CO Durango Resort, MLS, Real Estate and Property Listing » Foreclosure Deals / Distressed Properties

Foreclosures up in Durango – Good time to buy – there will be more deals over the next few months

Claudia — Fri, 23 Oct 2009 20:18:19 +0000

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.

How to Buy a foreclosure property at auction in Durango, Colorado

How to buy are foreclosure property in Durango, Part 2 (the good stuff)

–
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

How to buy a foreclosure property in Durango, Part 2 (the good stuff)

Claudia — Mon, 12 Oct 2009 16:30:46 +0000

Buying a property at Foreclosure Auction

A. Find a property you like

1)Look through Durango Herald public notices, published every Thursday. www.durangoherald.com

2)Websites – like foreclosure.com and foreclosures.com, trulia.com, often not up to date or accurate, some have pictures

3)Best – check Durango Public Trustee’s website: http://ptforeclosures.laplata.co.us/index

B.Research, Research, Research

1)Buying a foreclosure is risky business, doing proper due diligence on the properties is virtually impossible, no guarantees

2)Do title search, liens, notices, omitted parties, get title company involved or go to map room in clerk and recorders office in Courthouse on 2nd Ave

3)Drive by, try to get in, ask around

4)Find out as much as you can on property, well, septic, pull building permits, get copy of building plans, plat maps, GIS website for La Plata County, Assessor’s database

5)Research value of property, decide how much to offer, for value check with Realtor, look on MLS, get your favorite realtor to pull a CMA, try www.zillow.com, don’t trust these value though.

6)Assemble a team of Experts, get help! Attorney, title company, banker, financial and tax adviser, insurance agent, contractor, handyman, Realtor, and yourself

C.Get Cash and go to Auction

1)Recheck the banks initial bid

2)Have a cashier’s check for the entire amount

3)Go to auction, Wed at 10am and bid.

D.After Purchase

1)Secure property, locks, winterize etc

2)Get legal advice, title work etc.

3)Wait out redemption periods, hope everything goes smoothly, get legal advice.

4)Get confirmation deed.

5)Start cleaning up, fixing up, move in, rent out, put up for sale.

Disclaimer: I, Claudia Williams, am a licensed real estate agent. All information presented here is based on my personal experience and there are no promises or guarantees to its accuracy. Buying real estate, especially foreclosures, is inherently risky. I recommend consulting a real estate attorney and tax accountant. Do all your due diligence!

I hope you enjoyed this bit of advice. Remember, this is all my personal experience, every deal is different. Be careful!

Confused? Overwhelmed? I can help you with this, with the research and with the decision making. I’m sitting here at the pulse, I know the good deals when I see them.

Since some property sales, such as buying at foreclosure auctio, don’t pay us realtors a commission, however, it will be hard for you to get help from a realtor without some sort of reward for your realtor. There are several ways, for example you can hire me as a buyer’s agent and pay a commission on every purchase, or you can pay me hourly or you can do multiple purchases with me and I’ll help you for free on those that don’t pay if I know I’ll make a commission on another property, say when you flip and sell this one. Let’s meet and we can discuss it all.

Good luck investing!

–
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

How to Buy a foreclosure property at auction in Durango, Colorado

Claudia — Fri, 09 Oct 2009 22:53:51 +0000

I recently held a little seminar on “How to buy a foreclosure property in Durango” at our local Durango Real Estate Investor’s chapter, called IRIN Durango. We meet once a month on Thursday evenings to trade information and listen to a speaker. For more informationon this group click here.

I will share with you my brief handout with valuable informational websites for you here (in two parts), if you’d like more detail feel free to call or email me.

Introduction: Blue Ribbon Properties – has been selling real estate in around Durango for 20 years. My name is Claudia Williams and I’ve been in real estate for 8 years and owner of Blue Ribbon for 6. We are a full service real estate company with 5 agents, located in Downtown Durango’s main mall. Blue Ribbon is a boutique style real estate company, small enough for personal service, big enough there is always someone there to take care of your needs.

