Your Trusted Real Estate Advisor

Would you believe there are homes available (nice homes) for under $150,000 in the Denver area?

Most of the homes in that price range are either bank-owned or "short-sale" properties; and a lot of those look pretty bad. When someone loses a home to foreclosure or is in danger of that happening, they sometimes just don't care what it looks like. Some of the homes I've seen have been trashed by the previous owner. Others just have a lot of deferred maintenance because the owner didn't have the money or the desire to keep them up.

But some of these homes are in great shape. Yesterday I showed one such home. It has 3 bedrooms, 2 baths, a finished basement, and a 1-car garage; and it was priced at $129,900.  It looked better than many $300,000 homes I've seen.

It is advertised as a "short-sale". That means the owners are desperate to sell, but they owe more than they can get out of it.  So the bank has to agree to accept a payoff less than (short of) what is owed. 

With interest rates down below 6% again, and prices like this, it's an ideal time to buy (either for investment or for just an inexpensive home to live in).