Many Steamboat Springs real estate consumers think that any home they might want to purchase will be listed on real estate Web sites or in newspaper sections, whether sold through brokers or by owners. And indeed, most properties can be found this way. But limiting any search to just these channels can eliminate many prospects for a new home.
The ‘hidden’ options of auctions and foreclosures can open up greater possibilities. In some cases, these purchase methods can even offer opportunities to consumers who might not otherwise be able to purchase a home.
Properties are auctioned by motivated sellers for a variety of reasons, but the reasons rarely have any effect on the property itself. In the recent housing market, foreclosure has become regrettably familiar. But this creates a situation where banks and other mortgagees have a surplus of properties that they would rather divest themselves of than own. In our Steamboat Springs market, the foreclosure rate has remained relatively low when compared to other areas, but they do exist.
Auctions and foreclosures can be found in most every area, too, and in almost every market segment: single-family homes, condos, resort and multi-unit properties.
Short sales are also becoming more popular, where the owner is still the seller, but is willing to sell the property for less than what he/she has owing on the mortgage(s). In this instance, however, the lender needs to approve the sale. The short sale is a long and drawn out process and can take months to accomplish, whereas the foreclosure is more streamline.
Yet many consumers may be unaware of these purchase options or are reluctant to pursue them, due to a lack of knowledge. Certainly learning the ropes to these “alternative” homeownership paths can be difficult, and the cost of making a mistake can be steep.
However, working with someone who understands these industry niches can smooth out the process. Real estate professionals who know how to manage both traditional transactions and those conducted through less well-known purchasing methods can help guide consumers through the intricacies of such alternative-method purchases, and we would be happy to lend our knowledge of the Steamboat Springs real estate market to help you accomplish a foreclosure, auction, short sale or traditional real estate purchase.
