Finding the right home is challenging, especially when you are looking for a great deal. Many people are just on a strict budget, while others want to feel as if they have found an excellent bargain. This is especially the case for those looking for a second home for a part-time getaway. Colorado real estate is one of the most popular markets for vacation homes. Any real estate agent will tell you they have worked with families and individuals in search of the perfect ski getaway. People want a place to escape to that is relaxing and close to where they love to hang out and enjoy their leisure time. For those who love to ski, this is the perfect destination. Finding a great deal on a home is easier when you know what to look for and where to shop.

One of the first places you should look when searching for a cheap home is foreclosures and bank-owned properties. These days there are plenty of the market. When a private owner does not own a home, the cost is usually dirt cheap and the entity that does own it is usually very eager to unload it. In some cases, they are desperate to recoup their costs because the money they lent the owner has run dry. They just want to make sure they get as much of their money as possible for the property, but they are willing to settle for less than they would have from the first owner.

Short sales are another great way to save. A short sale occurs when the private owner’s mortgage company agrees to accept less than what is owed on the home. Since the mortgage is usually close to the value of the home, this means you are getting a great deal. Pretend that a home is worth $200,000. The current owner has little equity in the property and what they own is also currently $200,000. The mortgage company agrees to a short sale and says they are willing to accept $150,000 in repayment for the original mortgage loan. You are able to purchae the property for $150,000. You have just made a fantastic deal! The home is worth the same amount, but you bought it for $50,000 less than its value.

Another way to find a great deal is to look for homes owned by people who have recently passed or whose families are looking for a new owner. When you are out shopping for a home, make sure you ask about the current situation of the owner. If you get a sense they are looking to unload the home quickly, you can talk to them about striking a deal. If you are willing to buy and qualified to take care of the deal in a speedy manner, they might be willing to negotiate the price with you.

Another way to get a great deal is to shop for a fixer-upper. Though most people want their vacation home comfortable and ready for occupation immediately, it pays to be willing to put in a little elbow grease. You might not be able to afford a brand new or perfect-condition vacation home, but if you commit to some cosmetic upgrades or a few fixes here and there, a vacation home might suddenly be in your budget. This also gives you a chance to get exactly the home you want.

Author Bio: Stewart Wrighter recently worked with a Telluride real estate agent and was thrilled with the selection of properties available. He and his wife searched the term Telluride Colorado real estate to see what was currently on the market.

Category: Real Estate
Keywords: Telluride Real Estate Agent,Telluride Colorado Real Estate