and won't have an opportunity to perform a home inspection prior to the sale. This is why buying a foreclosure at this stage of the game is best left to experienced real estate investors.
You may also opt to buy a foreclosure after the auction, when the property reverts to the bank, and becomes known as a bank owned or REO home. Our team of Broomfield REALTORS® can help you find the best Broomfield foreclosures on the market, and guide you through the entire buying process.
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Listing information last updated on March 8th, 2014 at 4:42am MST.