Real Estate Happenings

Castle Rock has found itself in an ideal location for commuters looking to live within driving distance of both the growing Denver and Colorado Springs areas. Castle Rock homes provide every convenience a homebuyer could want with easy access to both of these metro areas as well as the gorgeous Rocky Mountains.

With the increase in Castle Rock foreclosures, my team has been helping more and more buyers take advantage of this market opportunity to find some great deals on Castle Rock homes. But buying a foreclosure does not come without risks. To protect yourself and your investment, there are a few crucial steps you need to follow.

Finding Castle Rock Foreclosures

All bank owned homes are not equal. Many home buyers fall into the trap of assuming that Castle Rock foreclosures are a homogenous group of homes that are all substantially underpriced and that all need a great deal of work. This is simply not the case.

While there are many Castle Rock homes that are dilapidated and run down, several of the foreclosures need only a slight amount of work and some have been completely renovated by the bank to help the home sell quickly. In addition, many of these homes have special financing programs that make it easy for a buyer to buy the home and finance the repair costs into the mortgage.

The trick to finding the best Castle Rock foreclosures is to make sure you're working with an agent that is familiar with the area and that has the technological capability to email you the newest listings every morning. Because of the high number of investors looking at foreclosures, the best priced homes move very quickly. If you're not receiving a list of homes every morning, you will get beat out by other buyers who will see the home that day and make a bid by that afternoon.

In addition to being on an automated email list, you need to make sure that your financing is lined up. This means either having a copy of a bank statement with proof of funds for a cash offer or a preapproval letter from a mortgage company. Bank will never accept an offer without one of these.

Making Successful Bids on Castle Rock Foreclosures

Making a successful bid on a Castle Rock foreclosures requires a couple of important piece of information.

1.) Area Market Stats: If you're going to make any offers on Castle Rock homes, you need to have up to date market stats for the neighborhood an area that the home is located in. Different areas of Castle Rock will have vastly different values. You need to make sure your agent provides you with accurate data for active, sold and under contract properties for all of homes in the area.

Also, you need to make sure you compare "apples to apples." For example, if a home sold for $200,000 but had granite counters, hardwood floors and other upgrades, make sure you factor that in when comparing a similar model with house high end additions. There is no need to have an appraisal done prior to making an offer. An educated agent should be able to help you see what the true value of a home is - both before and after potential renovations.

2.) Accurate Repair Bids: If you plan on making bids on Castle Rock foreclosures that need renovating, make sure that you receive accurate bids for any work that will need to be preformed. When you are making your calculations on a homes value, an inaccurate bid can make a huge difference.

Does the driveway need to be mud jacked or completely repoured? Did the apparent water leak only damage the drywall or did it cause more, unseen damage below? Is the faucet broken or does the entire plumbing system need to be replaced? Items like these are common.

If you don't have knowledgably, available contractors, make sure the agent you are working with does. This is the area where uneducated homebuyers make the biggest mistakes.

When searching for Castle Rock Homes, don't be afraid to consider foreclosures. Sometimes Castle Rock foreclosures that look bad at first glance can be the best home investment you can make.

About the Author:

The Brian Petrelli Team has over 50 years combined experience selling Castle Rock Homes and Castle Rock Foreclosures. Whether you're looking for your first home or your next investment, use our expertise, free email alerts and free services to find your next Home.

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