If you want an idea of what the real estate market is like in Arvada, Colorado, you can talk to just about any Arvada Realtor, and they will tell you that there are a number of good bargains to be found right now in seized homes. Trulia reported that are 375 homes that currently have received some sort of foreclosure notice. RealtyTrac reported 235 foreclosure auction properties available, 252 van owed REO properties for sale, and 9 government foreclosure houses available.
Arvada Homes Prices
The average price per sq. ft. for an Arvada home during May 11, 2011 through July 11, 2011 was $210,000. The median sales price decreased 5.4%, or $12,000 from a year ago and the number of homes sales also decreased by 7.4%. There are currently 715 resale homes on the market. The average list price for the week ending August 10, 2011 was $305,542, which was 1.1% or $3,220 higher than the week before. Popular Arvada neighborhoods include Lamar Heights Area and Meadow Glen, with average list prices of $194,744 and $272,406, respectively. Other hot neighborhoods include Candlelight, with an average list price of $628,061, Village Of Five Parks, with an average list price of $412,728, Arvada Plaza Area, with an average list price of $211,631, Forest Springs, with an average list price of $325,000, Lake Arbor Fairways, with an average list price of $108,595, Timber Cove, with an average list pike of $153,900, Arbor Point Condos, with an average list price of $55,600 and Far Horizons with a list price of $165,486.
With so many bargain seized and pre-foreclosure properties available, it is no wonder that so many investors have been scooping up foreclosure homes in the area. Many buyers are purchasing foreclosed properties at auctions and REO’s from banks, fixing them up and reselling them at a profit. Some seized homes need only cosmetic work done. If you are looking for handyman specials, you will find a variety of homes to choose from as well. Buyers that are able to rehab the properties themselves will be able to save the most money. However, the homes are so cheap that even if you have to pay a contractor to rehab the home, you are still getting a bargain property with built in equity.
Where to Find Seized Homes
One of the best places to find seized homes is to ask a local Arvada Realtor. The Realtor can search the MLS in the neighborhood you are interested in purchasing your property and find a foreclosed home or pre-foreclosure short sale property. Another way to find a seized home is to drive around the neighborhood of your choice and look for bank foreclosure signs. If you see a vacant property and there is no sign, you can check the county records to find out if the home is in foreclosure. Foreclosure auction notices are generally posted at the county courthouse and on the property. Auction information usually includes the auction date, time and place. The local newspaper publishes foreclosure auction information. And you can find it online at foreclosure auction websites. Always double check with the Trustee or auctioneer to make sure the sale is going forward because many times the sales are postponed so that the borrower and the lender can work out a solution allowing the borrower to keep the home.
Attending a Foreclosure Auction
If you have never attended a foreclosure auction, you should check the Colorado foreclosure laws, or consult with a Colorado foreclosure attorney. Also, be sure to check the foreclosure bidding rules with the auction company. You will need to bring a deposit and pay for the property in cash if your bid is selected. It is easy to get caught up in the bidding excitement so stick to your budget. Also, make sure you conduct an inspection of the property because auction properties are sold as is. You have to pay off any liens and evict the former owner or tenants as well. No title insurance is available when you purchase a foreclosed home at an auction. Keep in mind that Colorado foreclosure laws allow the borrower to redeem the property 75 days after the foreclosure sale by paying the unpaid loan balance, interest, taxes and fees 15 days prior to the end of the redemption period. So don’t start any rehab project on the property until the redemption period has passed to make sure you are the legal owner of the property. Otherwise, you will be out your rehab costs.
Seized homes are great opportunities to purchase a deep discounted property with built in equity. Whether you decide to purchase a foreclosed home at an auction or through the bank, you pretty much know you are getting a bargain. You should check the home prices in the neighborhood first so you know how much the home is worth before you make an offer or decided to bid at an auction. This way, you won’t have any regrets that you paid too much for the property.