Everyone knows that Denver has lots of foreclosures. The problem is that there are lots of first-timers who think they should give it a whirl. I've currently got a few contracts pending with banks and all of them are with investors, or seasoned buyers.
Aside from the usual things to watch out for with foreclosures:
- "AS IS": that's right, forget about getting out on inspection issues, you are going in unprotected
- Redemption: one must remember that homeowners have over two months to get back into the home if they can come up w/the cash.
- Property Disclosure: you probably will not get a peak at a property disclosure, so you're flying blind.
- Title, etc...
But you've also got to deal with THE WAIT. And when you are emotionally charged up about buying your first home it can be a tremendous stress to wait 10 days or two weeks to even hear back from the bank.
That's when the doubts set in: should we keep looking? Did we offer too much? Too little? What if something is wrong with this place? Etc.
I strongly advise my first-time buyers to consider looking elsewhere when it comes to foreclosures. There are just so many great properties available in the Denver real estate market right now that it doesn't make sense for anyone but the most experienced to be dealing in foreclosures.
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