As you might have guessed, foreclosures and bankowned homes are on the rise in Durango, see today’s Durango Herald article.
This is a sad development for the families and homeowners. If you know anyone in this predicament, please tell them there is a free legal service that can help avoid foreclosures in Colorado. 4 our of 5 families who met with somebody form the foreclosure hotline was able to avoid foreclosure. http://www.coloradoforeclosurehotline.org/
On the flip side, for those of us looking to invest in real estate and buying at the bottom of the market, this could be good news. Bankowned homes are popping up here and there. While they don’t tend to be priced too well there is one redeeming quality. The banks don’t get emotional about low ball offers. If you have cash you can offer them much less and they just might take it (they like cash and don’t have a loan to pay off).
We can help you identify good deals. For more info on how to buy a foreclosure property in Durango check out these two blogs I wrote a few weeks ago.
Claudia Williams
Owner/Ecobroker/Exchangor
Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301
970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com
Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog
Very few people qualify under the terms of a loan modification kit so foreclosure rate will continue to rise. Bad news for current home owners, great news for buyers.
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