Currently there are a total of 37 Bank Owned Listings in theWinter Park, Granby and Grand Lake areas. This year we have seen a total of 49 Bank Owned properties close, which is 10% of the total sold transactions, in Winter Park, Granby and Grand Lake.
Sometimes just the title Bank Owned creates a flurry of interest in the property. These days it is not unusual to have buyers call to inquire specifically about foreclosures. Although we have seen some incredible deals on foreclosed properties, many Buyers are surprised to learn that many Sellers in this market have owned the property for several years and have a significant amount or even 100% equity in their property. They may be ready to move on from their mountain property and are happy to sell at current market values.
If you think about it, the amount foreclosed transactions, (10% as I mentioned above), inevitably affects the overall market. I encourage Buyers to keep an open mind and look at all that is available, not just bank owned properties and start making offers. Many have been surprised with the results. Not to mention these properties are typically well maintained and ready to enjoy.