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.
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.
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 CentennialGreenwood VillageLone 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
CentennialGreenwood VillageLone 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.
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.
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
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 CentennialGreenwood VillageLone Treethat
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 himor call
Author:Jason Peck Phone: 720-446-6301 Dated: June 8th 2013 Views: 2,246 About Jason: ...
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