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2nd Home in Littleton, Co or surrounding area

We are looking for a 2 bedroom 1.5 bthroom home as our second home in the Littleton Co or surrounding area.

Are foreclosures a good way to purchase if we pay cash?

Thanks
Carolyn
  • April 26 2011 - Littleton
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Answers (7)

Profile picture for Janbaer
When purchasing a second property in Littleton, I am assuming it's an investment property, it is more important to be in a highly desirable school district, such as Wilder Elementary and Heritage High School, and to have good access to Light Rail, this makes for a resilient rental investment with no vacancy rates! I own and manage several rental properties in Littleton, please call me if I may help you in any way. Cheers Jan. 303-931-5853
  • July 14 2011
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Profile picture for Janbaer
It's more important to buy a property in Littleton which is zoned for the best schools such as Wilder Elementary and Heritage High School, and which has great access to Light Rail. This is a recession proof investment.
I own several rental properties in SouthPark (Santa Fe and Mineral) and never have a vacancy rate! Please call me if you're interested to learn more 303-931-5853. Cheers, Jan.
  • July 14 2011
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yes but be sure to see the whole market not just foreclosures
  • April 27 2011
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Profile picture for Jerry Dolan
I don't believe a forclosure will be valued any less than any other home. The exception being HUD homes. Cash is typically no better than a mortgage except whien buying a distressed property that cannot qualify for a conventional, VA or FHA loan. 
  • April 27 2011
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You still want to to your due dilligence, consider inspections and appraisals, but yes they can be a great option for you. The terms of the offer banks consider hold a great deal of weight, not just the price you pay.
  • April 26 2011
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Having the ability to pay cash might be a real advantage for you; at the same time, interest rates are still so low that you should probably explore all options.    Having said that, financing a second home (that will not be your primary residence) will probably be harder.   

I'd agree there are deals to be had in with several types of products...so I definitely would not focus exclusively on distressed properties...they have their downsides too.



Good luck!
  • April 26 2011
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You get the best deal when you buy.  Foreclosures or short sales are distressed properties on the market.  With foreclosures you have no knowledge of the past.  With Short sales you have some knowledge from the owner, but there are plenty of deals to be had with traditional sellers.

You may reconsider paying cash, as real estate is not an easy way to liquidate if the need arises.
  • April 26 2011
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