Real Estate Foreclosures

So you are considering purchasing foreclosure property in Summit County? This is a great place to start your search, but there are a few things you need to know before you decide to go through the process of purchasing distressed real estate in Colorado. Read over these important rules of the process and fill out the form below to receive info on specific properties in Summit County.

Distressed Property - Typically the owner tries to sell at a good price before the bank forecloses.

The Redemption Period - This is the time frame most people are familiar with when thinking about foreclosure properties.  The bank has court ordered their claim to reposses a property for loan defaults.   The seller has a 45-60 day redemption period to make good on their dept.  If the default debt does not get paid, the county will auction off the real estate.  The following rules apply in Colorado to purchase property during seller’s redemption period.

• Buyer needs to be present at the county courthouse on day of public auction.
• Buyer needs cash or certified funds on the spot, in full, at time of auction.
• Summit County does not have many foreclosures that make it to auction, but there are a few.
• If you find it in a foreclosure-specific search, the real estate is within the owner’s 45-60 period for redemption.

Foreclosed / Bank Owned - The owner has lost possession and nobody bought the real estate. The bank now owns the property and will sell it to pay off the debt on the property.

Short Sale - This can happen before foreclosure by the seller, but typically after the bank possesses the property.  This is when a seller/bank accepts an offer less than the ammount of debt owed.  Taking a loss on the sale is better than the concequinces of full loan loss.

If you have questions about the foreclosure buying process, or would like some properties in Summit County under foreclosure, fill out the following info and I will send you information on what is available.