The current median price in Louisville's foreclosure inventory is $275,000, which is a savings of about 30% over non-distressed properties. Buying a foreclosed home can be a great opportunity to find a more affordable house in this beautiful Colorado community than you might otherwise be able to purchase.
If you're considering a foreclosure for your next home or investment property, it's a good idea to get professional guidance throughout the process. A REALTOR® who is experienced in the Louisville foreclosure market can advise you of the best time to buy, and things to look out for. He or she can also help you get pre-qualified for a home loan, determine a competitive offer, and alert you to red flags you may not have noticed.
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Louisville REOs & Bank Owned Homes
Purchasing an REO can be riskier for buyers than other real estate transactions, which is why experts recommend having an agent on your side from the very beginning. First, you need to decide when in the foreclosure process you should make an offer—prior to the auction (pre-foreclosure), at the auction, or after (when the property reverts to the bank and becomes known as an REO or bank owned home).
There are risks and benefits to each, and an agent can assess your individual situation and recommend a course of action that will best protect your interests. A seasoned agent can also help you determine whether there are any liens or title issues associated with the property, which is very important when buying a distressed home.
Depending on when you purchase a foreclosure, you may have to pay all liens held against the home, which could add thousands of dollars onto the purchase price. The cost of repairs, liens, and other issues can add up quickly, so it's critical to have someone looking out for you with know-how and experience in these types of deals.
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Listing information last updated on June 18th, 2013 at 3:15pm MDT.