Colorado Springs Vintage Homes Blog

Banks are doing surprising things

Banks are fixing up foreclosures to sale

For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com

Some interesting things are happening with bank-owned homes in the Colorado Springs Area.  I have a client under contract to purchase a townhome in Colorado Springs; in a established well-kept complex in the Rockrimmon neighborhood where not many units come up for sale.

Before we looked at the property, I prepped my buyer and told her that bank properties are typically sold “as-is” with no repairs; and many times the properties are in bad shape.   This particular bank seems to have a new and improved philosophy on selling their properties.  They have : 

** Replaced all the carpet on the main and upper level

** Furnished brand new appliances, including a microwave

** Completely cleaned the property

** Completely painted the main and upper level of the townhome

** Replaced some of the boards on the deck

Then the real surprise, during the inspection the inspector found out the furnace wasn’t working; the bank actually hired a HVAC company to come in and fix and clean the furnace. 

Needless to say I’ve been surprised to find a bank-owned property for my client which the bank is actually fixing things and putting the home in good shape.   Is it a sign of things to come with banks?

I’m amazed!   Usually foreclosed homes in Colorado Springs are sold as-is, no repairs, and are priced accordingly.  This home was discounted about 20% from market price, as well as it is now in good shape.

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Related Articles:

• Don’t let your dream house become a nightmare
• Buying HUD homes in Colorado Springs, Part II
• Buying HUD homes in Colorado Springs, Part I
• Pre-Qualification or Pre-Approval, which do you need to buy a home?

To find out more information about buying a foreclosure in Colorado Springs, call ….

Tags: bank owned properties, buying a foreclosure, Foreclosed homes in Colorado Springs, rockrimmon homes

This entry was posted on Saturday, July 11th, 2009 at 6:30 am and is filed under Colorado Springs Homes, For Buyers, Foreclosures and Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Mariana Wagner said at July 11th, 2009 at 8:37 pm

   This is AWESOME news! May I ask which bank it was?

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