We get a lot of calls and questions in our office about foreclosures. People are wanting to take advantage of the great deals that the elevated number of foreclosures can produce. We thought we would take a moment to share a few thoughts on foreclosures here in Gillette WY.
What is a foreclosure?
When a homeowner fails to keep up with payments on a property a bank can choose to force the sale of the home in order to attempt to recover some or all of the equity in the property. This is a legal process that can be a long and arduous endeavor for all parties involved.
The truth about foreclosures in Gillette...
While much of the rest of the country has struggled through the toughest real estate market they have ever seen over the past 4 years, Gillette's real estate market continues to remain strong. This is not to say that we didn't experience an adjustment in our market, because we absolutely did. However, the severity was just a fraction of what many markets were coping with.
We have not had an outrageous number of foreclosures that have hit the market over the last several years. However, the numbers have been elevated compared to what we have experienced in the past. The majority of the foreclosures we have seen have been homes under $150,000.
Many foreclosed properties that we have seen are in pretty rough shape. Sometimes homeowners have abandoned or vandalized the property. We've even seen extreme cases where the homes have had the appliances stolen, holes punched through the drywall, and cabinets severely damaged or missing. If the home was left in good condition by the homeowner, there may still be some underlying issues. Once a home is turned over to the bank, it is completely shut down. The water is turned off, the heat/ air conditioning is turned off, and the home is essentially winterized. Depending on how thorough this process is done, the deferred maintenance can lead to some severe issues down the road.
We don't mean to be all doom and gloom when it comes to foreclosures. There have been some buyers and investors who have gotten some great deals buying foreclosures over the past few years. Sometimes that screaming deal comes along and it makes perfect sense to buy a foreclosure. However, in our experience those deals have been few and far between.
Foreclosures currently make up less than 10% of the Gillette Real Estate market. This is not a large number. We are always happy to show someone a foreclosed property, but we encourage everyone to keep an open mind. We are in a very stable real estate market with great homes in every price point. Couple that with record low interest rates and we would hate for someone to miss out on a great home because they were only interested in foreclosures.
If you have questions regarding foreclosures or any other homes in Gillette and the surrounding areas, please feel free to contact us. Follow the links below to find everything you need regarding buying or selling a home. Have a great day!