I would like to 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, text or email me. Claudia@blueribbondurango.com, (970) 749-3555.
Introduction: Blue Ribbon Properties has been selling real estate in around Durango for 25 years. My name is Claudia Williams and I’ve been in real estate for 8 years and owner of Blue Ribbon for 15 years. We are a full service real estate company with 3 agents, located in Downtown Durango. 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 10% of sales volume for real estate in Durango. 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 myself and my clients.
I’ve done several fix and flip projects in town Durango, owned one Duplex, bought a property at foreclosure auction, sold and exchanged them and most recently have been buying and selling tax free in my self directed IRA, so it’s fair to say that have some experiences with all the nuances.
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. As things pick up again buyer’s will get off the sidelines or fence if you will and enter the market again. I’ve already seenl 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
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.
Buy from owner, can negotiate if there is equity and motivation
Short Sale - negotiate with bank to take a short payoff, can take a very long time
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
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
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)
Buy REO listings, after the bank purchases they typically will list the property on the MLS at a discount.
You will have inspection period, get clean title. Can be tough to deal with bank.
D. Buy other Property, priced like distressed property
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 check the next blog post.
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!