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Foreclosures Hit Aspen Real Estate Market

Todays Date: December 11, 2018

(1888PressRelease)Foreclosures are now starting to hit the Aspen Real Estate Market. McKinley Sales Real Estate is the go to broker for many of the major banks for bank owned listings throought the Aspen and Vail Valleys.

Aspen, CO – A new Basalt real estate company is listing the some of the first foreclosures to reach the resale market in Aspen and the Roaring Fork Valley.

781 Meadowood, located just behind the Aspen Chapel is among one of the first foreclosures to hit the Aspen real estate market. The home was previously owned by Pamela Phillips, who is in police custody in connection with the death of her ex-husband, Gary Triano. In December 2007 the property was listed for $7,995,000, now the price tag is $4,000,000.

McKinley Sales represents many of the major mortgage companies including Wells Fargo, Bank of America, Chase, Indymac, U.S. Bank, PMH Financial, and Fannie Mae. They are working on 37 foreclosed properties located in the Roaring Fork Valley and several other resort areas. “Our clients usually send us 3-5 new listings per week which indicates that our local real estate market is still on the decline”, states McKinley.

McKinley has been a broker since 1992 and has worked with the banks since 1995. She has obtained the highest level of real estate foreclosure education available. She notes, “I’ve worked with the banks during the past 15 years and predicted the Roaring Fork Valley would eventually succumb to market decline. I saw the same situation in the Boulder area. Some of the long-time locals told me the Roaring Fork Valley was an isolated market and we wouldn’t see bank- owned properties here. But we’re seeing them here now, including homes in Aspen, Vail, Basalt, Carbondale, Glenwood and outlying areas, as well as commercial and vacant land. With the combination of skyrocketing prices in 2005-07, and then the economic downturn, it was almost a certainty”, states Kim.

“On the brighter side, bank-owned property listings offer discounts that allow first-time homeowners to enter the market, many of whom have not previously been able to own a home,” says McKinley. A foreclosure purchase requires a bit more endurance from buyers, since the sellers are corporations with very little knowledge of the property and they will usually require the property to be sold “as-is”.

Some of the mortgage companies offer Relocation Assistance in the form of cash, to the previous homeowners. This scenario is beneficial to everyone in that the previous owner has funds to move and the mortgage company obtains access to the property without the eviction process and fees involved.

Some buyers and local brokers are confused and frustrated by the bank owned process as it is a different from traditional real estate, but foreclosures are part of our market now and probably will be for some time to come.
As a licensed Colorado real estate brokerage, McKinley Sales also represents homeowners who need assistance navigating the short sale process to avoid foreclosure.

Through a dedicated track record of nearly two decades of real estate experience, McKinley Sales, Inc. Real Estate offers the inside track on foreclosed properties, representation of buyers and sellers of real estate, navigation assistance on short sales, and has one of the only certified 1031 Tax Deferred Exchange Counselors in the Roaring Fork Valley.

McKinley Sales, Inc. Real Estate is located at 23286 Two Rivers Rd #21, Basalt, CO. Kim McKinley can be reached at 970.379.4559 or by email at AspenBroker at Gmail.com



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