Zombie Foreclosures Plight Of The Living Debt

Zombie Foreclosures Plight Of The Living Debt

If you've come across the term "zombie foreclosures" in recent months, it wasn't referring to voodoo parlors whose priests couldn't pay the mortgage. 


Not exactly dead, but not exactly alive, they are properties stuck in a kind of zombie-like limbo. They are homes that have been abandoned by their former owners at some point before foreclosure. Now they are sitting there, accumulating ongoing taxes, liens, and gradual deterioration while the bank decides what to do (or not do) about them.

According to RealtyTrac, there are probably 302,000 "zombies” nationwide, so the odds are, some are going to be here.

Whenever you search for bank owned properties in  Centennial  Greenwood Village  Lone Tree, keep an eye out for the zombies. Because the legal owner has moved on, he or she is likely to be highly motivated to sell via a short sale. But…while  Centennial  Greenwood Village  Lone Tree bank owned properties — those that have completed the foreclosure process — have any outstanding taxes clearly listed on court records, a zombie property may be harder to investigate. That’s one reason why knowing you are dealing with a zombie is important.

Before writing an offer for zombies or bank owned properties, inspecting is vital. If a home spent time as a zombie before being listed in foreclosure, damage could have resulted from neglect, or even vandalism (nowadays, copper piping is a frequent target). Lack of central heating during cold and wet periods can lead to mold — and zombies seldom pay utility bills.

Some areas are more affected by foreclosures than others, and a concentration of zombie properties creates its own problems. An empty neighborhood is more likely to attract squatters or looters; neither of which helps property values. But in some areas, that’s a temporary situation. Realistically gauging a neighborhood’s impact on long-term value is a key part of the common sense approach that makes for good investing.

Zombie foreclosures aren't exactly alive, not quite dead, and not really foreclosures, either (at least not yet). I’m happy to report that even as the market heats up, you can still identify bank owned properties in Centennial  Greenwood Village  Lone Tree that are worth investigating. Call me today!

Jason Peck is part of the Carr Peck & Associates at Keller Williams. He has been recognized locally and nationally as in expert in real estate. Locally he is 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling agents in the country.  He is co-author of the National Best Selling Book, “The New Rise in Real Estate”. For more information feel free to  
contact him or call 720-446-6301.


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Dated: June 8th 2013
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