Finding refurbished homes in bank foreclosure list in Denver is more common nowadays as more investors and sellers spend time and money to make the properties more enticing to buyers.
Local realtors said that it is easier for them to resell Denver bank owned homes if they are made move-in ready and freshened up. The more common improvements are relandscaping of the front yard and replacement of the stonework. For older properties, professional contractors are hired by lenders to make repairs and renovations.
For newer properties in foreclosed home listings, minor enhancements are done, such as repainting of walls with a neutral color and replacing carpets with more conventional designs.
Sellers have also been applying home staging and presentation strategies like removing clutter, keeping surfaces spotless and hanging attractive and freshly-washed curtains.
Banks have begun to support efforts by their sales agents to refurbish homes in bank foreclosure list after they realized they can extract more money from the properties if they are improved. As a result, repair contractors, renovation experts and home staging specialists in Denver have been finding more and more work.
Based on data from the Colorado Division of Housing, the number of bank owned homes in Colorado surged in April, although the number of default filings decreased. The number of completed foreclosures in the 12 largest counties in the state increased to a total of 1,806 homes in April, up by a sharp 45 percent over the year and up by a staggering 388 percent from April two years earlier.
The sharp increase meant that the effect of the housing crisis in many areas of Colorado was delayed. While foreclosure activity in other large areas is declining over the past couple of months, foreclosures in urban areas in the state are rising.
In the first quarter, the surge in bank foreclosure list statewide stepped up. Foreclosure sales shot up by 53.6 percent to a total of 6,686 homes and foreclosure filings rose by six percent to a total of 11,136 postings.
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