Cheyenne Wyoming Real Estate Update! Foreclosure Homes. The real estate market in Cheyenne is quite robust at this time. As Spring makes its approach, we are seeing more homes come on the market as families are anticipating Summer moves. Maybe out of the area, or maybe to a new area in the City of Cheyenne.
Many people see value in purchasing a Foreclosure Home, or a Bank-Owned REO home. They feel that if the property is purchased below market value, they can do the necessary cosmetic repairs, and sometimes major repairs, needed to bring this home to Live-In condition.
At this time in the Cheyenne MLS there is showing 42 Bank Owned properties. This includes single family, rural residential and condo/townhomes. 12 are currently under contract with pending sales. Many of the Asset Companies that are selling these homes require a purchaser to pre-qualify with one of their preferred lenders. The buyer does not have to use this lender, but they do need to jump through this hoop. Also, these homes are sold in "AS-Is" condition. The Asset company does no inspections, so it is up to the buyer to do inspections.
A buyer of a Bank Owned property needs to be aware that there may be defects to the property that have
not been disclosed as the banks do no inspections. It is advisable to do all inspections...(at buyers expense, of course) so that the buyer knows what kind of repairs will be needed. Many lenders have a program to assist a buyer to get the addional onal funds necessary to fix the home.
Not all Foreclosure homes are in bad condition. Many are very nice, clean and need minimal work. Others need a lot of TLC.
If a Bank Owned/Foreclosure home is not what you are looking for, there are a lot of great homes available to choose from...
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