Recently we've been receiving a number of calls asking about Highlands Ranch luxury foreclosures. We love helping clients with foreclosures of all types, but we thought it worthwhile to provide a few basics for those of you interested in Highlands Ranch foreclosures in general:
Don't Look for Luxury "HUD" Homes
A common misconception by the general public is that "HUD Homes" and "Foreclosures" are the same thing. They are not. HUD homes are homes which had an FHA mortgage that was foreclosed. Because of the borrowing limits on FHA mortgages, most HUD homes are priced well below $300,000.
While foreclosures do include HUD homes, the term "foreclosure" includes any home that was foreclosed on without regard to the original mortgage holder. Because most luxury homes are financed with conventional financing, these types of homes are almost never HUD, Fannie Mae or Freddie Mac foreclosures.
What to Expect from a "Luxury Foreclosure"
Usually, any foreclosure you purchase will need at least some cosmetic work. Many times, the work required to make a foreclosure livable can be much more extensive. Luxury foreclosures are no different.
Be prepared to invest time and money proportional to the value of the home. It's not uncommon for Highlands Ranch Luxury foreclosures to need upwards of $50,000 in repairs, landscaping and upgrades to bring the home up to par with other Highlands Ranch homes in the neighborhood. However, even with these additional expenses, most of these foreclosures are terrific values.
How fast do Luxury Foreclosures Sell?
As with all Highlands Ranch foreclosures, the higher end foreclosures typically move quickly. Highlands Ranch is still a solid market, and when a deal is available, it usually generates multiple bidders. Moving quickly, working with an experienced agent and having your finances in order can drastically improve your chances of winning the bid.
If you'd like to talk more about Highlands Ranch luxury foreclosures or the foreclosure market in general, give our team a call at 303-726-1874.
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