We are now ending our 5th year after the real estate crash. It is increasingly becoming more difficult to find and locate “Bank Owned” homes in Colorado Springs. There are several reasons for this:
1) The amount of foreclosures have dropped.
2) Shadow inventory is being sold.
3) Banks are not disclosing “Bank Owned” homes anymore due to copper thieves.
4) Banks are completing more modifications or short sales with sellers.
5) Banks are over pricing homes to the extent that they blend in with all the normal listings.
Since the crash in 2008 the foreclosure rate has dropped from 90-100 properties foreclosed each week to 30-40 foreclosed each week in 2012. This is great for the Colorado Springs economy, however buyers who are waiting for the bottom deal may have had it pass them by.
Since the banks have been working with owners to “short sell” or “modify” their homes before foreclosure, it has helped the banks sell some of their shadow inventory. There are also many buyers in the market specifically looking for bank owned homes. Whenever a property hits the market that is identified as a “Bank Owned” home, there may be multiple offers, thus driving up the prices with the demand. This has educated the bank asset managers in how strong the Colorado Springs real estate market seems to be. Now, instead of a bank underpricing a property to unload it on the market, they seem to be reaching pretty high and then lowering the price every 30 days or so. Essentially, they are fishing for an uneducated buyer who may snap it up at the highest possible price just because it is “bank owned”.
There are still ways to get deals, but one must have patience and be in a position to jump when that deal falls through the cracks. Luckily we provide you with the foreclosure lists each week so that you can view what will be coming in the future as a “bank owned” home for sale in Colorado Springs or El Paso County. There are other ways we can help you find a good deal that is not neccessarily a bank owned home. The bottom line is that not every home for sale in Colorado Springs is a good deal, but you only need one gem. That becomes the thrill of the hunt. Not only do we want to help you find a good deal, we also want to find the quality of life you seek.
