Denver REO Properties- Still An Abundance

 

Denver REO propertyWhat is an REO property?

 

 

REO By definition stands for “Real Estate Owned”. Simply, an REO property is a foreclosure the original lending institution now owns. An REO listing is a property that has been foreclosed on by the lender and has been through an unsuccessful sale at a foreclosure auction.  This usually occurs when a bank starts the opening bid higher than the market price for that given property. This typically happens because the lien owed to the bank is higher than the homes current market value. Once the bank or lending institution remains the highest bidder, the property is repossessed and listed for sale as a REO.  The property is then categorized as a non-performing asset on the banks books.

Although December is just half way through nearly 350 new REO properties have been listed in the Denver Metro area. That’s nearly 75 more homes listed compared to the previous year.

If you are in the market to buy a new house in Denver or are thinking about investing in real estate, an REO property is a valuable option. REO and bank foreclosure properties are known for their competitive price tags within the Denver Real Estate market and can be a powerful source of instant equity. Another advantage of purchasing an REO property is the ease and convenience of the transaction. In fact, the bank is responsible for clearing the liens against the property before you assume ownership. A typical bank owned home transaction takes around 30-45 day to close and the majority of that time is dedicated to preparing the buyers financing.

Truthfully, not all bank owned foreclosures require extensive repair and renovation. Many homes in the $300k+ price range are in great move in shape. On average, the REO properties below $300k may need basic cosmetic repairs. Still

 

others are handyman specials and are ideal for someone looking to instantly increase value through renovation and repair – these are generally priced to sell.

 

If you want to learn more about REO properties or want a list of REO properties for sale in your area just sign up here and Armstrong Real Estate Services will email you new listings in your area.

 

Home for Sale in westminster, Colorado

1425 W 141st Way

Westminster

Sale
$ 1,597,250
1425 W 141st Way Westminster home for sale
4 Baths
4 Beds
6200 SqFt
N/A Garages

4870 W 109th Ave

Westminster

Sale
$ 591,267
4870 W 109th Ave Westminster home for sale
4 Baths
4 Beds
2669 SqFt
N/A Garages

14325 Osage St

Westminster

Sale
$ 948,000
14325 Osage St Westminster home for sale
4 Baths
4 Beds
6414 SqFt
N/A Garages

17010 Galapago Ct

Westminster

Sale
$ 519,000
17010 Galapago Ct Westminster home for sale
3 Baths
4 Beds
3632 SqFt
N/A Garages

10756 Tennyson Way

Westminster

Sale
$ 539,900
10756 Tennyson Way Westminster home for sale
3 Baths
4 Beds
3304 SqFt
N/A Garages

10897 Legacy Ridge Way

Westminster

Sale
$ 1,089,900
10897 Legacy Ridge Way Westminster home for sale
6 Baths
4 Beds
5982 SqFt
N/A Garages

11055 Perry Ct

Westminster

Sale
$ 619,500
11055 Perry Ct Westminster home for sale
3 Baths
4 Beds
3938 SqFt
N/A Garages

8810 Hunter Way

Westminster

Sale
$ 335,000
8810 Hunter Way Westminster home for sale
2 Baths
4 Beds
1890 SqFt
N/A Garages

2611 W 121st Ave

Westminster

Sale
$ 700,000
2611 W 121st Ave Westminster home for sale
3 Baths
4 Beds
4277 SqFt
N/A Garages

499 W 130th Ave

Westminster

Sale
$ 649,717
499 W 130th Ave Westminster home for sale
3 Baths
4 Beds
3555 SqFt
N/A Garages

9745 Quay Loop

Westminster

Sale
$ 574,990
9745 Quay Loop Westminster home for sale
4 Baths
4 Beds
3694 SqFt
N/A Garages

9736 Meade Cir

Westminster

Sale
$ 425,000
9736 Meade Cir Westminster home for sale
3 Baths
4 Beds
2841 SqFt
N/A Garages

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