Even though small, we are a player in the market. I have placed in the top 5% of sales volume for real estate in Durango over the past 5 years. I’ve been on the cutting edge of innovation, and became Durango’s first ecobroker, by getting my green designation 3 years ago. I’m a nationally certified property exchangor (if we have time later we can talk about that too). And most importantly I’m a real estate investor and have invested for my self and my clients.

I’ve done 2 fix and flip projects intown Durango, owned one Duplex, sold all those while the market was good, bought a commercial property in Aztec, the old Aztec Theatre 2 years ago, fixed it up, but the market turned. I was able to trade that into a nice commercial property in Moab Utah.

Last Fall a group of investors, including myself and Katie, bought the PakRat Storage, spearheaded by Katie Sturm, one of my agents. Blue Ribbon Properties successfully manages the mini storage facility, we are over 90% full and get over 10% cap rate. After this presentation Katie will present on another mini storage investment opportunity.

Finally, 2 months ago I bought my first investment property out of foreclosure and we’ll talk more about that in a bit.

Durango Real Estate Market Statistics: Quick overview of the Durango real estate market: Volume is way down, prices are relatively stable, average price is down only 5% from last year. Average sale price to list price is consistently at 96% to 98%.

This past months the volume has picked up quite a bit, the sale pending numbers are up, which is a good indicator for real estate sales.

My Durango Real Estate Blog: I have a blog on my website and we post a market update every week with sales, sometimes good deals. D.As things pick up again – draw curve of market – buyer’s will get off the sidelines or fence if you will and enter the market again. We’ll see multiple offers on the good deals and it will be harder to get good deals. It is my feeling that this is the time to buy. I’m in acquisition mode, buying low for my retirement in years to come.

Real estate is historically the one easiest way for people to build wealth. Historically the prices of real estate go up, just have to stay in long enough. It is a fact that you make the money when you buy. And my piece of advice, be conservative with payment, do all your due diligence and have a worst case exit strategy.

Types of Distress/Foreclosure Sales:

A. Buy Pre-Foreclosure

1)It’s our duty to help. Colorado Foreclosure Hotline, 1-877-601-HOPE www.coloradoforeclosurehotline.org, 4 out of 5 people who met with the foreclosure hotline were able to avoid foreclosure.

2)Buy from owner, can negotiate if there is equity and motivation

3)Short Sale – negotiate with bank to take a short payoff, can take a very long time

4)Negotiate with banks to buy non-performing notes, complicated, takes work and research, can be lucrative, www.fdic.gov to look up banks financials

B. Buy at Foreclosure Auction

1)Colorado is a Public Trustee State, meaning the public trustee sells properties at auction, here every Wed at 10am at the public trustee’s office at 1060 Main Ave. Suite 103. Copy of Colorado Federal Statutes concerning foreclosures at www.frascona.com/practice/foreclosure.htm

2)Durango Foreclosure Statistics, from Marcia Larsen, who works at the trustee’s office and is in charge of holding the trustee’s sales in her office. As of today, this year 80 properties sold at auction, of these 72 were purchased by the foreclosing bank (or private noteholder) and only 8 sold to independent third parties, or these 8 one was redeemed. There are 160 more auctions scheduled for this year. See Monday’s blog to find out how to research and find a foreclosure property in Durango, La Plata County.

C . Buy Bank Owned Properties, REO (real estate owned)

1)Buy REO listings, after the bank purchases they typically will list the property on the MLS at a discount.

2)You will have inspection period, get clean title. Can be tough to deal with bank.

D. Buy other Property, priced like distressed property

1)Get with your favorite realtor and check out well-priced properties, that have motivated sellers.

To find out how to research and buy that foreclosure property at auction stay tuned, I’ll post it on Monday, Columbus Day.

–
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

I hope you enjoyed this bit of advice. Remember, this is all my personal experience, every deal is different. Be careful! I can help you with this, with the research, with the decision making. However, since some property sales, such as buying at foreclosure, don’t pay us realtors a commission, it will be hard for you to get help from a realtor without some sort of reward. You can hire me as a buyer’s agent and pay a commission on every purchase, or you can pay me hourly or you can do multiple purchases with me and I’ll help you for free on those that don’t pay if I know I’ll make a commission on another property, say when you flip and sell this one. Let’s meet and we can discuss it all.

