Posted by Michael Hughes-Sotheby’s International Realty-Boulder March 22, 2010
Housing markets boasting luxury foreclosures are ripe for investors. The secret is to know a realtor who has relationships with area bankers and buy the properties before they are able to get out on the public market. There are many legal details I won’t bore you with but the thing to do is find someone (like me) who knows the mid to high end market and all the legalities involved in purchasing these properties before they hit the market. Discretion is key. Buying a property this way will keep you out of bidding wars and of course “cash is king.” If you are looking to invest in Colorado or buy a home in Boulder, give me a call.
Foreclosures may increase in the next few months, as lenders foreclose on late loans that couldn’t be saved by modification programs (HAFA) or other means.
The best way to buy a foreclosure is with a realtor (that would be me) privately between bidders and bankers.
Realtors, who know foreclosures can do the homework and give knowledgable advice to investors. Investors are interested in the best price, and those are often foreclosures. Please leave a comment.
If you are an investor or a buyer and have questions you can call Michael at Sotheby’s International Realty or visit my website to visit the MLS or my listings.
