Question: What will be the effect of the foreclosures ,in my neighborhood ,on the sale of my home?
Great question. Colorado led the nation in percentage of foreclosures per home owned. That's part of the bad news.The other part - most of these homes will go on the market in direct competition with yours. Most of the banks/mortgage companies place the homes on the market close to the current market value.So far, so good. The catch is as they sit there and are direct competition for your home the bank feels pressure to get them sold. Thus, the price starts to get more aggresive (lower)at the 45-90 days on the market time period. Therefore they will probably be a negative effect if you have several in the neighborhood that have become bank owned.
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