Durango Realty Investors Group meeting Oct 1, IRIN

Claudia — Wed, 30 Sep 2009 15:06:24 +0000

International Really Investors Network forming a chapter in Durango. Talk about buying foreclosure properties and investment opportunities in Durango real estate scheduled for tomorrow evening.

The vision of the International Realty Investors Network is to provide information, contacts, education and an effective advertising forum to support Real Estate Investors, Real Estate Professionals and others interested in learning more about both Domestic Real Estate and International Real Estate. Tony Measels, a local real estate investor, has formed a local IRIN chapter for Durango. The second monthly meeting is scheduled for Oct. 1st, 6:30 pm in the Pine Room at the Durango Fairgrounds. Claudia Williams and Katie Sturm of Blue Ribbon Properties will talk on how to buy foreclosure properties in Durango and other investment opportunities. Members may present deals to the group. Admission is $10, first time visitors are free.

For more information contact Tony Measles, Durango IRIN Group, 259 4907

See you there

I’ll post the Wednesday Durango Real Estate Pulse with Statistics and Updates tomorrow, just a quick note, things are looking up! More sales, lots of positive news for national real estate and Durango real estate sales.
–
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

5 Easy First Time Home Buyer Tips

Claudia — Thu, 17 Sep 2009 22:00:19 +0000

“How much can I afford?

# 1.

Contact a local lender. With the daily changes in the mortgage world, you need up to the minute information. It’s important to know what you can reasonably afford, what kind of interest rate you get and any extra expenses you should expect.

* Shop around, and let the other lenders know you are in the market for a good lender, if they know they have competition -they might offer you a better package!

- I am happy to provide recommendations on lenders I have worked with, know and trust.

“Do I really need a Realtor?”

#2.

Find the best Realtor for you. Having a professional Buyer’s agent on your side looking out for YOUR best interest is key. When you call the phone # on the for sale sign you will reach the agent listing the house, they will have specific helpful information about the property BUT…do keep in mind, when considering a contract, they are working for the seller, and for the SELLER’S best interest, not yours.

In most cases the commission is paid to the buyer’s agent from the seller’s closing, not from your pocket, so you get full representation for FREE! Interview a few different agents just as you would a lender. See who is the best match for you. It’s important that you trust your agent and feel comfortable working with them.

…Ahem..and feel free to interview us at Blue Ribbon!

“I want to buy a foreclosure!”

# 3.

I understand the concept of wanting to get a “really good deal” on a house, this is a great time to find good deals…who wouldn’t want a good deal?!

…BUT, if you are considering going through the process of buying a foreclosure, I highly recommend extensive counsel from your Realtor, a lawyer and tax accountant. The process is not as simple as one might think. The liability (such as backed up liens or 2nd mortgages) from a distressed property can be costly, stressful and time consuming to deal with. Not all foreclosures and short sales are difficult but knowledge on what to expect and making the right choices for your situation are very important.

“Do I really need to get an inspection? The house looks fine.”

# 4.

Answer: YES. Getting a home inspection on the house you are buying is one of the most important items to take care of. Even on new construction, having a professional inspector check the quality and current condition of the house is vital! When making an investment of hundreds of thousands of dollars on the line a $200-$300 inspection is worth every cent! I have the names of several great inspectors if you are looking.

“I want my property value to grow, how can I gain equity in my new home”

# 5.

Keeping up your property healthy and maintaining your new asset is very important! Something I recommend to my buyers is to put aside 1% of your purchase each year to put toward improvements. You most likely won’t even need that much but repainting, cleaning carpets, upgrading fixtures…a little bit can go a long way over the years. You owe it to yourself and it will help your property value go up over time. Not to mention enjoying a nice well maintained home while you live there.

*********************************************************************************************

There are several other key points that are essential in the home buying process that I would be happy to go over with you or a friend you know in the market for a new home.

These 5 where just a few helpful starts!

Feel free to email or call us anytime with questions you might have!

Thanks!

