The Thornton foreclosure listings and properties have come as a welcome opportunity for prospective buyers of homes. Thornton is a suburb of the Denver-Aurora MSA {Metropolitan Statistical Area}, and lies in both the Adams County and Weld County in the US state of Colorado. Thornton ranks as the sixth most populous city in the state of Colorado and as the 225th most populous city in the US. This might partly explain the frenzied rush for homes at the foreclosure auctions in Thornton. After all, with the housing rents shooting up, people prefer the better option of buying their own homes and repaying its due mortgage loans, instead of continuing to senselessly shell out exorbitant rents every month. The cities in the suburbs of Thornton that have also responded favorably to the real estate listings auctions in Thornton include Arvada, Aurora, Bennett, Brighton, Commerce City, Federal Heights, Northglenn and Westminster.
Government Foreclosures: Already Million Plus
The government foreclosures had numbered over a million in 2006. If current estimates turn true, the present year, 2008 is set to witness the total number of government foreclosures to be anywhere between 1.5-2 million. The real estate sector is, therefore, witnessing an unprecedented activity, with prospective buyers of homes queuing up at the property auctions in search of their dream homes.
Foreclosure Auctions: Understandable Discounted Prices
Why are the properties being auctioned at the foreclosure auctions at such unimaginably low prices? How can the auctioneers possibly afford it? Is there a catch somewhere? These common queries about the government foreclosures are quite easily answered. The seized properties are foreclosed by government agencies or banks when the owners of the properties regularly renege on paying the installments due from them on the mortgage loans in a timely manner. After they have been duly communicated regarding their lapse, and warned about its legal consequences, continuing default in payments leads to the properties being foreclosed. The bodies seizing the houses neither are in the real estate business per se nor are they ever likely to become so. Their only concern is with the amounts on their mortgage loans that remain outstanding to them. Hence, the market price of the properties is immaterial to them, as is the steep discount at which they offer the houses to the public. Their aim is merely to get their loaned amount back, and to prevent a bad debt from occurring.
This should explain the attractively discounted listed prices at the property auctions, and how the auctioneers can remain indifferent to the profits that they seem to renounce and forego. As an extension of this reasoning, the final question answers itself; in that there isn’t any “catch” in the government auctions at all. Indeed, the foreclosure auctions illustrate how streamlined procedures and authentic documentations add to their lure.
The real estate listings auctions represent a rare opportunity, either of acquiring a splendid home for yourself at reduced prices or of making a lucrative real estate investment. You can be aided in this to a great extent by employing the services of a competent real estate agent operating in Thornton, such as Nancy Lillrose, Donna Martinez and Vicky Knudson, among hordes of others as well.
