Can you buy a home for $1.00 in Colorado Springs?
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When a home is being sold by an auction company, the property is listed for $1.00 in the Pikes Peak Multiple Listing Service. The $1.00 listing price is very deceiving; as the homes 
are never sold for $1.00.
There are a variety of different auction companies that are now selling foreclosed properties; and the two biggest are REDC Auction.com and Hudson and Marshall. Both of these companies hold and you participate by attending in person or bidding online. But regardless of which way you participate, the homes are not sold for $1.00.
Here’s a quick example of what happens with an auction property:
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Property is originally listed in the MLS as a bank-owned property.
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Home is on the market for 120 to 180 days and is not sold. This can be because of several factors; but typically it’s because it’s not priced correctly for the conditions, as every house will sell as long as it is priced correctly.
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The owner of the property (i.e. the bank) then contacts an auction company to sell the property.
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The property is then changed in Colorado Springs CO MLS by the Listing Agent to $1.00; and then the property is advertised by the auction company. Buyer’s can pre-bid on the property before the actual auction.
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During the auction, a buyer (or multiple buyers) bid on the property. The highest bidder is notified. The successful bidder signs contract paperwork; but everything is subject to the lender’s approval.
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If the price on the home doesn’t mean minimum reserve requirements; the lender typically won’t accept the offer. The property will then go back on the market, or will be added to another upcoming auction with the same company, or another company.
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To find out more information about Colorado Springs auction properties, Call ……
Kathy (719-287-1049) KTorline@msn.com