–
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

Winning Combination! $2 Million home for half the price

Claudia — Wed, 02 Sep 2009 21:42:52 +0000

566 Terlun Drive

(Sneak Preview) Looking for privacy, luxury and views only 5 minutes from Durango? Located at 566 Terlun Drive (out Hwy 160 W just past Lightner Creek turn off) this beautiful log style home sits on 35 private acres over looking wooded hills and the tips of the La Plata Mountains in the distance. Did I mention there is room for the entire family and more? With over 5000 square feet, 6 bedrooms, 5 ½ bathrooms, space for family rooms upstairs and down complete with a three car garage?

The warmth & comfort of this masterpiece, handcrafted, log home is felt the moment you step through the beautiful front door. The sweeping wall of windows, open floor plan, and soaring ceilings with massive log beams are breathtaking.

The great room features a 20’ floor to ceiling river rock fireplace and gleaming hickory wood floors with in floor heat throughout. Step out onto the large covered wrap around deck, which features exquisite log railings and a grand exterior log staircase. This the perfect spot to entertain, relax in privacy and enjoy the sweeping mountain views.

The gourmet kitchen is a chef’s dream by design, rimmed with custom cabinets, and commercial range. There are two dishwashers, a trash compactor, six (6) burner gas range, granite countertops and an exclusive oversized marble kitchen basin.

The master bedroom is located on the main floor as well a guest suite. The walkout basement hosts another guest room with bathroom, a media room, a mudroom/laundry, a playroom, as well as the oversized three car garage.

The upstairs open loft area offers full views of the surroundings and plenty of space for office, TV or game room with lots of beautiful log accents and lines. Off the loft are three spacious bedrooms, one with en-suite bath room and the other two with Jack and Jill bath.

Finally, there is a laundry room on each level of this home as well as hookups for central vacuum system. A steam shower and heated driveway, entrance and patio.

This luxurious log home was built two years ago, with no expenses spared. It appraised at $1,600,000 for construction loan purposes. Call or email for details. This is your chance to take advantage of this buyer’s market and get instant equity and an exquisite home.

Don’t wait, call Claudia Williams for a personal tour of this home today, 970 749 3555. Stay tuned for more photos and the official listing in the next few days.

–
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

5 Reasons why you shouldn’t wait on falling prices in Durango Real Estate

Claudia — Sat, 01 Aug 2009 19:59:28 +0000

Fear of overpaying for property is common these days, not just in rural mountain communities like Durango but for real estate in Colorado and nation wide. If you are like every other potential buyer out there right now you are likely frozen because you are concerned that you will pay too much and the market might drop. Here are 5 reasons for why now is a good time to buy:

1. Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.

2. Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.

3. Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.4. If you are a 1st time homebuyer or haven’t owned a home in the past 3 years you can qualify for the $8000 tax credit. It expires at the end of 2009.

5. Real estate moves in cycles up and down, we are definitely at the bottom right now. As soon as is starts moving up again everyone will buy and you will see lots of competing offers, driving prices up again. Now is a great time to negotiate with sellers and take advantage of good deals. As long as you keep in mind not to pay more than say 20% below the 2007 price you really can’t go wrong. Durango prices are stable and have been, it’s a small market and will remain popular. We can help you identify the right property for you. Don’t wait. It’s time to buy real estate in Durango to get a great deal. This week alone I got 3 properties under contract and bought one investment property for my own account. I figure this is the time to build my retirement fund. Volume is up and more and more seller’s are ready to be reasonable or just plain old desperate.

–
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

Best Deals in North Animas Valley Durango Real Estate …

Claudia — Wed, 15 Jul 2009 21:56:03 +0000

So, you are looking for the best deal in Durango Real Estate? You’ll want to know about these…

Two Dogs Subdivision, possibly Durango’s most upscale and beautiful mountain subdivision, only 5 minutes from Durango Ski Resort, a gated subdivision with gorgeous mountain views and lots of 5-15 acres, surrounded by National Forest and serene beauty. We have two deals here for you today, 1. the lease expensive lot in this subdivision ever, $350,000, price over $100,000 under the next lease expensig. This is for lot 20, over 9 acres, and it’s a really nice lot. And 2. an REO (bank owned reclaimed house) sale just listed today at $1,900,000. Amazing house and a real steal at this price. Oh, and did I mention that a local Durango bank is ready to go with creative financing on these properties?

