Eagle County real estate has slowly recovered from the real estate collapse following the 2005 to 2007 real estate bubble. In fact, the real estate market in Eagle County saw its best year since 2007 -- for the number of transactions and sales volume. It's been a long road to recovery, and Eagle County is finally there.
If you are preparing to list your property on the market or are starting a search for a new home or commercial property, you should know the basics of a real estate transaction. You don't need to be well-versed in the mechanics of the transaction, but you should have some knowledge so you know what to expect. Today, we will discuss the basics of a real estate transaction in Denver.
When you buy a home in a short sale, a bank will allow the owner of the home to sell you the property at a discounted rate in order to pay off the existing mortgage. However, just because the home seller accepts your offer, it doesn't necessarily mean that the bank will accept it. Ultimately, the seller will need to qualify for the short sale through the bank before the transaction can be carried out.
When you own a condominium property, it's likely that you belong to a Homeowners Association (HOA). You may also belong to an HOA if you live in a neighborhood. While there are many benefits to belonging to an HOA -- such as rules that require neighbors to keep their houses beautiful so property values stay as high as possible -- there are some disadvantages, too. These disadvantages become particularly apparent when a homeowners association is in a bad state of financial health.
In September, the online retail giant Amazon announced that they are seeking to build a second corporate headquarters and are waiting on competing bids from state and local governments. The New York Times named the Denver area as the best choice for the new headquarters, which promises to bring up to 50,000 jobs and $5 billion in local investments.
If it looks like your home will be foreclosed by your lender in Colorado, you may still have some options that you could employ as an alternative to the foreclosure process. This article will take a look at three potential foreclosure alternatives, which you can discuss with your lender to determine if you qualify.