Have you ever looked on a website like Realtytrac to see how many homes are in foreclosure in Weld County and the Greeley Colorado area?  There are quite a few.  Why aren't they all on the market?  Well that's because Realtytrac reports any foreclosures that have any foreclosure activity on them.  Some of those "foreclosures" those sites report will never make it onto the market as a foreclosure sale. 

Here's how the process works in Weld County and Greeley Colorado.  I'll show you here what happens from when the property first enters into the foreclosure to the process until it is on the market. 

When a lender wants to foreclose on a property they record what's called a Notice of Election and Demand.  In some places it's called the notice of default.  But here it's called a Notice of Election and Demand.  Once that is filed it takes between 110-125 calender days before the foreclosure sale.  During this time the owners and borrowers can cure the default of what ever loan is being foreclosed on.  Quite often it does happen.   The borrower to cure the default could sell the property in a short sale (more on that another time), they could get another loan, they could work out a loan motification with the current lender.   Also a foreclosure could be delayed also if there is a bankruptcy involved. 

After the 110-125 calender days have past there is a foreclosure auction.  After that auction the former owners have no right to redeem the home.  They used too before 2008, but not any longer.  A junior lien has up until 8 days after the sale to file an intent to redeem.  Junior liens for example are like, 2nd loans, lines of credit and those types of things. 

But during this 8 days there usually is something else going on.   And this continues until the property is sold. 

Most larger lenders have a foreclosure department.  Some call them REO departments.  There are also quite a few other companies that contract with lenders also to provide foreclosure services. 

What these departments and companies do is they assign the property to a Realtor.  They never or try very hard not to talk to the public directly.  I myself in 2008 was assigned and sold 12 foreclosure properties like this.  That is small compared to what some agents do, but it's given me great experience in this. 

The Realtor is assigned specific tasks.  The first being to find out if the property is vacant or not.  If it isn't then the REO company proceeds with an eviction.  I never had to deal with this and hope I won't.  If and when the property is vacant then either the Realtor  or what's called a property preservation company changes the locks, cleans out the house, makes repairs if they are needed to increase the properties value and ability to get sold fast.   After this the REO company sets the price (I'll discuss in my next blog how this is done) and lists the home or property with the assigned Realtor on the Multiple Listing Service just like any other property on the market. 

For more specific information on how the process works in Greeley and Weld County Colorado area visit the Weld County Public Trustee.  What I described is a brief and quick way to describe all that happens.

So if you are looking to buy a foreclosure property your best bet is to contact a Realtor.  Of course sometimes it's best to find the right Realtor that knows the process to ensure a smooth buying experiance.  I'll talk more about that later also. 

So if you are looking for Greeley Colorado Foreclosures and Real Estate give me a call or fill out the form on the end of this page.  You also can visit my website www.greeley-weldcountyhomesforsale.com.

Thanks,

Marc Oster

Y and M Real Estate LLC

970-302-1233

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