Here are the links to lots (includes last sale on lot for $500,000) and below a link on houses, includes all for sale, up to over $6,000,000. Don’t wait, this is the time to buy!

Lots for Sale in Two Dogs

Executive Luxury Houses for Sale in Two Dogs

If these links don’t work call or email and I’ll resend, they only work for 30 days from the date of this post.

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

P.S. Keep checking back for more great deals

Before you buy a foreclosure get answers

Claudia — Mon, 13 Jul 2009 22:19:12 +0000

BEFORE YOU BUY A FORECLOSURE, get answers to these important questions

Before you make an offer to buy a property in foreclosure, consider your answers to these 4 questions.

1. What’s the first thing a buyer should do?

As a popular movie once said, “Show me the money!” Do you have cash or will you require financing? In either case, you have to demonstrate you can perform. This means proof of funds for a cash buyer (usually a bank statement) or a pre-approval letter from a lender indicating how much you can borrow. In Durango you need to bring a cashier check in the full amount you intend to bid to the auction sale or you will not be able to bid. If you are planning to finance your purchase through a bank this will be tough. I have contacts with private lenders that can help out.

2. Is this a good time to buy a foreclosed property?

Local market conditions vary so the answer to this question is different depending on location. Buyers in metropolitan Detroit face a much different market than buyers in southern Florida for instance. Contact a Realtor to confirm your impressions of the local market. Prices declined in most major metropolitan areas in the U.S. during 2008. Foreign investors and domestic investors are purchasing in bulk, signaling for them at least, it’s a good time to buy. Often there are better deals on the market than at the foreclosure sales. In Durango in the first half of 2009 only 6 properties sold to independent third parties at the auction sales. Of a total of 163 foreclosure filings, 43 actually sold, 6 to third parties, the rest to the lenders. The others were either postponed or withdrawn or cured or sold before auction.

3. How can you tell a bad deal from a good one?

Due diligence is a term that means you’ve done your home work. A reasonably prudent investor will thoroughly research details of a potential investment before completing a sale. Unpaid liens, back taxes, outstanding water & sewerage charges, clouds on the title…the list can be quite long. An attorney, a housing inspector, an experienced real estate broker all can work on your behalf to help you avoid the special challenges of buying a foreclosed property.

4. How does neighborhood location affect foreclosure investment properties?

Location, location, location– the 3 most important things to consider when deciding whether to buy or not. Avoid purchases in distressed and blighted locales. You want to reasonably expect that vandals and thieves won’t strip your property as soon as you leave for the day. Well established neighborhoods are the best to buy in. Even houses needing lots of work can be profitable eventually if you buy in a viable area that has ‘pride of ownership’.

Call us before you buy or intend to auction. We can represent you as buyer’s agents and lead you in the right direction. You are doing the right thing by reading this blog post about foreclosures in Durango. Keep checking back, we will post more resources and will keep you abreast of the deals in Durango Real Estate.

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
claudia@blueribbondurango.com

Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog

Ski Real Estate on Sale at Durango Mountain Resort

Claudia — Fri, 10 Jul 2009 10:30:44 +0000

This is a great time to buy, the prices are lower than ever, especially up at the mountain. We have several excellent values on ski in ski out properties that were virtually unavailable last year. Ski in is like Main Street for downtown, location, location, location. If you like to ski you can’t go wrong with these values. Check out this link. The 2 BR Purgatory Townhome unit is remodeled, fully furnished and priced like a foreclosure at only $225,000, reduced by almost 50%, compare to price on 1 BR units. The Alpenglow units is by far the lowest priced at $675,000 (better than foreclosure pricing or bank owned property) for a 4 Bedroom plus loft, 2 car garage on the slopes. Last comparable sale was for $950,000. Units half the size are listed for over $750,000. Check out link below or call or email us, claudia@blueribbondurango.com

Click Here to View Listings

Music in the Mountains, a month of classical music performances in the mountians is going on this month. Why not come up and check out the summer activities and call us to look at these great value. Blue Ribbon 970 247 8388.

Durang Mountain/Purgatory is located about 20 minutes North of Durango. For more info on the mountain go to

www.durangomountainresort.com

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