The Lafayette foreclosure market is ripe for buyers looking for some great deals. While the estimated median value for properties in the area is about $345,000, the median price for Lafayette foreclosures is nearly half that, at $181,169. These low prices make now a perfect time for first time buyers and real estate investors to invest in the Boulder region.
The first step when pursuing a bank owned home is to assess your budget and get pre-qualified for a mortgage. This is important because often a foreclosure can cost more than the list price suggests. There may be liens on the property that need to be paid off, as well as the costs of having a home inspection and making any necessary repairs.
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Lafayette Bank Owned Homes & REOs
Getting a home inspection is recommended in any real estate purchase, but is especially critical when buying a foreclosed home. If a foreclosed home has been vacant for a while or not winterized properly, there can be issues like cracked pipes, mold, and pests. There's also the problem of vandalism and thieves entering the home to steal things like copper pipes and fixtures.
Even if there have been people living in the home, they may not have had the finances or the motivation to maintain the home properly. In some cases, disgruntled homeowners may even take their frustrations out on the property, leaving the repair work up to the next owner.
All of these issues can add up to one expensive repair bill before you even move into the place. Making your offer contingent on a home inspection is a smart decision, and may be required by your lender before they'll approve your mortgage.
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Listing information last updated on May 29th, 2015 at 8:05pm MDT.