Since January 1, 2010, there have been 392 foreclosure actions; 248 with fee simple (100%) ownership, and 97 for timeshares. The other 47 are unknown. Forty-eight of these occurred in September. One hundred and sixty-four of the 392 are in Breckenridge (but note, that all timeshares are in Breckenridge, so 97 are timeshares). Thirty-eight are in Silverthorne; 20 in Frisco; 21 in Blue River and 19 in the Breckenridge Golf Course. Sixteen are in Dillon Valley, 12 in Wildernest, and eleven each are in Summit Cove and Dillon.
The breakdown of the type of foreclosure actions are as follows. There have been 265 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 15 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There has been 112 Public Trustee's Deeds since January 1, 2010. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity. Most often this is the bank holding one of the liens.
In terms of property types, 116 single family homes, 101 multifamily units, 16 parcels of vacant land, 7 developments, 7 commercial properties, and 98 timeshares in Summit County had foreclosure actions filed against them in 2010.
If you are interested in buying a property that is a foreclosure, short sale or bank owned, don't count on it meeting your "perfect property" criteria. The discount you will receive in the purchase price, often comes with the price tag of trading some of your "perfect property" requirements. Also, for short sales, don't expect the process to be fast and easy. Bank approvals take much longer than getting a Seller to agree to a price. If you need a property, and you need it fast, a short sale or bank owned property may not be for you.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@landmarkregroup.com, or call me at 970-389-8388.
Statistics provided by Land Title Guaranty Company, Breckenridge, CO
Photo provided by allvoices.com
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