I had a call a couple of weeks ago from a fellow that was looking to buy his first home for him and his wife.  He had been preapproved already by a lender.  Great first step!  Then he said he only wanted to look at foreclosures and short sales.  Hmm.  His lender had told him he could by a short sale or foreclosure in one week. 

I told him he might want to look into finding another lender as that isn't true on 2 or 3 different levels.

But the point I wanted to make with this blog is if you are a first time buyer don't limit yourself to just looking at foreclosures and short sales.   Get preapproved by a lender that doesn't tell you ridiculous things like you can buy a house in one week.  That isn't going to happen unless you are paying cash and it is a private owner.   And even then it is a stretch.  

The reason why I say not to limit yourself to just Greeley Colorado foreclosures and short sales is that you might miss a great buy on a home that is in better condition and could be a less stressful deal then a foreclosure or short sale is.  My advice is to look at any and all homes in your price range that interest you.   There are homeowners who are investors or owner occupants that recognize that they need to price low to sell fast.   They also will be much more willing to repair a property if it needs it.  Foreclosures typically are sold as is. 

As for time lines.  Foreclosures take at least 30 days to close when you are purchasing with a loan.  Short sales take from 30 days to several months and even then you might not be allowed to purchase it as the bank might not approve the sale.   And very soon here federal rules are changing with regard to timelines, disclosures, and appraisals that will make getting a loan within 30 days quite difficult. 

There are quite a few good deals on Greeley Colorado foreclosures, Short Sales and retail sales.  You just need to look and possible wait.  For more information including fee Greeley Colorado MLS search visit www.greeley-weldcountyhomesforsale.com.  

For Greeley Colorado foreclosure information visit www.greeleycoloradoforeclosures.com. 

If you have any questions about buying or selling a Greeley Colorado property please give me a call at 970-302-1233.  Or just fill out the form below to send me an e-mail. 

Thanks and have a great day,

Marc Oster

Y and M Real Estate LLC

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