Foreclosures in Summit County
Foreclosures have been prominent in the national housing market recently.
With Summit County being primarily a second home market we haven’t been a victim of the large number of foreclosures that many other markets have. Summit County, however, is not immune. In Summit County 2007 saw 144 properties begin the foreclosure process. Many of those properties were time shares and many more were cured, never making it to sale. During the first four months of 2008 nearly 70 properties began the foreclosure process, an indication that his year may top 2007’s numbers. 2008’s numbers must be taken with a grain of salt as they may be a little inflated due to the changes in the foreclosure law in Colorado.
What do these foreclosures mean to Summit County buyers and sellers? Not much, really. At this point there aren’t enough foreclosures that make it to sale to impact prices in the market and there aren’t many that have the makings of an exceptional deal. Those exceptional deals can be purchased in several different ways depending on their specific circumstances.
If you are looking to purchase a property in foreclosure you need to be on our Foreclosure Alerts. Foreclosure Alerts will notify you if we have seen a Summit County property that is in the foreclosure process and could be a good investment. If you currently own a property and are facing foreclosure we can help you too. Often times a win-win situation can be negotiated in which both the Buyer and Seller are happy with the outcome. Send Meredith an email for more information on foreclosures or to be put on our Foreclosure Alert.
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