Foreclosure Searches

 

 

Lender Owned Homes in Denver

Lender Owned Condos in Denver

Lender Owned Homes in Suburban Denver

Lender Owned Condos in Suburban Denver 

 
 

 

 

 

These are homes that have been foreclosed upon by the lender.  They are sometimes called REO (Real Estate Owned (by the lender)).  The response time from offer to acceptance can be a little longer than a "typical" purchase, although usually is not much longer than 3 days (72 hours).

 

 

 

 

 

 

 

Search of HUD Homes

 

These homes are owned by the U.S. Department of Housing and Urban Development (HUD). Generally, they are homes that had FHA mortgages that were foreclosed upon.  When the are first offered for sale as an "Exclusive" listing, a "bid" date is set for 10 days from the list date, and the listing is offered ONLY to buyers who will occupy the home. All bids are collected for 10 days and then are reviewed on the 11th day.  If a contract is not awarded, the "Exclusive" listing is extended for 5 more days, and bids are reviewed daily during this time. On day 16, if the home still has not sold, the status is changed to being an "EXTENDED" listing, and bids are accepted by investors as well as owner occupied buyers, and reviewed daily until the home is sold (or the listing price is lowered).  (These dates and deadlines are valid for homes listed as "IN" and "IE" only (see next paragraph)).

A home listed as "INSURED" (IN) qualifies for an FHA loan, which allows the buyer to put as little as 3.5% down on the mortgage.  A home listed as "UNINSURED" (UI) does not qualify for an FHA loan, and most of these homes are sold to investors for cash.  A home listed as having an "ESCROW" (IE) amount requires that amount of money to be placed in escrow to accomplish necessary repairs in order to close the FHA loan.  A home listed as "203K ELIGIBLE" allows for a loan to be made for necessary repairs, in addition to the mortgage (the total of both the mortgage and 203K loan require a total of 3.5% down payment).

A home listed as "Uninsured" (UI) is listed as "Exclusive" for 5 days, and is offered only to owner occupied buyers.  If a contract not awarded on day six, all buyers including investors are then allowed to bid.

Some of these homes are listed in the MLS/IDX search system.  The paperwork and buying process for a HUD home is quite different (although not more difficult) than a "typical" purchase.

 

 

Search of Short Sales

 These homes are offered for sale for LESS than the amount that is owed on them (the asking price is less than the amount of the mortgage(s)). That is the definition of a "short sale".  The response time from offer to acceptance of can be very lengthy and can easily take 2 months (60 days).  If the buyer is not in a hurry to move, has patience and doesn't easily get frustrated, a good deal can by had.  Click here for more info on Short Selling your home.

 

 

 

 

 

 

Info on Foreclosures

 
The word “foreclosure” means 3 different things in real estate; already “foreclosed” homes (which are Lender (Bank) Owned), Short Sale (sometimes called “pre-foreclosure” listings), and homes “in foreclosure”. (Two of these three categories are shown in separate searches above: Lender Owned and Short Sales.)
 
The third category is homes "in foreclosure" (searches are below, by county).  By definition, a home is “in foreclosure” when the owner has received a Notice of Election and Demand (NED) from the lender. This NED is a matter of public record, and the public record is used in this search. Not all homes that are “in foreclosure” end up for sale. The owner can get the mortgage “caught up”, refinance the mortgage, restructure the mortgage, or settle the mortgage and stop the foreclosure process.  
 
The owner can also list the home for sale, even after the NED has been filed. Sometimes the home is listed for less than what is owed (a short sale).  If an offer is received for less than what is owed, the real estate agent will negotiate with the lender in an attempt to get the lender to accept this “short sale”, and mitigate the financial damage to the home owner.
 
By law, once a NED has been filed, an auction must be scheduled no less than 110 days or more than 125 days from the date of the NED. If the lender receives an offer before the auction date, the lender can and may postpone the auction date to consider the offer.
 

Foreclosure Info- Adams County 

 

Foreclosure Search- Arapahoe County

 

Foreclosure Search- Boulder County

 

Foreclosure Search- Broomfield County

 

Foreclosure Search- Denver County

 

Foreclosure info- Douglas County

 

Foreclosure info- Jefferson County

 
 
 
 
 
 
By law, once the auction date has been set, the auction must be advertised publicly for 5 weeks prior to the date of the auction. Also, the amount bid by the first mortgage holder is normally published 3 days prior to the auction date. Usually, the amount of this bid is the amount that is owed to the mortgage holder, but sometimes a lesser amount is bid.
 
Junior lien holders (2nd mortgage, 3rdmortgage, etc.) have 5 days to redeem the property after the auction date. If they don’t, the property goes to the highest bidder.
 
Anyone (with cash) can bid $1 more than the first mortgage holder, and if they are the high bidder, and if no junior lien holder redeems the property, they will “win” the auction and end up with the property.
 

 

 

 

 

 

Auctions 

 Yet another way real estate is sold is by auction.  There are a lot of terms used, such as "absolute auction (property is sold, regardless of price, to the highest bidder), "reserve" (any bids lower than this unpublished amount won't be accepted by the seller.  You could be high bid, and the property wouldn't be sold to you), "minimum bid" (the opening bid amount and NOT the reserve amount).