It used to be that most Denver REALTORS would avoid short sale listings out of fear of putting in a tremendous amount of work for no return. That fear still causes most agents to pass on the notion of listing under water properties, but there are some who have tackled the crate of lemons head-on and are making some pretty tasty stuff.
The process is by no means easy, and the possibility of expending resources with no return is real. Each bank has a different process, and rarely are they expedient. One of my Denver homes, for example, has been in negotiation for more than 12 weeks, the foreclosure sale has been moved 5 times and we do not appear to be any closer to making this transaction happen today than we were 4 months ago. With most short sales, though, perseverance wins, usually.
The even harder job, though, is purchasing a short sale property. Consider what it is like for the buyer who has been waiting for three months to hear whether his offer for my property is accepted! If perseverance is the mantra of the short sale listing agent, patience is that of the buyer’s agent!
I normally don’t write about short sale listings in this blog because of the uncertainty that surrounds the deal. I’m making an exception today because the listing information indicates that the short sale has been approved. With this major piece of the puzzle provided, a purchase transaction can be completed within several weeks, rather than months.
Today’s pick property is in one of my favorite Denver suburbs: Green Mountain. This Lakewood community has a lot going for it: it’s close to the Federal Center, so there are usually a large number of employed individuals; there is a new hospital being constructed, so there will be an even larger number of employed individuals; and…Light Rail (couldn’t let that one get away).
Whith all of this going on, today’s pick Denver investment property looks like a steal at $174,900, especially with 5 bedrooms / 2 baths, and nearly 3000 square feet of living space. The comps would have this property valued at $285,000, and although some fix-up work is required, this might be a great purchase whether an investor’s intention is to flip it, rent it or live in it. The property backs up to Green Mountain open space, so its appeal factor is high.
Let us know if you’re interested in this great opportunity . I will preview this home today, so call me at 303 589 3001 if you’d like to tag along.
