Saturday Reporter-Herald November 5, 2011 E1
Real Estate Matters
www.reporterherald.com • Saturday, November 5, 2011 • Reporter-Herald
Quick purchase possible on foreclosed proper ties ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: We would like to downsize and are looking at a community with a lot of short sales and foreclosures. Is there anyway to lessen the expected protracted period of waiting to hear from the bank for purchase approval? We can make an all-cash offer. Answer: If you’re looking for a quick purchase, your best bet is to look for a property that has already been foreclosed by the lender. These homes are typically referred to as REO property, for “real estate owned.” When a bank owns the property, the process to buy it can be relatively quick. In fact, lenders usually have their own real estate brokers and attorneys ready to get a quick sale of the property. Some lender-owned properties can close within a week or two of the signing of the contract. However, the lender will want to know for sure that you have the funds ready to close. If you do, the closing can be relatively painless and quick. Make sure you have an attorney to represent you in the purchase. Recently, Sam closed on a condominium owned by a lender, and the lender seemed clueless that the future owner might be responsible for past expenses owed to the condo association. Troubled buildings don’t always fit the normal process of buying and selling, and some buyers can be in for big surprises. In this troubled building, the buyer would have ended up having to pay several thousand dollars for past amounts owed. You should also work with a real estate broker or agent who has experience in distressed real estate and in the problems that can result from buying a house or home in a troubled community or development. If the development or building you are buying in has many other foreclosed homes or condominium units, and the financial stability of the community is precarious, you might be in for a wild ride living there the next several years. If many homeowners in a development don’t pay their share of the expenses, you and any other owners who have money may end up paying more and may never get anything back from those who didn’t pay. You may also find that certain lenders will not close real estate deals in those communities now and for some time to come. Living in a community that has a financial black cloud over it could be a challenge. In addition
Your Home, Your Choices Oakwood Homes offers customization, value at Thompson River Ranch
giving its buyers the opportunity to make every choice of what they want in their home. “Every family that comes in has a budget in mind. Finding out what is most important is the start. A couple choices adding $100 kitchen ... those and other to a mortgage payment can similar features was the be a deal-breaker, so analyzprimary focus.” recalled ing what each family needs Montoya. They were able comes first,” said Dwayne keep the price of the home PAID ADVERTORIAL Montoya of Oakwood Homes. under $200,000; this kept “Why increase the cost of their payments close to your home with options you $1,330 per month while still urrounded by open don’t want?” getting everything they really space, scenic views wanted. They could have A recent buyer at and trails, adjacent to added more to the home, Interstate 25 and U.S. High- Thompson River Ranch but doing this allowed worked with Montoya and way 34, and under five minthem to stay under budget built their home from the utes from the Shops at Centerra, Thompson River Ranch ground up. With no kids, the and have what was most important. focus for them was the is proving this really is the kitchen and great room for Oakwood’s build schedule time to buy. With nine modentertaining in the Turner will put the couple in their els to tour, you can get a plan they chose. home under five months good idea why Oakwood from the day they signed “Upgraded cabinets, Homes sold nine in the their contract. This is a huge granite counters and black community last month. appliances to enhance their plus to many families When you’re investing in a home, getting the most value for your money is key. Paying for options you don’t want, or need, will only raise each mortgage payment, perhaps more than you’d like. Oakwood Homes at Thompson River Ranch is — Dwayne Montoya, Oakwood Homes
S
“Analyzing what
each family needs comes first.
needing a new home quickly and still being able to customize it themselves. Seeing rent in northern Colorado slowly increase due to the tight rental market, Thompson River Ranch gets many families touring the area because they are tired of renting and their lease is up within the year. In many cases, the mortgage payments for a home in the community are actually lower than what families are paying each month to rent. For families who need to be in right away, Oakwood Homes has two quick move-in homes available today that come with some of the most popular features that won’t disappoint. Both homes in the low $200s feature three bedrooms and two-and-a-half baths with over 1500 square feet of space, but very different floor
plans. While touring the models, be sure you tour the community as well. Parks, trails, playground, picnic areas and more ... the whole family can find something to enjoy. Follow the signs to the sales office and pick up a community map to make it easier. Dwayne Montoya and Mike Welty are on hand this weekend from 10 to 6 p.m, to answer any questions about the community or home choices available. With nine models to walk through and a variety of showcased options, you’re bound to have a few questions at the end. For information or to set up an appointment with one of them, call 970-669-9801. Before visiting, you can see community information and floor plans at www. OakwoodHomesCO.com.
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970-203-6100 Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm Think big
Bank small