Some of the most sought after homes in Denver are bank owned homes and HUD owned homes. Why? Everyone is hoping to get a great deal and who can blame them. However, the great deals seem to be fading into history. Some great deals were available 6 months ago and many great deals were available in 2008 as I saw many of my clients take advantage of them.
Today is a different story. Last week I had two of my clients write an offer on the same HUD owned home in Lakewood and on Monday a new Realtor was referred to me by another Realtor and this agent had a client write an offer on this house too. I knew of 3 different buyers for this home. That is crazy!
Plus, it was not that great of a house in my opinion as it needed plumbing and roofing repairs and had lead based paint issues that needed to be resolved. The house appraised "as is" and was listed for sale at $156,000. It is under contract for $160,000!
To see this home for yourself, please click below
http://hud2.towerauction.net/cgi-bin/e7_select_sold.cgi
Many HUD owned homes are selling for above list price and "as is" value. This is even more true with bank owned homes as banks' strategy in selling their homes now appears to be: "list them low and create a bidding war". Their hope is that the bidding war will drive prices up and it appears to be working.
The moral of the story on bank owned and HUD owned homes: be prepared to bid full price and possibly more.
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