Crip’s HUD Report 6-12-2009 – Fort Collins, Finally

Yes, yes, yes, we've been gone a couple of weeks. A flurry of contracts slowed us down a bit, but we've also received only one new HUD in the last three weeks, and it's still available (418 7th). However, this week's inventory should help cure your loneliness. Enjoy!

New HUD Listings for 6-12-2009
Click for this week's pics of all the inventory!

(Clicking on the little pics below will take you to each property's detail page and condition report.)

705 E Drake M-45, Fort Collins: $91,000. 2 bed, 1 bath, 821 sq ft, 1974. This ground floor Scotch Pine condo is in remarkable condition, with a nice floor plan and updated kitchen. It also has a beautiful view and access to the large green space and lockable storage. The problem is it smells terribly like dog pee. Please budget for carpet replacement, please, as it will be the only way to get rid of it. Other than that, this joint is in move-in condition, qualifies for the $100 down program and has no repair escrow. HOA = $200/month but includes practically everything. Assessed for $91,600.

1705 Springmeadows Ct #B, Fort Collins: $130,000. 2 bed, 1.5 bath, 960 sq ft, 1974. This 2 story townhouse doesn't seem as small as the sq footage suggests. And I like the location - it's just west of Lemay off Stuart. There's little traffic noise and the area is quiet, with a beautiful green area behind the unit (which is technically the front, I believe). During its 35 years of existence, somebody went tile crazy and tiled the counters as well as the upstairs bathroom. The kitchen also has a tiled backsplash and black cabinets, making it quite dark. The effect is cool for about 5 minutes. There's a 1 car detached garage, and both bedrooms are close to the same (big) size. Qualifies for the $100 down incentive, no repair escrow. HOA = $188/month. Assessed for $117,400.

802 Waterglen Dr M-57: $131,000. 3 beds, 2.5 baths, 1282 sq ft, 2003. The steal of the bunch. This one is missing the refrigerator, but is otherwise move-in ready. It has sharp laminate flooring throughout the main, and the carpets upstairs have several years left in them. There's no sign of typical HUD house paint (read: lavendar, dark blue, bright green often in the same room) and the master bedroom is large and has a 3/4 bath in it, which I like. It has an attached 2 car garage, A/C and a shared backyard. And although it suffers from being somewhat close to the overpass of Vine and 25, there's little traffic noise inside the house. If you're looking for a killer town house deal in Fort Collins, this is the one. Assessed for $152,000.

39370 County Road 68, Briggsdale, CO: $152,000. 3 beds, 2 baths, 1296 sq ft, 1998, 39 acres! No, not 3.9 acres, 39. This externally beat down trailer is practically in Morgan county. If by some slim chance you are familiar with the Briggsdale area (I couldn't even tell you where the town is), this joint is just east of Rd 79 1/2. The house itself is cosmetically OK on the inside, but a lack of plumbing + heat functionality means it won't go FHA. HUD also states it isn't permanently attached to a foundation, which leaves me wondering what exactly that foundation under the house is doing. There's a large slab for an invisible garage, and a barn, which is probably the nicest feature of this listing. If you want to be away from it all look no further. Hopefully you'll get the gist of this place from the pics and video because this is a heck of a drive from Fort Collins. Assessed for $142,301, which means we'll have this one for a while, especially without FHA financing as an option.

895 E 20th St Dr, Greeley: $67,000. 3 bed, 1.5 bath, 1178 sq ft over unfinished bsmt, 2002. This place is basically identical to the unit behind it, which is our recent property at 892 E 20th St Rd. It's a 2 story townhouse with a 2 car garage in East Greeley's Balsam Village and is technically ready to go ($100 down, no repair escrow). However, it smells like a smoky hotel room, with the green carpet to match. It's also impossible to find a Balsam Village REO without crayon all over the walls, so factor paint into your equation. Keep those in mind and this is a super solid buy. Assessed for $107,562.

Relist: 5907 Mercury Dr, Fort Collins: $112,800. 5 bed, 2 bath, 1080 sq ft over 1080 sq ft, 1965. Back. Again. Again. We first listed this place nearly a year ago, and it has been in and out of contract ever since. A word of caution before we get to the fun stuff: Even though this place SOMEHOW has a list of repairs under $5000 (which means it qualifies for the $100 Down program), there's a reason it hasn't closed. Bluntly, nobody realizes what they're getting themselves into. The list of repairs are extensive, and that's just the stuff that will make it financeable. If somebody honestly wants a fixer-upper, this is the one to get. Just don't expect to bust out some paint over a weekend. With that said, this South Fort Collins ranch is roomy, has 3 beds and a bath up (2 of the bedrooms are fine, as is the bathroom) and half-torn apart or half-finished kitchen, a big fenced back yard, and a basement that, again, was either getting destroyed or built. Can't tell. There's some really stupid brown paper glued all over the walls so much of the main floor looks like a potato skin. There's also a one-car garage. Back in August of 2008 when it was listed at $141k, I thought making 10% on a flip would be tricky. At this price you could make 20%. If you can get it, that is. Remember owner occupants get first crack, with bids on the relists due 5 days after listing. In this case, bids are due Tuesday 6-16-2009. Assessed for $166,700.

Relist: 1606 31^st Ave, Greeley: $98,000. 3 bed, 2 bath, 816 sq ft over 816 finished, 1972. Listed as a 2 bed, 1 bath. Erica writes: "Located in a cul-de-sac, but does have some busy street noise from 16th Street. The basement has been finished, with a built in 50's (?) style bar surrounded by a dark leather cushioned piece, and a large living/media room complete with a fireplace. It also houses what I would call the master bedroom that has a walk-in closet and 3/4 bath (that I think has been tiled, though it was dark). The upstairs has another family type room and a kitchen that is in great shape, yet is missing all appliances. There are also two regular-to-small-sized bedrooms upstairs. The backyard is very large and backs up to a church parking lot! All in all a solid buy for $98,000." Assessed for $146,394.


Special Erica Bonus: 418 7th ST, Greeley: $37,000. 2 bed +, 2 bath +, 832 sq ft over 288 sq ft + a small guest house. "This uninsured shocker actually houses three units!!! None of them probably work fully, but they're there and with a little work could be usable. The main part of the house contains 2 small bedrooms as well as a living room, kitchen, and bathroom with no toilet. Everything there is in not so good condition. There is kind of a shed/guest house thing out back that has a kitchen, living room, and wood burning stove, as well as another bathroom (this one looks better then the main one). On the back side of the main house is was surprised to find another door that lead to a kitchen and bathroom with what maybe one would consider at small living room. There is also stairs for the basement there. To get a video look at this unit see video #2 for 418 7th St. It's a good thing Greeley has broad occupancy limits. Listed at $37,000!" Assessed for $96,364. The second unit snuck up on Erica, so there's two videos:

That's going to do it once again. As always, if you have any questions on these or any other properties, or specifically about the HUD process, please drop me a line. And if you simply cannot wait for The Report to come out on the weekends and want to be absolutely sure you get all the HUDs immediately (or any other types of foreclosures) please let me know and we can set you up on an auto mailing as soon as they are available. I also have pictures of all the properties if you don't see what you're looking for. I look forward to hearing from you if you are looking to buy OR sell! And if you know anyone that would benefit from our service and would like to receive notice when the HUD Report is updated, please contact me. Thanks for reading, have a stellar week!

Crip Erickson
Broker Associate
Realty Executives
208 S College Avenue
Fort Collins, Colorado
970.988.5634
970-221-3627 fax